THE CLEVELAND CLINIC FOUNDATION (EIN 340714585) - Form 990 Financial Analysis & Trantor Score

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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

1921

Legal Domicile

Principal Officer

TOMISLAV MIHALJEVIC MD

Phone

2164442200

Tax Period

2023-01-01 to 2023-12-31

THE CLEVELAND CLINIC FOUNDATION, founded in 1921, is a large national nonprofit in the Health Care sector that reported $9.0B in total revenue in fiscal year 2023. Revenue grew 18% year-over-year, indicating healthy expansion. Expenses of $8.5B left a modest 5% surplus.

Mission

CARING FOR LIFE, RESEARCHING FOR HEALTH AND EDUCATING THOSE WHO SERVE.

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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 (2023)

Revenue Breakdown

Contributions & Grants $431,017,785

Program Service Revenue $8,115,749,217

Investment Income $95,656,390

Other Revenue $315,873,692

TOTAL REVENUE $8,958,297,084

Expense Breakdown

Grants Paid $141,164,972

Salaries & Benefits $4,860,199,970

Fundraising Expenses $23,353,343

Program Expenses $7,624,932,615

Other Expenses $3,515,291,245

TOTAL EXPENSES $8,518,490,199

Year-over-Year Comparison

	2023	2022	Change
Revenue	$8,958,297,084	$7,583,607,049	+0.2%
Expenses	$8,518,490,199	$7,671,629,275	+0.1%
Net Income	$439,806,885	$-88,022,226	-6.0%

