2025-05-12T12:32:39-05:00 2024-06-30 420714325 RSM US LLP 80 CITY SQUARE BOSTON MA 02129 990 2023-07-01 237225104 NEW ENGLAND CONSERVATORY OF MUSIC NEWE 6175851725 290 HUNTINGTON AVENUE BOSTON MA 02115 EVELYN BARNES CHIEF FINANCIAL OFFICER 6175851725 2025-05-08 1 0 LYNNE JOHNSON P00757336 6179129000 2023 2025-03-06 01:10:19Z ANDREA KALYN 290 HUNTINGTON AVENUE BOSTON MA 02115 179449239 0 X WWW.NECMUSIC.EDU X 1867 MA NEW ENGLAND CONSERVATORY OF MUSIC (NEC) EDUCATES AND TRAINS MUSICIANS OF ALL AGES FROM AROUND THE WORLD. 27 27 1391 137 -117647 0 34615417 20702255 53090690 55534691 4655356 4007951 121659 -56292 92483122 80188605 18382251 19926061 0 0 32736696 35530829 8709 0 2877453 24790644 24018307 75918300 79475197 16564822 713408 276521711 290282506 43573697 43214974 232948014 247067532 X NEW ENGLAND CONSERVATORY OF MUSIC (NEC) EDUCATES AND TRAINS MUSICIANS OF ALL AGES FROM AROUND THE WORLD. 0 0 40810034 19337254 43815442 HIGHER EDUCATION: COLLEGE - MUSIC SCHOOL WITH PROGRAMS LEADING TO BACHELOR'S DEGREES, MASTER'S DEGREES, DOCTORAL DEGREES, AND DIPLOMAS. NEC'S ENROLLMENT IS COMPRISED OF APPROXIMATELY HALF UNDERGRADUATES AND HALF GRADUATE STUDENTS. (897 STUDENTS) 14015506 5411423 STUDENT SERVICES PROGRAM, GENERAL/OTHER:RESIDENCE HALL/DINING - ALL FRESHMEN AND SOPHOMORES ARE HOUSED AND DINE IN THE NEC RESIDENCE HALL. THE CAFETERIA IS OPEN TO THE ENTIRE COMMUNITY. (230 STUDENTS)HEALTH SERVICES - ON-SITE STUDENT HEALTH CENTER PROVIDING ROUTINE AND URGENT CARE AND REFERRALS, STAFFED BY A PHYSICIAN AND NURSE PRACTITIONERS. SUPPORTED BY STUDENT MEDICAL FEES AND INSURANCE REIMBURSEMENTS.COUNSELING SERVICES - ON-SITE CENTER PROVIDING CONFIDENTIAL COUNSELING FOR STUDENTS, STAFFED BY A PSYCHIATRIST AND PROFESSIONAL COUNSELORS. 6902477 588807 5163287 PREPARATORY AND CONTINUING EDUCATION PROGRAMS: SCHOOL OF PREPARATORY AND CONTINUING EDUCATION - MUSIC INSTRUCTION FOR CHILDREN AGES 4-18 AND ADULTS NOT LEADING TO A SPECIFIC DEGREE. PRIVATE STUDIO LESSONS ARE OFFERED AS WELL AS ENSEMBLES AND CLASSES. 6% FINANCIAL AID IS PROVIDED BASED PRIMARILY ON NEED. (1,564 STUDENTS) 2940152 1144539 CONCERTS AND HALL RENTALS: OTHER PROGRAM SERVICES INCLUDE EXPENSES RELATED TO OVER 1,000 FREE NEC CONCERTS PERFORMED BY STUDENTS, FACULTY AND GUEST ARTISTS PER YEAR AND EXPENSES FOR CONCERTS AT NEC PERFORMED BY OUTSIDE ORGANIZATIONS. THESE OUTSIDE ORGANIZATIONS PAY NEC HALL RENTAL FEES AND OTHER ASSOCIATED RENTAL COSTS, SUCH AS SECURITY AND LIGHTING/TECHNICAL SERVICES, RELATED TO THEIR PERFORMANCES. 