2020-21 Endowment Fund Performance Report

2020-21

ENDOWMENT FUND PERFORMANCE REPORT

Photo by Roger Mastroianni

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 ending June 30, 2021. The report highlights our investment performance and distributions, and spotlights the many individual funds and donors who have contributed to the long-term vitality of CIM’s mission to empower the world’s most talented classical music students to fulfill their dreams and potential.

CIM’s endowment is a key component of Blueprint:100, the strategic plan CIM adopted in 2017 that charts a course for its second century. Broad philanthropic support of the endowment, particularly in the critical area of endowed student scholarship funds, will empower CIM to dramatically reduce the net cost of education within a decade. Thank you to all the endowment fund donors who have supported the individual funds on these pages. You have played a role in the continued success in attracting the brightest young musicians to Cleveland.

As a new member of CIM’s Board of Trustees, I find the history written in this fund listing astonishing. The outstanding musicians and members of the Cleveland community who have nurtured CIM’s musical and civic legacy is impressive. It is a privilege to join this storied institution and contribute to its role in building the future of classical music.

CIM Investment Committee Kevin Stein Chair A. Chace Anderson Cynthia Bassett Jeffrey M. Davis Charles S. Marston Gary W. Poth Shawn M. Riley Elliott L. Schlang Joseph H. Thomas Susan A. Rothmann, PhD Ex-Officio Paul W. Hogle Ex-Officio

Finally, my term as investment chair follows CIM legend, Joseph H. Thomas, who led the committee for 24 years. He presided over a period of exciting growth in the endowment while remaining focused on maximizing these vital assets held by the Institute. His stewardship over this period has been invaluable to our mission. Thank you, Joe, for your leadership and for being a champion of CIM.

Kevin Stein Chair, CIM Investment Committee

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CIM ENDOWMENT PERFORMANCE REPORT Results for fiscal year ended June 30, 2021 The endowment is made up of approximately 233 individual endowment funds that provide perpetual financial support for scholarships, professorships, academic and performance programs, facilities maintenance and other education-related programs. Approximately 59% 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 13.2% of the Institute’s operating expenses in fiscal year 2021.

Investment Objectives of CIM Endowment The investment objectives of the CIM endowment are to manage its 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 our 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. Endowment Highlights • Total value of endowment (as of June 30, 2021): $54,139,226 • New assets during FY21: $927,311 • Investment return (July 1, 2020 – June 30, 2021): 31.2% • FY21 draw: 5.4% • During FY21, several new endowed funds were established: ◦

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.

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Helen and Gene Beer Scholarship Fund for Outstanding Community Service Established in 2021 by Gene Beer in loving memory of his wife Helen, this fund provides scholarship support to a Conservatory student demonstrating a spirit of outstanding community service.

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Dr. Bernard Mlaver Memorial Fund Established in 2020 by the friends and family of Dr. Bernard Mlaver to honor his memory and love of music, this fund supports musical education for Black and Latinx students through the Musical Pathway Fellowship program.

Endowment Assets by Asset Class HEDGE EQUITY

13.1% PUBLIC EQUITY

64.8%

FIXED INCOME/CASH

10.6% PRIVATE EQUITY

5.4% REAL ESTATE/ REAL ASSETS

3.9% PRIVATE CREDIT

2.2%

Endowment Assets by Purpose INSTITUTIONAL

40.3% FACULTY

15.6% SCHOLARSHIPS

40.9% INSTRUCTIONAL

3.2% 5

FACULTY CHAIRS 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.

Eleanor H. Biggs Memorial Distiguished 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.”

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.

Reinberger Chair in Piano Established to support faculty excellence through the endowment of the Piano Division Chair.

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 endowment of the Composition Department Chair.

Photo by Robert Muller

Dorothy P. Schmitt Chair in Opera Established in 1986 in the name of Dorothy P. Schmitt to support faculty excellence through the endowment of the Voice and Opera Division Chair.

CONSERVATORY SCHOLARSHIPS

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 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.

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.

