Cleveland Institute of Music

Analysis

Cleveland Institute of Music is a registered charity in United States, based in Cleveland, OH. It received its IRS tax-exemption ruling in November 1933, 93 years ago. Its declared purposes cover education, which this site groups under education and training. 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 June 2023, Cleveland Institute of Music reported income of $33.4m and spending of $31.7m, spending 95% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $29.2m to $33.4m (+14%), an average of +3.4% a year. The sharpest change came in the year to June 2022, when income rose by 37%. Over the whole period it spent 85% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Cleveland Institute of Music sits at the 97th percentile: it is larger than about 97% of them. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 98th percentile within OH. Charities of a similar size with the same main cause include East Texas Advanced Academies ($33.4m), University System of Georgia Foundation Inc ($33.4m) and Lighthouse Community Public Schools ($33.3m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 30% and program service revenue 58% of the total. Compensation of current officers, directors and key employees was $1.6m (5.2% of expenses). Other salaries and wages came to $9.1m. At year end it held assets of $143.0m against liabilities of $45.1m, net assets of $97.9m. It reported 480 employees.