2940152 1144539 64668169 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 1 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 1 296 0 1 1391 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 27 27 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 MA X KATHLEEN DONAHUE CONTROLLER 6175851725 290 HUNTINGTON AVENUE BOSTON MA 02115 ATHANASIOU NIKOLAOS BOARD TRUSTEE 2.00 0.00 X 0 0 0 BAILEY ALLISON S BOARD TRUSTEE 2.00 0.00 X 0 0 0 BARTLETT ANNE A BOARD TRUSTEE 2.00 0.00 X 0 0 0 BEAL ENID L BOARD TRUSTEE 2.00 0.00 X 0 0 0 BECTON HENRY BOARD TRUSTEE 2.00 0.00 X 0 0 0 BERMONT BECKY BOARD TRUSTEE 2.00 0.00 X 0 0 0 BURNES KENNETT BOARD TRUSTEE 2.00 0.00 X 0 0 0 CHEN MEI-ANN BOARD TRUSTEE 2.00 0.00 X 0 0 0 ELFERS DEBORAH B BOARD TRUSTEE 2.00 0.00 X 0 0 0 ERLINGSSON UZOCHI N BOARD TRUSTEE 2.00 0.00 X 0 0 0 FULHAM TIMOTHY W BOARD TRUSTEE 2.00 0.00 X 0 0 0 GOLDENHEIM ANNA BOARD TRUSTEE 2.00 0.00 X 0 0 0 GRAVES JR EDWIN D BOARD TRUSTEE 2.00 0.00 X 0 0 0 GRAY ERIC A BOARD TRUSTEE 2.00 0.00 X 0 0 0 JONI SAJ-NICOLE A BOARD TRUSTEE 2.00 0.00 X 0 0 0 MCCASLIN KIMBERLY BOARD TRUSTEE 2.00 0.00 X 0 0 0 METCALFE MURRAY BOARD TRUSTEE 2.00 0.00 X 0 0 0 NICHOLS MARGARET H BOARD TRUSTEE 2.00 0.00 X 0 0 0 ROSS PETER BOARD TRUSTEE 2.00 0.00 X 0 0 0 RUBIN SALLY L BOARD TRUSTEE 2.00 0.00 X 0 0 0 SMITH CHAD BOARD TRUSTEE 2.00 0.00 X 0 0 0 WILKINS THOMAS A BOARD TRUSTEE 2.00 0.00 X 0 0 0 WILMERDING FRANCES B BOARD TRUSTEE 2.00 0.00 X 0 0 0 BLUMENTHAL THOMAS W CHAIR OF THE BOARD OF TRUSTEES 2.00 0.00 X X 0 0 0 GLAUBER BARBARA W VICE CHAIR 2.00 0.00 X X 0 0 0 HENDRIX BLAIR E VICE CHAIR 2.00 0.00 X X 0 0 0 LODER JOHN M BOARD TRUSTEE, SECRETARY 2.00 0.00 X X 0 0 0 KALYN ANDREA PRESIDENT 40.00 0.00 X 394274 0 106923 BARNES EVELYN CFO/TREASURER (FROM 4/29/24) 40.00 0.00 X 0 0 0 KELLY KATHLEEN EXECUTIVE VICE PRESIDENT 40.00 0.00 X 483134 0 22493 SOSLAND BENJAMIN PROVOST & DEAN OF FACULTY 40.00 0.00 X 274207 0 35628 WOODS HEATHER VP & CHIEF INFORMATION OFFICER 40.00 0.00 X 237771 0 46412 WEILERSTEIN DONALD COLLEGE FACULTY 40.00 0.00 X 259498 0 21729 EAGLEN LYSON JANE COLLEGE FACULTY 40.00 0.00 X 221384 0 43199 KIM SOOVIN COLLEGE FACULTY 40.00 0.00 X 175124 0 44608 KATZ PAUL COLLEGE FACULTY 40.00 0.00 X 179628 0 19298 BISS MARIAM FRIED COLLEGE FACULTY 40.00 0.00 X 178925 0 29580 SPINARD JOHN FORMER CFO & TREASURER 0.00 0.00 X 101636 0 14667 2505581 0 384537 58 1 1 0 CLIFTONLARSENALLEN LLP 220 S 6TH STREET SUITE 300 MINNEAPOLIS MN 55402 ACCOUNTING & ADVISORY SERVICES 524840 QUARTERDECK LLC 2 HOLLY LANE BARRINGTON RI 02806 WEBSITE DESIGN AND MAINTENANCE 483703 OMNIA GLOBAL PARTNERS 4563 EDEN BAY DRIVE ST AUGUSTINE FL 32084 PAYROLL CONSULTING SERVICES 324203 BEST FIT EDUCATION LLC 25159 WHELLER ROAD SANTA CLARITA CA 91321 ENROLLMENT CONSULTING SERVICES 189544 RSM US LLP 5155 PAYSPHERE CIRCLE CHICAGO IL 60674 TAX & AUDIT SERVICES 166100 9 1193890 1210257 18298108 1825118 20702255 TUITION AND ACADEMIC F 611710 46259673 46259673 ROOM AND BOARD 721310 4904860 