News from Symphony New Brunswick Foundation Inc.
In late November, the Foundation will once again apply for a matching grant from Canadian Heritage’s Cultural Investment Fund. Potential donors are encouraged to make their contributions before the application deadline cut-off of November 25th. Last March, the Foundation received $143,000 from the Government. More donations are urgently needed to match this total.
Symphony New Brunswick Foundation Inc. is pleased to report its unaudited financial results for the year ended June 30, 2015. The Foundation will report an excess of revenues over expenditures (net income) of $163,388 compared to $373,302 during the same period a year earlier. Contributions and grants received by the Foundation amounted to $286,214 compared to $321,000 during the year ended June 30, 2014. However, investment income for the year was a negative $58,104 compared to positive income of $185,644 in the earlier period. The weaker results reflect the sharp decline in capital markets during late 2014 and early 2015 compared to the rising markets experienced in 2013-2014. Nearly all of the gains and losses are unrealized. On the positive side, the cash earnings of the fund continued to improve – $75,420 being earned in fiscal 2015 compared to $69,018 in fiscal 2014. This latter number is the most important measure of success as it reflects the Foundation’s ability to fund the Symphony.
All numbers reported above are subject to minor change as the Foundation’s audit nears completion.
