The Cleveland Clinic Foundation
- Assets
- $15.5b
- Revenue
- $8.1b
- Investments
- $6.6b
- Employees
- 44,993
- Location
- Independence, OH
- Founding
- 10/1928
- Data as of
- 12/2021
- EIN
- 34-0714585
Organization Overview
The Cleveland Clinic Foundation is located in Independence, OH. The organization was established in 1928. According to its NTEE Classification (E21) the organization is classified as: Community Health Systems, under the broad grouping of Health Care and related organizations. As of 12/2021, Cleveland Clinic Foundation employed 44,993 individuals. This organization is a parent organization of an affiliated group for tax-exemption purposes. Cleveland Clinic Foundation 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 12/2021, Cleveland Clinic Foundation generated $8.1b in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.1% each year. All expenses for the organization totaled $6.9b during the year ending 12/2021. While expenses have increased by 5.2% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Cleveland Clinic Foundation has awarded 599 individual grants totaling $217,947,102. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
CARING FOR LIFE, RESEARCHING FOR HEALTH AND EDUCATING THOSE WHO SERVE.
Describe the Organization's Program Activity:
SEE PROGRAM SERVICE STATEMENT IN SCHEDULE O.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tuzcu MD E Murat Physician (2021 Retiree) | 50 | $7,479,862 | |
Mihaljevic MD Tomislav Director, Pres & CEO | OfficerTrustee | 50 | $6,575,754 |
Klein MD Eric Physician (2021 Retiree) | 50 | $4,442,533 | |
Wiedemann MD Herbert Physician (2021 Retiree) | 50 | $4,340,485 | |
Glass Steven C CFO & Treasurer | Officer | 50 | $2,493,924 |
O'connor MD Michael Physician (2021 Retiree) | 50 | $2,272,994 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Siemens Medical Solutions Inc Healthcare It & Engineering Services | 12/30/21 | $22,108,461 |
Ibm Corp Information Technology Systems Services | 12/30/21 | $17,897,586 |
Adcom Group Inc Advertising Services | 12/30/21 | $16,601,710 |
The Hci Group Healthcare It Consulting & Tech Solution | 12/30/21 | $15,413,478 |
Epic Systems Corp Healthcare It Consulting & Software Solu | 12/30/21 | $14,767,694 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $5,145,285 |
| Related organizations | $0 |
| Government grants | $239,868,463 |
| All other contributions, gifts, grants, and similar amounts not included above | $199,435,089 |
| Noncash contributions included in lines 1a–1f | $15,278,623 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $444,448,837 |
| Total Program Service Revenue | $6,845,081,523 |
| Investment income | $103,348,765 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $26,943,826 |
| Net Rental Income | $6,783,846 |
| Net Gain/Loss on Asset Sales | $107,264,792 |
| Net Income from Fundraising Events | -$1,332,019 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,056,049,799 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $33,632,457 |
| Grants and other assistance to domestic individuals. | $88,666,593 |
| Grants and other assistance to Foreign Orgs/Individuals | $1,392,815 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $35,424,111 |
| Compensation of current officers, directors, key employees. | $25,442,918 |
| Compensation to disqualified persons | $5,944,448 |
| Other salaries and wages | $3,041,600,562 |
| Pension plan accruals and contributions | $193,257,017 |
| Other employee benefits | $404,771,300 |
| Payroll taxes | $207,817,614 |
| Fees for services: Management | $4,975,461 |
| Fees for services: Legal | $7,711,132 |
| Fees for services: Accounting | $4,121,645 |
| Fees for services: Lobbying | $991,995 |
| Fees for services: Fundraising | $2,301,099 |
| Fees for services: Investment Management | $20,787,102 |
