The OSO players will be getting a briefing on the state of the orchestra’s finances tomorrow between rehearsals at the hall. If I’m allowed to share some of that information, I will, but if not, I’ll give a broad-brush, impressionistic version (basically: thumbs-up, thumbs-down, or thumbs-sideways). My hunch is that we’re going to be ok – the support from our donors and audiences is holding – but that some belt-tightening is going to occur.
A recent New York Times article has already raised the alarm about the financial crash and its supposed impact on arts organizations, but the way non-profits operate, any major shortfalls that are being reported now would have happened crash or no crash. Similarly, the reports from the Oregon Shakespeare Festival and the Peter Britt Festival reflect events that took place in the fiscal year ending in October. It’s what gets reported in the subsequent quarters that reflects the real-world impact of the recession and stock crash.
And above all, if people are passionate about your organization, the stock market doesn’t matter much, just look at Phil Knight’s huge gift to the OHSU Cancer Institute – $100 million – to further endow the world-renowned cancer institute (where the revolutionary cancer-fighting drug Glivec was developed in part by Dr. Brian Drucker, MD, and also where one of Lance Armstrong’s oncologists was in residence until 2007). If you’re performing a valuable service to your commmunity, and your supporters are passionate about what you’re doing, then you’ll thrive even in bad times.