Overall Trends
| Index | 2016 | 2017 | 2018 | 2019 | 2016-2019 change | 2016-2019 % change, adjusted for inflation |
| Months of working capital | 4.3 | 4.9 | 4.9 | 5.0 | 0.7 | |
| Working Capital/Total Expenses (before depr.) | 35.51% | 40.60% | 40.79% | 41.37% | 17% | |
| Ave. Working Capital/ | $2,290,841 | $2,539,618 | $2,680,854 | $2,843,359 | 17.09% | |
| Ave. Total Expenses (before depreciation) | $6,451,228 | $6,255,820 | $6,572,543 | $6,872,786 | 0.50% |
- Expenses generally increased for the average organization, meaning that more working capital was required to maintain the same relative level of liquidity.
- Average working capital was 17% higher in 2019 compared with what it was in 2016.
- (Note: Median Working Capital was $144,935 and Total Expenses $1,150,497 in 2016. Both rose to $170,460 and $1,328,421, respectively, in 2019, showing skew to large organizations.)
Sector Trends
| Index | 2016 | 2017 | 2018 | 2019 | 2016-2019 change | 2016-2019 % change, adjusted for inflation |
| Arts Education | ||||||
| Months of working capital | 1.5 | 1.9 | 1.2 | 1.0 | -0.5 | |
| Working Capital/Total Expenses (before depr.) | 12% | 16% | 10% | 8% | -32% | |
| Ave. Working Capital/ | $465,249 | $630,063 | $417,885 | $374,045 | -24% | |
| Ave. Total Expenses (before depreciation) | $3,752,740 | $4,045,769 | $4,114,685 | $4,407,146 | 11% | |
| Art Museums | ||||||
| Months of working capital | 9.4 | 7.9 | 6.5 | 11.2 | 1.8 | |
| Working Capital/Total Expenses (before depr.) | 78% | 66% | 54% | 93% | 19% | |
| Ave. Working Capital/ | $12,982,006 | $9,857,369 | $8,714,242 | $15,789,727 | 15% | |
| Ave. Total Expenses (before depreciation) | $16,645,184 | $14,972,758 | $16,085,954 | $16,974,396 | -4% | |
| Community | ||||||
| Months of working capital | 2.8 | 2.3 | 2.6 | 2.7 | -0.1 | |
| Working Capital/Total Expenses (before depr.) | 23% | 20% | 22% | 22% | -4% | |
| Ave. Working Capital/ | $544,908 | $463,883 | $530,627 | $601,415 | 4% | |
| Ave. Total Expenses (before depreciation) | $2,335,116 | $2,373,378 | $2,425,435 | $2,678,165 | 8% | |
| Dance | ||||||
| Months of working capital | -0.1 | -0.4 | 0.1 | 0.3 | -0.1 | |
| Working Capital/Total Expenses (before depr.) | -1% | -3% | 1% | 2% | -414% | |
| Ave. Working Capital/ | -$23,979 | -$127,147 | $21,191 | $88,989 | -450% | |
| Ave. Total Expenses (before depreciation) | $3,407,507 | $3,706,397 | $3,889,172 | $4,026,846 | 11% | |
| Music | ||||||
| Months of working capital | 5.0 | 4.1 | 4.4 | 5.4 | 0.4 | |
| Working Capital/Total Expenses (before depr.) | 42% | 34% | 37% | 45% | 7% | |
| Ave. Working Capital/ | $463,297 | $384,512 | $436,180 | $560,756 | 14% | |
| Ave. Total Expenses (before depreciation) | $1,113,750 | $1,134,436 | $1,177,527 | $1,256,970 | 6% | |
| Opera | ||||||
| Months of working capital | 0.4 | 0.9 | 0.4 | 0.4 | 0.0 | |
| Working Capital/Total Expenses (before depr.) | 3% | 7% | 4% | 3% | 4% | |
| Ave. Working Capital/ | $324,588 | $764,775 | $392,850 | $341,737 | -1% | |
