2020-05-19T11:04:04-05:00 2019-06-30 340677006 MALONEY NOVOTNY LLC 1111 SUPERIOR AVE SUITE 700 CLEVELAND OH 441142540 990 2018-07-01 340714600 CLEVELAND INSTITUTE OF MUSIC CLEV 2167915000 11021 EAST BLVD CLEVELAND OH 44106 ERIC BOWER SENIOR VP 2167915000 2020-05-11 1 CHRISTOPHER B ANDERSON P00226559 2163630100 104.230.124.67 2020-05-11 13:46:42 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 0B316B399EFEFC22F92101C2AC7A3AB7697B62CF 2018 2020-09-23 17:36:50Z ERIC BOWER 11021 EAST BLVD CLEVELAND OH 44106 42765454 0 X WWW.CIM.EDU X 1920 OH TO EMPOWER THE WORLD'S MOST TALENTED CLASSICAL MUSIC STUDENTS TO ACHIEVE THEIR DREAMS&POTENTIAL. 43 43 576 217 -503136 0 3065191 4812016 23558927 22361784 6360586 1997544 -68093 16403 32916611 29187747 11046400 10843222 0 0 12887362 12329977 0 0 1390801 6656711 7076485 30590473 30249684 2326138 -1061937 89275195 87463096 15729762 14798079 73545433 72665017 X THE CLEVELAND INSTITUTE OF MUSIC'S MISSION IS TO EMPOWER THE WORLD'S MOST TALENTED CLASSICAL MUSIC STUDENTS TO FULFILL THEIR DREAMS AND POTENTIAL. 0 0 22711205 10843222 22450554 SEE SCHEDULE OTHE CLEVELAND INSTITUTE OF MUSIC IS ONE OF JUST SEVEN INDEPENDENT CONSERVATORIES OF MUSIC IN THE UNITED STATES, ONE OF THREE DEVOTED EXCLUSIVELY TO CLASSICAL MUSIC PERFORMANCE. CIM STUDENTS BENEFIT FROM ACCESS TO WORLD-RENOWNED VISITING ARTISTS AND CONDUCTORS, INTENSIVE STUDY WITH CIM'S STELLAR FACULTY AND THE RICH CURRICULUM OFFERED BY CIM'S PARTNER CASE WESTERN RESERVE UNIVERSITY. CIM'S GRADUATES COMMAND THE MOST CELEBRATED AND REVERED STAGES IN THE WORLD AS SOLOISTS, CHAMBER MUSICIANS AND ENSEMBLE MEMBERS; COMPOSE AWARD-WINNING REPERTOIRE; AND ARE SOUGHT-AFTER TEACHING ARTISTS, ADMINISTRATORS AND THOUGHT LEADERS. MORE THAN HALF OF THE MEMBERS OF THE CLEVELAND ORCHESTRA ARE CONNECTED TO CIM AS MEMBERS OF THE FACULTY, ALUMNI OR BOTH. CIM'S PREPARATORY AND CONTINUING EDUCATION DIVISION SUPPORTS OVER 1,100 ENROLLMENTS IN PRIVATE AND GROUP LESSONS, CLASSES AND ENSEMBLES. CIM IS AN INTEGRAL PART OF CLEVELAND'S ARTS COMMUNITY PRESENTING NEARLY 600 FREE PERFORMANCES AND MASTER CLASSES ON CAMPUS EACH YEAR, AND HUNDREDS MORE AT LOCATIONS THROUGHOUT THE REGION, INCLUDING SEVERANCE HALL. DURING THIS FISCAL YEAR CIM OFFERED APPROXIMATELY $11 MILLION OF SCHOLARSHIPS AND FINANCIAL AID TO ITS STUDENTS. 22711205 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 0 1 0 1 0 1 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 521 0 1 576 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 43 43 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 OH X X ERIC BOWER 2167915000 11021 EAST BLVD CLEVELAND OH 44106 ADDICOTT GAY CULL TRUSTEE 1.00 X 0 0 0 ANDERSON A CHACE TRUSTEE 1.00 X 0 0 0 BALDASSARRE CARL E TRUSTEE 1.00 