2019-20 Endowment Fund Performance Report

2019-20

ENDOWMENT FUND PERFORMANCE REPORT

Photo Credit: Robert Muller

DEAR FRIENDS, On behalf of Cleveland Institute of Music’s Investment Committee, I am pleased to share with you our Endowment Fund Performance Report for the fiscal year ended June 30, 2020. This report highlights how our investments are managed and distributed, and celebrates the many individual funds established to support CIM’s mission to empower the world’s most talented classical music students to fulfill their dreams and potential.

The Institute has built its reputation as a top school of classical music over generations. While we share this report to update you on financial performance over the past year, I am struck by the history in these pages. The names here tell the story of creating the future of classical music — an intergenerational project underway now for 100 years. Our forebearers have handed down to our alumni and students, and all of us who benefit from their talents, a musical legacy among the richest in the nation. It is an honor — for a brief time — to act as a steward of this legacy, and to have the opportunity to write our own chapter in CIM’s storied history.

CIM Investment Committee Joseph H. Thomas Chair A. Chace Anderson Cynthia Bassett Charles S. Marston Gary W. Poth Shawn M. Riley Elliott L. Schlang Susan A. Rothmann, PhD Chair, Board of Trustees Paul W. Hogle President & CEO Clearstead Investment Advisor

Thank you to all of our endowment fund donors, for their vision and foresight in supporting the long-term vitality of CIM. I applaud the courage demonstrated year after year by our community, in looking beyond the present to a distant horizon, and choosing to be the future of classical music.

Joseph H. Thomas Chair, CIM Investment Committee

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CIM ENDOWMENT PERFORMANCE Results for fiscal year ended June 30, 2020 The endowment is made up of approximately 230 individual endowment funds which provide perpetual financial support for scholarships, professorships, academic and performance programs, facilities maintenance and other education-related programs.

Approximately 61% of the endowment benefits the Institute as a whole, with the remainder earmarked for individual scholarships. Distributions from the endowment totaled $2.1 million, representing 11.8% of the Institute’s operating expenses in the fiscal year ended June 30, 2020.

Investment Objectives of CIM Endowment The investment objectives are to manage funds in a manner that will maximize total return on assets to support the programs of the Institute and realize the greatest impact as intended by our donors. The objective of the professional investment managers is to maximize total return on the portfolio (appreciation and income) sufficient to preserve and increase the purchasing power of the assets for both current purposes and to ensure ongoing intergenerational support, with a level of risk acceptable to CIM. In fall 2020, the investment committee reviewed the Institute’s investment policies and practices and granted Clearstead increased discretion in the management of CIM’s fund.

This strategy is consistent with oversight best practices.

Endowment Highlights • • • • •

Total value of endowment (July 1, 2019 – June 30, 2020): $42,284,552 New assets during FY20: $1,512,237 Investment return (July 1, 2019 – June 30, 2020): 2.1%* FY20 draw: 5.5% During FY20, several full tuition, room and board scholarships and general funds were established, including: ◦

◦ ◦

A. Malachi Mixon III & Barbara W. Mixon Dean’s Scholarship Established in 2019 by first-ever CIM Life Trustee and Board Chair Emeritus A. Malachi Mixon III and Barbara W. Mixon to support full tuition to one Conservatory student annually.

Iris and Tom Harvie Director’s Award Established in 2019 by CIM Trustee C. Thomas Harvie and Iris Harvie to support room and board for one Conservatory student annually.

Ellen and Joe Thomas Endowed Fund Established in 2019 by CIM Trustee Joseph H. Thomas and Ellen Thomas to support Conservatory students.

