Curtis Institute Of Music
- Assets
- $369.8m
- Revenue
- $43.5m
- Investments
- $149.5m
- Employees
- 396
- Location
- Philadelphia, PA
- Founding
- 10/1924
- Data as of
- 05/2023
- 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 05/2023, Same employed 396 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 05/2023, Same generated $43.5m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (5.6%) each year. All expenses for the organization totaled $30.9m during the year ending 05/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO EDUCATE & TRAIN EXCEPTIONALLY GIFTED YOUNG MUSICIANS TO ENGAGE A LOCAL & GLOBAL COMMUNITY
Describe the Organization's Program Activity:
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 153 AND 121 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 YEAR 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 | 37.5 | $654,462 |
Lawrence Bomback Treasurer | Officer | 37.5 | $304,581 |
Vincent Ford Sr VP Digital Strategy & Innovation | 37.5 | $247,170 | |
Edward Gazouleas Provost | Officer | 37.5 | $185,504 |
Kimberly Gould Managing Director, Human Resources | 37.5 | $193,038 | |
Pamela Frank Axelrod Chair In Violin Studies | 12.5 | $157,520 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Intech Construction Inc Renovations / Building Maintenance | 5/30/23 | $2,433,902 |
Bon Appetit Management Company Dining Services | 5/30/23 | $884,959 |
Elliott-lewis Corporation Building Maintenance | 5/30/23 | $635,588 |
Knapp Masonry Llc Renovations / Building Maintenance | 5/30/23 | $628,930 |
Allied Universal Security Services | 5/30/23 | $547,118 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $483,450 |
| Related organizations | $4,212,371 |
| Government grants | $2,929,853 |
| All other contributions, gifts, grants, and similar amounts not included above | $28,669,488 |
| Noncash contributions included in lines 1a–1f | $2,071,674 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $36,295,162 |
| Total Program Service Revenue | $3,610,164 |
| Investment income | $2,853,319 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $6,546 |
| Net Rental Income | $5,050 |
| Net Gain/Loss on Asset Sales | $620,675 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $43,513,793 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,605,297 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,847,425 |
| Compensation of current officers, directors, key employees. | $719,093 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $9,773,134 |
| Pension plan accruals and contributions | $569,998 |
| Other employee benefits | $705,279 |
| Payroll taxes | $713,636 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $85,145 |
| Fees for services: Accounting | $153,424 |
| Fees for services: Lobbying | $104,000 |
| Fees for services: Fundraising | $93,171 |
| Fees for services: Investment Management | $1,334,303 |
| Fees for services: Other | $1,241,216 |
| Advertising and promotion | $792,160 |
| Office expenses | $681,190 |
| Information technology | $416,756 |
| Royalties | $0 |
| Occupancy | $1,701,824 |
| Travel | $1,381,745 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $161,276 |
| Interest | $870 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,093,035 |
| Insurance | $409,268 |
| All other expenses | $150,045 |
| Total functional expenses | $30,874,759 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,607,034 |
| Savings and temporary cash investments | $2,111,733 |
| Pledges and grants receivable | $52,343,439 |
| Accounts receivable, net | $1,744,079 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $433,123 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $830,564 |
| Net Land, buildings, and equipment | $101,050,600 |
| Investments—publicly traded securities | $57,361,252 |
| Investments—other securities | $149,490,863 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,870,655 |
| Total assets | $369,843,342 |
| Accounts payable and accrued expenses | $1,560,919 |
| Grants payable | $0 |
| Deferred revenue | $153,973 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,842,611 |
| Total liabilities | $3,557,503 |
| Net assets without donor restrictions | $130,855,127 |
| Net assets with donor restrictions | $235,430,712 |
| 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 | $369,843,342 |