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        <BusinessNameLine1>CLEVELAND INSTITUTE OF MUSIC</BusinessNameLine1>
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      <Phone>2167915000</Phone>
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        <City>CLEVELAND</City>
        <State>OH</State>
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      <DateSigned>2011-02-15</DateSigned>
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        <NamePerson>REBENALT JAMES D</NamePerson>
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        <NamePerson>ROBINSON BARBARA S</NamePerson>
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        <NamePerson>ROTHMANN SUSAN A</NamePerson>
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        <NamePerson>SCHLANG ELLIOT L</NamePerson>
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        <NamePerson>SCIARAPPA DONNA M</NamePerson>
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        <NamePerson>SHELLEY JOHN F</NamePerson>
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        <NamePerson>SIMON DAVID L</NamePerson>
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        <NamePerson>SMITH JAMES A</NamePerson>
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        <NamePerson>SOLGANIK MARVIN</NamePerson>
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        <NamePerson>STEWART HAROLD O</NamePerson>
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        <NamePerson>STONE KARIN</NamePerson>
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    <IRS990ScheduleK documentId="RetDoc8">
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>CLEVELAND INSTITUTE OF MUSIC</BusinessNameLine1>
          <BusinessNameLine2>CLEVELAND INSTITUTE OF MUSIC</BusinessNameLine2>
        </IssuerName>
        <IssuerEIN>340714600</IssuerEIN>
        <DateIssued>2005-05-01</DateIssued>
        <IssuePrice>20000000</IssuePrice>
        <DescriptionOfPurpose>CONSTRUCTION PROJECT</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartII>
        <TotalProceeds>19665000</TotalProceeds>
        <IssuanceCostsFromProceeds>209491</IssuanceCostsFromProceeds>
        <CapitalExpenditures>20000000</CapitalExpenditures>
        <YearOfSubstCompletion>2007</YearOfSubstCompletion>
        <CurrentRefunding>false</CurrentRefunding>
        <AdvanceRefunding>false</AdvanceRefunding>
        <FinalAllocationMade>true</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>true</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
      <Form990ScheduleKPartIII>
        <OwningBondFinancedProperty>false</OwningBondFinancedProperty>
        <AnyLeaseArrangements>false</AnyLeaseArrangements>
        <MngmentCntrctBondFinancdPrprty>false</MngmentCntrctBondFinancdPrprty>
        <AnyResearchAgreements>false</AnyResearchAgreements>
        <BondCounselRoutinelyEngaged>false</BondCounselRoutinelyEngaged>
        <PercentageOfPrvtBusinessReUBI>0.00010</PercentageOfPrvtBusinessReUBI>
        <TotalPrivateBusinessUse>0.00010</TotalPrivateBusinessUse>
        <PostIssuanceComplianceProcdrs>true</PostIssuanceComplianceProcdrs>
      </Form990ScheduleKPartIII>
      <Form990ScheduleKPartIV>
        <Form8038TFiled>true</Form8038TFiled>
        <VariableRateIssue>true</VariableRateIssue>
        <HedgeIdentifiedInBooksAndRecds>false</HedgeIdentifiedInBooksAndRecds>
        <GrossProceedsInvestedInGIC>false</GrossProceedsInvestedInGIC>
        <GrossProceedsInvested>false</GrossProceedsInvested>
