Curtis Institute Of Music
- Assets
- $375.4m
- Revenue
- $65.9m
- Investments
- $182.2m
- Employees
- 342
- Location
- Philadelphia, PA
- Founding
- 10/1924
- Data as of
- 05/2022
- EIN
- 23-1585611
Organization Overview
Curtis Institute Of Music, operating under the name Same, is located in Philadelphia, PA. The organization was established in 1924. According to its NTEE Classification (A6E) the organization is classified as: Performing Arts Schools, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 05/2022, Same employed 342 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Same 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 05/2022, Same generated $65.9m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.7%) each year. All expenses for the organization totaled $26.1m during the year ending 05/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE CURTIS INSTITUTE OF MUSIC, LOCATED IN PHILADELPHIA, PENNSYLVANIA, WAS FOUNDED IN 1924 TO EDUCATE AND TRAIN EXCEPTIONALLY GIFTED YOUNG MUSICIANS TO ENGAGE A GLOBAL COMMUNITY THROUGH MUSIC. THE INSTITUTE IS A TUITION-FREE MUSIC CONSERVATORY THAT IS SUPPORTED PRIMARILY BY ENDOWMENT AND ANNUAL GIVING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CURTIS INSTITUTE OF MUSIC IS A TUITION-FREE SCHOOL OF MUSIC THAT STRIVES TO EDUCATE AND TRAIN EXCEPTIONALLY GIFTED MUSICIANS TO ENGAGE A GLOBAL COMMUNITY THROUGH MUSIC. STUDENTS RECEIVE PERSONALIZED ATTENTION FROM THE INSTITUTE'S CELEBRATED FACULTY, WITH A STUDENT BODY OF APPROXIMATELY 150 AND 122 FACULTY MEMBERS. CURTIS ALSO OWNS AND OPERATES A DORMITORY BUILDING WITH FULL DINING SERVICES FOR ITS ON-CAMPUS STUDENTS.
CURTIS PRESENTS OVER 175 PUBLIC PERFORMANCES EACH FEATURING STUDENTS, ALUMNI AND FACULTY, GIVING THEM OPPORTUNITIES TO HONE THEIR CRAFT AND SHAPE THEIR ARTISTIC POINT-OF-VIEW ON STAGE IN FRONT OF LIVE AUDIENCES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Roberto Diaz President/trustee | OfficerTrustee | 35 | $628,723 |
Lawrence Bomback Treasurer | Officer | 35 | $263,234 |
Christopher Mossey Senior VP Of Advancement (6/1/21-2/28/22) | Officer | 35 | $233,931 |
Paul J Bryan Dean Of Faculty And Students | Officer | 35 | $202,872 |
Vincent Ford Senior VP Of Digital Strategy And Innovation | 35 | $195,010 | |
Pamela Frank Herbert R And Evelyn Axelrod Chair, Viol | 35 | $153,836 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Intech Construction Inc Renovation Services | 5/30/22 | $10,553,631 |
Elliott-lewis Corporation Maintenance Services | 5/30/22 | $698,479 |
Allied Universal Security Services | 5/30/22 | $375,165 |
Bon Appetit Management Company Cafeteria Services | 5/30/22 | $798,680 |
Crewcial Partners Llc Investment Advisory Services | 5/30/22 | $302,339 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $388,920 |
| Related organizations | $4,053,532 |
| Government grants | $2,214,404 |
| All other contributions, gifts, grants, and similar amounts not included above | $31,430,549 |
| Noncash contributions included in lines 1a–1f | $1,774,719 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $38,087,405 |
| Total Program Service Revenue | $2,985,418 |
| Investment income | $4,667,267 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $7,786 |
| Net Rental Income | $10,843 |
| Net Gain/Loss on Asset Sales | $20,095,006 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $65,896,582 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,160,967 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,888,522 |
| Compensation of current officers, directors, key employees. | $518,785 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,589,987 |
| Pension plan accruals and contributions | $623,706 |
| Other employee benefits | $428,145 |
