Dance Data Project® Releases First Comprehensive Report on Ballet Company Endowments And Building Book Values, Offering Crucial Insights Into Financial Stability Of Ballet Companies Across The U.S.

Northfield, IL | September 30, 2024 | Dance Data Project® (DDP) is proud to announce the release of its first-ever report examining the endowments and building book values of ballet and classically based dance companies in the United States. In collaboration with the Smith College Capstone in Statistical & Data Sciences program, this groundbreaking report fills a significant gap in research surrounding endowments and building book values in the ballet community, providing vital insights into the financial foundations of ballet and classically based companies and their long-term sustainability. The sample of companies in the report comes from DDP’s Largest Ballet & Classically Based Companies Report, which ranks the Largest 150 ballet companies based on FY 2022 expenditures. The Largest 150 collectively spent $719,228,871 in FY 2022, with the Largest 50 companies accounting for $640,960,698, or 89.12% of total expenditures.

“DDP’s partnership with Smith College involved leading data science students in research on ballet and classically based company endowments for their senior capstone projects,” said DDP Research Lead Jenna Magrath. “This collaboration highlighted the importance of interdisciplinary research in advancing our understanding of financial trends in the performing arts, and provided mentorship to emerging data scientists while furthering DDP’s mission to promote data-driven decision-making in the dance industry.”

Within the Largest 150 ballet companies in fiscal year 2022, 47 companies reported endowments for at least one fiscal year, with the majority of these – 37 companies – coming from the Largest 50. End-of-year balances for the Largest 50 companies in FY23 ranged dramatically, from as little as $33,505 to $228,249,066, with a median endowment size of $3,752,024. The report also reveals that companies within the Largest 10, Largest 25, and Largest 50 hold over 70% of their endowments in permanent funds, while those in the Next 50 and Additional 50 rely more heavily on board-designated funds. This distinction underscores the disparity between the largest ballet institutions and their smaller counterparts in terms of how they manage long-term financial assets.

Growth rates further highlight this variation. In FY23, while 13 companies (33.3%) reported Compound Annual Growth Rates (CAGRs) that outperformed the S&P 500, 29 companies (66.7%) fell short of the S&P’s 0.12 CAGR. Notably, four ballet companies experienced negative growth, including two of the largest, San Francisco Ballet (#2) and Philadelphia Ballet (#10), signaling a decline in the endowment value during this period. Ballet companies are less resourced than other arts sectors. One example: their relatively small endowments. Museums lead with an average endowment of $955,279,595, followed by symphonies at $176,140,641, and opera companies at $83,247,505. By comparison, the Largest 10 ballet and classically based companies average $56,877,849, falling below the largest 10 museums, symphonies, and opera companies, but still ahead of the largest 10 theater companies, which report an average of $48,059,830.

“Endowments are essential for ensuring the financial stability and operational longevity of cultural institutions, including ballet companies,” said DDP Senior Research Consultant Maya Canestaro. “They provide a perpetual source of support, protecting institutions from unpredictable funding streams and aiding in long-term planning. Understanding endowment management and investment performance, along with analyzing building book values, is crucial for assessing how ballet companies invest in infrastructure and manage their assets to ensure financial health and sustainability.”

In addition to examining endowments, the report provides a detailed analysis of building book values for ballet companies, tracking changes in the financial worth of physical assets such as theaters, studios, and administrative buildings. Among the Largest 25 ballet companies, building values ranged from $1,014,692 to $38,040,535, with a median value of $5,709,375. This contrasts starkly with the Lower 25 companies, where building values ranged from $353,219 to $12,539,169, with a median of $2,378,159. Further down the list, the Next 50 companies had building values ranging from -$45,695 to $5,707,693, with a median of $369,403, while only two companies in the Additional 50 reported building values at all, ranging from -$43,464 to $100,424, with a median of just $28,480.

“Dance Data Project® (DDP) continues to lead the charge in providing critical research and resources that drive transparency and equity in the ballet world,” said DDP Founder & President Elizabeth ‘Liza’ Yntema. “This groundbreaking report is the first of its kind, marking a significant step in helping ballet and classically based companies, donors, and stakeholders understand and enhance the financial health and sustainability of the sector.”

When compared to other arts sectors, ballet companies report the smallest average building book values. For this report, DDP compared the Largest 10 ballet companies with the largest 10 symphonies/orchestras, museums, theaters, and operas. Museums lead the way with an average value of $242,041,963, followed by symphonies at $39,951,831. Opera companies report an average of $20,221,669, while theater companies come in slightly lower at $19,465,926. Ballet and classically based companies rank the lowest, with an average building book value of $18,066,294, highlighting the financial challenges the industry faces in terms of infrastructure and physical assets.

“We are extremely excited to be issuing this comprehensive report on endowments and assets in not for profit dance companies. This analysis isn’t just about numbers—it’s a game-changer for gender equity in the arts,” said Israel Tannenbaum, report consultant, DDP board member, and partner at Withum. “By shining a light on where the money’s flowing, we can see if we’re really walking the talk when it comes to supporting diverse voices in dance. Understanding these resources is the first step to ensuring everyone gets a fair shot at making their mark on the dance world, regardless of gender.”

The Endowments and Building Book Value Report 2024 is available on the Dance Data Project® Research Page or by download below.