Cleveland Institute Of Music
- Assets
- $139.5m
- Revenue
- $45.6m
- Investments
- $24.8m
- Employees
- 424
- Location
- Cleveland, OH
- Founding
- 11/1933
- Data as of
- 06/2022
- 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 06/2022, Cleveland Institute Of Music employed 424 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 06/2022, Cleveland Institute Of Music generated $45.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.2% each year. All expenses for the organization totaled $28.8m during the year ending 06/2022. 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
2022
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:
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 400 FREE PERFORMANCES AND MASTER CLASSES ON CAMPUS AND THROUGHOUT THE COMMUNITY EACH YEAR. DURING THIS FISCAL YEAR CIM OFFERED APPROXIMATELY $9.3 MILLION OF SCHOLARSHIPS AND FINANCIAL AID TO ITS STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Anderson A Chace Trustee | Trustee | 1 | $0 |
Baldassarre Carle Trustee | Trustee | 1 | $0 |
Bassett Cynthia Trustee | Trustee | 1 | $0 |
Beedles Michael Trustee | Trustee | 1 | $0 |
Bittenbender Charles A Trustee | Trustee | 1 | $0 |
Blair III William P Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $16,350 |
| Related organizations | $0 |
| Government grants | $5,326,392 |
| All other contributions, gifts, grants, and similar amounts not included above | $14,662,876 |
| Noncash contributions included in lines 1a–1f | $12,685,127 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $20,005,618 |
| Total Program Service Revenue | $19,260,113 |
| Investment income | $1,169,406 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $42,465 |
| Net Gain/Loss on Asset Sales | $4,976,487 |
| Net Income from Fundraising Events | $68,642 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $45,555,038 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $9,295,120 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,486,597 |
| Compensation of current officers, directors, key employees. | $539,177 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $9,122,749 |
| Pension plan accruals and contributions | $312,599 |
| Other employee benefits | $634,209 |
| Payroll taxes | $689,671 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $66,958 |
| Fees for services: Accounting | $122,092 |
| Fees for services: Lobbying | $50,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $189,568 |
| Fees for services: Other | $1,079,423 |
| Advertising and promotion | $84,877 |
| Office expenses | $625,342 |
| Information technology | $240,211 |
| Royalties | $0 |
| Occupancy | $1,528,637 |
| Travel | $118,555 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $143,703 |
| Interest | $154,412 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,655,313 |
| Insurance | $239,579 |
| All other expenses | $102,132 |
| Total functional expenses | $28,840,567 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $11,498,480 |
| Pledges and grants receivable | $2,424,073 |
| Accounts receivable, net | $1,032,136 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $594,456 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $331,590 |
| Net Land, buildings, and equipment | $60,570,462 |
| Investments—publicly traded securities | $38,263,600 |
| Investments—other securities | $24,806,235 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $139,521,032 |
| Accounts payable and accrued expenses | $1,633,278 |
| Grants payable | $0 |
| Deferred revenue | $136,401 |
| Tax-exempt bond liabilities | $44,490,350 |
| 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 | $492,039 |
| Total liabilities | $46,752,068 |
| Net assets without donor restrictions | $59,910,540 |
| Net assets with donor restrictions | $32,858,424 |
| 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 | $139,521,032 |