Stage MoneyDistress Alert
337 Arts Orgs Are Burning Through Reserves. Some Have Zero Days Left.
By Stage Door Society9 min readPatron
New York City Opera entered fiscal year 2025 with negative endowment coverage of 4.6 months and net assets of negative $1,976,433, meaning it owes more than it owns. Across 337 flagged organizations, the sector median reserve cushion sits at just 12.9 months, and dozens carry zero endowment coverage at all. From a $125 million symphony to a $280,000 community theater, the distress is structural, not episodic.
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