Mr Brown, a Wanaka project manager, replaces retiring chairman John Beattie, who has been on the festival board since its inception in 2003.
Mr Beattie presided over the trust's first three festivals, held in 2005, 2007 and this year.
He said it had been an "amazing experience" that had proven successful both in finances and performance.
Mr Beattie outlined several factors he believed made the festival unique among New Zealand arts festivals, including a large patron base, its ticketing office, management and touring programmes to other Central Otago towns.
The festival completed its 2009 programme with a surplus of about $35,000, to which the $70,000 Creative New Zealand grant will be added.
Mr Brown said a comparison of accounts from previous festivals showed income from grants had dropped, despite the overall increase in income from $480,114 in 2005 to $802,158 this year.
He expected the pattern of reduced grants funding in the tight economic climate would continue for the 2011 festival.
Trust accountant Wayne Findlay presented the annual financial report, which showed box office and sponsorship income had steadily improved over the three festivals.
Box office income this year represented 25% of total income (19% in 2005), while sponsorship represented 27% (up from 21%).
Festival director Philip Tremewan said yesterday some of the surplus would be put into a contingency fund to protect against "disasters" such as "airports being closed for a week". The balance would be invested in commissioning new works.
The trust had commissioned several new works this year.
