THE CARNEGIE HALL CORPORATION

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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

1960

Legal Domicile

Principal Officer

CLIVE GILLINSON

Phone

2129039600

Tax Period

2024-07-01 to 2025-06-30

THE CARNEGIE HALL CORPORATION, founded in 1960, is a major nonprofit in the Arts, Culture & Humanities sector that reported $101.8M in total revenue in fiscal year 2024. Revenue grew 13% year-over-year, indicating healthy expansion. Expenses of $124.9M exceeded revenue, resulting in a 23% operating deficit.

Mission

CARNEGIE HALL'S MISSION IS TO PRESENT EXTRAORDINARY MUSIC AND MUSICIANS ON THE THREE STAGES OF THIS LEGENDARY HALL, TO BRING THE TRANSFORMATIVE POWER OF MUSIC TO THE WIDEST POSSIBLE AUDIENCE, PLEASE SEE SCHEDULE O FOR MORE INFORMATION.

Program Service Accomplishments

Program 1

Expenses: $29,998,756 Revenue: $22,141,353

CARNEGIE HALL PRODUCED EVENTS: OF THE 213 EVENTS THAT CARNEGIE HALL PRODUCED IN FY25, 42% WERE HELD IN STERN AUDITORIUM/PERELMAN STAGE, 13% IN WEILL RECITAL HALL, 26% IN ZANKEL HALL; AND 19% IN THE HALL'S RESNICK EDUCATION WING. PRESENTATIONS RANGED FROM ORCHESTRAL, CHAMBER MUSIC, SOLO RECITALS, AND CHORAL PERFORMANCES TO JAZZ, WORLD, AND POPULAR MUSIC CONCERTS ALONG WITH FAMILY EVENTS AND PUBLIC MASTERCLASSES. BEYOND THE HALL'S FOUR WALLS, CONTINUING A FIVE-DECADE TRADITION OF BRINGING FREE PERFORMANCES TO NEIGHBORHOODS ACROSS NEW YORK CITY, THE CARNEGIE HALL CITYWIDE SERIES INCLUDED 32 FREE PERFORMANCES IN FY25, PRESENTED IN PARTNERSHIP WITH ESTEEMED COMMUNITY ORGANIZATIONS.

Program 2

Expenses: $28,087,922 Revenue: $20,544,011

HALL RENTAL OPERATIONS: IN ADDITION TO CARNEGIE HALL'S OWN PRESENTATIONS, CARNEGIE HALL LEASES AND MANAGES ITS THREE CONCERT VENUES MAKING THEM AVAILABLE FOR CONCERTS AND OTHER PERFORMANCES PRESENTED BY OUTSIDE PRODUCERS. THESE EVENTS REPRESENT A SOURCE OF RENTAL INCOME FOR THE HALL AND AUGMENT ITS ARTISTIC PROFILE, UNDERSCORING CARNEGIE HALL'S HISTORIC TRADITION OF MAKING ITS STAGES BROADLY AVAILABLE. IN FY25, THERE WERE 536 RENTAL EVENTS PRESENTED AT CARNEGIE HALL.

Program 3

Expenses: $16,283,547

CARNEGIE HALL'S WEILL MUSIC INSTITUTE (WMI) CREATES BROAD-REACHING MUSIC EDUCATION AND SOCIAL IMPACT PROGRAMS, PLAYING A CENTRAL ROLE IN THE HALL'S COMMITMENT TO MAKING GREAT MUSIC ACCESSIBLE TO AS MANY PEOPLE AS POSSIBLE THROUGH CREATIVE MUSICAL INTERACTION AND INSPIRING LIFELONG LEARNING. WMI'S PROGRAMS-MOST OFFERED FOR FREE OR AT LOW COST-ENGAGED HUNDREDS OF THOUSANDS OF PEOPLE IN FY25, INCLUDING FAMILIES, STUDENTS, COMMUNITY MEMBERS, ASPIRING ARTISTS, AND EDUCATORS IN NEW YORK CITY, ACROSS THE US, AND WORLDWIDE.

