Financial Strengths and Weaknesses of the Utah Symphony before the Merger
The financial condition of the Utah Opera prior to the merger was feeble. Scott Parker, chairman of the board of symphony, realized that the situation was getting out of control. This was further worsened by the events of September 11 and the economic recession of 2007. But the situation was grim event before the attacks of September 11 and the economic recession hit the country. In order to reduce the impact and turn around the fortunes of the symphony, Scott Parker was appointed chairman.
During the fiscal year 2001-2002, the average donations or endowments for a Group II similar to Utah Symphony were approximately $8.8 million. For the symphony, such an amount of donation was considered significant considering the group it is categorized in. This ability of the symphony to gather higher than average amount of donation remains a financial strength. In January of 2002, the aggregate endowment for the Utah symphony was estimated to be $10million. The symphony itself is above average in rankings in its group and also spends a significant amount as well. The major cost for the symphony is the artistic costs in expenses for the orchestra. The symphony however does not have its own facilities.
Wages for the musicians are covered under the collective bargaining agreement making it impossible to adjust wages. The agreement over salaries is signed by the management and labor representatives. For every collective agreement, the symphony received an increase of 12.9% in 2002 and 6.9% in 2004. A quick glance over the salary structure, the orchestra's salary seems to be inflating at a higher pace in comparison to other non-profit organizations. The collective bargain agreement does not provide a glimpse of the economic woes that the orchestra is faced with. For a non-profit organization such as the Utah symphony, having a collective bargain agreement adds to the financial weaknesses (Harrison, 1986).
Anne Ewers should devise a persuasive strategy to make sure that Utah symphony considers the financial weaknesses as top priority before, during and after the merger takes place. Anne Ewers boasts a commendable record of driving struggling organizations out of crisis situations with various companies. During her tenure as the general director at Boston Lyrics Opera, she help the organization repay a debt of $450000 which she inherited upon accepting the position. In addition to this, she created an endowment fund and increased the number of shows from one to three. With the Utah Opera, she had been successful in proving herself credentials by increasing the budget to $5 million from $1.5 million. She also brings with her enthusiasm, energy and is capable of delivering. Being financially shrewd adds to the strengths of Anne Ewers when she presents her strategy.
Leadership Strengths and Weaknesses of the Utah Symphony before the Merger
The strength in leadership of the Utah Symphony lies in the category of administrative or business and artistic management. The CEO or President manages operations ...