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

48824

Volunteers

430

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

$35,927,326

Total Directors

$8,786,818

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MIHALJEVIC MD TOMISLAV	DIRECTOR, PRESIDENT & CEO	50.00	Officer Director	$6,966,584	$55,218	$7,021,802
RIDGEWAY MD BERI	DIR, EXEC VP, CHIEF OF STAFF	50.00	Officer Director	$1,712,183	$52,833	$1,765,016
AULETTA PATRICK V	DIRECTOR	5.00	Director	$0	$0	$0
BENZ K MICHAEL	DIRECTOR	5.00	Director	$0	$0	$0
CRAWFORD DEBORAH A	DIRECTOR	5.00	Director	$0	$0	$0
FEDELI UMBERTO P	DIRECTOR	5.00	Director	$0	$0	$0
GWIN BONNIE W	DIRECTOR	5.00	Director	$0	$0	$0
HOOVER CAROLE	DIRECTOR	5.00	Director	$0	$0	$0
ISHRAK PHD OMAR	DIRECTOR	5.00	Director	$0	$0	$0
KEMPER RN BETTY	DIRECTOR	5.00	Director	$0	$0	$0
KILBANE ESQ CATHERINE M	DIRECTOR	5.00	Director	$0	$0	$0
KOHL STEWART	DIRECTOR	5.00	Director	$0	$0	$0
KRAMER RICHARD	DIRECTOR	5.00	Director	$0	$0	$0
MAROONE MICHAEL	DIRECTOR	5.00	Director	$0	$0	$0
MORINO MARIO	DIRECTOR	5.00	Director	$0	$0	$0
NANCE ESQ FREDERICK R	DIRECTOR	5.00	Director	$0	$0	$0
RICH MELINDA R	DIRECTOR	5.00	Director	$0	$0	$0
ROSS MARK	DIRECTOR	5.00	Director	$0	$0	$0
SCHULMAN DAN	DIRECTOR	5.00	Director	$0	$0	$0
SCOTT JR HAROLD LEE	DIRECTOR	5.00	Director	$0	$0	$0
STEVENS MARK	DIRECTOR (PART YR)	5.00	Director	$0	$0	$0
VEGA LORRAINE	DIRECTOR	5.00	Director	$0	$0	$0
WALDRON JOHN	DIRECTOR	5.00	Director	$0	$0	$0
WEBER ESQ ROBERT C	DIRECTOR (PART YR)	5.00	Director	$0	$0	$0
WEINBERG RONALD	DIRECTOR	5.00	Director	$0	$0	$0
MOONEY BETH E	DIRECTOR, BOARD CHAIR	5.00	Officer Director	$0	$0	$0
PETRAS JR MICHAEL	DIR, V. CHAIR, FINANCE & BUS DEV	5.00	Officer Director	$0	$0	$0
POLLOCK LARRY	DIR, V. CHAIR, PHILAN & STEWARDSHIP	5.00	Officer Director	$0	$0	$0
FALCONE MD TOMMASO	INTERIM CEO CC LONDON (PART YR)	0.00	Officer	$0	$57,102	$2,561,417
ROWAN DAVID	SEC, EXEC VP, CHIEF LEGAL OFF	50.00	Officer	$2,402,885	$51,446	$2,454,331
LARAWAY DENNIS	EXEC VP, CFO & TREASURER (PART YR)	50.00	Officer	$2,285,205	$44,424	$2,329,629
CHANDRA PHD ROHIT	CHIEF DIGITAL OFFICER	50.00	Officer	$2,170,811	$48,184	$2,218,995
PEACOCK WILLIAM	EXEC VP, CHIEF OF OPERATIONS	50.00	Officer	$2,148,691	$52,167	$2,200,858
MALONE JR MD DONALD	EXEC VP, PRES OF NEO MARKET	50.00	Officer	$1,451,184	$672,846	$2,124,030
HANCOCK DNP RN NE-BC KELLY	EXEC VP, CHIEF CAREGIVER OFFICER	50.00	Officer	$1,927,793	$63,222	$1,991,015
ERZURUM MD SERPIL	EXEC VP, CHIEF RESEARCH & ACADEMIC	50.00	Officer	$1,496,956	$358,841	$1,855,797
DELANEY MD PHD CONOR	EXEC VP, PRESIDENT OF FLA MKT	0.00	Officer	$0	$47,750	$1,762,461
GUZMAN MD JORGE	CEO CCAD; EXEC VP, PRES NEO MKT	50.00	Officer	$1,658,345	$51,452	$1,709,797
LORENZ MD ROBERT	PRES, CC LONDON (PART YR)	0.00	Officer	$0	$53,730	$1,637,519
MERLINO MD JAMES	CHIEF CLINICAL TRANSFORMATION OFFICER	50.00	Officer	$1,349,005	$33,875	$1,382,880
DAVIS MARLEINA T	ASST. SECRETARY	50.00	Officer	$787,881	$57,019	$844,900
LONGVILLE TIMOTHY	VP CHIEF ACCOUNTING OFFICER	50.00	Officer	$598,378	$73,975	$672,353
HELTON ANTHONY	INTERIM CFO (PART YR)	50.00	Officer	$534,169	$40,955	$575,124
MEEHAN ESQ MICHAEL J	RECORDING SECRETARY	50.00	Officer	$490,656	$37,859	$528,515
OBLANDER JASON	ASST. SECRETARY	50.00	Officer	$263,397	$27,490	$290,887
BOLWELL MD BRIAN	PHYSICIAN (2023 RETIREE)	50.00	Highest	$4,384,158	$-126,231	$4,257,927
VIDIMOS MD ALLISON	PHYSICIAN (2023 RETIREE)	50.00	Highest	$3,027,736	$82,911	$3,110,647
SVENSSON MD LARS	INSTITUTE CHIEF - HVTI	50.00	Highest	$2,284,287	$55,511	$2,339,798
STREIN STEFAN	CHIEF INVESTMENT OFFICER	50.00	Highest	$2,163,476	$53,501	$2,216,977
DEYLING MD CYNTHIA	RETIRED PHYSICIAN	0.00	Highest	$2,043,898	$137,968	$2,181,866
DONLEY MD BRIAN	FORMER OFFICER	0.00		$0	$0	$1,406,418
WIEDEMANN MD HERBERT	FORMER OFFICER (RETIRED)	0.00		$210,113	$-12,930	$197,183
GLASS STEVEN C	FORMER OFFICER	0.00		$135,862	$6,514	$142,376
SURI MD RAKESH	FORMER KEY EMPLOYEE (RETIRED)	0.00		$562,170	$7,025	$569,195

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
2024	No data	No data	No data	No data
2023	$8,958,297,084	$8,518,490,199	$15,892,710,603	$439,806,885
2022	$7,583,607,049	$7,671,629,275	$15,354,669,845	$-88,022,226
2021	$8,056,049,799	$6,852,996,449	$15,457,099,264	$1,203,053,350
2020	$7,032,042,495	$6,338,900,378	$13,701,552,445	$693,142,117
2019	$6,830,413,008	$6,232,896,760	$12,446,161,990	$597,516,248
2018	$6,254,104,726	$5,883,535,837	$10,990,906,558	$370,568,889

THE CLEVELAND CLINIC FOUNDATION