CLEVELAND INSTITUTE OF MUSIC

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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

1920

Legal Domicile

Principal Officer

JOSEPH LAWRENCE

Phone

2167915000

Tax Period

2024-07-01 to 2025-06-30

CLEVELAND INSTITUTE OF MUSIC, founded in 1920, is a mid-sized nonprofit in the Education sector that reported $33.0M in total revenue in fiscal year 2024. Revenue decreased 11% compared to the prior year. Expenses of $29.6M left a modest 10% surplus.

Mission

THE CLEVELAND INSTITUTE OF MUSIC'S MISSION IS TO EMPOWER THE WORLD'S MOST TALENTED CLASSICAL MUSIC STUDENTS TO FULFILL THEIR DREAMS AND POTENTIAL.

Program Service Accomplishments

Program 1

Expenses: $19,091,979 Revenue: $18,256,267

THE 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 PROVIDES PRIVATE AND GROUP LESSONS, CLASSES AND ENSEMBLES. CIM IS AN INTEGRAL PART OF CLEVELAND'S ARTS COMMUNITY PRESENTING 425 FREE PERFORMANCES AND MASTER CLASSES ON CAMPUS AND THROUGHOUT THE COMMUNITY THIS YEAR. DURING THIS FISCAL YEAR, CIM OFFERED APPROXIMATELY $9.3 MILLION OF SCHOLARSHIPS AND FINANCIAL AID TO ITS STUDENTS.

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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 $7,677,750

Program Service Revenue $18,281,335

Investment Income $6,925,677

Other Revenue $89,683

TOTAL REVENUE $32,974,445

Expense Breakdown

Grants Paid $9,258,592

Salaries & Benefits $10,985,117

Fundraising Expenses $1,608,630

Program Expenses $19,091,979

Other Expenses $9,394,700

TOTAL EXPENSES $29,638,409

Year-over-Year Comparison

	2024	2023	Change
Revenue	$32,974,445	$36,970,659	-0.1%
Expenses	$29,638,409	$31,843,624	-0.1%
Net Income	$3,336,036	$5,127,035	-0.3%

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

419

Volunteers

115

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

$1,109,573

Total Directors

Key Employees

$585,751

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ANDERSON A CHACE	TRUSTEE	1.00	Director	$0	$0	$0
BAN STEPHEN P	TRUSTEE	1.00	Director	$0	$0	$0
BASSETT CYNTHIA	TRUSTEE	1.00	Director	$0	$0	$0
BEEDLES MICHAEL W	TRUSTEE	1.00	Director	$0	$0	$0
BOWER ERIC W	TRUSTEE & VICE CHAIR	1.00	Officer Director	$0	$0	$0
BROWN DANIEL J	TRUSTEE	1.00	Director	$0	$0	$0
BUESCHER ANN	TRUSTEE	1.00	Director	$0	$0	$0
CARMI IRAD	TRUSTEE	1.00	Director	$0	$0	$0
CONRAD ROBERT	TRUSTEE (UNTIL 12/24)	1.00	Director	$0	$0	$0
COOK BONNIE	TRUSTEE & SECRETARY	1.00	Officer Director	$0	$0	$0
COOLEY III CHARLES P	TRUSTEE	1.00	Director	$0	$0	$0
DAVIS JEFFREY M	TRUSTEE	1.00	Director	$0	$0	$0
HARVIE C THOMAS	TRUSTEE	1.00	Director	$0	$0	$0
HEAREY BRUCE	TRUSTEE	1.00	Director	$0	$0	$0
HIPPLE RICHARD J	TRUSTEE	1.00	Director	$0	$0	$0
KJOME PETER	TRUSTEE	1.00	Director	$0	$0	$0
LINTON JEFFREY B	TRUSTEE	1.00	Director	$0	$0	$0
MALCOLM JOHN L	TRUSTEE	1.00	Director	$0	$0	$0
MARSTON CHARLES SULLIVAN	TRUSTEE	1.00	Director	$0	$0	$0
MEYERHOEFER TRENT M	TRUSTEE (UNTIL 2/25)	1.00	Director	$0	$0	$0
MINOFF ROY	TRUSTEE	1.00	Director	$0	$0	$0
REDMOND KATRINA	TRUSTEE & TREASURER	1.00	Officer Director	$0	$0	$0
RILEY SHAWN M	TRUSTEE	1.00	Director	$0	$0	$0
ROTHMANN PHD SUSAN A	TRUSTEE & CHAIR	1.00	Officer Director	$0	$0	$0
SCHLANG ELLIOTT L	TRUSTEE	1.00	Director	$0	$0	$0
STEIN KEVIN	TRUSTEE & VICE CHAIR	1.00	Officer Director	$0	$0	$0
THOMAS JOSEPH H	TRUSTEE	1.00	Director	$0	$0	$0
WATSON SANFORD E	TRUSTEE	1.00	Director	$0	$0	$0
HOGLE PAUL W	PRESIDENT, CEO	40.00	Officer	$511,462	$48,993	$560,455
HARRISON SCOTT	EXECUTIVE VP & PROVOST	40.00	Officer	$228,706	$41,051	$269,757
FOSS BRIAN J	CFO	40.00	Officer	$199,670	$12,191	$211,861
BEST SARAH	ASST. SECRETARY	40.00	Officer	$61,338	$6,162	$67,500
SOUTHERN DEAN	VP ACADEMIC & STUDENT AFFAIRS, DEAN OF INSITUTE	40.00	Key Emp	$208,339	$13,373	$221,712
DROHAN KATHLEEN	CHIEF MARKETING OFFICER	40.00	Key Emp	$156,840	$17,699	$174,539
LITZLER MARK	CHIEF DEVELOPMENT OFFICER	40.00	Key Emp	$172,238	$17,262	$189,500
KALER ILYA L	FACULTY	40.00	Highest	$149,324	$47,037	$196,361
IRVINE JEFFREY	FACULTY	40.00	Highest	$144,565	$535	$145,100
LAREDO JAIME	FACULTY	40.00	Highest	$144,753	$8,570	$153,323
ROBINSON SHARON	FACULTY	40.00	Highest	$145,294	$8,655	$153,949
LI SI-YAN DARREN	FACULTY	40.00	Highest	$132,536	$11,903	$144,439

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	$32,974,445	$29,638,409	$161,968,631	$3,336,036
2024	No data	No data	No data	No data
2023	$33,362,930	$31,669,164	$142,970,837	$1,693,766
2022	$45,555,038	$28,840,567	$139,521,032	$16,714,471
2021	$33,324,271	$27,489,104	$104,952,218	$5,835,167
2020	$30,049,400	$28,232,584	$89,548,246	$1,816,816
2019	$29,187,747	$30,249,684	$87,463,096	$-1,061,937
2018	$32,916,611	$30,590,473	$89,275,195	$2,326,138