News

Peninsula Symphony reports $500,000 missing

Group notified police after discovering disappearance of nearly all of its endowment, operating funds

The Peninsula Symphony is scrambling to raise pledges and donations after recently learning that the bulk of its endowment and operating funds -- about $500,000 -- has gone missing. The Los Altos group has notified police and hired a law firm "to assist with the Symphony's efforts to recover the missing assets," the symphony reported in a press release.

Executive Director Steve Carlton has resigned, and the group is looking for a replacement. In addition, the board of directors is "securing the services of a professional accounting firm to investigate the financial losses and is implementing strengthened financial-control mechanisms to protect future donations and contributions," the release states.

Symphony spokesman Larry Kamer told the Weekly that the group has "a person in mind" as a suspect in the funds' disappearance. He declined to comment further.

This season's concerts are expected to continue as scheduled. They include the symphony's two local performances: concerts with the Stanford University Symphonic Chorus at Bing Concert Hall on campus on Nov. 22 and 24. Other events include concerts in San Mateo and Cupertino.

The season is able to go on because symphony board members and musicians launched a fundraising drive shortly after hearing of the loss; the new pledges and contributions will "fund nearly a half a season's scaled-down operating budget," according to the press release.

The 65-year-old nonprofit symphony is continuing to raise funds "to restore the organization to good financial health to come," the release reads.

Comments

There are no comments yet. Please share yours below.

Don't miss out on the discussion!
Sign up to be notified of new comments on this topic.

Email:


Post a comment

Posting an item on Town Square is simple and requires no registration. Just complete this form and hit "submit" and your topic will appear online. Please be respectful and truthful in your postings so Town Square will continue to be a thoughtful gathering place for sharing community information and opinion. All postings are subject to our TERMS OF USE, and may be deleted if deemed inappropriate by our staff.

We prefer that you use your real name, but you may use any "member" name you wish.

Name: *

Select your neighborhood or school community: * Not sure?

Choose a category: *

Since this is the first comment on this story a new topic will also be started in Town Square! Please choose a category that best describes this story.

Comment: *

Verification code: *
Enter the verification code exactly as shown, using capital and lowercase letters, in the multi-colored box.

*Required Fields

Mixx, Scott's Seafood replacement, opens in Mountain View
By Elena Kadvany | 14 comments | 3,338 views

To Cambodia With Love
By Laura Stec | 4 comments | 2,490 views

Ten Steps to Get Started with Financial Aid
By John Raftrey and Lori McCormick | 2 comments | 2,365 views

All Parking Permits Should Have a Fee
By Steve Levy | 23 comments | 1,783 views

Itís Not About The Officer Or The MomóItís About All Of Us
By Erin Glanville | 8 comments | 672 views