357 Arts Orgs Are Burning Through Reserves. Some Have Less Than 90 Days Left

A Stage Door Society screen of 357 performing arts organizations finds dozens carrying negative net assets, operating margins deep in the red, and endowment coverage measured in weeks rather than months. The most acute cases hold less than zero months of reserves, meaning their liabilities already exceed their assets. Across the flagged cohort, the sector median endowment coverage sits at just 13.8 months.