| Payroll taxes | $805,913 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $66,916 |
| Fees for services: Accounting | $96,522 |
| Fees for services: Lobbying | $96,000 |
| Fees for services: Fundraising | $22,748 |
| Fees for services: Investment Management | $1,303,853 |
| Fees for services: Other | $816,268 |
| Advertising and promotion | $272,329 |
| Office expenses | $631,481 |
| Information technology | $661,375 |
| Royalties | $0 |
| Occupancy | $1,405,793 |
| Travel | $486,369 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $101,734 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,639,615 |
| Insurance | $328,587 |
| All other expenses | $113,192 |
| Total functional expenses | $26,055,133 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,684,639 |
| Savings and temporary cash investments | $1,278,618 |
| Pledges and grants receivable | $42,680,428 |
| Accounts receivable, net | $170,391 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $492,176 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $546,160 |
| Net Land, buildings, and equipment | $100,475,908 |
| Investments—publicly traded securities | $42,267,899 |
| Investments—other securities | $182,221,300 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,574,395 |
| Total assets | $375,391,914 |
| Accounts payable and accrued expenses | $2,015,288 |
| Grants payable | $0 |
| Deferred revenue | $88,584 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $12,500,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,962,827 |
| Total liabilities | $16,566,699 |
| Net assets without donor restrictions | $132,191,044 |
| Net assets with donor restrictions | $226,634,171 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $375,391,914 |
Grants Recieved
Over the last fiscal year, we have identified 50 grants that Curtis Institute Of Music has recieved totaling $3,112,421.
| Awarding Organization | Amount |
|---|---|
Daniel W Dietrich Ii Foundation Philadelphia, PA PURPOSE: ENDOWMENT FUND | $2,000,000 |
University Of The Arts Philadelphia, PA PURPOSE: ARTS AND CULTURAL PROJECTS | $164,667 |
Joseph And Marie Field Family Foundation Inc Malvern, PA PURPOSE: GRANT TO ANOTHER 501(C)(3) ORGANIZAT | $100,000 |
Dorothy Richard Starling Foundation Houston, TX PURPOSE: ADVANCEMENT OF VIOLIN STUDIES, SEE STATEMENT 9 | $80,000 |
Dorothy Richard Starling Foundation Houston, TX PURPOSE: ADVANCEMENT OF VIOLIN STUDIES | $80,000 |
E B Garrigues Dedc Tw 17866 0 7 Las Vegas, NV PURPOSE: SCHOLARSHIP | $79,200 |
Endowment Analysis
| Beg. Balance | $253,529,786 |
| Earnings | -$23,456,207 |
| Net Contributions | $2,192,235 |
| Other Expense | $9,758,729 |
| Ending Balance | $222,507,085 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
American Musical & Dramatic Academy New York, NY | $154,874,684 | $91,373,218 |
Curtis Institute Of Music Philadelphia, PA | $375,391,914 | $65,896,582 |
Universal Ballet Foundation Tarrytown, NY | $0 | $12,642,868 |
School Of American Ballet Inc New York, NY | $111,037,435 | $21,205,372 |
Settlement Music School Of Philadelphia Philadelphia, PA | $34,802,698 | $14,057,233 |
Society Of The Third Street Music School Settlement Inc New York, NY | $23,512,540 | $9,331,737 |
Professional Childrens School Inc New York, NY | $20,795,903 | $7,913,959 |
Elaine Kaufman Cultural Center-Lucy Moses School For Music And Dance New York, NY | $27,086,297 | $8,434,600 |
Usdan Center For The Creative And Performing Arts Wheatley Heights, NY | $9,094,063 | $7,842,834 |
The Brooklyn Queens Conservatory Of Music Brooklyn, NY | $5,364,852 | $5,242,264 |
Imagination Stage Inc Bethesda, MD | $7,434,755 | $5,049,513 |
Cleveland Music School Settlement Cleveland, OH | $23,962,029 | $4,711,711 |