“The next season of the Philadelphia Orchestra marks the Twentieth Anniversary. To mark this event, the people of Philadelphia will be asked to complete the Endowment Fund begun in 1915, which was interrupted by the war. For nineteen years, a group of Philadelphia men and women have sustained the annual deficit of the Orchestra. This group has maintained the Orchestra until it reached its present unquestioned position as the leading symphony orchestra in the United States. The Association now feels that the Philadelphia public should place the Orchestra, once for all, on a permanent financial basis. This can be done by completing the Endowment Fund.” “THE ENDOWMENT FUND AS IT STANDS “The present Endowment Fund consists of $500,000. In addition to this, there are pledges not yet matured which will bring the amount, within two years, to $800,000. Carefully invested, this total fund will insure the Orchestra a net income of approximately $36,000 a year. This is not sufficient to carry the annual deficit. “THE ORCHESTRA’S ANNUAL DEFICIT The cost of the Orchestra per season is $304,000 The income per season is 238,000 Last year’s deficit was, therefore 66,000 “With increasing costs, the estimated deficit for future years will be $80,000. “WHAT THE COMPLETE ENDOWMENT FUND WILL MEAN “To the present Endowment Fund, therefore, must be added ONE MILLION DOLLARS. This would mean an estimated income of $81,000, on a total fund of $1,800,000. “It is this additional One Million Dollars that it is now proposed to ask the Philadelphia public to subscribe. “It should be borne in mind that not a penny of this amount is spent; all is permanently invested, and only the interest therefrom is used to maintain the Orchestra. “WHERE THE MONEY GOES “93 cents out of every dollar of income is spent on the Orchestra; put back into the Orchestra, in other words, in order to increase its efficiency: Salaries of Orchestra members 55.61% Expense of rentals, etc., of concerts at Philadelphia and out-of-town 34.61% Miscellaneous expenses (Orchestra music, insurance, etc.) 2.78% Administration expenses 7.00% “THE SMALLNESS OF THE ORCHESTRA DEFICIT “The annual deficit of the Philadelphia Orchestra of $66,000 is one of the smallest of any of the large symphony orchestras of the United States. These deficits average from $85,000 to $125,000 per year. And yet, with one exception, the Philadelphia Orchestra is the largest symphony orchestra in number of musicians, in the United States, and plays a longer season.