ENDOWMENT FUND PERFORMANCE REPORT
Photo by Abigayle Williams
Front cover photo by Gus Chan
A Message of Thanks
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, 2022 . This report highlights CIM’s endowment performance and strategy, as well as the many funds and donors that have made the endowment possible. To those donors, I send a hearty thank you for helping to ensure the future vitality of our vision to be the future of classical music.
As with the global market over the past year, CIM’s endowment produced negative returns for the period. The good news is that CIM’s endowment has outperformed benchmarks and we have maintained our disbursements to support the work of CIM. The Investment Committee continues to monitor performance and manage our funds to maximize support for CIM’s important programs and incredible students.
I’d like to extend a special thank you to those donors who established new endowment funds in the last fiscal year. The establishment of new funds as a part of CIM’s Second Century Campaign is a critical component to increasing the number of full tuition scholarships we can provide as we work towards lowering the cost of a CIM education. Thank you also to all the endowment fund donors who have supported the individual funds on these pages. Your role in attracting the brightest young musicians to Cleveland makes all the difference.
It is a privilege to serve as CIM’s Investment Committee Chair and to work with my esteemed colleagues on the committee. We take great pride in stewarding a financially secure future for our beloved Institute and the students who will someday walk these storied halls. Thank you again for your generous support.
With appreciation, Kevin Stein Chair, CIM Investment Committee
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
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CIM ENDOWMENT PERFORMANCE REPORT
Results for fiscal year ended June 30, 2022
The endowment is made up of approximately 251 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 $2.5 million, representing 12.8% of the Institute’s operating revenue in fiscal year 2022.
Investment Objectives
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, 2022): $46,038,106
• New assets received (July 1, 2021 – June 30, 2022): $561,092
• Investment return (July 1, 2021 – June 30, 2022): -11.3%
• Fiscal year 2022 draw: 5.3%
• During the 2022 fiscal year, several new endowed funds were established:
° Lola M. and Bruce F. Rothmann Dean’s Scholarship for Piano
Established in 2021 by CIM Board Chair Susan A. Rothmann and her husband and son, Philip and Jeremy Paul, in memory of her parents, pianist and concert manager Lola M. Rothmann and former CIM Trustee Dr. Bruce F. Rothmann, both avid northeast Ohio arts supporters. This fund supports Conservatory piano students.
° Director’s Award for Piano
Established in 2022 by a dedicated CIM volunteer and donor, this fund supports Conservatory piano students.
° William Koznarek Endowment Fund
Established in 2021 by Jean and Mark Koznarek in memory of their son Will, this fund provides scholarship support to full-time Conservatory students studying viola of exceptional talent and need.
° Hershey Foundation Endowed Fund
Established in 2022 by the Hershey Foundation to support the Music Pathway Fellowship at CIM.
° Sidney D. and Nina Josephs Chamber Music Prize
Established in 2021 by the Josephs family in memory of Sidney and Nina Josephs, this fund provides a convocation prize to outstanding students studying chamber music in CIM’s Advanced String Quartet Program.
5 PUBLIC EQUITY 58% HEDGE FUNDS 12.2% FIXED INCOME/CASH 8.1% PRIVATE EQUITY 10.5% REAL ESTATE/ REAL ASSETS 7.3% PRIVATE CREDIT 3.7% Endowment Assets by Asset Class Endowment Assets by Purpose FACULTY 15.4% INSTRUCTIONAL 3.3% SCHOLARSHIPS 41.4% INSTITUTIONAL 39.9%
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.
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.
Eleanor H. Biggs Memorial
Distiguished Professors
Established in 1988 by Eleanor H. Biggs (HDMA ’88) to support faculty excellence.
Reinberger Chair in Piano
Established to support faculty excellence through the endowment of the Piano Division Chair.
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.”
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.
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.
Photo by Abigayle WilliamsCONSERVATORY SCHOLARSHIPS
Edward and Gay Cull Addicott
Presidential Scholarship
Established in 2018 by CIM Trustee Gay C. Addicott and her husband Edward Addicott, to support full tuition, room and board to a Conservatory student annually.
Mary Hamlin Memorial Presidential Scholarship
Established in 2018 by Dr. Clive Hamlin in memory of Mary Hamlin. The Mary Hamlin Memorial Presidential Scholarship supports full tuition, room and board to one Conservatory student annually.
Robinson Family Scholarship
Established in 2019 by CIM Board Chair Emeritus Barbara S. Robinson, the Robinson Family Scholarship promotes diversity, equity and inclusion at CIM by removing barriers for those students from backgrounds traditionally underrepresented in the field of classical music.
