CLEVELAND INSTITUTE OF MUSIC
Income Statement
Fiscal Year Start:
Jul 1
Revenues in 2024
$36,970,659
Program Services
55%
Contributions
30%
Investments
7%
Other
5%
Government Grants
3%
Fundraising Events
<1%
Membership Dues
0%
Expenses in 2024
$31,843,624
Salaries & Benefits
38%
Grants
31%
Depreciation
9%
Interest
7%
Offices, Occupancy & IT
6%
Fees to Service Providers
4%
Other
4%
Advertising & Promotion
<1%
Benefits to Members
0%
Revenues
2023
2024
Change
Contributions
$7,455,014
$11,054,742
+48%
Government Grants
$2,500,247
$1,156,426
-54%
Fundraising Events
$53,384
$9,550
-82%
Program Services
$19,426,520
$20,391,820
+5%
Membership Dues
$0
$0
-
Investments
$1,798,271
$2,541,046
+41%
Other
$2,129,494
$1,817,075
-15%
Total Revenues
$33,362,930
$36,970,659
+11%
Expenses
2023
2024
Change
Grants
$8,881,400
$9,819,340
+11%
Benefits to Members
$0
$0
-
Salaries & Benefits
$12,339,855
$12,217,800
-1%
Fees to Service Providers
$1,617,157
$1,298,352
-20%
Advertising & Promotion
$107,959
$106,675
-1%
Offices, Occupancy & IT
$1,960,287
$1,971,189
+1%
Interest
$2,144,086
$2,204,285
+3%
Depreciation
$2,929,999
$2,930,341
+0%
Other
$1,688,421
$1,295,642
-23%
Total Expenses
$31,669,164
$31,843,624
+1%
Net income
2023
2024
Change
Net income
+$1,693,766
+$5,127,035
+203%
Functional Expenses
Summary
2023
2024
Change
Program
$22,422,168
$21,085,985
-6%
Admin
$7,076,958
$8,899,526
+26%
Fundraising
$2,170,038
$1,858,113
-14%
Total Expenses
$31,669,164
$31,843,624
+1%
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