X 0 0 0 BASSETT CYNTHIA TRUSTEE 1.00 X 0 0 0 BITTENBENDER CHARLES A TRUSTEE 1.00 X 0 0 0 BLAIR III WILLIAM P TRUSTEE 1.00 X 0 0 0 BRODHEAD PETER J TRUSTEE 1.00 X 0 0 0 BUCKLEY BRENT M TRUSTEE AND VICE CHAIR 1.00 X X 0 0 0 BUESCHER ANN TRUSTEE 1.00 X 0 0 0 CARMI IRAD TRUSTEE 1.00 X 0 0 0 CONRAD ROBERT TRUSTEE 1.00 X 0 0 0 COOLEY III CHARLES P TRUSTEE 1.00 X 0 0 0 DAVIS JEFFREY M TRUSTEE 1.00 X 0 0 0 DECONINGH MATHEW F TRUSTEE 1.00 X 0 0 0 DONLEY TERRANCE K TRUSTEE 1.00 X 0 0 0 GEHO ROBERT TRUSTEE 1.00 X 0 0 0 HARVIE CRAWFORD T TRUSTEE 1.00 X 0 0 0 HAYES ELEANOR M TRUSTEE 1.00 X 0 0 0 HELLMAN JOHN A TRUSTEE 1.00 X 0 0 0 HIGLEY BRUCE TRUSTEE 1.00 X 0 0 0 HIPPLE RICHARD J TRUSTEE AND CHAIR 1.00 X X 0 0 0 LINTON JEFFREY B TRUSTEE 1.00 X 0 0 0 MADDOX WENDELL TRUSTEE 1.00 X 0 0 0 MARSTON CHARLES S TRUSTEE AND VICE CHAIR 1.00 X X 0 0 0 MEYERHOEFER TRENT M TRUSTEE 1.00 X 0 0 0 MILLER JONATHAN P TRUSTEE 1.00 X 0 0 0 MIMS A GRACE L TRUSTEE 1.00 X 0 0 0 MOBLEY MARILYN S TRUSTEE 1.00 X 0 0 0 MOYAR MARJORIE M TRUSTEE 1.00 X 0 0 0 O'MALLEY ANTHONY J TRUSTEE 1.00 X 0 0 0 POGUE RICHARD W TRUSTEE 1.00 X 0 0 0 POTH GARY W TRUSTEE 1.00 X 0 0 0 RILEY SHAWN M TRUSTEE 1.00 X 0 0 0 ROBINSON BARBARA S TRUSTEE 1.00 X 0 0 0 ROTHMANN SUSAN A TRUSTEE 1.00 X 0 0 0 SCHLANG ELLIOTT L TRUSTEE 1.00 X 0 0 0 SCIARAPPA DONNA M TRUSTEE AND TREASURER 1.00 X X 0 0 0 SEIDENFELD ASTRI TRUSTEE 1.00 X 0 0 0 SWIFT CHRISTOPHER J TRUSTEE AND SECRETARY 1.00 X X 0 0 0 SYKES PAUL J TRUSTEE 1.00 X 0 0 0 THOMAS JOSEPH H TRUSTEE AND VICE CHAIR 1.00 X X 0 0 0 VIGH TRACY A TRUSTEE 1.00 X 0 0 0 WATSON SANFORD E TRUSTEE 1.00 X 0 0 0 WILSON ROBERT G TRUSTEE 1.00 X 0 0 0 WILSON SONALI BUSTAMANTE TRUSTEE 1.00 X 0 0 0 HOGLE PAUL PRESIDENT/CEO 40.00 X 375710 0 44075 BOWER ERIC L SENIOR VP 40.00 X 258607 0 42414 SNELL NANCY ASST.SECRETARY 40.00 X 44212 0 22787 HEDDING DALE MANAGING DIR-EXT.AFFAIRS 40.00 X 212969 0 19243 BUNDRA JUDITH CAO & DEAN OF CONSERVATORY 40.00 X 186418 0 9566 PREUCIL WILLIAM FACULTY 40.00 X 162661 0 9922 IRVINE JEFFREY FACULTY 40.00 X 164023 0 13895 ROBINSON SHARON FACULTY 40.00 X 134015 0 23925 LAREDO JAIME FACULTY 40.00 X 133885 0 23166 KOLLAR KRISTEN CFO 40.00 X 132142 0 21437 1804642 0 230430 17 0 1 0 0 226706 687618 3897692 382464 4812016 TUITION AND FEES 611310 22212397 22212397 STUDENT APPLICATION FEES 611310 114590 114590 SERVICE INCOME & OTHER 611310 34797 34797 22361784 1109069 -506645 1615714 6050 0 6050 6050 3509 2541 14362140 13473665 888475 888475 888475 25625 226706 104042 -78417 -78417 OTHER REVENUE 611310 75445 75445 NET INC.IN PERKINS ICC 900099 13325 13325 88770 29187747 22450554 -503136 2428313 10824222 10824222 19000 19000 1287874 214776 435922 637176 9298548 7449401 1474241 374906 338270 266247 60993 11030 