The Philadelphia Orchestra Association's blueprint for the ensemble's future promises to change over time - at least somewhat. The orchestra board has spent the past few weeks absorbing the strategic plan, and is expected to approve it at some point. But in the meantime, you can read the entire document here.
The orchestra has had its share of five-year plans in the past, but this one comes with considerably more urgency. As you will see, the strategic plan and the orchestra's chapter 11 bankruptcy petition are intertwined.
The Inquirer has written about the plan at least a couple of times; look for more coverage soon.
Next up: July 21 is the start of an examination in court of the Association's operations and finances, a provision of the bankruptcy process requested in this case by the American Federation of Musicians. This sub-episode aims to settle a key question. The union's intent is to have the court rule that the Association's $120 million endowment (or even its $140 million endowment, if you count in the Academy of Music's $20 million nest-egg) can be tapped for any current or anticipated pension liabilities that the Association may be seeking to shed.
You can expect both sides to argue passionately, and what you're likely to hear is this: The players will say that the Association has an obligation to make good on pledges it made to the pension plan, and the Association will argue that any reduction in endowment will hobble the organization's precarious financial recovery plan.