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Continued: Fast-growing health insurer UCare moves into new markets

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  • Last update: December 21, 2013 - 2:00 PM

Eight of the 12 organizations saw revenue decline in 2012 compared with six last year. Five of the 12 organizations posted expenses that were greater than revenue including American Public Media — whose revenue decline accounted for much of the group’s overall decline — the Science Museum of Minnesota and the Guthrie Theater Foundation.

At No. 1-ranked American Public Media Group, revenue fell more than 16 percent to $110.8 million after soaring nearly 15 percent to $132.6 million in 2011. The organization provides financial and administrative support for Minnesota Public Radio, Fitzgerald Theater Co. and Southern California Public Radio.

A spokesman attributed the revenue decline to investment losses in fiscal 2012, which have since been reversed. Nonprofits with sizable endowments can see their investment portfolios fluctuate with global markets. For accounting purposes, investment gains and losses are counted as revenue.

Revenue jumped 22.9 percent at the Minnesota Orchestral Association, to $44.7 million for the fiscal year ended Aug. 31, 2012. But those numbers, boosted by contributions for the renovation of Orchestra Hall in Minneapolis, don’t reflect the drama that has played out at the orchestra since then.

In October 2012, musicians and the orchestra board began a protracted labor dispute that resulted in the lockout of the players, cancellation of the 2012-2013 season, and the departure of renowned music director Osmo Vänskä.

On Dec. 10, the orchestra released results for the year ended Aug. 31, 2013, that showed revenue of just under $12 million, all but $14,000 coming from contributions, draws and distributions from endowments and trusts. The $14,000 came from ticket sales that buyers essentially donated to the orchestra. The association also reported an operating deficit of $1.1 million for the fiscal year ended Aug. 31, down from a record deficit the year before of $6 million.

pkennedy@startribune.com • 612-673-7926 jackie.crosby@startribune.com • 612-673-7335

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