Despite the economic crisis that has most arts groups on their heals, Portland Opera concluded the 2008/2009 season in the black. That’s great news! Budget cuts, rental income, the touring national Broadway productions, and astute and shrewed management by general director Christopher Mattaliano means that Portland Opera has finished 11 of the past 12 seasons with a positive financial statement.
Here’s more information from Portland Opera’s press release:
Recapping the season, Mr. Mattaliano pointed to many things that, when combined, resulted in the positive financial conclusion. “We are a unique performing arts organization,” he said. “In addition to a very committed core of opera patrons and donors, we were very fortunate to have entered the season in a strong position—a history of fiscal responsibility, no accumulated deficit and an endowment, albeit somewhat challenged during these times.” He also noted the company’s diverse revenue streams, including rental income from the Hampton Opera Center and income from the Company’s presentation of nationally touring Broadway productions under the Fred Meyer Broadway Across America Portland banner. The season was also buoyed by one-time grants for special projects and continued contributions to pay down the Hampton Opera Center mortgage. These mortgage contributions, which have significantly reduced the amount of interest expense, have also put the Company on track to pay off the building’s mortgage during the upcoming 2009/10 season.
For the complete press release, click here.