BERKLEE COLLEGE OF MUSIC INC

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1945

Legal Domicile

Principal Officer

JIM LUCCHESE

Phone

6177472287

Tax Period

2024-06-01 to 2025-05-31

BERKLEE COLLEGE OF MUSIC INC, founded in 1945, is a major nonprofit in the Education sector that reported $460.3M in total revenue in fiscal year 2024.

Mission

THE MISSION OF BERKLEE COLLEGE OF MUSIC IS TO FOSTER, ENCOURAGE AND PROMOTE THE CULTURE, STUDY, PRACTICE AND TEACHING OF VARIOUS BRANCHES OF MUSIC, THEATER, DANCING AND KINDRED ARTS AND TO CONDUCT A CONSERVATORY FOR INSTRUCTION IN THE VARIOUS BRANCHES OF MUSIC, THEATER, DANCING AND KINDRED ARTS.

Program Service Accomplishments

Program 1

Expenses: $333,553,937 Revenue: $361,493,982

EDUCATION AND INSTRUCTION: THE PROGRAM IS PROVIDED TO DEVELOP THE SKILLS AND KNOWLEDGE OF STUDENTS SEEKING DEGREES IN MUSIC, THEATER, AND DANCE. THE COLLEGE PROVIDES OUTSTANDING FACULTY AND TEACHING FACILITIES FOR OVER 8,369 STUDENTS FROM THE US AND 134 FOREIGN COUNTRIES. THE COLLEGE ALSO OFFERS A NEW WAY FOR ARTISTS AROUND THE WORLD TO JOIN THE GLOBAL MUSIC COMMUNITY-AS PERFORMERS, AS PRACTITIONERS, AND AS LEADERS WITH THE COLLEGE'S FIRST INTERNATIONAL CAMPUS IN VALENCIA.

Program 2

Expenses: $33,940,045 Revenue: $38,947,826

BERKLEE ONLINE OFFERED ACCREDITED DEGREE AND CERTIFICATE PROGRAMS, AS WELL AS INDIVIDUAL COURSES, IN MUSIC PRODUCTION, PERFORMANCE, SONGWRITING, MUSIC BUSINESS, COMPOSITION, ELECTRONIC MUSIC, AND...

BERKLEE ONLINE OFFERED ACCREDITED DEGREE AND CERTIFICATE PROGRAMS, AS WELL AS INDIVIDUAL COURSES, IN MUSIC PRODUCTION, PERFORMANCE, SONGWRITING, MUSIC BUSINESS, COMPOSITION, ELECTRONIC MUSIC, AND CORE MUSIC STUDIES, SERVING APPROXIMATELY 14,000 STUDENTS.

Program 3

Expenses: $11,768,249 Revenue: $33,744,297

AUXILIARY SERVICES: THE COLLEGE HAS RESIDENCE HALL FACILITIES TO PROVIDE HOUSING FOR THOSE STUDENTS THAT CHOOSE TO LIVE AT THE COLLEGE. THE COLLEGE ALSO PROVIDES MEAL PLANS FOR BOTH STUDENTS IN...

AUXILIARY SERVICES: THE COLLEGE HAS RESIDENCE HALL FACILITIES TO PROVIDE HOUSING FOR THOSE STUDENTS THAT CHOOSE TO LIVE AT THE COLLEGE. THE COLLEGE ALSO PROVIDES MEAL PLANS FOR BOTH STUDENTS IN HOUSING AND THOSE COMMUTER STUDENTS THAT CHOOSE THIS PLAN.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $16,015,313

Program Service Revenue $434,575,346

Investment Income $6,590,676

Other Revenue $3,149,531

TOTAL REVENUE $460,330,866

Expense Breakdown

Grants Paid $124,291,650

Salaries & Benefits $228,182,706

Fundraising Expenses $2,174,608

Program Expenses $379,262,231

Other Expenses $112,195,865

TOTAL EXPENSES $464,670,221

Year-over-Year Comparison

	2024	2023	Change
Revenue	$460,330,866	$441,448,497	+0.0%
Expenses	$464,670,221	$448,558,717	+0.0%
Net Income	$-4,339,355	$-7,110,220	-0.4%

Key Indicators

✗ Grants to Organizations ✓ Grants to Individuals ✗ Lobbying ✗ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

5254

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✓ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

