Here are specific financial facts the musicians have requested and have been denied:
1. The current 2012-2013 budget.
2. An updated audit report. The last report covered the fiscal year through August 31, 2011. This fiscal year ended August 31, 2012, more than 2 months ago. The Association has stated it will share the new report with us when complete, however, reports submitted to the auditors should be shared for analysis now.
3. The Oakleaf Trust invests $60M (40%) of the endowment and is governed by Trustees appointed by the MOA Board. Minutes of the annual meeting held on April 19, 2012, should be shared as a part of a full analysis.
4. Jon Campbell, the Chairman of MOA’s board, admitted he had been “wrong” at the time of MOA’s last major projections (part of the 2007 contract negotiations). He jokingly refers to the fact that the musicians must be wondering “what he was smoking.” He was “wrong” by $100M. This past performance raises natural questions about current projections.
5. MOA has refused to answer whether the “substantial decline” ($15.25M) in contributions and pledges from key staff, Board members and Board-member influenced organizations between fiscal years 2010 and 2011, was related to these contract negotiations.
Intentional, self-imposed reductions in contributions lead to intentional, self-imposed increases in “draw” from endowment funds. This prepares the argument that recent draws are too high and imperil the long-term viability of the endowment funds. However, these are strategic, self-imposed increases in endowment draws designed to make up for strategic, self-imposed reductions in contributions.
6. MOA has refused to answer a series of questions related to Endowment Fund policies, practices, and projections. The Musicians need a joint independent financial analysis, which would provide all of this needed information to propose a more detailed counter offer.