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Phoenix Symphony climbs out of debt
The Phoenix Symphony is officially back on its feet. The nonprofit organization faced a $1.5 million budget deficit less than two years ago. CEO Jim Ward attributed an improved business model has helped the symphony erase its debt.
“A nonprofit, I believe, needs to be run like a business," Ward said. "A nonprofit makes money, can’t spend more than it makes, and therefore, we have to apply some of those same principles.”
Ward also credited online ticket sales and federal grants for more community involvement have also helped the symphony.
“Through our efforts in leadership and collaborations, like what we’ve done with the ballet and the opera," said Ward, "we’re proving that we can be smarter about our business model and we can reduce our expenses while creating greater impact in the community.”
Additionally, Ward said the revamped website for the Phoenix Symphony has produced more traffic and in turn more money.