New York City Opera Taps Endowment for Cash Injection
April 20, 2009
The New York City Opera has tapped more than two-thirds of its endowment to pay off debts and deal with its troubled finances, reports The New York Times.
After taking $17.5-million from the fund last fall, the company last week received regulators’ approval to withdraw another $6.6-million from the endowment to meet payroll and other needs. The opera, which recently announced a stripped-down 2009-10 season of five productions, now has $10.4-million in its endowment.
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