Royal Conservatory of Music
STAR RATINGCi's Star Rating is calculated based on the following independent metrics: |
✖
FINANCIAL TRANSPARENCY
Audited financial statements available only through official request for information from Charities Directorate.
C-
RESULTS REPORTING
Grade based on the charity's public reporting of the work it does and the results it achieves.
n/r
DEMONSTRATED IMPACT
The demonstrated impact per dollar Ci calculates from available program information.
NEED FOR FUNDING
Charity's cash and investments (funding reserves) relative to how much it spends on programs in most recent year.
67%
CENTS TO THE CAUSE
For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 67 cents are available for programs.
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OVERVIEW
About Royal Conservatory of Music:
Founded in 1886, the Royal Conservatory of Music (RCM) is one of the largest musical education institutions in the world. The Royal Conservatory’s mission is to develop human potential through leadership in music and the arts. The conservatory’s programs are music study and assessment, performances at its home in the Telus Centre for Performance and Learning, professional development of music educators, and training at the post-secondary and graduate levels.
The Royal Conservatory of Music runs the RCM certificate program, a comprehensive and effectively sequenced system of study of music. It is one of the top music education systems in Canada. The Conservatory reports that every year, more than 30,000 teachers and 500,000 students take part in the curriculum. The examination component of the certificate program is delivered by over 350 accredited examiners who track students’ progress.
The Royal Conservatory of Music presents and produces a wide range of concerts at Koerner Hall, Temerty Theatre, Mazzoleni Concert Hall, and Ihnatowycz Hall, all located in the Telus Centre for Performance and Learning in Toronto. RCM's 2020-2021 concert season will see over 100 classical, jazz, pop, and world music concerts.
The RCM offers training at the Glenn Gould School and the Phil and Eli Taylor Performance Academy for Young Artists. The Glenn Gould School is an internationally recognized center for professional music training. Each year it welcomes 50 guest artists who lead over 125 master classes for 130 students.
In August 2016, the Royal Conservatory of Music and Infrastructure Ontario reached an agreement to reduce RCM’s debt payments. In 2010, Infrastructure Ontario agreed to loan $83.6 million to the conservatory, repayable over 20 years, to help meet construction costs for the Telus Centre. Under the restructuring, the principal of the loan was reduced from $82.4 million to $52.4 million, with half of the reduction being absorbed by the government and the other half covered by an upfront contribution by RCM donors.
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Results and Impact
The Royal Conservatory of Music reports that over 85% of graduates from the Phil and Eli Taylor Performance Academy for Young Artists go on to study music in their post-secondary education.
While Ci highlights these key results, they may not be a complete representation of The Royal Conservatory of Music's results and impact. This charity is not yet rated on impact (n/r).
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Finances
Figures of the Royal Conservatory of Music have been consolidated with the Royal Conservatory of Music Foundation. RCM received donations of $12.9m in F2019. The charity’s administrative costs are 5% of donations and fundraising costs are 28% of donations. This results in overhead spending of 33%. For every dollar donated, 67 cents goes to the charity’s programs, falling within Ci’s reasonable range.
RCM has negative funding reserves of ($20.1m) due to loans from Infrastructure Ontario. The charity has $42.1m in donor-endowed funds.
Ci has sent this profile update to the Royal Conservatory of Music for review. Changes and edits may be forthcoming.
Updated June 22, 2021, by Shira Wine.
Financial Review
Fiscal year ending August
|
2019 | 2018 | 2017 |
|---|---|---|---|
| Administrative costs as % of revenues | 4.8% | 7.5% | 7.8% |
| Fundraising costs as % of donations | 28.3% | 14.8% | 17.1% |
| Total overhead spending | 33.1% | 22.3% | 24.9% |
| Program cost coverage (%) | (177.0%) | (187.5%) | (210.0%) |
Summary Financial StatementsAll figures in $000s |
2019 | 2018 | 2017 |
|---|---|---|---|
| Donations | 12,899 | 15,583 | 12,522 |
| Government funding | 3,044 | 3,002 | 2,804 |
| Fees for service | 22,429 | 21,641 | 20,648 |
| Business activities (net) | 4,777 | 5,214 | 4,584 |
| Investment income | 849 | 5,254 | 1,749 |
| Other income | 7,079 | 7,054 | 6,678 |
| Total revenues | 51,077 | 57,748 | 48,985 |
| Program costs | 37,246 | 36,616 | 35,695 |
| Administrative costs | 2,433 | 3,917 | 3,687 |
| Fundraising costs | 3,650 | 2,306 | 2,144 |
| Other costs | 1,784 | 1,906 | 1,940 |
| Total spending | 45,113 | 44,745 | 43,466 |
| Cash flow from operations | 5,964 | 13,003 | 5,519 |
| Capital spending | 701 | 106 | 131 |
| Funding reserves | (20,100) | (25,856) | (39,596) |
Note: Ci has calculated business activities net of cost of goods sold. This has affected both revenues and expenses by ($1.5m) in F2019, ($1.6m) in F2018, and ($1.8m) in F2017. Ci reported administrative and fundraising costs from the charity’s T3010 filings with the CRA.
Salary Information
$350k + |
2 |
$300k - $350k |
2 |
$250k - $300k |
0 |
$200k - $250k |
2 |
$160k - $200k |
4 |
$120k - $160k |
0 |
$80k - $120k |
0 |
$40k - $80k |
0 |
< $40k |
0 |
Information from most recent CRA Charities Directorate filings for F2019
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Comments & Contact
Comments added by the Charity:
Charity Contact
This email address is being protected from spambots. You need JavaScript enabled to view it. Tel: 416-408-2824