Overall Average

What We've Learned

In 2012, all arts and cultural sectors except general performing arts organizations had positive working capital.

Our Formula: Balance Sheet

Ave. Working Capital

Ave. Total Expenses (before depr.)

Working Capital

Working capital refers to liquid assets in the form of unrestricted and undesignated cash or other current assets that can be readily converted to cash for operations. Organizations need working capital to pay their bills even at times of the year when cash inflow is slow. Negative working capital means the organization has to borrow to meet day-to-day operating expenses.

Total Expenses (before depr.)

We include the unrestricted investments and marketable securities that organizations reported as unrestricted current assets in the CDP survey but we exclude any reported unrestricted, board-designated endowment funds in this category of assets. We look at expenses before depreciation since depreciation is a non-cash expense that accounts for the reduced value of assets due to their use over the year

View CDP Survey Lines Used

High Performance Indicators: Balance Sheet

  • Driving Force Factors

  • Key Intangible Performance Indicators

  • Random

Identifying High Performance Indicators

One reason performance may be better is simply that the managing and/orartistic leadership make good decisions. This likely grows out of years of experience, learning, and developed expertise that forms an intangible yet essential ingredient. It is difficult to observe and measure but not impossible.

We capture this as a Key Intangible Performance Indicator (KIPI). In the case of current assets of organizations, it allows us to determine that 52% of the variation is attributable to KIPI. 25% of the variation in current liabilities is attributable to KIPI. KIPIs explain 60% of the variation in total expenses. Learn more»

View List of Markets

Individual Markets (CBSA Name):

  • New York-White Plains-Wayne, NY-NJ
  • Los Angeles-Long Beach-Glendale
  • Chicago-Naperville-Arlington Heights
  • San Francisco-Redwood City-So. S.F.
  • Washington-Arlington-Alexandria-Bethesda-Rockville-Fredericksburg

View List of Markets

Large Markets (CBSA Name):

  • Atlanta-Sandy Springs-Roswell, GA
  • Dallas-Plano-Irving, TX
  • Houston-The Woodlands-Sugar Land, TX
  • Minneapolis-St Paul-Bloomington, MN-WI
  • Phoenix-Mesa-Scottsdale, AZ
  • Riverside-San Bernardino-Ontario, CA
  • San Diego-Carlsbad, CA
  • Santa Ana-Anaheim-Irvine, CA

View List of Markets

Medium Markets (CBSA Name):

  • Boston-Quincy, MA
  • Detroit-Dearborn-Livonia, MI
  • Oakland-Hayward-Berkeley, CA
  • Philadelphia, PA
  • Columbus, OH
  • Pittsburgh, PA
  • Sacramento-Roseville-Arden-Aracade, CA

View List of Markets

Small Markets (CBSA Name):

  • Lake County-Kenosha County, IL-WI
  • Albany-Schenectady-Troy, NY
  • Allentown-Bethlehem-Easton, PA-NJ
  • Bakersfield, CA
  • Dayton, OH
  • Fresno, CA
  • Grand Rapids-Wyoming, MI
  • New Haven-Milford, CT
  • Oxnard-Thousand Oaks-Ventura, CA
  • Peabody, MA
  • Rochester, NY
  • Tucson, AZ
  • Worcester, MA

View List of Markets

Very Small Markets (CBSA Name):

  • Wilmington, DE
  • Akron, OH
  • Toledo, OH
  • Lima; OH
  • Altoona, PA
  • Gettysburg, PA
  • Pottsville, PA
  • Alpena, MI
  • Ann Arbor, MI
  • Bay City, MI
  • Peoria, IL
  • Decatur, IL
  • Danville, IL
  • St Cloud, MN
  • Fergus Falls, MN
  • Duluth, MN-WI
  • Modesto, CA
  • Red Bluff, CA
  • Santa Cruz-Watsonville, CA
  • Santa Barbara-Santa Maria-Goleta, CA
  • Bishop, CA
  • Yuma, AZ
  • Flagstaff, AZ
  • Lake Havasu City-Kingman, AZ
  • Nogales, AZ
  • Ithaca, NY
  • Glens Falls, NY
  • Barre, VT
  • Barnstable Town, MA
  • Trenton, NJ
  • Cambridge, MD

Balance Sheet


How many months of working capital does the organization have?


What We've Learned

In 2012, all arts and cultural sectors except general performing arts organizations had positive working capital.