Curtis Institute of Music

Analysis

Curtis Institute of Music is a registered charity in United States, based in Philadelphia, PA. It received its IRS tax-exemption ruling in October 1924, 102 years ago. Its declared purposes cover arts, culture and humanities, which this site groups under arts, culture, heritage and science. The IRS classifies it as a school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending May 2023, Curtis Institute of Music reported income of $43.5m and spending of $30.9m, leaving 29% of income unspent that year. Across the 5 years on record, from May 2019 to May 2023, income grew from $25.2m to $43.5m (+73%), an average of +15% a year. The sharpest change came in the year to May 2021, when income rose by 105%. Over the whole period it spent 63% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Curtis Institute of Music sits at the 100th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 98th percentile within PA. Charities of a similar size with the same main cause include American Lightweight Materials Manufacturing Innovation Institute ($43.5m), American Mathematical Society ($43.5m) and Boston Ballet Inc ($43.1m).

On its Form 990 for the period ending May 2023, revenue came from contributions and grants 83% and program service revenue 8.3% of the total. Compensation of current officers, directors and key employees was $1.8m (6.0% of expenses). Other salaries and wages came to $9.8m. It paid $93k in professional fundraising fees. At year end it held assets of $369.8m against liabilities of $3.6m, net assets of $366.3m. It reported 396 employees.