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

D. Robert Barber Scholarship Fund Established in 2004 in honor of longtime CIM Trustee D. Robert Barber to provide funding for CIM Conservatory student scholarships.

William and Mary Beckenbach Endowed Scholarship Established in 2015 to support CIM graduate students with a financial need, particularly for brass and woodwind students.

Helen and Gene Beer Scholarship Fund for Outstanding Community Service Established in 2021 by Gene Beer in loving memory of his wife Helen, this fund provides scholarship support to a Conservatory student demonstrating a spirit of outstanding community service.

Photo Credit: Robert Muller

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.

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CONSERVATORY SCHOLARSHIPS 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.

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.

GAR Foundation Scholarship Fund Established in 1991 by the GAR Foundation to support Conservatory students with financial need.

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.

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.

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

Emma Lincoln Scholarship for Voice Established in 2018 by the Lincoln family in memory of their mother, avid Cleveland arts supporter Emma Lincoln, this fund supports Conservatory students studying voice.

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Rae Lowe Scholarship Established in 2002 in memory of CIM alumna and pianist Rae Lowe to support Conservatory students.

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

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

Phyllis G. Rosenthal Scholarship Established in 2009 by Barbara Allyne Bennet to support female Conservatory students with financial need.

Beryl Rubinstein Fund Established in 1952 in honor of Beryl Rubinstein, American pianist and director of CIM from 1932-52, to support Conservatory students studying performance.

Elsa Rubinstein Memorial Scholarship Established in 1963 by friends and family in memory of Elsa Rubinstein to support Conservatory student scholarships.

Martha Bell Sanders Scholarship Established in 1989 by the Martha Bell Sanders Trust in honor of CIM’s first executive director to support Conservatory students.

Carol Williams Memorial Scholarship Established in 1940 by Mr. Whiting Williams in memory of Carol Williams to support CIM student scholarships as an act of generosity toward the promotion of the work of the Cleveland Institute of Music.

Anonymous Scholarship (2) Dr. Samuel B. Baker Scholarship Fund for Israeli Students Centennial Scholarship Dr. Starling A. and Elva H. Cumberworth Scholarship Fund George and Becky Dunn Scholarship Fund Roger B. Ellsworth Scholarship Louis E. Emsheimer Memorial Scholarship Elsa Findlay Dalcroze Scholarship Fund Gertrude E. Freeman and Lisa Freeman Roberts Memorial Fund Sarah, Travis & Caitlin Rea and Ann, Emily & Jeffrey Gleason Fund Josephine Grasselli Memorial Scholarship Bob and Sally Gries Scholarship Fund Robert Hays Gries Scholarship Gulick Family Scholarship Daniel and Ethel Hamburger Scholarship Honor Scholarship Israeli Student Scholarship Fund Martha Joseph Tribute Fund

Dr. Sydney and Gussie B. Klein Endowed Scholarship Edwin A. Kraft & Marie S. Kraft Scholarship in Voice or Organ Charlotte P. Kuhn Memorial Scholarship for Voice or Piano Lecture Recital Club Scholarship Robert Ingram & Carrie Scott Leitch Scholarship Ward Lewis Honorary Endowment Scholarship Caroline White Macnaughton Memorial Scholarship for Piano, Violin or Cello S. Livingston Mather Endowed Scholarship CIM Memorial Scholarship Clara Rankin Scholarship Fund Delores P. Rebman Memorial Scholarship Fund Charles W. and Louise M. Ritchie Scholarship Fund Dorothy P. Schmitt Scholarship Fund Ruth D. Sihler Memorial Scholarship Fund Martha Swann Smith Piano/Theory Scholarship Mary S. Stone Memorial Scholarship Fund Andrew and Susan Talton Scholarship Fund Watts Scholarship for Underrepresented Students from Underrepresented Backgrounds in Classical Music Alice B. Weeks Memorial Scholarship

Photo by Roger Mastroianni

Charlotte Demuth Williams Scholarship Fund Established in 2000 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.

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String Division

Woodwind Division

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.

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

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.

Mort Kadish Scholarship for Violin Established in 2010 by Dr. Emilie Kadish in memory of her husband Dr. Mort Kadish to support scholarships for 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.

