FINANCIAL OVERVIEW

After a reduced season in 2021, the Aspen Music Festival and School returned to a robust summer of performances and increased student enrollment in 2022. Despite difficult economic conditions, loyal patrons and donors continued to offer strong support for our full range of programs.

Student Fees

The worsening seasonal housing shortage in Aspen led to the suspension of the Aspen Philharmonic Orchestra program. This resulted in a 20% reduction in student enrollment from pre-pandemic levels and a corresponding decrease in student fees. The Board of Trustees approved the use of $450,000 from the Boarddesignated fund to cover this shortfall.

Ticket Sales

Ticket sales in 2022 remained lower than historical standards due to the lingering impact of COVID-19 on indoor concert audiences. Sales were approximately 20% lower than a normal, pre-pandemic year.

Development

The AMFS raised $7.9 million for the operating fund in 2022. These contributions, which included Annual Fund gifts, benefit income, and grants, funded both general operations and special projects. In addition to continued generosity from the Board of Trustees, the AMFS witnessed significant funding for special projects including the new Aspen Opera Theater and VocalARTS Program.

Investment Income

The AMFS’s operating draw from the endowment was equal to 5% of the previous thirty-six months’ average balance. This was slightly higher than recent years but in line with historical practices. The draw plus a 20% decline in our portfolio put the endowment fund at $68 million as of September 30, which was the low point in this market cycle.

Expenses

OPPOSITE Two patrons enjoy the paper and the David Karetsky Music Lawn before a concert.

In 2022, the AMFS returned to historical levels for most program expenses. Inflation in local housing costs for our staff, artist-faculty, and guest artists continues to be a source of concern.