*Expected investment return for January 1, 2020 – December 31, 2020: 13.1%

Endowment Assets by Asset Class INTERNATIONAL EQUITY

17.1% PRIVATE EQUITY

DOMESTIC EQUITY

5.1%

44.3%

DIVERSIFYING STRATEGIES

13.8% REAL ESTATE/ REAL ASSETS

6.3% FIXED INCOME & CASH

13.4%

Endowment Assets by Purpose FACULTY

15.7% SCHOLARSHIP INSTRUCTIONAL

39.0%

3.2%

INSTITUTIONAL

42.1% 5

CONSERVATORY ENDOWED FUNDS Edward and Gay Cull Addicott Presidential Scholarship Established in 2018 by CIM Trustee Gay C. Addicott and Edward Addicott to support full tuition, room and board to one Conservatory student annually.

Mary Hamlin Memorial Presidential Scholarship Established in 2018 by Dr. Clive Hamlin in memory of Mary Hamlin to support full tuition, room and board to one Conservatory student annually.

Robinson Family Presidential Scholarship Established in 2019 by CIM Board Chair Emeritus Barbara S. Robinson, the Robinson Family Presidential Scholarship promotes diversity, equity and inclusion at CIM by removing barriers for those students from backgrounds traditionally underrepresented in the field of classical music. The scholarship supports full tuition, room and board, and other related expenses for a Conservatory student coming from a racially diverse background who demonstrates exceptional financial need.

A. Chace and Josephine Anderson Dean’s Scholarship Established in 2020 by Josephine Anderson and CIM Trustee A. Chace Anderson, this fund provides scholarship support to Conservatory students.

A. Malachi Mixon III & Barbara W. Mixon Dean’s Scholarship Established in 2019 by first-ever CIM Life Trustee and Board Chair Emeritus A. Malachi Mixon III and Barbara W. Mixon to support full tuition to one Conservatory student annually.

Carter & Ann Kissell Scholarship Fund Established in 1995 in honor of longtime CIM supporter and Trustee Carter Kissell and Ann Kissell to support Conservatory student scholarships.

Cleveland Institute of Music Alumni Fund Established in 2015 by the CIM Alumni Association to support alumni relations and CIM-related activities such as the Alumni Achievement Awards.

C.K. and Nancy Patrick Endowed Scholarship Established in 2002 by Nancy A. Patrick to support Conservatory students.

Darius Milhaud Endowment Fund Established in 1986 in the name of French composer Darius Milhaud (1892–1974) to support junior and senior Conservatory students of exceptional accomplishment and academic excellence.

GAR Foundation Scholarship Established in 1991 by the GAR Foundation to support Conservatory students who are from the Akron area.

Hope and Stanley Adelstein Scholarship for Financial Need Established in 2016 by CIM Honorary Trustee Stanley Adelstein and Hope Adelstein to support Conservatory students with financial need.

Iris and Tom Harvie Director’s Award Established in 2019 by CIM Trustee C. Thomas Harvie and Iris Harvie to support room and board for one Conservatory student annually.

John and Elizabeth Aten Endowed Scholarship Established in 2017 by John and Elizabeth Aten to support Conservatory students with a financial need.

M.E. & F.J. Callahan Endowment Scholarship Established in 1984 in honor of longtime CIM Trustees and supporters M.E. & F.J. Callahan to support Conservatory scholarships.

Mary Eaton LeFevre Scholarship Established in 2006 in honor of CIM supporter and Women’s Committee member Mary Eaton LeFevre to support Conservatory students.

Rebecca and Irad Carmi Scholarship for Israeli Students Established in 2014 by CIM Trustee Irad Carmi (BM ’87, MM ’88) and Rebecca Carmi (BM ’87, MM ’89) to support Conservatory students.

Roger B. Ellsworth Scholarship Established in 2020 by CIM supporter Roger B. Ellsworth to support Conservatory students.

Anonymous Scholarships (2) Alice B. Weeks Memorial Scholarship Andrew Talton Scholarship Fund Barbara Eaton Memorial Ticket Fund Beryl Rubinstein Fund Bob and Sally Gries Scholarship Fund Carol Williams Scholarship Charles W. and Louise M. Ritchie Scholarship Clara Rankin Scholarship Fund D. Robert Barber Scholarship Fund

Photo Credit: Robert Muller

Jane Post Scholarship Established in 2006 in honor of longtime CIM Trustee and supporter Jane Post to support Conservatory students.

