Ballet San Jose's Deficit and Board Reorganization

DavidH · **Posted:** Thu Jan 29, 2004 11:53 am

Quote:

The deficit that Ballet San Jose Silicon Valley is struggling with is about $220,000 larger than the group had estimated, according to an independent audit released Wednesday.

<small>[ 05 March 2004, 12:16 AM: Message edited by: Azlan ]</small>

Azlan · **Posted:** Thu Jan 29, 2004 3:42 pm

Here we go again... Let's hope there are some creative answers out there, including cutting costs of productions.

trabhtor · **Joined:** Mon Jan 27, 2003 12:01 am **Posts:** 109

Whats an extra couple of hundred thousand? Give or take, they still got a lotta money to come up with.

Azlan · **Posted:** Tue Feb 03, 2004 11:52 am

Originally posted by LMCtech:

<hr>

Bad news again. From the SJ Mercury News.

Quote:

Ballet S.J. ponders more cuts; deficit is bigger than thought
By Anita Amirrezvani
Mercury News

Ballet San Jose Silicon Valley may slash expenses yet again now that an audit has revealed a deficit that is $230,000 higher than anticipated, CEO Charles Hart said Monday.

more...

Azlan · **Posted:** Sat Feb 07, 2004 12:25 pm

Sometimes it's good to air dirty laundry...

Quote:

We'll have to clean up after ourselves in S.J.

Leigh Weimers
San Jose Mercury News

Dirty, dirty. San Jose's budget shortfall is rippling down to programs that help keep the city clean -- its anti-graffiti and anti-litter efforts, where manager Rick Stanton is expecting to be getting by on less during the next budget year. <a href=http://www.mercurynews.com/mld/mercurynews/news/columnists/leigh_weimers/7889718.htm target=_blank>more</a>

Azlan · **Posted:** Thu Mar 04, 2004 11:12 pm

However, the company has received a gift from John Fry of Fry's Electronics and has promptly appointed him chair of a board reorganized into a two-tier structure, with the lower tier expected to extend staff activities:

Quote:

BALLET SAN JOSE RECEIVES $1 MILLION GIFT FROM FRY'S ELECTRONICS

JOHN FRY NAMED CHAIR OF NEWLY ORGANIZED BOARD OF TRUSTEES

(San Jose, CA) On March 4th, 2004, Ballet San Jose Silicon Valley received a $1 million gift from Fry's Electronics of San Jose. It is the largest single gift to Ballet San Jose Silicon Valley. John C. Fry (owner of Fry's Electronics) has been a major financial supporter of the company for several years. Recently he has worked with the Board of Trustees to find ways to improve the company's financial stability. <a href=http://forum.criticaldance.com/cgi-bin/ultimatebb.cgi?ubb=get_topic;f=13;t=001892 target=_blank>more in the Company Press Releases forum</a>

Word on the street has it that some reductions are expected next season.

<small>[ 05 March 2004, 12:14 AM: Message edited by: Azlan ]</small>

gaeadea · **Posted:** Fri Mar 05, 2004 11:08 am

Valley retailer gives S.J. ballet $1 million bailout

JOHN FRY ALSO LEADS BOARD AS TROUPE DEALS WITH DEBT

By Anita Amirrezvani and Mike Antonucci

Mercury News

Silicon Valley electronics retailer John Fry has stepped in to rescue the financially battered Ballet San Jose Silicon Valley with a $1 million contribution and an extraordinary commitment to take over the board chairmanship.

The gift is the largest single contribution in the ballet's history and comes after a recent audit showed its deficit hovering at $1.5 million.

``There have been high-tech leaders who have made major gifts to the arts before,'' said Andrew Bales, president of the new Symphony Silicon Valley and the ballet's former executive director. ``The thing that's interesting is that it's a very large gift coupled with the willingness to step into a leadership role. That's pretty significant.''

click for more

azure · **Joined:** Thu Oct 18, 2001 11:01 pm **Posts:** 8

Not too exciting for the company members who have been let go despite the infusion of money. It is going to be quite a small company now it seems.

Stuart Sweeney · **Posted:** Mon Mar 08, 2004 12:04 pm

My guess is that the cost base, which lead to the shortfall, had to be cut otherwise in two year's time they would be back to a major deficit position. But you're right to be concerned for the dancers made redundant, Azure.

In any event, here's to Mr Fry and his whole-hearted support for dance. Without his generous intervention a lot more people would have been in the job queue.

Azlan · **Posted:** Tue Nov 23, 2004 11:52 pm


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