Monday, February 03, 2014

Memphis Symphony to “Wind Down” - NPQ - Nonprofit Quarterly

Memphis Symphony to “Wind Down” - NPQ - Nonprofit Quarterly: n the face of depleted assets, and despite its imposition of across-the-board pay cuts in 2011, the Memphis Symphony Orchestra has declared that it will “wind down” its operations. Although the definition of “winding down” is not clear, “The structure of the symphony as we know it today must be changed because the model is no longer viable,” Gayle Rose, the chair of the board said. “We’re looking for the Hail Mary, $20 to $25 million,” Rose said. “Now if someone comes up and says, ‘Here’s a check for $5 (million),’ I’m not sure we could take it without making some structural changes.”

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