4904860 STUDENT HEALTH INSURAN 524114 1342743 1342743 HALL RENTALS 532000 870824 870824 NON-ACADEMIC FEES 611710 837829 837829 1318762 1318762 55534691 1123582 -114021 1237603 15095 0 15095 15095 15095 101941250 99036449 20432 2904801 -20432 2884369 -3626 2887995 81810 1193890 203753 -121943 -121943 15154 0 15154 15154 INSURANCE REFUND 900099 16190 16190 PUBLICATIONS 900099 4285 4285 OTHER SPECIAL EVENTS 900099 4250 4250 10677 10677 35402 80188605 55534691 -117647 4069306 19926061 19926061 1654417 309447 839958 505012 27710193 23374380 2990574 1345239 919677 741759 119969 57949 3132410 2370097 464126 298187 2114132 1705138 275783 133211 334090 10883 316982 6225 152557 152557 573232 573232 4372556 2117176 2060300 195080 95166 36655 43261 15250 2083311 1868928 136203 78180 122042 64361 57681 3838842 3104069 726791 7982 747247 466495 113998 166754 118175 65511 30356 22308 1016760 989869 24336 2555 6423840 5733769 656725 33346 STUDENT HEALTH AND FOOD 3197806 1437401 1760405 BAD DEBT 302729 273442 28287 1000 PAYROLL PROCESSING 194828 194828 ATTRITION IN ENVIRONMEN 41670 41670 403456 72728 321553 9175 79475197 64668169 11929575 2877453 4746205 1025985 14446866 22097424 594160 954354 1633074 1218454 602439 312172 168403269 71898839 100442643 96504430 23126527 20192399 127862980 144295282 3066817 3682006 276521711 290282506 3044605 3746513 1145212 1299188 30098452 28780104 6758222 6807675 2527206 2581494 43573697 43214974 X 74940769 68870288 158007245 178197244 232948014 247067532 276521711 290282506 X 713408 13084695 321415 X 0 1 X 1 1 1 X 10073887 6176167 11070325 34615417 20702255 82638051 10073887 6176167 11070325 34615417 20702255 82638051 29455184 53182867 123649 71189 -140382 743746 1252698 2050900 39531 281845 60438 0 381814 144231 201495 579211 307146 132366 1364449 86435214 254262927 0.61530 0.60340 X SCHEDULE A, PART 1: NEC IS BROADLY SUPPORTED IN NATURE AND IS DEEMED TO MEET THE 33 1/3% SUPPORT PUBLIC SUPPORT TEST UNDER CURRENT GUIDANCE. SINCE NEC USES THE SPECIAL RULE BASED ON MEETING THE 33 1/3% SUPPORT TEST ON SCHEDULE B, NEC IS REQUIRED TO DISCLOSE THE PART II, SUPPORT SCHEDULE FOR ORGANIZATIONS DESCRIBED IN SECTIONS 170(B)(1)(A)(IV) AND 170(B)(1)(A)(VI). RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X 1 150989507 4136504 16415312 3190091 3863551 164487681 138423418 13672533 5327245 2967807 3229193 236689 150989507 154798642 573343 -10914345 2906578 2845144 282500 138423418 119213753 822528 40587444 2805870 2755796 263417 154798642 122469876 784577 1699410 2806019 2694137 239954 119213753 0.13000 0.84000 0.03000 0 0 1269497 1269497 137924691 56930727 80993964 27626176 14968112 12658064 1582905 1582905 96504430 ACRM FEEDER FUND IV LTD 860435 F BAIN CAPITAL FUND XI 621642 F BAUPOST