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 Mal Mixon and his wife 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 his wife Iris to support room and board for one Conservatory student annually.
C.K.
and Nancy Patrick Endowed Scholarship
Established in 2002 by Nancy A. Patrick, to support Conservatory students.
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 Conservatory student scholarships.
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.
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 Rebecca (BM ’87, MM ’89) and Irad (BM ’87, MM ’88) Carmi, to support Conservatory students.
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CONSERVATORY SCHOLARSHIPS
Charlie and Grosvie Cooley Scholarship Fund
Established in 2022 by CIM Trustee Charlie Cooley and Grosvie Cooley to provide scholarship support to full-time Conservatory students.
Dr.
Mark H. Curley Scholarship Fund
Established in 2014 by Dr. Mark H. Curley to provide scholarship support to full-time Conservatory students.
Roger B. Ellsworth Scholarship
Established in 2020 by CIM supporter Roger B. Ellsworth 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 his wife Ann 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.
Rae Lowe Scholarship
Established in 2002 in memory of CIM alumna and pianist Rae Lowe to support Conservatory students with financial need.
Jane Post Scholarship
Established in 2006 in honor of longtime CIM Trustee and supporter Jane Post to support Conservatory students.
Beryl Rubinstein Fund
Established in 1952 to support Conservatory students.
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.
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.
(CONTINUED)
Photo by Abigayle Williams
William and Mary Beckenbach Endowed Scholarship
Centennial Scholarship
Dr. Starling A. and Elva H. Cumberworth Scholarship Fund
George and Becky Dunn Scholarship Fund
Louis E. Emsheimer Memorial Scholarship
Elsa Findlay Dalcroze Scholarship Fund
Gertrude E. Freeman and Lisa Freeman Roberts Memorial 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
Dr. Sydney and Gussie B. Klein Endowed Scholarship
Charlotte P. Kuhn Memorial Scholarship for Voice or Piano
Lecture Recital Club Scholarship
Robert Ingram & Carrie Scott Leitch Scholarship
S. Livingston Mather Endowed Scholarship
CIM Memorial Scholarship
Clara Rankin Scholarship Fund
Charles W. and Louise M. Ritchie Scholarship Fund
Phyllis G. Rosenthal Scholarship
Elsa Rubinstein Memorial Scholarship
Dorothy P. Schmitt Scholarship Fund
Ruth D. Sihler Memorial Scholarship Fund
Andrew and Susan Talton Scholarship Fund
Alice B. Weeks Memorial Scholarship
Carol Williams Memorial Scholarship
Anonymous Scholarship (2)
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Photo by Gus Chan
Dr. Samuel B. Baker Scholarship Fund for Israeli Students
String Division
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 and Linda Cerone Scholarship Endowment for Violin
Established in 2007 in honor of past CIM President David Cerone and Linda Cerone, both longtime faculty, to support 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.
Mort Kadish Scholarship for Violin
Established in 2010 by Dr. Emilie Kadish to support scholarships for Conservatory students studying violin.
William Koznarek Endowment Fund
Established in 2021 by Jean and Mark Koznarek in memory of their son Will, this fund provides scholarship support to fulltime Conservatory students studying viola of exceptional talent and need.
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.
Gladys and David Cavell Memorial Scholarship for Violin
Harry Fuchs Scholarship Fund
John C. Jackson Endowed Scholarship Fund
Rostropovich Cello Scholarship
Elizabeth E. Scherrer Memorial Scholarship in Cello
Woodwind Division
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
Brass Division Jean and Richard Hipple Dean’s Scholarship
Established in 2018 by CIM Board Chair
Emeritus Richard Hipple and his wife Jean 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
Alice Chalifoux Scholarship Chalifoux-Salzedo Scholarship
Keyboard Division
Lola M. and Bruce F. Rothmann Dean’s Scholarship for Piano
Established in 2021 by CIM Board Chair Susan A. Rothmann and her husband and son, Philip and Jeremy Paul, in memory of her parents, pianist and concert manager Lola M. Rothmann and former CIM Trustee Dr. Bruce F. Rothmann, both avid northeast Ohio arts supporters.
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.
Clara G. Bickford Piano Scholarship
Established in honor of Clara G. Bickford, pianist, teacher and the first president of the Women’s Committee.
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.
Director’s Award for Piano
Established in 2022 by a dedicated CIM volunteer and donor, this fund supports Conservatory piano students.
William O. & Gertrude Lewis Frohring Scholarship
Established in 1985, to support Conservatory students 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.
Carmen Mihalache Dimulescu Piano Scholarship
Established in 1995 in honor of CIM alumna Carmen Mihalache Dimulescu to support Conservatory student scholarships.
