“Pa. Academy of Music founders don’t want to lose $1M in assets” opens “Frances Veri was walking through the Pennsylvania Academy of Music’s headquarters a few weeks ago when she noticed something missing. A $130,000 Bosendorfer piano….

“Veri’s concerns proved unfounded — for now. The piano merely had been moved to another room.  Sooner or later, though, her fears probably will come true…” (more)

WATCHDOG: Two wags of the tail for an exceptionally well researched and written article that provides a description of the recent past and current status of the academy. We highly recommend that it be read.

We only withhold a third “wag of the tail” because:

(1) It is not sufficiently pointed out that philanthropist Paul Ware also was chair of the Academy’s board of trustees and a major factor behind the $32 million expansion, the poor financial planning, and the lamentable management.  Furthermore, continuing as chair while trying to extricate himself from potential financial loss appeared to NewsLanc and others as a conflict of interest. This was likely a factor in his resignation.

(2) With or without the recession, it is highly unlikely that sufficient funds could have been raised annually to support what was basically a faulty business plan generating a cash-flow loss of perhaps $2 million a year, including debt service.

Nevertheless, the situation can yet be salvaged were the current building and the dormant Brunswick Hotel acquired and turned into a downtown international campus for high school students and also for graduate students in musical education. Had there been competent business leadership to counterbalance the artistic vision, PAM would have spent far less in expansion and operations and invested more time and money in a manner that such a campus would by now have become a reality.