VALUE PARTNERS IV, LP 8104976 F BAYVIEW MSR OPPORTUNITY OFFSHORE, L.P. 425789 F BAYVIEW OPPORTUNITY FUND VII, L.P. 890864 F BLUE TORCH CREDIT OPPORTUNITIES 737017 F BLUE TORCH OFFSHORE CREDIT OPPORTUNITIES FUND II 184528 F CAPITAL TODAY CHINA GROWTH FUND, II 536417 F COMMONFUND CAPITAL PARTNERS 2000, LP 11990 F DEERFIELD HEALTHCARE INNOVATIONS FUND III-A LP 5400 F DEERFIELD PARTNERS, LP 676222 F DOVER STREET IX 590003 F DOVER STREET VIII 33591 F DOVER STREET X FEEDER FUND 1797181 F ELLINGTON STRATEGIC MORTGAGE FUND, L.P. 3322446 F FISHER LYNCH VENTURE PARTNERSHIP II-A, L.P. 2178079 F GOLDENTREE HIGH YIELD VALUE FUND 3077099 F HARRISON STREET CORE PROPERTY FUND, L.P 936233 F HIGHBAR PARTNERS III 813270 F HIGHLAND CAPITAL PARTNERS 10 1158810 F HIGHLAND CAPITAL PARTNERS 9-B LP 380812 F HIGHLAND CAPITAL PARTNERS VIII-B LP 660648 F HILDENE INSURANCE HOLDINGS, LLC 420000 F HILDENE OPPORTUNITIES OFFSHORE FUND, LTD. 811167 F HRJ SPECIAL OPPORTUNITIES FUND II (INTERNATIONAL) 273 F HRJ SPECIAL OPPORTUNITIES FUND II (US) 153489 F KABOUTER INTERNATIONAL MISSION FUND LLC 1 F KKR ENHANCED US DIRECT LENDING FEEDER 438466 F KKR GLOBAL CREDIT OPPORTUNITIES FUND LP 1863873 F KLINE HILL PARTNERS FUND II LP 346409 F MIT PRIVATE EQUITY FUND III 881647 F OBVIOUS GROWTH I LP 958887 F OHA EUROPEAN STRATEGIC CREDIT FUND (OFF SHORE) 6427 F PARK STREET CAPITAL PRIVATE EQUITY FUND IX, LP 478786 F PRISA LP 2479946 F SBS-1, A SERIES OF STRATEGIC BUYOUT SERIES FUND, L.P. 1601603 F SBS-2, A SERIES OF STRATEGIC BUYOUT SERIES FUND, L.P. 473392 F SBS-3, A SERIES OF STRATEGIC BUYOUT SERIES FUND, L.P. 44919 F SEAMANS GLOBAL OPPORTUNITIES FUND, LLC 8848 F SRS-1, A SERIES OF STRATEGIC REAL ESTATE SERIES FUND, L.P. 95960 F STRATEGIC DEVELOPED MARKETS EX-U.S. EQUITY TRUST 20612042 F STRATEGIC EMERGING MARKETS EQUITY TRUST 14704426 F STRATEGIC FUNDS SPC ALPHA SEGREGATED PORTFOLIO 23484600 F STRATEGIC GLOBAL EQUITY TRUST 11137709 F STRATEGIC U.S. EQUITY TRUST 32991778 F SVS-1, A SERIES OF STRATEGIC VENTURE SERIES FUND, L.P. 208792 F SVS-2, A SERIES OF STRATEGIC VENTURE SERIES FUND, L.P. 185600 F TCW DIRECT LENDING VIII LLC 617454 F TRUEBRIDGE-KAUFFMAN FELLOWS ENDOWMENT FUND II, LP 1285336 F 144295282 PERKINS LOAN REFUNDABLE ADVANCES 1376155 PLANNED GIVING LIABILITY 465769 FINANCE LEASE LIABILITY 739570 2581494 X 73256505 13084695 -20220548 -7135853 80392358 -203753 -203753 80188605 59136987 203753 203753 58933234 573232 19968731 20541963 79475197 PART III, LINE 1A: THE CONSERVATORY MAINTAINS COLLECTIONS OF HISTORICAL INSTRUMENTS, ART, VOCAL SCORES, RECORDINGS, AND LITERARY WORKS. THESE COLLECTIONS ARE PROTECTED AND PRESERVED FOR PUBLIC EXHIBITION, EDUCATION, RESEARCH, AND THE FURTHERANCE OF PUBLIC SERVICE. THEY ARE NEITHER DISPOSED OF FOR