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.

David J. Cavell Memorial Scholarship for Violin Harry Fuchs Scholarship Fund John C. Jackson Endowed Scholarship Fund Mary W. Parks Memorial Scholarship for Violin Rostropovich Cello Scholarship Elizabeth E. Scherrer Memorial Scholarship in Cello

Brass Division 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 Division Cloyd E. Duff Timpani Scholarship Donald S. Krahn Percussion Scholarship Richard Weiner Scholarship for Percussion

Harp Division Chalifoux-Salzedo Scholarship Established in 1988 in honor of longtime principal harpist of The Cleveland Orchestra, head of The Salzedo School and CIM faculty Alice Chalifoux to support Conservatory students studying harp.

Alice Chalifoux Scholarship Marion S. Hewgley Memorial Scholarship

Keyboard Division 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 is awarded annually to a pianist of unusual ability, who holds an annual performance under the name of the scholarship.

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.

Carmen Mihalache Dimulescu Piano Scholarship Established in 1995 in honor of CIM alumna Carmen Mihalache Dimulescu to support Conservatory student scholarships.

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

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.

Arthur Loesser Memorial Scholarship for Piano Established in 1964 in honor of internationally known pianist and head of CIM’s piano faculty from 1953-69 to support 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.

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.

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.

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

C. Searle Whitney Piano Scholarship Established in 2010 in support of full-time Conservatory students maintaining a GPA of 3.0 or higher, with preference for students from Plymouth or rural areas of Richland and Huron counties in Ohio. The scholarship is in memory of philanthropist C. Searle Whitney and was funded by the Eleanor Searle McCollum Foundation.

Eugene Bondy Memorial Scholarship for Piano Winifred Boynton Scholarship Fund in Piano Alice Pond Chisholm Scholarship Ruth M. Edwards Scholarship in Piano Priscilla Fullerton Scholarship Henry Fusner Organ Scholarship Gogolick Memorial Scholarship Grant Johannesen Endowed Scholarship in Piano 11

Frances Koma Knapp Scholarship for Piano and Financial Need Deborah Lynne Kulber Piano Scholarship William B. Kurzban Scholarship Fund Herbert F. Leisy, Jr. Piano Scholarship Rosa Lobe Accompanying Piano Scholarship Edith G. Orlean Scholarship Arthur Schnabel Scholarship in Piano Edith & Vincent Smith Scholarship Fund Winifred T. Sperry & Meta T. Walker Scholarship for Piano Eileen R. Steiger Memorial Scholarship In Loving Memory of Frank J. & Ellen M. Troha Scholarship Janet P. Udelson Scholarship Fund Dorothy Van Sickle Scholarship of The Musical Art Society

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.

Opera and Voice Division

Joy Weinberger Scholarship Fund for Voice Established in 1992 in honor of longtime CIM Trustee and supporter Joy Weinberger to support Conservatory student scholarships.

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

Eleanor Searle McCollum Voice Scholarship Established in 2015 in support of full-time Conservatory students maintaining a GPA of 3.0 or higher, with preference for students from Plymouth or rural areas of Richland and Huron counties in Ohio. The scholarship is in memory of philanthropist Eleanor Searle McCollum and was funded by the Eleanor Searle McCollum Foundation.

Laura and Earl Rogers Scholarship for Voice Established in 1985 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.

Ellen B. Thomas Vocal Scholarship Established in 2014 to support Conservatory students studying voice.

James C. Brooks Scholarship for Female Voice Janet S. Curry Vocal Scholarship Paul and Carmel Leon Scholarship for Soprano Pauline Thesmacher Scholarship in Voice

Composition and Music Theory Division Marcel Dick Scholarship in Composition Donald Erb Scholarship in Composition Carolyn and Jack Lampl, Jr., Scholarship Fund Alvaretta West Scholarship for Music Theory

PREPARATORY SCHOLARSHIP FUNDS 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 consistent work ethic and strong family support.

GAR Foundation Scholarship Fund (ENCORE) Established in 1991 by the GAR Foundation to support Preparatory students with financial need.