C. Searle Whitney Piano 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 C. Searle Whitney and was funded by the Eleanor Searle McCollum Foundation.
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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
Frances Koma Knapp Scholarship for Piano and Financial Need
Deborah Lynne Kulber Piano Scholarship
Herbert F. Leisy, Jr. Piano Scholarship
Rosa Lobe Accompanying Piano Scholarship
Edith G. Orlean Scholarship
Arthur Schnabel Scholarship in Piano
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
Carole Hershey Walters Endowed Scholarship
Opera and Voice Division
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.
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.
Dr. Sam & Sarah Sato Scholarship Fund
Established in 1987 in honor of longtime CIM supporters and Trustees Dr. Sam and Sarah Sato, who supported many of CIM’s programs in addition to this scholarship.
Jude Stigelman Vocal Scholarship
Established in 2017 by William H. Stigelman, Jr., in memory of his wife, to support Conservatory students studying voice.
James C. Brooks Scholarship for Female Voice
Janet S. Curry Vocal Scholarship
Delores P. Rebman Memorial Scholarship Fund
Ellen B. Thomas Vocal Scholarship
Joy Weinberger Scholarship Fund for Voice
Composition and Music Theory Division
Marcel Dick Scholarship in Composition
Donald Erb Scholarship in Composition
Carl G. Lampl Memorial Scholarship for Graduate Composition Students
Carolyn and Jack Lampl, Jr., Scholarship Fund
Alvaretta West Scholarship for Music Theory
PREPARATORY SCHOLARSHIPS
Hilary Ancker Memorial Scholarship
The Hilary Ancker Memorial 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, who does not otherwise have the means to study.
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.
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.
Helen L. Baker Memorial Scholarship
Ben Belkin Family Memorial Scholarship
Richard S. Bower Preparatory Voice Scholarship
George Coombe Prep Scholarship
William F. Gerhauser II Fund
Linda Beth Greenbaum Scholarship in Piano
Hershey Foundation Endowed Fund
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
Carole A. Rieck Fund for Preparatory Instruction
Sato Center for Suzuki Studies Scholarship Fund
Sherwick Fund Preparatory Scholarship
Rhoda Unger Perpetual Scholarship
Josephine Valencic Memorial Scholarship
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Photo by Robert Muller
HONORS CONVOCATION PRIZE AND AWARD FUNDS
Alice Chalifoux Prize in Harp
Anthony P. Hopkins Memorial Prize for Trombone
Bernard Adelstein Prize in Trumpet
Beth Pearce Nelson Award in Music Theory
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
Dr. Jerome Gross Prize in Violin
George F. Goslee Prize in Bassoon
Gilbert M. Brooks Dean’s Award for Academic Excellence
Gladys and Josef Gingold Scholarship
Henry Fusner Prize in Organ
Hope & Stanley Adelstein Prize for Excellence in Composition and Performance
Irvin Bushman Memorial Prize in Singing Isada-Stillman-Varma Award
John Mack Prize in Oboe Joselyn Chang and Michael Leese Award in Harp
Maurice & Judith Kaplow Prize for Uncommon Creativity
Max Berman Prize in Voice
Michael and Amelia Ablan Award in Guitar Mu Phi Epsilon Sorority Scholarship
Rosalia Ablan Memorial Prize in Guitar Sidney D. and Nina Josephs Chamber Music Fund
William Kurzban Prize in Piano
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.
programs, this fund received generous additional support in 2022 from the Northern Ohio Opera League.
Katharine Mulky Warne Milhaud Scholarship
John
D.
Gilliam Distinguished Visiting Artist Fund
Established by CIM Honorary Trustee John D. Gilliam to support distinguished visiting artist performances and master classes.
Edgar A. Hahn Fund for Opera
A lawyer and philanthropist, Edgar Hahn was founder of the Northern Ohio Opera Association which brought Metropolitan Opera touring production to Cleveland for almost 60 years. Established in the 1970s to support CIM opera productions and
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. The fund also supports the Darius Milhaud Performance Prize and the Darius Milhaud Honors Convocation Award.
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.
Cavani String Quartet Endowment Award Maxine E. Cummins Memorial Fund Barbara Eaton Memorial Ticket Fund
Patience Constance Hoskins Fund for Outreach
in Voice or Organ
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Dr. Sydney and Gussie Klein Visiting Chamber Music Ensemble Fund
Edwin A. Kraft & Marie S. Kraft Scholarship
Laurie Lake Library Endowment Robinson Family Fund Edith & Vincent Smith Scholarship Fund Frances E. Sykora Fund for Outreach
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