| Ave. Total Expenses (before depreciation) | $10,350,910 | $10,666,256 | $10,671,408 | $10,522,591 | -4% | |
| Performing Arts Centers | ||||||
| Months of working capital | 0.4 | 0.9 | 1.3 | 1.7 | 1.3 | |
| Working Capital/Total Expenses (before depr.) | 4% | 7% | 11% | 14% | 306% | |
| Ave. Working Capital/ | $222,331 | $480,193 | $1,079,585 | $840,374 | 257% | |
| Ave. Total Expenses (before depreciation) | $6,282,433 | $6,544,775 | $9,987,208 | $5,847,561 | -12% | |
| Symphony Orchestras | ||||||
| Months of working capital | 0.7 | 1.2 | 1.2 | 1.5 | 0.8 | |
| Working Capital/Total Expenses (before depr.) | 6% | 10% | 10% | 12% | 114% | |
| Ave. Working Capital/ | $366,571 | $606,890 | $615,041 | $851,528 | 119% | |
| Ave. Total Expenses (before depreciation) | $6,406,876 | $6,042,221 | $6,304,139 | $6,968,260 | 3% | |
| Theater | ||||||
| Months of working capital | 1.6 | 1.7 | 3.0 | 3.5 | 1.9 | |
| Working Capital/Total Expenses (before depr.) | 13% | 14% | 25% | 29% | 121% | |
| Ave. Working Capital/ | $438,282 | $491,837 | $872,906 | $1,092,057 | 135% | |
| Ave. Total Expenses (before depreciation) | $3,359,073 | $3,468,480 | $3,547,035 | $3,793,971 | 7% | |
| Other Museums | ||||||
| Months of working capital | 3.0 | 2.0 | 1.8 | 1.9 | -1.1 | |
| Working Capital/Total Expenses (before depr.) | 25% | 16% | 15% | 16% | -36% | |
| Ave. Working Capital/ | $2,350,885 | $1,601,529 | $1,481,879 | $1,647,453 | -34% | |
| Ave. Total Expenses (before depreciation) | $9,453,146 | $9,827,792 | $10,036,959 | $10,392,835 | 4% | |
| General Performing Arts | ||||||
| Months of working capital | 0.2 | 0.2 | 0.3 | 0.4 | 0.2 | |
| Working Capital/Total Expenses (before depr.) | 2% | 2% | 2% | 4% | 83% | |
| Ave. Working Capital/ | $60,829 | $57,027 | $71,893 | $121,657 | 89% | |
| Ave. Total Expenses (before depreciation) | $2,974,841 | $2,970,172 | $3,239,924 | $3,247,218 | 3% |
- For all sectors except Opera, the negative index trends were due to average working capital levels being lower in 2019 than in 2016 while expense levels were higher.
BIPOC Organizations
| Index | 2016 | 2017 | 2018 | 2019 | 2016-2019 change | 2016-2019 % change, adjusted for inflation |
| BIPOC Organizations | ||||||
| Months of working capital | 2.9 | 2.6 | 2.6 | 3.4 | 0.5 | |
| Working Capital/Total Expenses (before depr.) | 24% | 21% | 22% | 28% | 16% | |
| Ave. Working Capital/ | $592,329 | $535,066 | $566,610 | $757,077 | 21% | |
| Ave. Total Expenses (before depreciation) | $2,424,762 | $2,496,578 | $2,577,570 | $2,676,003 | 4% | |
| Non BIPOC Organizations | ||||||
| Months of working capital | 4.4 | 5.2 | 5.2 | 5.2 | 0.7 | |
| Working Capital/Total Expenses (before depr.) | 37% | 43% | 43% | 43% | 17% | |
| Ave. Working Capital/ | $3,000,455 | $3,377,091 | $3,564,155 | $3,714,976 | 17% | |
| Ave. Total Expenses (before depreciation) | $8,133,427 | $7,826,375 | $8,241,583 | $8,626,140 | 0% |
- While non-BIPOC organizations followed the overall sector trend, BIPOC organizations experienced lower levels of working capital overall.
