The Metropolitan Opera says $31 million in profit on its most recent expense form is generally cash promised for future seasons, funding the non-profit has yet to actually receive.
The organization’s government form, delivered Thursday, showed income fell by $13 million for the time during the pandemic and compensations dropped by $41 million.
Met head supervisor Peter Gelb received $1.46 million in the most recent year, down marginally from $1.49 million. Income dropped from $307 million in the year finishing July 31, 2019, to $295 million in the year finishing last July 31, while costs tumbled from $313 million to $263 million. Compensations tumbled from $240 million to $199 million.
The Met, the largest performing arts organization in the U.S., has not been in front of an audience since March 11, 2020, due to the pandemic. The pandemic forced the organization to close for the entirety of the 2020-21 season, a total of 276 missed exhibitions.