San Francisco Conservatory of Music

Nonprofit profile at a glance

EIN
941156610
IRS 990 coverage
2009–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024, Form 990-T 2024
Location
San Francisco, CA, USA
Phone
4155036431
Rating
81
Verdict
STRONG
Rating confidence
Standard
Sector
University or Technological Institute

Official website

Reported finances

Revenue
$58,718,872
Expenses
$62,876,103
Assets
$393,454,900
Liabilities
$77,676,733

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

33 people listed

Executive titles in this filing

  • DAVID STULL (PRESIDENT)

Highest reported compensation

  • DAVID STULL (PRESIDENT): $1,585,997 total reported compensation
  • ELIZABETH GIUDICESSI (VP OF ADM, MKT & PR (THRU 1/31/24)): $373,250 total reported compensation
  • REGINA LEE (VP OF FINANCE AND ADMINISTRATION): $362,711 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To provide the highest quality of music education to talented musicians from around the world, preparing them for careers that enrich society.

What it reported doing in 2024

Collegiate instruction - sfcm is an accredited college granting bachelor's and master's degrees in music performance. Expenses include salaries, scholarships, recruitment, and academic support (library, student services, etc.). 451 students were enrolled across the following programs: 14 advanced certificates, 12 artist diplomas, 230 bachelors music, 2 certificates, 165 masters music, and 28 professional studies diplomas. 450 students received sfcm scholarships.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Hybrid. The nonprofit split its reported program spending across 63% for direct work, and 37% for grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 71
  • Transparency & Controls: 85
  • Accountability: 100
  • Sustainability: 40
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 80.4%; rating input score 80
  • Program expense ratio: 69.8%; rating input score 70
  • Fundraising efficiency: $5.84 raised per $1 spent on fundraising; rating input score 25; 25th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
  • Pay-setting controls: 6 of 6 controls in place; rating input score 100
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Pass
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: 1 of 8 controls in place; rating input score 12
    • Claims monitoring procedures: Pass
    • Requires narrative reports: Limited
    • Conducts field audits: Limited
    • May suspend future funding: Limited
    • Requires financial reports: Limited
    • Conducts site visits: Limited
    • Requires grant agreements: Limited
    • May require repayment: Limited
  • Grant itemization coverage: 100%; rating input score 100; 77th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 77th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -7.1%; rating input score 10; 10th percentile among comparable filings
  • Total-asset coverage ratio: 6.26; rating input score 88; 88th percentile among comparable filings
  • Liabilities to assets ratio: 0.2; rating input score 69; 69th percentile among comparable filings
  • Officer compensation ratio: 5.9%; rating input score 11; 11th percentile among comparable filings

Growth

  • Program expense growth: 8.6% per year; rating input score 100; 67th percentile among comparable filings
  • Revenue growth: 9% per year; rating input score 100; 73rd percentile among comparable filings
  • Asset growth: 10.1% per year; rating input score 100; 71st percentile among comparable filings

Details

  • What they do: 4 programs and campaigns described on the official site · 1 operating location identified
  • Where the money goes: 80.4% of revenue deployed · 69.8% of spending went to programs
  • Governance: 24 of 24 board members independent · 9 of 9 filing controls reported
  • Programs: 3 filed program accomplishments · $43.9M in reported program spending
  • Leadership: top reported pay $1.6M · 33 people listed · 6 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $2.2M reported
  • Consistency: 44 of 44 current checks pass
  • Schedules: 12 filed schedules · includes major donors, foreign activity, grants, and executive pay
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 8 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Financial Efficiency: Fundraising efficiency scored 25/100.
  • High — Sustainability: Operating margin scored 10/100.
  • High — Sustainability: Officer compensation ratio scored 11/100.