Sunday, May 19 2013 9:56 AM EDT2013-05-19 13:56:30 GMT
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Saturday, May 18 2013 8:25 PM EDT2013-05-19 00:25:28 GMT
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INDIANAPOLIS (AP) -- The Indianapolis Symphony Orchestra will have to convince donors that it's a good investment as part of a new business model that aims to increase annual donations about 40 percent.
The Indianapolis Business Journal reports the orchestra's endowment has shrunk to about $80 million, and ISO management wants to cut the payroll and boost annual donations to wean the organization off its reliance on the endowment.
The effort has prompted a month long lockout of the symphony's musicians as the two sides try to negotiate a contract.
The orchestra hopes to bring in more donations and grants annually instead of in a one-time rush.
Fundraising consultant Robert Swaney says the ISO will need to regain the confidence of donors and the broader community to make the plan work.