Curtis_AnnualReport_Fall2017_RevisedSept19

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2 STRATEGIC DIRECTION At the close of a very successful 2016–17, the Curtis Institute of Music is pleased to share some of the highlights of a year in which we made great progress toward fulfilling the goals of a bold strategic direction, established by our board of trustees two years ago. is strategic direction is intended to guide us as we approach our 100-year anniversary in 2024. e plan articulates clear ten-year goals to help us meet— and exceed—the demands of the future, structured around five strategic focus areas. Our progress toward these goals in 2016–17, the second year of plan implementation, is outlined in the following pages. plan articulates ‘‘e clear ten-year goals to help us meet—and exceed—the demands ’’ of the future. At the outset of the year we focused on some key priorities: n creating an infrastructure, both financial and technological, to support Curtis’s expanding reach and influence around the world; n making important decisions about key artistic programs in conducting, orchestral studies, and opera, as well as online courses; n reviewing and revising the structure of our governing and advisory bodies; n positioning Curtis as a global thought leader in arts education; and n addressing the school’s physical infrastructure and human capital needs. ese priorities are reflected in the progress we’ve made in the second year of the plan, detailed on pages 4 through 7 of this report. In particular, we are ever mindful of the importance of maintaining our world-class faculty and the exceptional quality of our student body. Our efforts will continue with renewed energy in the coming year, sustained by the continued fiscal stability we experienced in the 2016–17 school year (see page 3). As we reflect on the accomplishments of the past year and set our course for the year ahead, we are inspired by our wonderful young students and buoyed by the guidance of our trustees, the support of our many generous donors, the dedication of our faculty, and the commitment of our staff. We are thankful for all that they offer to this unique institution. With tremendous gratitude, A complete list of donors to Curtis is at Curtis.edu/AnnualReport. Mark Rubenstein Chair Board of Trustees Roberto Díaz President and CEO Nina von Maltzahn President’s Chair James and Betty Matarese Chair in Viola Studies
ANNUAL REPORT 2016–17 3 FINANCIAL SUMMARY 2016–17 PRELIMINARY PRE-AUDIT FIGURES Combined endowments of the Curtis Institute of Music and the Mary Louise Curtis Bok Foundation (as of May 31, 2017): $235,798,000 EARNED REVENUE 19% OPERATING REVENUES TOTAL $20,583,000 DRAW FROM ENDOWMENT 56% CONTRIBUTED REVENUE 25% When available, audited financial statements will be posted at Curtis.edu/AnnualReport. INSTITUTIONAL COSTS 25% INSTRUCTIONAL AND PROGRAM COSTS 43% OPERATING EXPENSES TOTAL $20,268,000 PHYSICAL PLANT / MAINTENANCE 17% STUDENT SERVICES AND FINANCIAL AID 15% In addition to the above operating expenses, the institution spent $315,000, net of capital-restricted support received, on capital expenditures in fiscal year 2017, including renovations and major repairs to facilities and purchases of instruments, information technology, and audio-visual equipment.
Page 1: 201 6 - 1 7 A N N UA L R E P O R T
Page 5 and 6: ANNUAL REPORT 2016-17 5 GLOBAL MUSI
Page 7 and 8: ANNUAL REPORT 2016-17 7 FINANCIAL F

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