Cleveland Institute Of Music
- Assets
- $89.5m
- Revenue
- $30.0m
- Investments
- $13.4m
- Employees
- 457
- Location
- Cleveland, OH
- Founding
- 11/1933
- Data as of
- 06/2020
- EIN
- 34-0714600
Organization Overview
Cleveland Institute Of Music is located in Cleveland, OH. The organization was established in 1933. According to its NTEE Classification (B50) the organization is classified as: Graduate & Professional Schools, under the broad grouping of Education and related organizations. As of 06/2021, Cleveland Institute Of Music employed 457 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cleveland Institute Of Music is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2020, Cleveland Institute Of Music generated $30.0m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (1.0%) each year. All expenses for the organization totaled $28.2m during the year ending 06/2020. As we would expect to see with falling revenues, expenses have declined by (1.9%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2020
Describe the Organization's Mission:
Part 3 - Line 1
TO EMPOWER THE WORLD'S MOST TALENTED CLASSICAL MUSIC STUDENTS TO FULFILL THEIR DREAMS&POTENTIAL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEE SCHEDULE OTHE CLEVELAND INSTITUTE OF MUSIC IS ONE OF JUST SEVEN INDEPENDENT CONSERVATORIES OF MUSIC IN THE UNITED STATES, ONE OF THREE DEVOTED EXCLUSIVELY TO CLASSICAL MUSIC PERFORMANCE. CIM STUDENTS BENEFIT FROM ACCESS TO WORLD-RENOWNED VISITING ARTISTS AND CONDUCTORS, INTENSIVE STUDY WITH CIM'S STELLAR FACULTY AND THE RICH CURRICULUM OFFERED BY CIM'S PARTNER CASE WESTERN RESERVE UNIVERSITY. CIM'S GRADUATES COMMAND THE MOST CELEBRATED AND REVERED STAGES IN THE WORLD AS SOLOISTS, CHAMBER MUSICIANS AND ENSEMBLE MEMBERS; COMPOSE AWARD-WINNING REPERTOIRE; AND ARE SOUGHT-AFTER TEACHING ARTISTS, ADMINISTRATORS AND THOUGHT LEADERS. MORE THAN HALF OF THE MEMBERS OF THE CLEVELAND ORCHESTRA ARE CONNECTED TO CIM AS MEMBERS OF THE FACULTY, ALUMNI OR BOTH. CIM'S PREPARATORY AND CONTINUING EDUCATION DIVISION SUPPORTS ABOUT 1,000 ENROLLMENTS IN PRIVATE AND GROUP LESSONS, CLASSES AND ENSEMBLES. CIM IS AN INTEGRAL PART OF CLEVELAND'S ARTS COMMUNITY PRESENTING NEARLY 600 FREE PERFORMANCES AND MASTER CLASSES ON CAMPUS AND THROUGHOUT THE COMMUNITY EACH YEAR. THE PERFORMANCE SEASON WAS SHORTENED THIS FISCAL YEAR DUE TO THE PANDEMIC BUT CIM WAS ABLE TO PRESENT APPROXIMATELY 400 OF THESE FREE EVENTS. DURING THIS FISCAL YEAR CIM OFFERED APPROXIMATELY $8.9 MILLION OF SCHOLARSHIPS AND FINANCIAL AID TO ITS STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Hogle Paul President/ceo | Officer | 40 | $378,786 |
Bower Eric SVP & Asst Treasurer | Officer | 40 | $256,236 |
Price Jerrod Exec Dir Preparatory, Enrollment And Pathway Progr | 40 | $165,604 | |
Bundra Judy Cao & Dean | Officer | 40 | $161,013 |
Kaler Ilya Faculty | 40 | $159,381 | |
Irvine Jeffrey Faculty | 40 | $150,877 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,966,500 |
| Investment income | $1,153,090 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $7,151 |
| Net Gain/Loss on Asset Sales | $630,173 |
| Net Income from Fundraising Events | $3,163 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $30,049,400 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $9,707,995 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,095,425 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,855,423 |
| Pension plan accruals and contributions | $334,295 |
| Other employee benefits | $689,400 |
| Payroll taxes | $601,234 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $74,435 |
| Fees for services: Accounting | $108,732 |
| Fees for services: Lobbying | $50,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $187,903 |
| Fees for services: Other | $724,706 |
| Advertising and promotion | $80,969 |
| Office expenses | $490,362 |
| Information technology | $195,783 |
| Royalties | $0 |
| Occupancy | $1,135,518 |
| Travel | $132,070 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $184,752 |
| Interest | $295,022 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,637,141 |
| Insurance | $221,320 |
| All other expenses | $0 |
| Total functional expenses | $28,232,584 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,700 |
| Savings and temporary cash investments | $5,042,815 |
| Pledges and grants receivable | $1,797,087 |
| Accounts receivable, net | $381,958 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,037,575 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $172,832 |
| Investments—publicly traded securities | $42,629,715 |
| Investments—other securities | $13,418,909 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $89,548,246 |
| Accounts payable and accrued expenses | $1,306,985 |
| Grants payable | $0 |
| Deferred revenue | $123,495 |
| Tax-exempt bond liabilities | $11,465,312 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,771,587 |
| Total liabilities | $15,667,379 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $73,880,867 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Cleveland Institute Of Music has recieved totaling $3,624.
| Awarding Organization | Amount |
|---|---|
Dr Ne And Jz Berman Familyfoundation Alamo, CA PURPOSE: CHARITABLE | $3,624 |
Endowment Analysis
| Beg. Balance | $52,173,163 |
| Earnings | $14,213,149 |
| Net Contributions | $775,951 |
| Other Expense | $2,184,688 |
| Ending Balance | $64,977,575 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Western Michigan University Homer Stryker M D School Of Medicine Kalamazoo, MI | $424,470,919 | $396,749,999 |
Lake Erie College Of Osteopathic Medicine Inc Erie, PA | $757,028,043 | $202,994,752 |
Kettering University Flint, MI | $281,450,228 | $82,356,479 |
Salus University Elkins Park, PA | $71,855,290 | $53,963,466 |
Thomas M Cooley Law School Lansing, MI | $152,371,660 | $35,841,498 |
Geisinger Commonwealth School Of Medicine Danville, PA | $148,792,015 | $48,699,077 |
American College King of Prussia, PA | $101,126,239 | $39,801,880 |
Asbury Theological Seminary Wilmore, KY | $333,796,449 | $52,800,131 |
Baker College Flint, MI | $13,078,843 | $33,232,892 |
Cairn University Langhorne, PA | $53,369,669 | $36,996,664 |
Mount Carmel College Of Nursing Columbus, OH | $64,622,852 | $25,045,878 |
Michigan Association Of Intermediate School Administrators Lansing, MI | $1,736,500 | $28,905,123 |