        <ExceptionToRebate>true</ExceptionToRebate>
      </Form990ScheduleKPartIV>
    </IRS990ScheduleK>
    <IRS990ScheduleL documentId="RetDoc9">
      <Form990ScheduleLPartIV>
        <NameOfInterestedPerson>
          <NamePerson>JOAN KWUON</NamePerson>
        </NameOfInterestedPerson>
        <Relationship>FACULTY MEMBER</Relationship>
        <AmountOfTransaction>43233</AmountOfTransaction>
        <DescriptionOfTransaction>TEACHING PREP. STUDE</DescriptionOfTransaction>
        <SharingOfRevenues>false</SharingOfRevenues>
      </Form990ScheduleLPartIV>
      <Form990ScheduleLPartIV>
        <NameOfInterestedPerson>
          <NamePerson>CHARLIE MARSTON</NamePerson>
        </NameOfInterestedPerson>
        <Relationship>TRUSTEE</Relationship>
        <DescriptionOfTransaction>PURCH. PROFESSIONAL</DescriptionOfTransaction>
        <SharingOfRevenues>false</SharingOfRevenues>
      </Form990ScheduleLPartIV>
      <Form990ScheduleLPartIV>
        <DescriptionOfTransaction>SERVICES FROM UBS</DescriptionOfTransaction>
        <SharingOfRevenues>false</SharingOfRevenues>
      </Form990ScheduleLPartIV>
      <Form990ScheduleLPartIV>
        <NameOfInterestedPerson>
          <NamePerson>BARBARA GRATRY</NamePerson>
        </NameOfInterestedPerson>
        <Relationship>TRUSTEE</Relationship>
        <DescriptionOfTransaction>PURCH. PROFESSIONAL</DescriptionOfTransaction>
        <SharingOfRevenues>false</SharingOfRevenues>
      </Form990ScheduleLPartIV>
      <Form990ScheduleLPartIV>
        <DescriptionOfTransaction>SERVICES FROM GRATRY</DescriptionOfTransaction>
        <SharingOfRevenues>false</SharingOfRevenues>
      </Form990ScheduleLPartIV>
      <Form990ScheduleLPartIV>
        <DescriptionOfTransaction>&amp; CO.</DescriptionOfTransaction>
        <SharingOfRevenues>false</SharingOfRevenues>
      </Form990ScheduleLPartIV>
    </IRS990ScheduleL>
    <IRS990ScheduleO documentId="RetDoc10">
      <GeneralExplanation>
        <Identifier>EXPLANATION ON VOLUNTEERS AND TYPES OF SERVICES OR BENEFITS</Identifier>
        <ReturnReference>FORM 990, PAGE 1, PART I, LINE 6</ReturnReference>
        <Explanation>TOTAL NUMBER OF VOLUNTEERS: WOMEN'S COMMITTEE: 253 FRIENDS COMMITTEE: 25 BOARD: 51 ------ 329 ------</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>SIGNIFICANT CHANGES TO ORGANIZATIONAL DOCUMENTS</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 4</ReturnReference>
        <Explanation>CLEVELAND INSTITUTE OF MUSIC ESTABLISHED A COMPENSATION AND AUDIT COMMITTEE. CLEVELAND INSTITUTE OF MUSICE ALSO CHANGED THE QUORUM REQUIREMENT FOR BOTH THE MEMBERS AND THE TRUSTEES. A QUORUM OF MEMBERS NOW REQUIRES 10% OF THE MEMBERS RATHER THAN TWENTY MEMBERS AND A QUORUM FOR TRUSTEES WAS REDUCED FROM ONE-THIRD TO ONE-QUARTER.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>CLASSES OF MEMBERS OR STOCKHOLDERS</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 6</ReturnReference>
        <Explanation>MEMBERSHIP IS OPEN TO ALL PERSONS OR CORPORATIONS WHO ARE INTERESTED IN 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.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>ELECTION OF MEMBERS AND THEIR RIGHTS</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 7A</ReturnReference>
        <Explanation>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 ATLEAST 500 ANNUALLY TO THE INSTITUTE'S ANNUAL FUND. THE MEMBERS ELECT THE TRUSTEES OF THE INSTITUTE AT THE ANNUAL MEETING</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>ORGANIZATION'S PROCESS USED TO REVIEW FORM 990</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 11</ReturnReference>
