Symphony Orchestra Institute

Financial Operations during Fiscal 2004

The Institute's activities during the fiscal year ended March 31, 2004 continued in transition, both from an operational and financial viewpoint.

As shown below, total operating costs for the year exceeded revenues by $120,236. Operating costs for the year were $188,768, some 93% of which were incurred in the nine months ended December 31, 2003. During this period, the final issues of Harmony were organized, published, and distributed. For the final quarter ended March 31, 2004, the annual rate of operating deficit was substantially reduced.

The Institute ended its 2004 fiscal year with assets entirely in cash and marketable securities and no liabilities. The ending equity funds balance was $893,089, on a cost basis, down from $1,017,900 for the prior fiscal year end. On a market value basis, the year ended with an equity funds balance of $1,158,356, up from $906,509 for the prior year end, despite the operating deficit realized during the year.

The publication of the 16th and final issue of Harmony in October, 2003, marked the end of periodical print publishing by the Institute, a necessary decision nonetheless taken with sadness, as reported at the time. The Institute continues to maintain an extensive archive of materials on this web site, much of which is in downloadable form. The Institute's symphony organization and other industry group organizational consultation work continued into 2004 but was wound down as of June 30.

As announced elsewhere on this site, after an intensive evaluation during 2004 of the future of the Institute, in early 2005 all the Institute's financial, physical, and intellectual assets were conveyed to the Eastman School of Music of the University of Rochester to found the Orchestra Musician Forum.

Symphony Orchestra Institute
Financial Statement

(1) Market value on March 31, 2004 and 2003 respectively was $27.3 and $128.8
(2) Market value on March 31, 2004 and 2003 respectively was $1,131.0 and $777.7