- However, it is worth noting that BIPOC organizations improved their working capital over time.
Size Trends
| Index | 2016 | 2017 | 2018 | 2019 | 2016-2019 change | 2016-2019 % change, adjusted for inflation |
| Size - Small | ||||||
| Months of working capital | 8.0 | 8.9 | 6.4 | 8.0 | 0.1 | |
| Working Capital/Total Expenses (before depr.) | 67% | 74% | 54% | 67% | 1% | |
| Ave. Working Capital/ | $176,862 | $196,210 | $136,954 | $181,953 | -3% | |
| Ave. Total Expenses (before depreciation) | $265,590 | $265,794 | $255,417 | $271,313 | -4% | |
| Size - Medium | ||||||
| Months of working capital | 4.5 | 2.7 | 3.0 | 5.0 | 0.5 | |
| Working Capital/Total Expenses (before depr.) | 37% | 23% | 25% | 42% | 12% | |
| Ave. Working Capital/ | $511,493 | $306,850 | $334,167 | $582,126 | 7% | |
| Ave. Total Expenses (before depreciation) | $1,368,479 | $1,362,337 | $1,347,565 | $1,392,118 | -4% | |
| Size - Large | ||||||
| Months of working capital | 4.2 | 4.9 | 4.9 | 5.0 | 0.8 | |
| Working Capital/Total Expenses (before depr.) | 35% | 41% | 41% | 41% | 19% | |
| Ave. Working Capital/ | $6.916.021 | $7,584,659 | $7,655,278 | $8,041,321 | 10% | |
| Ave. Total Expenses (before depreciation) | $19,921.680 | $18,488,598 | $18,691,920 | $19,423,245 | -8% |
- Average months of working capital for Small organizations rose in 2017 before a drop in 2018 and a recovery to 2016 levels in 2019. These organizations’ average working capital and expenses decreased, with the net effect of a decrease in months of working capital.
- Medium and Large organizations saw the opposite overarching trend as Small organizations: working capital growth coupled with a decrease in spending.
Geographic Market Trends
| Index | 2016 | 2017 | 2018 | 2019 | 2016-2019 change | 2016-2019 change, adjusted for inflation |
| New York - White Plains - Wayne, NY-NJ | ||||||
| Months of working capital | 8.8 | 10.1 | 11.5 | 10.3 | 1.5 | |
| Working Capital/Total Expenses (before depr.) | 73.2% | 83.8% | 96.0% | 86.1% | 12.9% | |
| Ave. Working Capital/ | $5,017,510 | $5,623,459 | $6,381,056 | $6,084,883 | 21.3% | 14.4% |
| Ave. Total Expenses (before depreciation) | $6,857,544 | $6,712,813 | $6,645,199 | $7,068,277 | 3.1% | -2.8% |
| Los Angeles - Long Beach - Glendale | ||||||
| Months of working capital | 4.3 | 1.3 | 1.1 | 4.4 | 0.1 | |
| Working Capital/Total Expenses (before depr.) | 36.2% | 10.5% | 9.1% | 36.5% | 0.2% | |
| Ave. Working Capital/ | $841,645 | $262,463 | $236,563 | $1,017,187 | 20.9% | 14.0% |
| Ave. Total Expenses (before depreciation) | $2,322,492 | $2,495,043 | $2,586,955 | $2,788,008 | 20.0% | 13.2% |
| Chicago - Naperville - Arlington Heights | ||||||
| Months of working capital | 1.8 | 2.7 | 1.6 | 4.8 | 3.0 | |
| Working Capital/Total Expenses (before depr.) | 14.8% | 22.7% | 13.6% | 39.9% | 25.1% | |
| Ave. Working Capital/ | $252,599 | $379,521 | $233,814 | $681,308 | 169.7% | 154.5% |
