337 Arts Orgs Are Burning Cash With Less Than 3 Months of Reserves

A Stage Door Society screen of 337 performing arts organizations finds the sector median endowment coverage sits at just 12.9 months, but dozens of flagged groups hold zero days of reserve. New York City Opera carries negative net assets of $1.97 million while posting an operating margin of negative 5,053 percent, and Berkeley Repertory Theatre's revenue fell by more than half in a single fiscal year. The distress runs from $95,000-revenue youth theaters to $125 million institutions.