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CONSERVATORY ENDOWED FUNDS (CONTINUED)

Delores P. Rebman Memorial Scholarship Fund Dorothy P. Schmitt Scholarship Dr. Samuel B. Baker Scholarship Fund E.J. Kulas Fund Elsa Rubinstein Memorial Scholarship Ester Gimp Student Programs Fund George and Becky Dunn Scholarship Fund Gertrude E. Freeman and Lisa Freeman Roberts Memorial Fund Gulick Family Scholarship John Gilliam Visiting Artist Fund Lecture Recital Club Scholarship Lionel Nowak Memorial Scholarship Fund Louis E. Emsheimer Memorial Scholarship Martha Joseph Tribute Fund Martha B. Sanders Fund Martha Sanders Scholarship Maxine E. Cummins Memorial Fund Mellon/NEA Fund Phyllis G. Rosenthal Scholarship Rae Lowe Scholarship Robert Hays Gries Scholarship Robert Ingram & Carrie Scott Leitch Scholarship Ruth D. Sihler Memorial Scholarship Fund S. Livingston Mather Endowed Scholarship Watts Scholarship for Students from Underrepresented Backgrounds in Classical Music William and Mary Beckenbach Endowed Scholarship

String Division Endowed Funds Eleanor H. Biggs Memorial Distinguished Professors Established in 1988 by Eleanor H. Biggs (HDMA ’88) to support faculty excellence.

Moses William Beckelman Cello Chair Established in 2007 by Mrs. Ruth Beckelman in honor of her father Moses William Beckelman, a music lover. Mrs. Beckelman established the Cello Chair to support faculty excellence, because “from great faculty come great students.”

Charlotte Demuth Williams Scholarship Fund Established in 2006 by Mary Rautenberg (AD ’33, BM ’33) in memory of her mother Charlotte Demuth Williams to provide funding for Conservatory students studying violin or piano.

David and Linda Cerone Scholarship Endowment for Violin Established in 2007 in honor of past CIM President David Cerone and Linda Cerone, both longtime violin faculty, to support Conservatory students studying violin.

Joan A. Siegel Violin Scholarship Established in 2015 in memory of Joan A. Siegel, retired violinist with The Cleveland Orchestra. The scholarship supports Conservatory students studying violin.

Mort and Emilie Kadish Scholarship for Violin Established in 2010 by Dr. Emilie Kadish to support scholarships for Conservatory students studying violin.

Ellis A. and Alice S. Feiman Memorial Scholarship Established in 1997 in honor of Ellis A. and Alice S. Feiman (BM ’32, MM ’36), to support Conservatory students studying cello.

Eric von Baeyer and Ruth Hirshman von Baeyer Memorial Fund Established in 1990 in memory of Dr. Eric von Baeyer, an avid classical music supporter, to support Conservatory students studying cello.

Mary W. Parks Memorial Scholarship for Violin Rostropovich Cello Scholarship

Michelina and Gaetano Gioia Memorial Scholarship Established in 2010 by Rocco Gioia in memory of his parents Michelina and Gaetano Gioia to support Conservatory students studying strings or voice.

Frank K. Griesinger Clarinet Chair Established in 1994 by Frank K. Griesinger, an active clarinetist who performed with the CIM Orchestra in the war years.

John Mack Scholarship in Oboe Laurie S. Lubick Scholarship for Oboe Patience Cameron Hoskins Scholarship Fund in Flute Russell Landgrabe Memorial Scholarship Susan Palm Waller Scholarship for Flute

Photo Credit: Roger Mastroianni

David J. Cavell Memorial Scholarship for Violin Dr. Sydney and Gussie B. Klein Endowed Scholarship Harry Fuchs Scholarship Fund John C. Jackson Endowed Scholarship Fund

Woodwind Department Endowed Funds

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Brass Department Endowed Funds Jean and Richard Hipple Dean’s Scholarship Established in 2018 by CIM Board Chair Emeritus Richard Hipple and Jean Hipple to support Conservatory students with an applied brass major.