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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 $45,525,878

Program Service Revenue $42,892,955

Investment Income $7,471,177

Other Revenue $5,947,742

TOTAL REVENUE $101,837,752

Expense Breakdown

Grants Paid $620,900

Salaries & Benefits $62,186,554

Fundraising Expenses $7,885,728

Program Expenses $90,939,082

Other Expenses $61,682,592

TOTAL EXPENSES $124,873,288

Year-over-Year Comparison

	2024	2023	Change
Revenue	$101,837,752	$90,483,367	+0.1%
Expenses	$124,873,288	$118,874,089	+0.1%
Net Income	$-23,035,536	$-28,390,722	-0.2%

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

957

Volunteers

207

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

$2,830,845

Total Directors

$2,331,959

Key Employees

$4,665,612

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CLIVE D GILLINSON	EXECUTIVE & ARTISTIC DIRECTOR	60.00	Officer Director	$2,216,216	$115,743	$2,331,959
ROGER ARRIEUX	TRUSTEE (AS OF 2/25/2025)	1.00	Director	$0	$0	$0
MARCO ARGENTI	TRUSTEE	1.00	Director	$0	$0	$0
MARCELO BARTHOLO	TRUSTEE	1.00	Director	$0	$0	$0
MERCEDES T BASS	VICE CHAIRMAN AND TRUSTEE	1.00	Officer Director	$0	$0	$0
LEN BLAVATNIK	TRUSTEE	1.00	Director	$0	$0	$0
RONALD E BLAYLOCK	TRUSTEE	1.00	Director	$0	$0	$0
ARYEH B BOURKOFF	TRUSTEE	1.00	Director	$0	$0	$0
MICHAEL J DOWLING	TRUSTEE	1.00	Director	$0	$0	$0
GREGORY T DURANT	TRUSTEE	1.00	Director	$0	$0	$0
JUDITH W EVNIN	TRUSTEE	1.00	Director	$0	$0	$0
MARINA KELLEN FRENCH	TRUSTEE	1.00	Director	$0	$0	$0
SABRINA FUNG	TRUSTEE	1.00	Director	$0	$0	$0
LAURENCE GAGOSIAN	TRUSTEE (UNTIL 9/30/2024)	1.00	Director	$0	$0	$0
W CYRUS GARRETT	TRUSTEE	1.00	Director	$0	$0	$0
STEPHEN R HOWE JR	TRUSTEE (UNTIL 10/9/2024)	1.00	Director	$0	$0	$0
MARY ANNE HUNTSMAN	TRUSTEE	1.00	Director	$0	$0	$0
SARKIS JEBEJIAN	SECRETARY AND TRUSTEE	1.00	Officer Director	$0	$0	$0
ROBERT W JONES	TRUSTEE	1.00	Director	$0	$0	$0
PHILIPPE KHUONG-HUU	TRUSTEE	1.00	Director	$0	$0	$0
MICHAEL BYUNGJU KIM	TRUSTEE	1.00	Director	$0	$0	$0
STEVEN J KIMBLE	TRUSTEE (UNTIL 2/25/2025)	1.00	Director	$0	$0	$0
KATY A KNOX	TRUSTEE	1.00	Director	$0	$0	$0
SUZIE KOVNER	TRUSTEE	1.00	Director	$0	$0	$0
EVAN LAMBERG	TRUSTEE	1.00	Director	$0	$0	$0
GEORGE LOGOTHETIS	TRUSTEE (AS OF 6/10/2025)	1.00	Director	$0	$0	$0
THOMAS G MAHERAS	TREASURER AND TRUSTEE	1.00	Officer Director	$0	$0	$0
HAROLD MCGRAW III	TRUSTEE	1.00	Director	$0	$0	$0
LESTER S MORSE JR	TRUSTEE	1.00	Director	$0	$0	$0
CLARKE MURPHY	TRUSTEE	1.00	Director	$0	$0	$0
DENNIS M NALLY	TRUSTEE	1.00	Director	$0	$0	$0
DANIEL NARDELLO	TRUSTEE	1.00	Director	$0	$0	$0
JOSHUA NASH	TRUSTEE	1.00	Director	$0	$0	$0
GBENGA OYEBODE	TRUSTEE	1.00	Director	$0	$0	$0
DUSTY PHILIP	TRUSTEE	1.00	Director	$0	$0	$0
EMILY K RAFFERTY	TRUSTEE	1.00	Director	$0	$0	$0