747096 548951 177377 20768 658189 549060 79512 29617 55848 51478 4370 87093 87093 20500 8000 12500 240659 240659 790932 422264 233759 134909 96813 24406 70817 1590 555433 311344 182588 61501 200044 10811 146661 42572 1130874 490232 640642 232746 206353 15636 10757 208412 132077 28507 47828 375011 375011 1668345 1668345 173053 31526 141527 AFFILIATE TUITION 1164579 1164579 BAD DEBT EXPENSE 24920 24920 STUDENT TICKETS 14315 14315 COMMENCEMENT PRIZES 5800 5800 31108 25841 3990 1277 30249684 22711205 6147678 1390801 1700 1700 1629423 1427565 393475 920481 596457 626200 1526255 1285790 4864 0 170681 230370 48687678 23115780 27086927 25571898 44608903 44112486 13256510 13286606 89275195 87463096 838000 893096 363419 280620 13303273 12399292 1225070 1225071 15729762 14798079 X 46372159 44234129 800964 776945 26372310 27653943 73545433 72665017 89275195 87463096 X -1061937 124487 57034 X 0 1 X 1 1 1 X 3597054 5681427 3799668 3065191 4812016 20955356 3597054 5681427 3799668 3065191 4812016 20955356 2152072 18803284 927873 1038148 1026834 1201627 1115119 5309601 259129 259129 97452 162928 103791 -44034 114395 434532 26958618 118827949 0.69750 0.66500 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER REVENUE - 2014 AMOUNT: $ 97,452. 2015 AMOUNT: $ 162,928. 2016 AMOUNT: $ 103,791. 2017 AMOUNT: $ -44,034. 2018 AMOUNT: $ 114,395. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 1 8000 0 0 1 12500 20500 0 PART II-B, LINE 1: CIM MADE A CONTRIBUTION OF $8,000 TO ARTS AND CULTURE ACTION COMMITTEE WHICH IS A VOTER OUTREACH ORGANIZATION SUPPORTING ARTS AND CULTURE LEVIES. CIM ALSO RETAINED A LOBBYIST AT A COST OF $12,500 TO ADVOCATE IN COLUMBUS, OHIO FOR FUNDING TO SUPPORT THE RENOVATION FOR CIM'S KULAS HALL. 79978 0 50373765 1224599 2007387 2060660 51545091 47341866 305564 4737776 2011441 50373765 42106049 910272 6316994 1991449 47341866 44361399 746453 -2734861 266942 42106049 44181847 783142 -443155 160435 44361399 0.46350 0.53650 0.00000 1 0 1063536 1063536 38724829 16966634 21758195 592769 567998 24771 3084606 2363659 720947 5221938 3217489 2004449 25571898 ALTERNATIVE INVESTMENTS 13261606 F PARTNERSHIPS 25000 C 13286606 U.S. GOVERNMENT GRANTS REFUNDABLE 1225071 1225071 18509015 124487 3745 161076 289308 18219707 240659 10727381 10968040 29187747 19389431 3745 104042 107787 19281644 240659 10727381 10968040 30249684 PART V, LINE 4: INTENDED USE OF ENDOWMENT FUNDS - THE INSTITUTE'S ENDOWMENT CONSISTS OF 234 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES THAT SUPPORT THE EDUCATIONAL MISSION OF THE INSTITUTE. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN PERPETUAL CHARITABLE TRUSTS 57,034. FUNDRAISING EVENT EXPENSES NETTED WITH REVENUE ON PART VIII OF FORM 990 104,042. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID EXPENSE WHICH WAS SHOWN AS A REDUCTION OF REVENUE ON FINANCIAL STATEMENTS BUT SHOWN AS AN EXPENSE IN PART IX OF FORM 990 10,727,381. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENT EXPENSES NETTED WITH REVENUE ON PART VIII OF FORM 990 104,042. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID EXPENSE WHICH WAS SHOWN AS A REDUCTION OF REVENUE ON FINANCIAL STATEMENTS BUT SHOWN AS AN EXPENSE IN PART IX OF FORM 990 10,727,381. 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE NEWSPAPER OR BROADCAST MEDIA IS NOT USED FOR STUDENT RECRUITMENT. HOWEVER, A STATEMENT OF THE INSTITUTE'S RACIALLY NONDISCRIMINATORY POLICY AS TO STUDENTS IS INCLUDED IN THE INSTITUTE'S CATALOG, WHICH CAN ALSO BE FOUND ON THE INSTITUTE'S WEBSITE. THE FOLLOWING IS THE INSTITUTE'S POLICY ON NONDISCRIMINATORY ADMISSION AS REAFFIRMED BY THE BOARD OF TRUSTEES: IN THE ADMINISTRATION OF ITS EDUCATIONAL AND ADMISSION POLICIES, SCHOLARSHIP, LOAN, AND OTHER SCHOOL-ADMINISTERED PROGRAMS, THE CLEVELAND INSTITUTE OF MUSIC IS COMMITTED TO NONDISCRIMINATION AND EQUAL OPPORTUNITY. THE INSTITUTE ADMITS STUDENTS TO ALL THE RIGHTS, PRIVILEGES, PROGRAMS, AND ACTIVITIES GENERALLY ACCORDED OR MADE AVAILABLE TO STUDENTS AT THE SCHOOL REGARDLESS OF RACE, COLOR, NATIONAL OR ETHNIC ORIGIN, CITIZENSHIP, RELIGION, AGE, SEX, SEXUAL ORIENTATION, OR DISABILITY. SCHEDULE E, PART I, LINE 6 FINANCIAL AID OR GOVERNMENT ASSISTANCE - FINANCIAL AID ASSISTANCE IS RECEIVED FROM THE FOLLOWING GOVERNMENTAL AGENCIES: U.S. DEPARTMENT OF EDUCATION: FEDERAL DIRECT STAFFORD LOAN FEDERAL DIRECT PLUS LOAN FEDERAL PERKINS LOAN FEDERAL WORK-STUDY SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT PELL GRANT U.S. DEPARTMENT OF VETERANS AFFAIRS: POST 9/11 G.I. BILL THE OHIO DEPARTMENT OF HIGHER EDUCATION: OHIO COLLEGE OPPORTUNITY GRANT OHIO WAR ORPHAN SCHOLARSHIP PENNSYLVANIA HIGHER EDUCATION ASSISTANCE AGENCY: PA STATE GRANT 1 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM 19000 CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 INVESTMENTS 3852237 0 0 0 0 0 0 3871237 0 3871237 SCHOLARSHIP EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIU 2 19000 CREDIT TO ACCT. 0 0 0 0 0 0 0 PART I, LINE 2: MONITORING USE OF GRANT FUNDS - CLEVELAND INSTITUTE OF MUSIC CREDITS THE SCHOLARSHIPS DIRECTLY TO THE STUDENTS' ACCOUNTS AND THEREFORE ENSURES THAT THE FUNDS ARE SPENT FOR EDUCATIONAL PURPOSES. LEGACY IN BLOOM 252331 226706 25625 16312 46347 17575 23808 252331 226706 25625 16312 46347 17575 23808 104042 -78417 1 FELLOWSHIP AND SERVICES 13 30812 0 INSTITUTIONAL SCHOLARSHIPS 365 10573174 0 STUDENT ASSISTANCE 51 29414 0 WORK-STUDY 154 153879 0 SEOG 32 36943 0 PART I, LINE 2: MONITORING USE OF GRANT FUNDS - CLEVELAND INSTITUTE OF MUSIC CREDITS THE GRANTS AND OTHER ASSISTANCE DIRECTLY TO THE STUDENTS' ACCOUNTS AND THEREFORE ENSURES THAT THE FUNDS ARE SPENT FOR EDUCATIONAL PURPOSES. WORK-STUDY AND AUDITION ASSISTANCE ARE PAID DIRECTLY TO THE STUDENTS WHEN EARNED OR INCURRED. X 0 1 X X X 0 0 0 0 0 0 0 1 1 1 HOGLE PAUL PRESIDENT/CEO 367882 0 7000 0 828 0 22616 0 21459 0 419785 0 0 0 BOWER ERIC L SENIOR VP 250936 0 6000 0 1671 0 20873 0 21541 0 301021 0 0 0 HEDDING DALE MANAGING DIR-EXT.AFFAIRS 206536 0 6000 0 433 0 8323 0 10920 0 232212 0 0 0 BUNDRA JUDITH CAO & DEAN OF CONSERVATORY 179377 0 6000 0 1041 0 6090 0 3476 0 195984 0 0 0 PREUCIL WILLIAM FACULTY 162130 0 0 0 531 0 8560 0 1362 0 172583 0 0 0 IRVINE JEFFREY FACULTY 160499 0 2000 0 1524 0 11965 0 1930 0 177918 0 0 0 ROBINSON SHARON FACULTY 133385 0 0 0 630 0 11199 0 12726 0 157940 0 0 0 LAREDO JAIME FACULTY 133885 0 0 0 0 0 11199 0 11967 0 157051 0 0 0 KOLLAR KRISTEN CFO 128989 0 3000 0 153 0 10730 0 10707 0 153579 0 0 0 PART I, LINE 1A BENEFITS PROVIDED - THE INSTITUTE PAYS DUES FOR A SOCIAL CLUB FOR PRESIDENT HOGLE. HE USES THE CLUB EXCLUSIVELY FOR BUSINESS PURPOSES AND THEREFORE, HE DOES NOT RECOGNIZE TAXABLE INCOME FROM THIS BENEFIT. PART I, LINE 1B WRITTEN POLICY FOR REIMBURSEMENT - THE INSTITUTE PAYS THE SOCIAL CLUB DIRECTLY FOR MONTHLY DUES IN ACCORDANCE WITH PRESIDENT HOGLE'S EMPLOYMENT CONTRACT. PART I, LINE 7 NON-FIXED PAYMENTS - THE INSTITUTE PROVIDES CERTAIN EMPLOYEES WITH INCENTIVE COMPENSATION (BONUSES) FOR ATTAINMENT OF GOALS ESTABLISHED DURING THE EMPLOYEE EVALUATION PROCESS. PART I, LINE 8 INITIAL CONTRACT EXCEPTION - PRESIDENT PAUL HOGLE'S COMPENSATION WAS PROVIDED IN ACCORDANCE WITH A CONTRACT BETWEEN THE INSTITUTE AND MR. HOGLE FOR 2016, THE FIRST YEAR OF HIS EMPLOYMENT. THE BOARD MEMBERS AND OTHERS WHO PARTICIPATED IN DETERMINING THE CONTRACT'S PROVISIONS WERE INDEPENDENT OF MR. HOGLE, AND MR. HOGLE WAS NOT IN A POSITION TO INFLUENCE THE PROCESS. AS SUCH, WE BELIEVE THAT MR. HOGLE QUALIFIES FOR THE "INITIAL CONTRACT EXCEPTION." A OHIO HIGHER EDUCATIONAL FACILITY COMMISSION 340714600 67756BPD6 2015-11-30 15540000 REFINANCE 2010 BONDS 0 0 0 A 3070000 15540000 15540000 2015 1 0 1 1 A 0 0 0 0 0.00020 0.00020 0 0 1 A 0 1 0 0 1 0 0 0 1 A 0 X 19 275878 MEAN PRICE AT TRANS. X INSTRUMENTS 4 106064 INDEP.APPRAISAL X LIBRARY MATERIALS 12 522 AVG 3 YR.PRICE/NEW I 4 0 1 0 FORM 990, PART VI, SECTION A, LINE 6 CLASSES OF MEMBERS - MEMBERSHIP IS OPEN TO ALL PERSONS OR CORPORATIONS WHO ARE INTERESTED IN THE CLEVELAND INSTITUTE OF MUSIC AND THE FURTHERANCE OF MUSIC AND MUSICAL EDUCATION AND WHO CONTRIBUTE AT LEAST $500 ANNUALLY TO THE INSTITUTE'S ANNUAL FUND. FORM 990, PART VI, SECTION A, LINE 7A ELECTION OF MEMBERS AND THEIR RIGHTS - THE