MUSIC THEATER WORKS
Mission Statement
MUSIC THEATER WORKS (formerly LIGHT OPERA WORKS) is a resident professional not-for-profit music theater in Evanston, Illinois, founded in 1980. The mission is to •Produce and present various forms of musical theater from a variety of world traditions •Engage the community through outreach and educational programs •Train artists in musical theater. The company has presented more than 110 productions on its 1,000-seat Mainstage, and 20 intimate productions and concert performances on its Second Stage venues. All productions are in English, with foreign works presented in carefully edited modern translations. Maximum scholarship is employed to preserve the original vocal and orchestral material, as well as the spirit of the original text whenever possible. All Mainstage productions feature a full orchestra with the original orchestrations. An active participant in the Chicago arts community, MUSIC THEATER WORKS is a member of the Arts Alliance Illinois, League of Chicago Theatres, North Shore Convention and Visitors’ Bureau, Evanston Chamber of Commerce, Wilmette/Kenilworth Chamber of Commerce and National Alliance for Musical Theatre. MUSIC THEATER WORKS has collaborated on artistic and educational projects with the Union League Club, Boys and Girls Club, Chicago Theatre Company, Pegasus Players, Evanston District 65 schools, Theatre Building Chicago and other organizations. The company also presents concerts and outreach programs at schools, hospitals, nursing homes, civic organizations, festivals and other community events.
Financial Overview — FY 2025
Compared with Peers
FY 2025| Ratio | This org | Peer median | Position (P10 → P90) | |
|---|---|---|---|---|
|
Program expense ratio
Program expenses / total expenses
· higher is better
|
72.8% | 77.7% |
P10P90
|
Below median |
|
Admin expense ratio
Management and general / total expenses
· lower is better
|
24.3% | 14.2% |
P10P90
|
Bottom quarter |
|
Fundraising expense ratio
Fundraising expenses / total expenses
· lower is better
|
2.9% | 5.8% |
P10P90
|
Above median |
|
Operating reserve
Months of expenses covered by net assets
· higher is better
|
4.0 mo | 15.8 mo |
P10P90
|
Bottom quarter |
|
Liabilities to assets
Total liabilities / total assets
· lower is better
|
41.2% | 11.4% |
P10P90
|
Bottom quarter |
|
Revenue concentration
Share of revenue from the largest source
· lower is better
|
72.0% | 71.6% |
P10P90
|
Below median |
|
Revenue growth
Year over year revenue growth
|
16.2% | 7.5% |
P10P90
|
|
|
Expense growth
Year over year expense growth
|
-12.2% | 5.6% |
P10P90
|
|
|
Surplus margin
Surplus as a share of revenue
|
14.2% | 0.9% |
P10P90
|
Financial History
| Year | Revenue | Expenses | Net Assets | Program % | Staff |
|---|---|---|---|---|---|
| 2025 | $2.2M | $1.9M | $635K | 72.8% | 8 |
| 2024 | $1.9M | $2.2M | $318K | 73.8% | 11 |
| 2023 | $2.3M | $2.2M | $700K | 77.2% | 11 |
| 2022 | $1.4M | $1.3M | N/A | — | 12 |
| 2021 | $696K | $691K | N/A | — | 9 |
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