        <Explanation>ONCE THE 990 IS PREPARED, IT IS PRESENTED TO A SUB-COMMITTEE COMPRISED OF INDIVIDUALS FROM THE FINANCE, GOVERNANCE, AND AUDIT COMMITTEE OF THE CLEVELAND INSTITUTE OF MUSIC FOR THEIR REVIEW. ANY QUESTIONS OR COMMENTS RAISED ARE THEN ADDRESSED BY THE CONTROLLER OF CLEVELAND INSTITUTE OF MUSIC AND THE FORM IS THEN FILED.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>ENFORCEMENT OF CONFLICTS POLICY</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 12C</ReturnReference>
        <Explanation>THE MONITORING AND ENFORCEMENT OF THE CONFLICT OF INTEREST POLICY IS OVERSEEN BY THE COMMITTEE ON TRUSTEES OF THE BOARD. WHEN A CONFLICT ARISES, THE INDIVIDUAL IS NOT PERMITTED TO VOTE OR PARTICIPATE IN THE DISCUSSION OF THE TRANSACTION. PERSONS WHO ARE INDEPENDENT OF THE INDIVIDUAL WITH THE CONFLICT, MAKE THE DECISION REGARDING THE TRANSACTION. THE DELIBERATIONS AND DECISIONS ARE DOCUMENTED IN THE MINUTES OF THE BOARD.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>COMPENSATION PROCESS FOR TOP OFFICIAL</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 15A</ReturnReference>
        <Explanation>THE PRESIDENT'S COMPENSATION WHICH IS INCLUDED IN HIS CONTRACT IS REVIEWED, APPROVED AND SIGNED BY THE CHAIRMAN OF THE BOARD OF TRUSTEES.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>COMPENSATION PROCESS FOR OFFICERS</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 15B</ReturnReference>
        <Explanation>THE VICE PRESIDENT/CHIEF OPERATING OFFICER'S COMPENSATION IS REVIEWED AND APPROVED BY THE PRESIDENT AND THE CHAIRMAN OF THE BOARD OF TRUSTEES.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>GOVERNING DOCUMENTS DISCLOSURE EXPLANATION</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 19</ReturnReference>
        <Explanation>DOCUMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>PUBLICATION OF NONDISCRIMINATORY POLICY IN MEDIA EXPLANATION</Identifier>
        <ReturnReference>SCHEDULE E, LINE 3</ReturnReference>
        <Explanation>SCHOLARSHIPS. THE FOLLOWING IS THE INSTITUTE'S POLICY ON NON DISCRIMINATION FOR ADMISSION AS REAFFIRMED BY THE BOARD OF TRUSTEES: CLEVELAND INSTITUTE OF MUSIC ADMITS STUDENTS OF ANY RACE, COLOR, NATIONAL AND ETHNIC ORIGIN TO ALL THE RIGHTS, PRIVILEDGES, PROGRAMS, AND ACTIVITIES GENERALLY ACCORDED OR MADE AVAILABLE TO ALL STUDENTS AT THE SCHOOL. IT DOES NOT DISCRIMINATE ON THE BASIS OF RACE, COLOR, NATIONAL AND ETHNIC ORIGIN IN ADMINISTRATION OF ITS EDUCATIONAL POLICIES, SCHOLARSHIPS AND LOAN PROGRAMS, AND OTHER SCHOOL ADMINISTERED PROGRAMS.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>FINANCIAL AID OR GOVERNMENT ASSISTANCE EXPLANATION</Identifier>
        <ReturnReference>SCHEDULE E, LINE 6</ReturnReference>
        <Explanation>FINANCIAL AID ASSISTANCE IS RECEIVED FROM THE FOLLOWING GOVERNMENTAL AGENCIES: US DEPARMENT OF EDUCATION: FEDERAL DIRECT STAFFORD LOAN FEDERAL DIRECT PLUS LOAN FEDERAL PERKINS LOAN FEDERAL WORK-STUDY SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT OHIO BOARD OF REGENTS: OHIO INSTITUTIONAL GRANTS OHIO CHOICE GRANT OHIO ACADEMIC SCHOLARSHIP OHIO COLLEGE ACCESS OHIO COLLEDGE OPPORTUNITY GRANT PA HIGHER EDUCATIONAL ASSISTANCE AGENCY: PHEAA GRANT MICHIGAN DEPARTMENT OF TREASURY: MICHIGAN MERIT MICHIGAN EDUCATION TRUST</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
  </ReturnData>
</Return>