XIAOSHAN REN	TRUSTEE	1.00	Director	$0	$0	$0
SUSAN W ROSE	TRUSTEE	1.00	Director	$0	$0	$0
PHYLLIS ROSENTHAL	TRUSTEE	1.00	Director	$0	$0	$0
JOSHUA RUCH	TRUSTEE	1.00	Director	$0	$0	$0
SANA H SABBAGH	TRUSTEE	1.00	Director	$0	$0	$0
JEAN E SALATA	TRUSTEE (UNTIL 8/29/2024)	1.00	Director	$0	$0	$0
SUKI SANDLER	TRUSTEE	1.00	Director	$0	$0	$0
BEATRICE SANTO DOMINGO	TRUSTEE	1.00	Director	$0	$0	$0
THOMAS P SCULCO MD	TRUSTEE	1.00	Director	$0	$0	$0
TRACY CHUTORIAN SEMLER	TRUSTEE	1.00	Director	$0	$0	$0
STANLEY S SHUMAN	TRUSTEE	1.00	Director	$0	$0	$0
DAVID M SIEGEL	TRUSTEE	1.00	Director	$0	$0	$0
ROBERT F SMITH	CHAIRMAN AND TRUSTEE	1.00	Officer Director	$0	$0	$0
SHERRESE CLARKE SOARES	TRUSTEE	1.00	Director	$0	$0	$0
SARAH BILLINGHURST SOLOMON	TRUSTEE	1.00	Director	$0	$0	$0
SIR MARTIN SORRELL	TRUSTEE	1.00	Director	$0	$0	$0
KURT G STROVINK	TRUSTEE	1.00	Director	$0	$0	$0
RICHARD TSAI	TRUSTEE (UNTIL 3/6/2025)	1.00	Director	$0	$0	$0
IGOR TULCHINSKY	TRUSTEE	1.00	Director	$0	$0	$0
LINDA WACHNER	TRUSTEE	1.00	Director	$0	$0	$0
ROY WEATHERS	TRUSTEE	1.00	Director	$0	$0	$0
SANFORD I WEILL	PRESIDENT AND TRUSTEE	1.00	Officer Director	$0	$0	$0
DAVID S WINTER	TRUSTEE	1.00	Director	$0	$0	$0
JUDY FRANCIS ZANKEL	TRUSTEE	1.00	Director	$0	$0	$0
MARY BENJAMIN	CHIEF FINANCIAL OFFICER	60.00	Officer	$403,008	$95,878	$498,886
ANNA WEBER	GEN MGR ARTISTIC & OPERATIONS	60.00	Key Emp	$571,046	$195,881	$766,927
RICHARD MALENKA	CHIEF ADMINISTRATIVE OFFICER	60.00	Key Emp	$484,650	$200,681	$685,331
SUSAN J BRADY	CHIEF DEVELOPMENT OFFICER	60.00	Key Emp	$448,518	$185,429	$633,947
VERA ZLATARSKI	GENERAL COUNSEL	60.00	Key Emp	$425,161	$87,969	$513,130
SARAH JOHNSON	CHIEF EDUCATION OFFICER	60.00	Key Emp	$459,734	$113,138	$572,872
SARA VILLAGIO	CHIEF MARKETING OFFICER	60.00	Key Emp	$396,722	$136,638	$533,360
CHRISTOPHER AMOS	CHIEF DIGITAL OFFICER	60.00	Key Emp	$398,291	$94,229	$492,520
EZRA WIESNER	CHIEF INFORMATION OFFICER	60.00	Key Emp	$338,588	$128,937	$467,525
SYNNEVE CARLINO	CHIEF COMMUNICATIONS OFFICER	60.00	Highest	$404,004	$98,831	$502,835
KENNETH CLARK	STAGEHAND	60.00	Highest	$399,292	$149,735	$549,027
ANTHONY POLEMENI	STAGEHAND	60.00	Highest	$456,331	$171,124	$627,455
TIMOTHY DONOVAN	STAGEHAND	60.00	Highest	$461,266	$172,975	$634,241
DAVID GIBSON	STAGEHAND	60.00	Highest	$353,317	$132,494	$485,811

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	$101,837,752	$124,873,288	$663,461,702	$-23,035,536
2024	$90,483,367	$118,874,089	$629,540,386	$-28,390,722
2023	$72,833,196	$110,575,987	$618,716,987	$-37,742,791
2022	$90,457,248	$100,554,472	$624,703,164	$-10,097,224
2021	$55,324,262	$66,507,634	$718,141,781	$-11,183,372
2020	$67,672,916	$97,409,026	$655,438,170	$-29,736,110
2019	$87,183,213	$108,276,707	$658,043,844	$-21,093,494
2018	$103,429,195	$105,142,093	$676,657,701	$-1,712,898