In March, the ballet canceled the season’s final three performances to save money. The company and school, which have a combined budget of about $3.3 million, are running a $300,000 deficit, Chen said.
Combined, Preston and Lustig earned about $250,000 in 2008, according to the company’s most recent tax returns.
The cost-cutting measures could result in further drops in grants and donations.
The Geraldine R. Dodge Foundation, which last year awarded the ballet company $85,000, has rejected its current application, Chen said. The foundation encouraged the company to reapply in September with a proposal that reflects the changes.