| Ave. Total Expenses (before depreciation) | $1,706,563 | $1,671,704 | $1,721,280 | $1,709,364 | 0.2% | -5.5% |
| San Francisco - San Mateo - Redwood City | ||||||
| Months of working capital | 2.0 | 1.1 | 1.3 | 1.2 | -0.8 | |
| Working Capital/Total Expenses (before depr.) | 16.7% | 9.5% | 10.5% | 10.0% | -6.7% | |
| Ave. Working Capital/ | $555,464 | $338,339 | $372,057 | $359,957 | -35.2% | -38.9% |
| Ave. Total Expenses (before depreciation) | $3,329,543 | $3,570,328 | $3,532,967 | $3,613,939 | 8.5% | 2.4% |
| Washington - Arlington - Alexandria - Frederick - Gaithersb | ||||||
| Months of working capital | 3.3 | 0.8 | 3.5 | 3.3 | 0.0 | |
| Working Capital/Total Expenses (before depr.) | 27.2% | 6.3% | 29.0% | 27.9% | 0.7% | |
| Ave. Working Capital/ | $790,440 | $196,052 | $948,241 | $923,087 | 16.8% | 10.2% |
| Ave. Total Expenses (before depreciation) | $2,902,447 | $3,107,421 | $3,269,099 | $3,307,498 | 14.0% | 7.5% |
| Large | ||||||
| Months of working capital | 2.3 | 2.2 | 1.5 | 2.3 | 0.0 | |
| Working Capital/Total Expenses (before depr.) | 19.2% | 18.7% | 12.2% | 19.3% | 0.1% | |
| Ave. Working Capital/ | $366,550 | $352,433 | $245,893 | $412,163 | 12.4% | 6.1% |
| Ave. Total Expenses (before depreciation) | $1,910,593 | $1,881,239 | $2,009,165 | $2,138,341 | 11.9% | 5.6% |
| Medium | ||||||
| Months of working capital | 3.3 | 2.8 | 3.0 | 2.9 | -0.4 | |
| Working Capital/Total Expenses (before depr.) | 27.6% | 23.5% | 25.4% | 24.4% | -3.1% | |
| Ave. Working Capital/ | $843,500 | $699,724 | $807,849 | $810,189 | -3.9% | -9.4% |
| Ave. Total Expenses (before depreciation) | $3,060,450 | $2,973,622 | $3,179,179 | $3,318,746 | 8.4% | 2.3% |
| Small | ||||||
| Months of working capital | 1.4 | 1.5 | 1.4 | 2.3 | 0.9 | |
| Working Capital/Total Expenses (before depr.) | 11.4% | 12.5% | 11.4% | 18.8% | 7.4% | |
| Ave. Working Capital/ | $217,184 | $232,118 | $218,561 | $377,421 | 73.8% | 63.9% |
| Ave. Total Expenses (before depreciation) | $1,897,174 | $1,863,769 | $1,918,986 | $2,002,308 | 5.5% | -0.4% |
| Very Small | ||||||
| Months of working capital | 5.7 | 6.0 | 6.6 | 7.1 | 1.4 | |
| Working Capital/Total Expenses (before depr.) | 47.8% | 50.3% | 55.3% | 59.0% | 11.2% | |
| Ave. Working Capital/ | $630,313 | $668,563 | $770,310 | $846,291 | 34.3% | 26.7% |
| Ave. Total Expenses (before depreciation) | $1,318,706 | $1,328,687 | $1,393,044 | $1,434,053 | 8.7% | 2.6% |
- All markets managed expense growth in the same manner, outpacing inflation by less than 15%.
- Chicago demonstrated the greatest upswing in average working capital – a surge of 155%. These organizations had comparably more ground to cover since their average working capital was the lowest of all regional market clusters in 2016.
- San Francisco organizations saw relatively little change in months of working capital after a dip in 2017; similarly, expense growth in San Francisco remained steady, rising only slightly between 2016 and 2019.