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August 29, 2014

Pittsburgh Symphony Deficit Grows as Red-Ink Deadline Nears

The Pittsburgh Symphony Orchestra—which faces the loss of a $5-million gift if it does not balance its budget by the 2015 fiscal year—is projecting an approximately $1.4-million deficit for the current fiscal year, which ends Sunday, the Pittsburgh Post-Gazette writes. The represents a $300,000 increase from last year's shortfall.

The Heinz Endowments donation is contingent on the symphony balancing its budget of about $30-million in 2014-15. It will receive an additional $12-million from the Simmons Family Foundation if it avoids red ink for three straight years. Scott Michael, the orchestra's chief financial officer, said it regularly updates both philanthropies on its finances and is "working toward a balanced-budget scenario" focused on increasing revenue.