“If it hadn’t been for the PPP loan, we would have had to lay off more employees sooner,” Carlino said. “The performing arts are expected to be one of the last sectors of the industry to recover from this crisis, and the financial impact continues to be very significant for us, as the venue will remain dark at least until. in January 2021. “
This prolonged shutdown results in sobering financial losses. Carnegie Hall has already forecast an $ 8 million deficit for the fiscal year just ended, and he expects this year’s deficit to be even worse, Carlino said.
This led Carnegie Hall to make a decision that top institutions generally avoid at all costs: dig deeper into its endowment, which stands at around $ 300 million. Carnegie Hall pulled 6%, instead of its usual 5% in the fiscal year ended in June, and he plans to do the same this fiscal year, Carlino said.
Meanwhile, job losses are on the rise. Of a workforce of around 350 at the start of March, 131 people have been put on leave or made redundant, Carlino said. 185 other contractors and temporary workers received worker adaptation and retraining notification notices indicating that their jobs would not be available during the coronavirus.
Workers face an uncertain future, said Denis Johnston, vice president of 32BJ SEIU, a union that represents 112 cleaners, bailiffs, porters and reception workers at Carnegie Hall. Although they will retain health benefits for the time being, he said, those on leave are dependent on temporary federal assistance programs, including a weekly $ 600 UI supplement that will expire at the end of the month.
The high remuneration of the association’s leaders continues. Senior executives suffered a 10% pay cut, and Clive Gillinson, executive and artistic director of Carnegie Hall, suffered a 25% cut, Carlino said.
But that’s off the paychecks with considerable padding. Salaries and benefits combined, many senior executives at Carnegie Hall earn about half a million dollars a year, according to the latest Internal Revenue Service 990 filing. Gillinson earned $ 2.34 million in salaries and other benefits, according to the same 990 file.