Stormjack 
Member since Jun 19, 2013


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Re: “Nashville Symphony Musicians Issue Statement Ahead of Contract Negotiations

Stopping payments seemed unethical. Admittedly, I'm unfamiliar with high finance, especially at a scale of $80-120 million dollars.

I'm a season ticket holder and am no fan of Bank of America. When the Schermerhorn was built, NSO agreed to pay back what they owed. The bank is a business, not a charity.

The flood was unfortunate. I live in a neighborhood that was flooded. My understanding is that FEMA provided some financial relief, but why did they have no flood insurance? I haven't seen a solid figure to quantify the total financial impact of the flood.

At any rate, the Symphony is losing money. Here is a link to their financial statements. You can click the "View Financial Details" link near the bottom of the page, and then look at the 2012 downloadable forms on the subsequent page. This will show a recent 2013 audit.
bit.ly/1abPZ7Z

According to the audit, "The Association owns a viola and cello, with a cost of $1,975,000." That's a large sum, but a small percentage of what they owe. Minimum musician salaries are $60K (http://bit.ly/12K4fDi). It doesn't seem unreasonable to direct 30% of the symphony budget to salaries. Most school districts spend 80% of their budgets on salaries.

NSO has agreements with other bank sponsors, but none to date have stepped in to bail them out of this mess.

I hope they are able to work this out. Whether you are a fan of classical music or not, this could end up being a black eye on the reputation of Nashville.

1 like, 1 dislike
Posted by Stormjack on 06/19/2013 at 9:36 AM

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