Hank and Mary Doll Brass Scholarship

Percussion Department Endowed Funds Richard Weiner Scholarship for Percussion Donald S. Krahn Percussion Scholarship

Harp Department Endowed Funds Chalifoux-Salzedo Scholarship

Piano/Keyboard Division Endowed Funds Reinberger Chair in Piano Established to support faculty excellence through the endowment of the Piano Division Chair.

Carole Hershey Walters Endowed Scholarship Established in 2017 by former Preparatory student Carole Hershey Walters to support female Conservatory students studying piano.

Clara G. Bickford Piano Scholarship Established in honor of Clara G. Bickford, pianist, teacher and the first president of the Women’s Committee. The scholarship supports Conservatory students studying piano.

Emil Danenberg Scholarship for Piano Established in 2008 by the estate of Mary Ann Danenberg in honor of her husband, pianist Emil Danenberg, to support Conservatory students studying piano.

Eunice Podis-Weiskopf Scholarship for Piano Established by Scott Isquick in honor of CIM piano faculty Eunice Podis-Weiskopf, who holds the record for most solo appearances with The Cleveland Orchestra.

The scholarship supports Conservatory students studying piano.

Marianne Mastics Scholarship in Piano Established in 1998 in honor of CIM alumna and faculty Marianne Mastics to support Conservatory students.

Mildred Drews Gilliam Memorial Scholarship Established in 1983 by John D. Gilliam in memory of his mother Mildred Drews Gilliam to support Conservatory students studying piano.

Victor Babin and Vitya Vronsky Babin Memorial Scholarship Established in 1998 in memory of Victor Babin, director of CIM from 1961-72, and Vitya Vronsky Babin. Both were prolific performers as the Vronsky & Babin piano duo as well as CIM faculty members. The scholarship fund supports Conservatory students studying piano.

William O. & Gertrude Lewis Frohring Scholarship Established in 1985 to support Conservatory students with a financial need studying piano.

Alice Pond Chisholm Scholarship C. Searle Whitney Piano Scholarship Carmen Mihalache Dimulescu Piano Scholarship Deborah Lynne Kulber Piano Scholarship Dorothy Van Sickle Scholarship of The Musical Art Society Edith G. Orlean Scholarship Eugene Bondy Memorial Scholarship for Piano Frances Koma Knapp Scholarship for Piano and Financial Need Gogolick Memorial Scholarship Herbert F. Leisy, Jr. Piano Scholarship In Loving Memory of Frank J. & Ellen M. Troha Scholarship Janet P. Udelson Scholarship Fund Loesser Scholarship for Piano Priscilla Fullerton Scholarship Winifred Boynton Scholarship Fund in Piano Winifred T. Sperry & Meta T. Walker Scholarship for Piano

Voice and Opera Division Endowed Funds Dorothy P. Schmitt Chair in Opera Established in the name of Dorothy P. Schmitt to support faculty excellence through the endowment of the Voice and Opera Division Chair.

Dr. Sam & Sarah Sato Scholarship Fund Established in 1987 in honor of longtime CIM supporters, CIM Trustee Dr. Sam Sato and CIM Trustee Emeritus Sarah Sato, who supported many of CIM’s programs in addition to this scholarship. The scholarship fund supports Conservatory students studying voice.

Joseph B. McClelland Scholarship Established in 2004 by Joseph B. McClelland to support Conservatory students studying voice.

Jude Stigelman Vocal Scholarship Established in 2017 by William H. Stigelman, Jr., in memory of his wife, to support Conservatory students studying voice.

