page contents Met Opera says $31M on tax return is mostly pledges – The News Headline

Met Opera says $31M on tax return is mostly pledges

The Metropolitan Opera says a favorable $31 million on its newest tax go back is most commonly cash pledged for long run seasons that the corporate has now not but won

The Metropolitan Opera says a favorable $31 million on its newest tax go back is most commonly cash pledged for long run seasons that the corporate has now not but won.

The corporate’s tax go back, launched Thursday, confirmed earnings fell via $13 million for the season that integrated the preliminary months of the pandemic and salaries dropped via $41 million. The Met mentioned it operated at a stability price range in 2019-20.

Track Director Yannick Nézet-Séguin earned $915,571, up from $392,152 within the fiscal 12 months finishing July 31, 2019, when he performed two productions in his first season, succeeding James Levine because the Met’s track director.

Met normal supervisor Peter Gelb earned $1.46 million in the newest fiscal 12 months, down somewhat from $1.49 million.

The Met, the biggest appearing arts establishment within the U.S., has now not been on level since March 11, 2020, as a result of the pandemic, shedding the general two months of 2019-20 and its whole 2020-21 season for a complete of 276 neglected performances.

The Met, pronouncing it wishes to chop bills, has been all for acrimonious exertions negotiations with its 3 number one unions.

It reached a tentative settlement closing month a four-year contract with the American Guild of Musical Artists, which represents the refrain and solo artists; resumed negotiations this month with Native One of the vital World Alliance of Theatrical Degree Staff, which represents stagehands and has been locked out since Dec. eight; and is negotiating with Native 802 of the American Federation of Musicians, which represents the orchestra and has a freelance that expires July 31.

Earnings dropped from $307 million within the 12 months finishing July 31, 2019, to $295 million within the 12 months finishing closing July 31, and bills fell from $313 million to $263 million.

Salaries fell from $240 million to $199 million.

The Met indexed internet belongings at $78 million, down from $103 million. Secured notes and mortgages greater via $11.five million to $57 million and different liabilities, together with federal source of revenue tax and payables to 3rd events, rose via $67.6 million to $213 million — of which $194 million is pension tasks.

The endowment fund rose from $249 million to $264 million.

Leave a Reply

Your email address will not be published. Required fields are marked *