The Cleveland Clinic Foundation

Analysis

The Cleveland Clinic Foundation is a registered charity in United States, based in Independence, OH. It received its IRS tax-exemption ruling in October 1928, 98 years ago. Its declared purposes cover health care, which this site groups under health and saving lives. The IRS classifies it as a hospital or medical research organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2022, The Cleveland Clinic Foundation reported income of $7.58bn and spending of $7.67bn, spending 101% of its income. Across the 5 years on record, from December 2018 to December 2022, income grew from $6.25bn to $7.58bn (+21%), an average of +4.9% a year. Over the whole period it spent 92% of the income it received.

Among 40,470 United States charities whose main cause is health and saving lives and that reported income, The Cleveland Clinic Foundation 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 100th percentile, and in the 100th percentile within OH. Charities of a similar size with the same main cause include Memorial Hermann Health System ($7.58bn), Caresource Ohio Inc ($8.53bn) and Hackensack Meridian Health Inc ($7.47bn).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 4.3% and program service revenue 97% of the total. Compensation of current officers, directors and key employees was $25.4m (0.3% of expenses). Other salaries and wages came to $3.46bn. It paid $1.9m in professional fundraising fees. At year end it held assets of $15.35bn against liabilities of $7.22bn, net assets of $8.14bn. It reported 47,067 employees.