Edgar A. Hahn Fund for Opera Eleanor Searle McCollum Voice Scholarship Ellen B. Thomas Vocal Scholarship Janet S. Curry Vocal Scholarship Joy Weinberger Scholarship Fund for Voice Laura and Earl Rogers Scholarship for Voice Paul and Carmel Leon Scholarship for Soprano Ralph S. Schmitt Memorial Fund for Opera

Composition and Music Theory Department Endowed Funds Vincent K. and Edith H. Smith Chair in Composition Established in the name of Vincent K. and Edith H. Smith to support faculty excellence through the endowment of the Composition Department Chair.

Alvaretta West Scholarship for Music Theory Carl G. Lampl Memorial Scholarship for Graduate Composition Students Carolyn and Jack Lampl, Jr. Scholarship Fund Donald Erb Scholarship in Composition Dr. Starling A. and Elva H. Cumberworth Scholarship Fund Marcel Dick Scholarship in Composition

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PREPARATORY DIVISION ENDOWED FUNDS

Ben Belkin Family Memorial Scholarship David I. Kaplan Preparatory Scholarship in Bassoon Dr. Bernard Mlaver Memorial Fund George Coombe Prep Scholarship Hilary Ancker Memorial Scholarship Huser Family Scholarship Fund

Josephine Valencic Memorial Scholarship Lillian Husak Endowed Scholarship Linda Beth Greenbaum Scholarship in Piano Margaret Randall Memorial Scholarship Mary Williams Rautenberg Memorial Scholarship Nicholas J. Kusevick Family Scholarship Rhoda Unger Perpetual Scholarship Richard S. Bower Preparatory Prize Sato Center for Suzuki Studies Scholarship Fund Sherwick Fund Preparatory Scholarship William F. Gerhauser II Fund

Photo Credit: Alex Cooke

Olga Radosavljevich Endowed Scholarship for Classical Piano Established in 2000 by Olga Radosavljevich to support students who have a desire for and a commitment to the art of piano playing, as well as a consistent work ethic and strong family support.

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Photo Credit: Roger Mastroianni

PROGRAM AND SPECIAL FUNDS Mary Elizabeth Callahan President’s Chair Established in 1989 by F.J. Callahan in honor of Mary Elizabeth Callahan to support excellence in administrative leadership through endowment of the President’s Chair.

Charni Fund CIM General Endowment Fund Ellen and Joe Thomas Endowed Fund

Honors Convocation Award Endowed Funds Hope & Stanley Adelstein Prize for Excellence in Composition Established by CIM Honorary Trustee Stanley Adelstein and Hope Adelstein. The prize is awarded to a student demonstrating excellence in composition.

Alice Chalifoux Prize in Harp Anthony P. Hopkins Memorial Prize for Trombone Arthur Loesser Memorial Prize in Piano Beth Pearce Nelson Award in Music Theory Bernard Adelstein Prize in Trumpet Bruce D. Collie Prize in Percussion Cleveland Heights Alumni Chapter of Mu Phi Epsilon – Rosa Lobe Award in Accompanying Dr. Bennett Levine Memorial Award in Chamber Music George F. Goslee Prize in Bassoon Gilbert M. Brooks Dean’s Award for Academic Excellence – Undergrad Henry Fusner Prize in Organ Irvin Bushman Memorial Prize in Singing Isada-Stillman-Varma Award Jocelyn Chang and Michael Leese Award in Harp John Mack Prize for Oboe

Maurice & Judith Kaplow Prize for Uncommon Creativity Michael and Amelia Ablan Award in Guitar Rosalia Ablan Memorial Prize in Guitar William Kurzban Prize in Piano

Building Maintenance Endowed Funds Building Maintenance Fund Expansion Project Maintenance Fund GAR Fund for Building Maintenance

Chamber Music Endowed Funds CIM Chamber Music Residency Fund Dr. Sydney and Gussie B. Klein Visiting Chamber Music Ensemble Fund Jerome Gross Memorial String Quartet Fund

Outreach Program Endowed Funds Frances E. Sykora Fund for Outreach Patience Constance Hoskins Fund for Outreach

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Photo Credit: Robert Muller

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