CALIFORNIA INSTITUTE OF THE ARTS

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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

1961

Legal Domicile

Principal Officer

RAVI RAJAN

Phone

6612551050

Tax Period

2024-07-01 to 2025-06-30

CALIFORNIA INSTITUTE OF THE ARTS, founded in 1961, is a major nonprofit in the Arts, Culture & Humanities sector that reported $122.0M in total revenue in fiscal year 2024. Revenue decreased 11% compared to the prior year. Net assets of $316.8M represent 31 months of operating reserves.

Mission

CALARTS IS A MULTIDISCIPLINARY COMMUNITY OF ARTISTS. OUR ONGOING EDUCATIONAL ENDEAVOR IS GROUNDED IN OPENNESS, EXPERIMENTATION, CRITICAL ENGAGEMENT, AND CREATIVE FREEDOM. THROUGH ARTISTIC PRACTICE, WE TRANSFORM OURSELVES, EACH OTHER, AND THE WORLD.

Program Service Accomplishments

Program 1

Expenses: $76,044,238 Revenue: $79,201,812

INSTRUCTION: INSTITUTE OFFERS BFAS, MFAS, MA AND DMAS IN BOTH THE VISUAL AND PERFORMING ARTS AND IS DEDICATED TO TRAINING AND NURTURING THE NEXT GENERATION OF ARTISTS. EMPHASIS IS PLACED ON NEW AND EXPERIMENTAL WORK AND STUDENTS ARE ADMITTED SOLELY ON THE BASIS OF ARTISTIC ABILITY. TO ENCOURAGE INNOVATION AND MULTI-DISCIPLINARY COLLABORATION, CALARTS SIX SCHOOLS - ART, CRITICAL STUDIES, DANCE, FILM/VIDEO, MUSIC AND THEATER - ARE ALL HOUSED UNDER ONE ROOF. DURING THE 2024/25 ACADEMIC YEAR, THERE WERE 1,323 FTE STUDENTS

Program 2

Expenses: $15,530,340 Revenue: $733,458

ACADEMIC SUPPORT: EXPENDITURES PRIMARILY INCLUDE THOSE TO PROVIDE SUPPORT FOR INSTRUCTION - PROVOST OFFICE, LIBRARY, REDCAT ETC.

Program 3

Expenses: $7,373,615

STUDENT SERVICES: PRIMARY PURPOSE OF EXPENDITURE IS TO CONTRIBUTE TO THE STUDENTS' EMOTIONAL AND PHYSICAL WELLBEING AND TO THEIR SOCIAL DEVELOPMENT OUTSIDE OF THE FORMAL INSTRUCTIONAL PROGRAM...

STUDENT SERVICES: PRIMARY PURPOSE OF EXPENDITURE IS TO CONTRIBUTE TO THE STUDENTS' EMOTIONAL AND PHYSICAL WELLBEING AND TO THEIR SOCIAL DEVELOPMENT OUTSIDE OF THE FORMAL INSTRUCTIONAL PROGRAM, INCLUDES ADMISSIONS, REGISTRAR AND FINANCIAL AID.

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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 $10,472,635

Program Service Revenue $82,980,132

Investment Income $28,223,913

Other Revenue $339,123

TOTAL REVENUE $122,015,803

Expense Breakdown

Grants Paid $28,766,132

Salaries & Benefits $66,624,368

Fundraising Expenses $2,080,792

Program Expenses $104,213,635

Other Expenses $26,942,059

TOTAL EXPENSES $122,332,559

Year-over-Year Comparison

	2024	2023	Change
Revenue	$122,015,803	$136,903,415	-0.1%
Expenses	$122,332,559	$118,868,933	+0.0%
Net Income	$-316,756	$18,034,482	-1.0%