FINANCIAL GAIN NOR ENCUMBERED IN ANY MANNER. ACCORDINGLY, THESE COLLECTIONS ARE NOT CAPITALIZED FOR FINANCIAL STATEMENT PURPOSES. PROCEEDS FROM DEACCESSIONS OR INSURANCE RECOVERIES ARE REFLECTED AS INCREASES IN THE APPROPRIATE NET ASSET CLASS. PART III, LINE 4: NEC'S HISTORICAL INSTRUMENTS ARE EXHIBITED AS ART OBJECTS ON CAMPUS. NEC'S RARE BOOKS, RECORDINGS AND LETTERS ARE PART OF ITS LIBRARY HOLDINGS, AVAILABLE FOR RESEARCH BY NEC STUDENTS AND STAFF AS WELL AS OTHERS FROM THE COMMUNITY. PART V, LINE 4: ENDOWMENT REVENUE IS USED TO SUPPORT PROGRAM-RELATED ACTIVITIES. PART X, LINE 2: THE CONSERVATORY RECOGNIZES THE FINANCIAL STATEMENT BENEFIT OF A TAX POSITION ONLY AFTER DETERMINING THAT THE RELEVANT TAX AUTHORITY WOULD MORE LIKELY THAN NOT SUSTAIN THE POSITION FOLLOWING AN AUDIT. TAX POSITIONS FOR THE OPEN TAX YEARS AS OF JUNE 30, 2024, WERE REVIEWED, AND IT WAS DETERMINED THAT NO PROVISION FOR UNCERTAIN TAX POSITIONS WAS REQUIRED AS OF JUNE 30, 2024 OR 2023. MANAGEMENT BELIEVES THAT THE CONSERVATORY'S FEDERAL AND STATE RETURNS ARE GENERALLY OPEN FOR EXAMINATION FOR THREE YEARS FOLLOWING THE DATE FILED. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF PLANNED GIVING NET ASSETS 321,415. ATTRITION IN ENVIRONMENTAL LIABILITY -41,670. TUITION & DORM SCHOLARSHIP -19,926,061. INVESTMENT MANAGEMENT FEES INCLUDED IN INVESTMENT RETURNS -573,232. BAD DEBT EXPENSE -1,000. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EVENTS EXPENSES REPORTED ON FORM 990, PART VIII, LINE 8B -203,753. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENTS EXPENSES REPORTED ON FORM 990, PART VIII, LINE 8B 203,753. PART XII, LINE 4B - OTHER ADJUSTMENTS: TUITION & DORM SCHOLARSHIP 19,926,061. ATTRITION IN ENVIRONMENTAL LIABILITY 41,670. BAD DEBT EXPENSES 1,000. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 NEC INCLUDES ITS NONDISCRIMINATION POLICY IN BROCHURES, CATALOGUES, AND COMPARABLE MATERIALS RELATED TO STUDENT ADMISSIONS, PROGRAMS, AND SCHOLARSHIPS TO COMPLY WITH THE PUBLICITY REQUIREMENT. NEC STUDENTS COME FROM AROUND THE WORLD, AND, AS SUCH, FOLLOWS THIS NONDISCRIMINATION POLICY. SCHEDULE E, PART I, LINE 6 US DEPARTMENT OF EDUCATION STUDENT GRANTS AND LOANS $6,330,724, MASSACHUSETTS EMERGENCY MANAGEMENT AGENCY $772,962, MASSACHUSETTS CULTURAL COUNCIL $36,000, COLLEGE WORK STUDY PROGRAM $401,296 EUROPE (INCLUDING ICELAND & GREENLAND) 0 1 PROGRAM SERVICES ACADEMIC ACTIVITIES 109057 NORTH AMERICA 0 1 PROGRAM SERVICES ACADEMIC ACTIVITIES 102500 CENTRAL AMERICA AND THE CARIBBEAN INVESTMENTS 36195111 0 2 0 0 0 2 36406668 0 36406668 1 0 1 1 1 0 GALA 1275700 1193890 81810 73287 30558 99908 1275700 1193890 81810 73287 30558 99908 203753 -121943 1 SCHOLARSHIP AND OTHER FINANCIAL AID 843 19926061 PART I, LINE 2: THE AWARDING OF STUDENT FINANCIAL AID GRANTS UNDER THE U.S. DEPARTMENT OF EDUCATION'S STUDENT FINANCIAL ASSISTANCE PROGRAM IS MONITORED BY NEC'S FINANCIAL AID OFFICE, WHICH ENSURES THAT NEC MEETS THE COMPLIANCE REQUIREMENTS OF TITLE 2 U.S. CODE OF FEDERAL REGULATIONS (CFR) PART 200. NEC'S FINANCIAL AID OFFICE AND BUSINESS OFFICE ARE RESPONSIBLE FOR ESTABLISHING AND MAINTAINING EFFECTIVE INTERNAL CONTROLS OVER COMPLIANCE WITH THE REQUIREMENTS OF LAWS, REGULATIONS, CONTRACTS, AND GRANTS APPLICABLE TO FEDERAL PROGRAMS. ONLY CURRENT NEC STUDENTS IN GOOD STANDING ARE PROVIDED SCHOLARSHIP GRANTS OR OTHER FINANCIAL ASSISTANCE. GRANTS AND ASSISTANCE TO NEC COLLEGE STUDENTS ARE IN THE FORM OF INSTITUTIONAL SCHOLARSHIPS. ALL COLLEGE SCHOLARSHIPS ARE ADMINISTERED THROUGH NEC'S FINANCIAL AID SYSTEM. INSTITUTIONAL SCHOLARSHIPS ARE CREDITED TO THE STUDENT'S INTERNAL TUITION ACCOUNT AND REPRESENT AN OFFSET TO TUITION AND OTHER FEES ASSESSED BY NEC. PREPARATORY PROGRAM, CONTINUING EDUCATION PROGRAM AND SUMMER SESSION SCHOLARSHIPS ARE TRACKED SEPARATELY AND ADMINISTERED THROUGH NEC'S STUDENT BILLING SYSTEM. PREPARATORY PROGRAM, CONTINUING EDUCATION PROGRAM AND SUMMER SESSION SCHOLARSHIPS ARE CREDITED TO THE STUDENT'S INTERNAL TUITION ACCOUNT AND REPRESENT AN OFFSET TO TUITION AND OTHER FEES ASSESSED BY NEC. GRANTS AND ASSISTANCE TO NEC STAFF AND THEIR ELIGIBLE SPOUSES AND DEPENDENTS ARE IN THE FORM OF STAFF TUITION WAIVERS, PURSUANT TO A WRITTEN BENEFITS PLAN. STAFF TUITION WAIVERS ARE ADMINISTERED THROUGH THE CONSERVATORY'S BENEFITS SYSTEM AND, LIKE INSTITUTIONAL SCHOLARSHIPS FOR STUDENTS, ARE CREDITED TO THE INDIVIDUAL'S INTERNAL ACCOUNT TO OFFSET TUITION CHARGES. ALL STUDENTS RECEIVING SCHOLARSHIPS AND FELLOWSHIPS ARE JUDGED WORTHY BY THE INSTITUTION'S ASSESSMENT ON THE BASIS OF ACADEMIC ACHIEVEMENT, FINANCIAL NEED AND OTHER SIMILAR STANDARDS. X 1 0 X X X 0 0 0 0 0 0 0 1 0 KELLY KATHLEEN EXECUTIVE VICE PRESIDENT 432699 0 50000 0 435 0 16955 0 5538 0 505627 0 0 0 KALYN ANDREA PRESIDENT 393550 0 0 0 724 0 17846 0 89077 0 501197 0 0 0 SOSLAND BENJAMIN PROVOST & DEAN OF FACULTY 273819 0 0 0 388 0 12192 0 23436 0 309835 0 0 0 WOODS HEATHER VP & CHIEF INFORMATION OFFICER 237519 0 0 0 252 0 10601 0 35811 0 284183 0 0 0 WEILERSTEIN DONALD COLLEGE FACULTY 258777 0 0 0 721 0 9933 0 11796 0 281227 0 0 0 EAGLEN LYSON JANE COLLEGE FACULTY 210526 0 0 0 10858 0 9595 0 33604 0 264583 0 0 0 KIM SOOVIN COLLEGE FACULTY 164914 0 0 0 10210 0 7876 0 36732 0 219732 0 0 0 BISS MARIAM FRIED COLLEGE FACULTY 177644 0 0 0 1281 0 8169 0 21411 0 208505 0 0 0 KATZ PAUL COLLEGE FACULTY 179628 0 0 0 0 0 8279 0 11019 0 198926 0 0 0 SPINARD JOHN FORMER CFO & TREASURER 101362 0 0 0 274 0 3808 0 10859 0 116303 0 0 0 PART I, LINE 1A A $61,175 HOUSING