| Fees for services: Other | $188,008,357 |
| Advertising and promotion | $38,057,692 |
| Office expenses | $67,137,839 |
| Information technology | $142,038,858 |
| Royalties | $2,638,719 |
| Occupancy | $99,003,549 |
| Travel | $7,412,979 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,399,492 |
| Interest | $90,517,475 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $276,966,678 |
| Insurance | $56,357,503 |
| All other expenses | $88,809,160 |
| Total functional expenses | $6,852,996,449 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $498,384,430 |
| Savings and temporary cash investments | $7,153,308 |
| Pledges and grants receivable | $179,673,788 |
| Accounts receivable, net | $902,116,044 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $180,286,471 |
| Inventories for sale or use | $152,339,876 |
| Prepaid expenses and deferred charges | $83,503,134 |
| Net Land, buildings, and equipment | $2,736,246,027 |
| Investments—publicly traded securities | $1,290,508,941 |
| Investments—other securities | $6,598,260,675 |
| Investments—program-related | $280,879,313 |
| Intangible assets | $138,116,773 |
| Other assets | $2,409,630,484 |
| Total assets | $15,457,099,264 |
| Accounts payable and accrued expenses | $871,240,899 |
| Grants payable | -$1,014,299 |
| Deferred revenue | $58,283,283 |
| Tax-exempt bond liabilities | $3,350,190,802 |
| 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 | $326,159,025 |
| Other liabilities | $2,329,473,144 |
| Total liabilities | $6,934,332,854 |
| Net assets without donor restrictions | $7,325,709,216 |
| Net assets with donor restrictions | $1,197,057,194 |
| 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 | $15,457,099,264 |
Grants Awarded
Over the last fiscal year, The Cleveland Clinic Foundation has awarded $33,632,457 in support to 75 organizations.
| Grant Recipient | Amount |
|---|---|
Independence, OH PURPOSE: HEALTHCARE RESEARCH & EDUCATION | $21,971,306 |
Lakewood, OH PURPOSE: COMMUNITY SUPPORT | $4,100,000 |
Cleveland, OH PURPOSE: HEALTHCARE RESEARCH & EDUCATION | $3,276,351 |
Kennesaw, GA PURPOSE: HEALTHCARE RESEARCH & EDUCATION | $529,500 |
Cleveland, OH PURPOSE: COMMUNITY SUPPORT | $526,603 |
Independence, OH PURPOSE: COMMUNITY SUPPORT | $500,000 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that The Cleveland Clinic Foundation has recieved totaling $33,000.
| Awarding Organization | Amount |
|---|---|
The Iv Fund Folsom, CA PURPOSE: PEDIATRIC ART AND MUSIC THERAPY PROGRAMS | $18,000 |
The Robert L James And Anne K James Foundation Albany, NY PURPOSE: GENERAL CHARITABLE PURPOSES | $10,000 |
Cure For Ibd Basking Ridge, NJ PURPOSE: RESEARCH | $5,000 |
Endowment Analysis
| Beg. Balance | $472,718,962 |
| Earnings | $64,802,033 |
| Net Contributions | $20,423,929 |
| Other Expense | $8,188,369 |
| Ending Balance | $549,756,555 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Parkview Health System Inc Fort Wayne, IN | $2,712,217,032 | $933,221,094 |
Bhsh System Grand Rapids, MI | $2,915,356,282 | $1,050,315,288 |
University Hospitals Health System Inc Shaker Heights, OH | $6,082,138,000 | $960,105,000 |
Aultman Health Foundation Group Return Canton, OH | $450,362,832 | $880,954,681 |
Mercy Health Partners Muskegon, MI | $816,487,004 | $692,908,897 |
Geisinger System Services Danville, PA | $1,398,222,343 | $715,016,181 |
Appalachian Regional Healthcare Inc Lexington, KY | $1,267,201,787 | $817,287,479 |
Highmark Health Pittsburgh, PA | $708,603,703 | $583,319,053 |
West Virginia University Medical Corporation Morgantown, WV | $212,648,584 | $571,153,959 |
Owensboro Health Regional Hospital Owensboro, KY | $1,685,340,581 | $709,904,993 |
Adena Health System Chillicothe, OH | $876,980,484 | $590,625,475 |
Indiana University Health Arnett Inc Indianapolis, IN | $319,820,511 | $504,048,288 |