This report analyzes the extent to which nonprofit arts organizations in Massachusetts have recovered from the financial recession of 2009. There are a number of ways to measure financial health, but amid recent concerns surrounding the diversification of revenue streams, long-term financial stability, and the availability of cash on hand among nonprofit organizations in Massachusetts, the analysis focuses primarily on these factors. Specifically, it uses four overarching measures to gauge financial health and recovery: surplus margins (as an indication of profitability), diversification of revenue streams, asset mixes, and months cash on hand (as an indication of liquidity).