MEMBERS ELECT THE TRUSTEES OF THE INSTITUTE AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION B, LINE 11B ORGANIZATION'S PROCESS TO REVIEW FORM 990 - ONCE FORM 990 IS PREPARED, IT IS PRESENTED TO A SUB-COMMITTEE COMPRISED OF INDIVIDUALS FROM THE FINANCE, GOVERNANCE, AND AUDIT COMMITTEES OF THE CLEVELAND INSTITUTE OF MUSIC FOR THEIR REVIEW. ANY QUESTIONS OR COMMENTS RAISED ARE THEN ADDRESSED BY THE CHIEF FINANCIAL OFFICER OF THE CLEVELAND INSTITUTE OF MUSIC. FORM 990 IS DISCUSSED AT THE MEETING OF THE FULL BOARD AND DISTRIBUTED TO THE FULL BOARD PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C MONITORING AND ENFORCEMENT OF CONFLICT POLICY - THE ORGANIZATION MAINTAINS A WRITTEN CONFLICT OF INTEREST POLICY, WHICH IS REVIEWED BY MANAGEMENT AND THE BOARD OF TRUSTEES' GOVERNANCE COMMITTEE AT LEAST ANNUALLY AND MODIFIED AS REQUIRED. THE BOARD OF TRUSTEES AND OFFICERS OF THE ORGANIZATION ARE REQUIRED TO CERTIFY ANNUALLY THAT THEY HAVE READ AND UNDERSTAND THE CONFLICT OF INTEREST POLICY AND SUBMIT A WRITTEN QUESTIONNAIRE EACH YEAR DISCLOSING ANY KNOWN CONFLICTS. THE RESPONSES TO THE QUESTIONNAIRES ARE REVIEWED BY MANAGEMENT. MANAGEMENT ALSO MONITORS ALL TRANSACTIONS DURING THE NORMAL COURSE OF BUSINESS TO IDENTIFY OTHER POTENTIAL CONFLICTS. AT LEAST ANNUALLY AND AS CONFLICTS ARISE, THE BOARD OF TRUSTEES' GOVERNANCE COMMITTEE REVIEWS POTENTIAL CONFLICTS TO DETERMINE WHETHER ANY ACTUAL CONFLICTS EXIST. INDIVIDUALS WHO BELIEVE THEY ARE IN A POTENTIAL CONFLICT ARE REQUIRED TO RECUSE THEMSELVES FROM THE DELIBERATION AND DECISION-MAKING PROCESS. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION REVIEW AND APPROVAL - THE CLEVELAND INSTITUTE OF MUSIC HAS A COMPENSATION COMMITTEE THAT APPROVES AND REVIEWS THE INSTITUTE'S INCENTIVE COMPENSATION PLAN COVERING THE PRESIDENT AND OTHER OFFICERS OF THE INSTITUTE. THE COMMITTEE DISCHARGES THE DUTY OF THE BOARD OF TRUSTEES IN FULFILLING THE BOARD'S OVERSIGHT RESPONSIBILITIES FOR DETERMINING THE REASONABLENESS AND ADEQUACY OF THE COMPENSATION AND BENEFITS PAID TO THE PRESIDENT AND OTHER OFFICERS. THE COMMITTEE CONDUCTS AN ANNUAL REVIEW OF COMPENSATION AND BENEFITS IN RELATION TO THE MARKETPLACE AND RELEVANT INDEPENDENT DATA. THE COMMITTEE DECIDES ON ANY CHANGES TO THE INCENTIVE COMPENSATION PLAN. ONCE APPROVED BY THE COMMITTEE, THE INCENTIVE COMPENSATION PLAN IS SIGNED BY THE CHAIR OF THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION C, LINE 19 AVAILABILITY OF DOCUMENTS - GOVERNING DOCUMENTS AND THE CONFLICT OF INTEREST POLICY ARE NOT MADE AVAILABLE TO THE PUBLIC. THE AUDITED FINANCIAL STATEMENTS ARE MADE AVAILABLE ON THE INSTITUTE'S WEBSITE AND UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN CHARITABLE PERPETUAL TRUSTS 57,034.