Hi Brownsfan - thanks for the comments. Regarding the governance structure of orchestras, these can be quite a bit different from group to group, and then as far as fund-raising goes, there are always big arts donor politics, which are different in each locale and can be very tricky (fortunately, the musicians have nothing to do with any of that, though it does greatly effect management). The executive board is ultimately the responsible party, though, you are correct there. The management team runs the organization for them. Often the vast majority of the full board members have no idea what is going on, and don't want to know - they just blindly trust the executive board. But every organization is different, and it is hard to make generalizations. The size of orchestra boards vary greatly, as well, as do the size of the management teams.
You mentioned endowments - one fascinating aspect of these that many people have no understanding of is that sometimes they are actually not much help at all as far as operating expenses go. It depends on whether the contributions are "donor-restricted" or not. The donors can put all kinds of stupid restrictions if they want, and there is not a damn thing anybody can do about it, rendering the contribution essentially untouchable and useless. So some orchestras that may have what looks like a sizeable endowment can't actually put it to any constructive use whatsoever, even if everyone involved wants to do so, unless they can convince the donor to remove the restriction. You would be shocked at some of the stories I have heard about donor-restrictions in various orchestras around the country.
You mentioned endowments - one fascinating aspect of these that many people have no understanding of is that sometimes they are actually not much help at all as far as operating expenses go. It depends on whether the contributions are "donor-restricted" or not. The donors can put all kinds of stupid restrictions if they want, and there is not a damn thing anybody can do about it, rendering the contribution essentially untouchable and useless. So some orchestras that may have what looks like a sizeable endowment can't actually put it to any constructive use whatsoever, even if everyone involved wants to do so, unless they can convince the donor to remove the restriction. You would be shocked at some of the stories I have heard about donor-restrictions in various orchestras around the country.