But, it turns out, quite a flush charity, too. According to its latest publicly available tax return, the nonprofit, tax-exempt opera took in $362 million in ticket sales and contributions in the fiscal year ending July 31, 2011 but spent just $321 million. That’s a $41 million (11 percent) profit. To be sure, $194 million of the $362 million that came in was from contributions, and, of course, there’s nothing wrong with an important cultural institution building up its endowment for a rainy day. It’s also true that the Opera has lots of far less expensive seats from which the sound is great even if the view isn’t. But the combination of this profit margin, the high ticket prices and the high salaries reported in the IRS filing - the director made $1,379,000 - suggests someone ought to survey major non-profit cultural institutions in New York and other major cities and do a report on profits, expenses, prices, and accommodations made to those who can’t pay full price to go to the show.
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