TCG’s new report on nonprofit theater proves that COVID is still wreaking havoc on the art world. | Deanna Isaacs👇
Bar graph illustrating the rising deficits for theaters who responded to a survey conducted by the national theater services organization, Theatre Communications Group. In FY21, only 10 percent of respondents recorded a deficit [operating] budget. In FY22, that rose to a projected 30 percent, and for FY23, 62 percent are projecting a budget deficit.
“Because of federal funding, and because theaters were producing less, they actually had some liquidity,” Schulenburg says. In fact, “what we call their working capital, which essentially is cash flow,” hit a peak in 2021. Now, Schulenburg says, the challenge is that the federal funding has gone away, and the cash cushion is disappearing. By 2022, according to the same survey, 30 percent of responding theaters were projecting deficit operating budgets, and there’s a huge increase in that cohort on the horizon: 62 percent are projecting budget deficits in 2023.
“This was a big surprise for us,” Schulenburg says. “We’ve seen individual giving continue to rise, annually. Theaters have been able to count on that kind of community support.” But from 2020 to 2021, trustee giving declined 26 percent, while individual giving was down 7 percent. “The pandemic is still active, shows are being canceled, and audiences are not totally returning. From our perspective, we know how resilient our field is, but we’re deeply concerned.
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