BENEFIT WAS PROVIDED TO PRESIDENT, ANDREA KALYN. A $10,000 ANNUAL HOUSING ALLOWANCE WAS PROVIDED TO FACULTY MEMBER, JANE LYSON. A $10,000 ANNUAL HOUSING ALLOWANCE WAS PROVIDED TO FACULTY MEMBER, SOOVIN KIM. THE HOUSING ALLOWANCES WERE REPORTED AS TAXABLE COMPENSATION. PART I, LINE 7 KATHLEEN KELLY'S BONUS IS CONTINGENT ON MEETING CERTAIN GOALS AS DETERMINED BY THE BOARD OF TRUSTEES. SCHEDULE J, PART II: COMPENSATION REPORTED ON THIS SCHEDULE IS DERIVED FROM THE CALENDAR YEAR W-2S AND IS NOT REFLECTIVE OF FISCAL YEAR COMPENSATION. DUE TO THE TIMING OF CONTRACT NEGOTIATIONS RELATED TO ORGANIZATIONAL RESTRUCTURING, SALARY AND BONUS COMPENSATION REPORTED HERE FOR THE EXECUTIVE VICE PRESIDENT INCLUDES RETROACTIVE PAY FROM THE PREVIOUS FISCAL YEAR. A MASS DEVELOPMENT FINANCE AGENCY 043431814 2014-06-30 23685000 REFUNDING SERIES 2008 BONDS 0 0 0 B MASS DEVELOPMENT FINANCE AGENCY 043431814 2015-11-17 16050000 CAPITAL EXPENDITURES 0 0 0 A 7665000 23685000 23389001 295999 1 1 1 1 B 2923969 16050000 699869 285794 15024817 39520 2017 0 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 1 0.11540 1 1 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 1 0 0 0 0 0 0 1 B 0 1 0 0 0 0 0 0 1 A 1 B 1 PART III, LINE 8: ON MARCH 9, 2016, $2,595,000 OF THE SERIES 2014 BONDS WERE REMEDIATED IN CONNECTION WITH THE SALE OF 295 HUNTINGTON AVENUE (THE REMEDIATED BONDS). THE REMEDIATED BONDS WERE REPURPOSED TO FUND THE STUDENT LIFE AND PERFORMANCE CENTER PROJECT. ALL OTHER TERMS OF THE REMEDIATED BONDS REMAIN THE SAME AS THOSE FOR THE SERIES 2014 BONDS. THE SERIES 2014 BONDS AND THE SERIES 2015 BONDS (THE BONDS) BEAR INTEREST AT A FIXED RATE OF 2.34%. PRINCIPAL AND INTEREST ON THE BONDS IS PAYABLE MONTHLY. X 53 1762618 FMV X INSTRUMENTS 3 62500 FMV 3 0 1 1 PART I, COLUMN (B): NEC IS REPORTING A COMBINATION OF BOTH THE NUMBER OF CONTRIBUTIONS AND THE NUMBER OF ITEMS RECEIVED. LINE 9, SECURITIES PUBLICLY TRADED: THE NUMBER OF CONTRIBUTIONS ARE REPORTED. LINE 25, INSTRUMENTS: THE NUMBER OF ITEMS ARE REPORTED. PART I, LINE 32B: UBS IS THE STOCK BROKER TO WHICH NEC DIRECTS DONORS WHO WOULD LIKE TO MAKE STOCK GIFTS TO THE ORGANIZATION. UBS ACCEPTS AND LIQUIDATES EACH STOCK GIFT AND SENDS THE PROCEEDS TO NEC. CAR PROGRAM INC. IS USED BY NEC TO BROKER VEHICLE DONATIONS. HOWEVER, NO VEHICLE DONATIONS WERE RECEIVED IN THE CURRENT TAX YEAR. FORM 990, PART VI, SECTION B, LINE 11B NEC'S BOARD OF TRUSTEES VOTED TO DELEGATE REVIEW AND APPROVAL OF THE FORM 990 TO THE AUDIT, RISK, AND COMPLIANCE COMMITTEE. THE COMMITTEE RECEIVES A COPY OF THE DRAFT FORM 990 (WITH NAMES REDACTED ON SCHEDULE B) PRIOR TO THE MEETING DURING WHICH THEY REVIEW THE FORM 990. AT THE MEETING, MEMBERS OF THE COMMITTEE RECEIVE A PRESENTATION ON THE FORM 990 FROM MANAGEMENT AND PROVIDE INPUT TO THE FORM 990. IN ADDITION, NEC HAS TAX ADVISORS FROM A NATIONAL ACCOUNTING FIRM REVIEW THE FORM 990. A FINAL COPY OF THE FORM 990 (WITHOUT SCHEDULE B) IS PROVIDED TO ALL TRUSTEES PRIOR TO ELECTRONICALLY FILING THE RETURN. