Cleveland Clinic Foundation

Analysis

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 2023, Cleveland Clinic Foundation reported income of $15.60bn and spending of $14.78bn, spending 95% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $11.56bn to $15.60bn (+35%), an average of +7.8% a year. The sharpest change came in the year to December 2021, when income rose by 17%. 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, 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 Mayo Clinic Group Return ($13.97bn), Mass General Brigham Incorporated and Affiliates Group RTN ($22.73bn) and Healthfirst PHSP Inc ($12.09bn).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 3.5% and program service revenue 92% of the total. Compensation of current officers, directors and key employees was $80.3m (0.5% of expenses). Other salaries and wages came to $6.72bn. It paid $1.8m in professional fundraising fees. At year end it held assets of $24.72bn against liabilities of $7.92bn, net assets of $16.81bn. It reported 90,938 employees.