Helen L. Baker Memorial Scholarship Ben Belkin Family Memorial Scholarship Richard S. Bower Preparatory Voice Scholarship George Coombe Prep Scholarship Linda Beth Greenbaum Scholarship in Piano Lillian Husak Endowed Scholarship Huser Family Scholarship Fund David I. Kaplan Preparatory Scholarship in Bassoon Dr. Bernard Mlaver Memorial Fund Margaret Randall Memorial Scholarship Mary Williams Rautenberg Memorial Scholarship Sato Center for Suzuki Studies Scholarship Fund Rhoda Unger Perpetual Scholarship Josephine Valencic Memorial Scholarship

Nicholas J. Kusevich Family Scholarship Established in 2016 by Barbara Allyne Bennet to support female Preparatory students with a financial need, with preference for students participating in the Young Artist Program.

Photo by Roger Mastroianni

Hilary Ancker Memorial Scholarship The Hilary Ancker Memorial Preparatory Scholarship was established in 1988 to provide financial aid to a clarinet student in grades 5-12 with promise from Cleveland Heights schools, or other woodwind student at the discretion of the Preparatory Division.

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HONORS CONVOCATION PRIZE AND AWARD FUNDS Michael and Amelia Ablan Award in Guitar Rosalia Ablan Memorial Prize in Guitar Bernard Adelstein Prize in Trumpet Hope & Stanley Adelstein Prize for Excellence in Composition and Performance Gilbert M. Brooks Dean’s Award for Academic Excellence Joselyn Chang and Michael Leese Award in Harp Bruce D. Collie Prize in Percussion Henry Fusner Prize in Organ Gladys and Josef Gingold Scholarship George F. Goslee Prize in Bassoon

Dr. Jerome Gross Prize in Violin Anthony P. Hopkins Memorial Prize for Trombone Isada-Stillman-Varma Award Maurice & Judith Kaplow Prize for Uncommon Creativity William Kurzban Prize in Piano Cleveland Heights Alumni Chapter of Mu Phi Epsilon - Rosa Lobe Award in Accompanying John Mack Prize in Oboe Mu Phi Epsilon Sorority Scholarship Beth Pearce Nelson Award in Music Theory Sadie Zellen Piano Prize

PROGRAM AND GENERAL ENDOWMENT FUNDS 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.

John D. Gilliam Distinguished Visiting Artist Fund Established by CIM Honorary Trustee John D. Gilliam to support distinguished visting artist performances and master classes.

Katharine Mulky Warne Milhaud Scholarship Established in 1986 by the Darius Milhaud Society in the name of French composer Darius Milhaud (1892-1974) to support junior and senior Conservatory students of exceptional accomplishment and academic excellence.

Ellen and Joe Thomas Endowed Fund Established in 2019 by CIM Trustee Joseph H. Thomas and Ellen Thomas to support general endowment and the renovation of the Ellen and Joe Thomas Student Commons.

John H. Bemis and Ruth T. Bemis Fund Charni Fund Maxine E. Cummins Memorial Fund Barbara Eaton Memorial Ticket Fund Ester Gimp Student Programs Fund Edgar A. Hahn Fund for Opera Patience Constance Hoskins Fund for Outreach Gertrude Hornung Memorial Fund Martha Joseph Tribute Fund E.J. Kulas Fund Mellon/NEA Fund Mary W. Parks Memorial Fund Robinson Family Fund Martha B. Sanders Fund Ralph S. Schmitt Memorial Fund for Opera Frances E. Sykora Fund for Outreach

Building Maintenance Funds

Library Funds

Building Maintenance Fund Expansion Project Maintenance Fund GAR Fund for Building Maintenance

Laurie Lake Library Endowment Herbert M. Strong Library Fund Ida F. Whitman Library Fund

Chamber Music Program Funds

Photo by Roger Mastroianni Photo by Robert Muller

Photo by Alex Cooke

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

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CIM at 100 Celebrating history, creating the future

11021 East Boulevard, Cleveland, OH 44106 cim.edu Front cover photo by: Robert Muller