He ran away
Thomas W. Dinsmore
Yesterday, I appeared on Boston Pubic Radio, and for balance, they invited BSO Board Chair Barbara Hostetter and CEO Chad Smith to appear on the show; they declined by email. Let’s parse their message.
“Chad and Barbara are not available to be guests at this time in light of the ongoing contract negotiations with our musicians.”
General Manager Tyler Reed is the chief negotiator for the BSO. Henry B. Cabot, who served as BSO Board Chair from 1952 through 1966, was the last Chair to be personally involved in union negotiations.
Chad is far too busy to negotiate with the musicians. Like Max Bialystok in The Producers, his biggest problem right now is hiding the surplus.
“The Boston Symphony Orchestra is committed to ensuring that we have the financial resources to support our mission now and into the future.”
That’s great news. I hope that means the Board will get to work and raise money like its peers in New York, Chicago, and Los Angeles.
“A substantial endowment does not eliminate the need to address persistent operating deficits and decades of deferred maintenance.”
That’s funny coming from an organization that just told the IRS under pain of perjury that it booked a surplus of revenue less expenses of $27,497,276 last year. It’s right there, in the Form 990, Part I, Line 19: that eight-figure number in the “Current Year” column. As the TV trial lawyers like to ask: were you lying then, or are you lying now?
“We remain committed to sound accounting practices and responsible financial stewardship.”
That’s great. The only person who suggests otherwise is CEO Chad Smith, who tells journalists that the BSO Board drained the endowment. You should talk to him about his comms.
Here’s a challenge, BSO: show us the line item for “operating deficit” in the audited financial statements or the Form 990 for Fiscal Year 2025.
Do it, Chad. Go on Boston Public Radio with Jim and Margery, and show them where it says “operating deficit”. If they agree that’s what the public documents say, I will publish a comprehensive correction on my Substack.
And that’s not all. I will stand on the steps of Symphony Hall with a sign that says “I Was Wrong About Deficits.”