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

1850

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

$1,825,382

Total Directors

$576,732

Key Employees

$637,237

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
RAVI RAJAN	PRESIDENT	50.00	Officer Director	$527,441	$49,291	$576,732
KATIE NICELY	SVP ADVANCEMENT	50.00	Key Emp	$361,904	$24,528	$386,432
LORI HUSEIN	SVP/CFO/TREASURER	50.00	Officer	$346,945	$35,817	$382,762
TRACIE COSTANTINO	SVP, PROVOST	50.00	Officer	$289,975	$39,811	$329,786
TRAVIS PRESTON DEAN	SCHOOL OF THEATER (THRU 6/30/24)	50.00	Highest	$258,306	$13,548	$271,854
IRENE SCHOLL-TATEVOSYAN	GENERAL COUNSEL	50.00	Highest	$222,764	$33,195	$255,959
MICHAEL ELGARICO	CHIEF ENROLLMENT OFFICER	50.00	Key Emp	$235,470	$15,335	$250,805
ANN WIENS CHIEF MARKETING	AND COMMUNICATIONS OFFICER	50.00	Highest	$215,026	$32,343	$247,369
ALLAN CHEN	VP AND CHIEF TECHNOLOGY OFFICER	50.00	Highest	$209,435	$33,223	$242,658
ANTHONY GARRISON-ENGBRECHT	VP, STUDENT AFFAIRS	50.00	Highest	$219,680	$14,385	$234,065
TAMU YIN	ASSISTANT TREASURER	50.00	Officer	$179,531	$18,796	$198,327
KIARA BROWN	CHIEF OF STAFF / SECRETARY	50.00	Officer	$180,697	$16,016	$196,713
EDWARD ANDREAS NASSER	ASSISTANT SECRETARY	50.00	Officer	$129,741	$11,321	$141,062
CHARMAINE JEFFERSON	CHAIRMAN OF THE BOARD	1.00	Officer Director	$0	$0	$0
JAMES B LOVELACE	VICE-CHAIR	1.00	Officer Director	$0	$0	$0
CLARISSA CRAWFORD	ALUMNI TRUSTEE	1.00	Director	$0	$0	$0
MAIJA BURNETT	FACULTY TRUSTEE	1.00	Director	$0	$0	$0
CHRISTINA DAILEY	STAFF TRUSTEE	1.00	Director	$0	$0	$0
ASHLEY HUNT	FACULTY TRUSTEE	1.00	Director	$0	$0	$0
AMARIS JORDAN	STUDENT TRUSTEE	1.00	Director	$0	$0	$0
ANUSHKA SHAH	STUDENT TRUSTEE	1.00	Director	$0	$0	$0
JOAN ABRAHAMSON	TRUSTEE	1.00	Director	$0	$0	$0
LYNDON BARROIS	TRUSTEE	1.00	Director	$0	$0	$0
DAVID A BOSSERT	TRUSTEE	1.00	Director	$0	$0	$0
DON CHEADLE	TRUSTEE	1.00	Director	$0	$0	$0
MELISSA COBB	TRUSTEE	1.00	Director	$0	$0	$0
CAROLINE CRONSON	TRUSTEE	1.00	Director	$0	$0	$0
RODRIGO GARCIA	TRUSTEE	1.00	Director	$0	$0	$0
RICK HASKINS	TRUSTEE	1.00	Director	$0	$0	$0
DAVID G JOHNSON	TRUSTEE	1.00	Director	$0	$0	$0
THOMAS LLOYD	TRUSTEE	1.00	Director	$0	$0	$0
RAMSEY NAITO	TRUSTEE	1.00	Director	$0	$0	$0
TINA PERRY	TRUSTEE	1.00	Director	$0	$0	$0
KEITH RIVERS	TRUSTEE	1.00	Director	$0	$0	$0
THOMAS ROTHMAN	TRUSTEE	1.00	Director	$0	$0	$0
DAVID L SCHIFF	TRUSTEE	1.00	Director	$0	$0	$0
MICHAEL SKLOFF	TRUSTEE	1.00	Director	$0	$0	$0
CLARK SPENCER	TRUSTEE	1.00	Director	$0	$0	$0
SUSAN STEINHAUSER	TRUSTEE	1.00	Director	$0	$0	$0
THERESA STREMPEK	TRUSTEE	1.00	Director	$0	$0	$0
RIC WHITNEY	TRUSTEE	1.00	Director	$0	$0	$0

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	$122,015,803	$122,332,559	$388,266,960	$-316,756
2024	$136,903,415	$118,868,933	$388,517,359	$18,034,482
2023	$119,575,489	$113,543,204	$354,546,610	$6,032,285
2022	$122,829,598	$106,512,422	$340,656,404	$16,317,176
2021	$108,589,944	$85,069,369	$331,831,634	$23,520,575
2020	$106,749,268	$94,776,875	$270,761,544	$11,972,393
2019	$95,889,920	$92,417,917	$261,775,603	$3,472,003
2018	$101,366,228	$88,897,849	$256,160,907	$12,468,379