340 Arts Orgs Are Bleeding Cash, and NYC Opera Is $1.98M in the Hole

New York City Opera carried negative net assets of $1,976,433 and an operating margin of negative 5,053% for the year ending June 2025, while its endowment coverage sat at negative 4.6 months. Across 340 flagged organizations, the sector median reserve coverage is just 13 months, and dozens of groups have zero endowment buffer at all. From a $135,082-revenue Arizona theater to the $125.9 million Chicago Symphony Orchestra, the distress is not confined to the small and struggling.