⚠ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$1,398,932

Total Directors

Key Employees

$1,041,929

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JIM LUCCHESE	PRESIDENT (BEGINNING 1/25)	40.00	Officer Director	$0	$0	$0
MARTIN J MANNION	CHAIR	2.00	Director	$0	$0	$0
CHARLES ANDERSON	TRUSTEE	2.00	Director	$0	$0	$0
LEE BURROWS	TRUSTEE (BEGINNING 4/24)	2.00	Director	$0	$0	$0
DAVID CLEM	TRUSTEE (END 5/25)	2.00	Director	$0	$0	$0
JOHN CONNAUGHTON	TRUSTEE (END 5/25)	2.00	Director	$0	$0	$0
CYNTHIA K CURME	TRUSTEE	2.00	Director	$0	$0	$0
KRISTY EDMUNDS	TRUSTEE (BEGINNING 10/24)	2.00	Director	$0	$0	$0
EMILIO ESTEFAN	TRUSTEE (END 5/25)	2.00	Director	$0	$0	$0
GLORIA ESTEFAN	TRUSTEE (END 5/25)	2.00	Director	$0	$0	$0
DAVID FRIEND	TRUSTEE (BEGINNING 5/25)	2.00	Director	$0	$0	$0
DAVID GROSS	TRUSTEE	2.00	Director	$0	$0	$0
THOMAS H HAGERTY	TRUSTEE	2.00	Director	$0	$0	$0
VELINA HASU-HOUSTON	TRUSTEE	2.00	Director	$0	$0	$0
MARINA HATSOPOULOS	TRUSTEE (BEGINNING 6/24)	2.00	Director	$0	$0	$0
KRISTINE MOYER HIGGINS	TRUSTEE (BEGINNING 5/25)	2.00	Director	$0	$0	$0
CARLETTA HIGGINSON	TRUSTEE (BEGINNING 5/25)	2.00	Director	$0	$0	$0
STEVEN HOLTZMAN	TRUSTEE	2.00	Director	$0	$0	$0
BILL KAISER	TRUSTEE	2.00	Director	$0	$0	$0
GRACE KELLY	TRUSTEE	2.00	Director	$0	$0	$0
PETER LABBAT	TRUSTEE (BEGINNING 4/24)	2.00	Director	$0	$0	$0
MIE KYUNG LEE	TRUSTEE (END 5/25)	2.00	Director	$0	$0	$0
HASSELL MCCLELLAN	TRUSTEE	2.00	Director	$0	$0	$0
FREDERICK T MILLER	TRUSTEE (END 5/25)	2.00	Director	$0	$0	$0
PETER MULLER	TRUSTEE (END 11/24)	2.00	Director	$0	$0	$0
ROBERT S MURLEY	TRUSTEE	2.00	Director	$0	$0	$0
JIM PALLOTTA	TRUSTEE (BEGINNING 5/25)	2.00	Director	$0	$0	$0
ANTHONY PANGARO	TRUSTEE	2.00	Director	$0	$0	$0
JEFF PATTERSON	TRUSTEE (BEGINNING 5/25)	2.00	Director	$0	$0	$0
JON PLATT	TRUSTEE	2.00	Director	$0	$0	$0
SNOW QIN	TRUSTEE	2.00	Director	$0	$0	$0
DARIUS SIDEBOTHAM	TRUSTEE	2.00	Director	$0	$0	$0
DAVID SCOTT SLOAN	TRUSTEE	2.00	Director	$0	$0	$0
ELIZABETH CARILLO THOMAS	TRUSTEE	2.00	Director	$0	$0	$0
KATIE VITOLINS	TRUSTEE (BEGINNING 4/24)	2.00	Director	$0	$0	$0
PAUL WACHTER	TRUSTEE	2.00	Director	$0	$0	$0
TARIK WARD	TRUSTEE	2.00	Director	$0	$0	$0
SUSAN WHITEHEAD	TRUSTEE	2.00	Director	$0	$0	$0
ANDY YOUNISS	TRUSTEE	2.00	Director	$0	$0	$0
MARILLYN ZACHARIS	TRUSTEE	2.00	Director	$0	$0	$0
DAVID BOGEN	INTERIM PRESIDENT & PROVOST	40.00	Officer	$577,646	$67,085	$644,731
JOHN CASE	INTERIM CFO (END 5/25)	40.00	Officer	$408,403	$67,085	$475,488
KAITLIN PASSAFARO	SECRETARY	40.00	Officer	$255,703	$23,010	$278,713
PAUL S DWORKIS	EVP & CFO (BEGINNING 4/25)	40.00	Officer	$0	$0	$0
DEBORAH CAVALIER	SENIOR VICE PRESIDENT	40.00	Key Emp	$401,380	$48,783	$450,163
ELIZABETH NEWMAN	EVP & CHIEF STRATEGY OFFICER	40.00	Key Emp	$531,568	$60,198	$591,766
ERIN TUNNICLIFFE	SENIOR VICE PRESIDENT (END 1/25)	40.00	Highest	$415,775	$54,520	$470,295
PHILLIP KNUTEL	VP & CHIEF INFORMATION OFFICER	40.00	Highest	$356,028	$59,860	$415,888
EILEEN ALVITI	SENIOR VICE PRESIDENT, HR	40.00	Highest	$331,559	$42,302	$373,861
RONALD SAVAGE	VP & EXECUTIVE DIRECTOR	40.00	Highest	$290,861	$62,583	$353,444
CLAIRE MACHAMER	SENIOR VICE PRESIDENT	40.00	Highest	$342,591	$65,644	$408,235
ERICA MUHL	FORMER PRESIDENT	0.00		$1,250,000	$50,166	$1,300,166

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$460,330,866	$464,670,221	$988,069,581	$-4,339,355
2024	$441,448,497	$448,558,717	$953,128,354	$-7,110,220
2023	$422,055,763	$406,064,459	$863,247,556	$15,991,304
2022	$384,612,408	$379,163,719	$854,558,047	$5,448,689
2021	$313,496,483	$321,040,250	$889,466,260	$-7,543,767
2020	$368,578,114	$341,497,647	$757,790,141	$27,080,467
2019	$351,171,568	$327,811,972	$779,515,214	$23,359,596
2018	$328,082,314	$322,443,335	$768,245,357	$5,638,979