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY AND DISCLOSURE STATEMENT IS DISTRIBUTED TO OFFICERS, TRUSTEES AND KEY EMPLOYEES ANNUALLY. ALL OF THESE INDIVIDUALS ARE ASKED TO COMPLETE THE STATEMENT FOR THE PAST FISCAL YEAR AND DISCLOSE ANY CONFLICTS OF INTEREST IN WRITING. THE POLICY ALSO INDICATES THAT OFFICERS, TRUSTEES AND KEY EMPLOYEES ARE REQUIRED TO MAKE CONFLICT OF INTEREST DISCLOSURES AT ANY TIME DURING THE YEAR THAT THEY BECOME AWARE OF A CONFLICT OF INTEREST. THESE CONFLICTS ARE REVIEWED BY THE CFO AS WELL AS THE AUDIT, RISK, AND COMPLIANCE COMMITTEE AND DISCLOSED WITHIN THE ANNUAL FINANCIAL REPORT IF MATERIAL AND ON FORM 990 IF THEY MEET THE STATED IRS THRESHOLDS. INDIVIDUALS WHO HAVE CONFLICTS OF INTEREST OR ARE OTHERWISE NOT INDEPENDENT FROM NEC DUE TO A BUSINESS RELATIONSHIP OR RECEIVING COMPENSATION FROM NEC RECUSE THEMSELVES FROM BOARD OF TRUSTEES VOTES ON MATTERS HAVING TO DO WITH THEIR TRANSACTIONS OR COMPENSATION. FORM 990, PART VI, SECTION B, LINE 15 OFFICER AND KEY EMPLOYEE COMPENSATION IS REVIEWED BY THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES, WHICH HIRES AN INDEPENDENT COMPENSATION CONSULTANT PERIODICALLY TO COMPARE OFFICER AND KEY EMPLOYEE COMPENSATION AGAINST INDUSTRY DATA FOR SIMILARLY QUALIFIED PEOPLE, IN FUNCTIONALLY COMPARABLE POSITIONS AT SIMILAR ORGANIZATIONS. OFFICERS AND KEY EMPLOYEES' COMPENSATION PACKAGES ARE ALSO APPROVED BY THE BOARD OF TRUSTEES' COMPENSATION COMMITTEE, WHICH IS COMPRISED OF INDIVIDUALS WITHOUT ANY CONFLICTS OF INTEREST WITH RESPECT TO THE COMPENSATION, AND THE DELIBERATIONS AND DECISIONS ARE DOCUMENTED CONTEMPORANEOUSLY AS PART OF THE COMMITTEE'S MEETINGS. FORM 990, PART VI, SECTION C, LINE 19 NEC'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND PUBLIC DISCLOSURE COPY OF THE FORM 990 ARE AVAILABLE TO THE PUBLIC UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). NEC'S FINANCIAL STATEMENTS ARE AVAILABLE ON THE INSTITUTION'S WEBSITE. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF PLANNED GIVING NET ASSETS 321,415. MEASURE FOR MEASURE LLC 1209 ORANGE STREET WILMINGTON DE 19801 237325104 TO ACQUIRE & SELL DONATED ASSETS ON BEHALF OF NEC. DE 0 0 NEW ENGLAND CONSERVATORY OF MUSIC CHARITABLE REMAINDER TRUSTS (5) INVESTMENT MA NEW ENGLAND CONSERVATORY OF MUSIC 1 GIFT ANNUITIES (25) INVESTMENT MA NEW ENGLAND CONSERVATORY OF MUSIC 1 CHARITABLE LEAD ANNUITY (1) INVESTMENT MA NEW ENGLAND CONSERVATORY OF MUSIC 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1