2021-05-17T09:09:36-05:00 2020-06-30 GRANT THORNTON LLP 757 THIRD AVENUE 3RD FLOOR NEW YORK NY 100172013 990 2019-07-01 131624067 Juilliard School % MICHAEL KERSTAN JUIL 2127995000 60 Lincoln Center Plaza New York NY 10023 CHRISTINE TODD VP & CFO 2127995000 2021-05-17 true Daniel Romano P00504182 2125990100 2019 2022-09-23 18:48:47Z DAMIAN WOETZEL 60 Lincoln Center Plaza New York NY 10023 805368735 false X WWW.JUILLIARD.EDU X 1934 NY Provide the highest caliber of artistic education for gifted musicians, dancers, and actors from around the world. 33 32 2967 47 -2085466 -2395893 28153160 38377052 64511264 65805497 39441980 35930574 359712 458162 132466116 140571285 28256965 29745129 0 0 65448891 66937265 0 0 4375223 50136422 47559347 143842278 144241741 -11376162 -3670456 1294779346 1273604876 261584576 283872799 1033194770 989732077 X The mission of the Juilliard School is to provide the highest caliber of artistic education for gifted musicians, dancers, and actors from around the world so that they may achieve their fullest potential as artists, leaders, and global citizens. false false 66919727 0 46927458 Juilliards primary program service accomplishment is providing instruction in music, dance, and drama to approximately 1,200 students in its college and pre-college programs. The expenses associated with provided instruction include compensation (salaries and employment benefits) relating to the educational function of the School, occupancy costs allocable to instruction, teaching materials and services, and instrument maintenance and repair. 29389311 29389311 0 Providing financial assistance to students is a high priority of the School, so that financial circumstances will not be a barrier to entry for its talented musicians, actors, and dancers. Student assistance includes scholarships, fellowships, prizes, certain grants, and federal aid grants received and distributed to eligible students. Approximately 86% of the college population of the school (889 students in total) received student assistance during 2019-20. 6738543 355818 5345201 During 2019-20 the School supported its mission of higher education through program services indirectly related to the education of talented musicians, actors and dancers. Such indirect program services include support of student activities and programming, auxiliary services such as the Juilliard Store and the student residence hall, and employee benefit costs. 5505887 0 367563 STUDENT PERFORMING ARTS PRODUCTION 3986677 0 13725778 INTERNATIONAL EDUCATION 9492564 0 14093341 112540145 true true false true false false false true false true true true false false true true false true true false true false false false true false false false true true true false false false false false false false false false false true true false false true true true true false false true 506 0 true 2967 true true true true CH false false false true true false false false false false true X 33 32 true false false false false false false true true false false true true true true true true true true false CA NY X MICHAEL KERSTAN 2127995000 60 LINCOLN CENTER PLAZA NEW YORK NY 10023 Damian Woetzel President 50.0 0.0 X X 855970 0 78526 Lesley Rosenthal Chief Operating Officer 50.0 0.0 X 498721 0 36956 Maurice Edelson VP Admin & Gen Counsel 50.0 0.0 X 431069 0 67395 Alexandra Wheeler VP & Chief Advancement Officer 50.0 0.0 X 420380 0 64956 Ara Guzelimian Provost & Dean 50.0 0.0 X 414371 0 67396 Joseph W Polisi Chief China Officer 50.0 0.0 X 423990 0 56658 Christine Todd VP & CFO 50.0 0.0 X 335081 0 44191 Carl Young Chief Information Officer 50.0 0.0 X 321072 0 41593 Matti Raekallio Faculty 50.0 0.0 X 304927 0 48850 Li Lin Faculty 50.0 0.0 X 264135 0 59809 Yoheved Kaplinsky Artistic Director & Faculty 50.0 0.0 X 276036 0 35285 Evan D Yionoulis Deputy General Counsel 50.0 0.0 X 270758 0 31456 Joan Warren VP for Enroll & Student Dev 50.0 0.0 X 244615 0 41927 Bruce Kovner Chairman 3.0 0.0 X X 0 0 0 Katheryn Patterson Vice Chairman 2.0 0.0 X X 0 0 0 J Christopher Kojima Vice Chairman 2.0 0.0 X X 0 0 0 Joshua Black Trustee (As of 02/2020) 1.0 0.0 X 0 0 0 Julie Choi Trustee 2.0 0.0 X 0 0 0 Kent Clark Trustee 2.0 0.0 X 0 0 0 Barbara Fleischman Trustee 1.0 0.0 X 0 0 0 Mary Graham Trustee 1.0 0.0 X 0 0 0 Joan Harris Trustee 1.0 0.0 X 0 0 0 Matthew Jacobson Trustee 1.0 0.0 X 0 0 0 Edward Johnson Jr Trustee 1.0 0.0 X 0 0 0 Philippe Khuong-Huu Trustee (As of 10/2019) 1.0 0.0 X 0 0 0 Karen Levy Trustee 1.0 0.0 X 0 0 0 Teresa Lindsay Trustee 1.0 0.0 X 0 0 0 Laura Linney Trustee 1.0 0.0 X 0 0 0 Michael Loeb Trustee 1.0 0.0 X 0 0 0 Vincent Mai Trustee 1.0 0.0 X 0 0 0 Ellen Marcus Trustee 1.0 0.0 X 0 0 0 Greg Margolies Trustee 1.0 0.0 X 0 0 0 Nancy Marks Trustee (Thru 06/2020) 1.0 0.0 X 0 0 0 Stephanie P McClelland Trustee 1.0 0.0 X 0 0 0 Christina McInerney Trustee 1.0 0.0 X 0 0 0 Lester Morse Jr Trustee 1.0 0.0 X 0 0 0 Stephen Novick Trustee 1.0 0.0 X 0 0 0 Susan Rose Trustee 1.0 0.0 X 0 0 0 Jeffrey Seller Trustee 1.0 0.0 X 0 0 0 Deborah Simon Trustee 1.0 0.0 X 0 0 0 Sarah B Solomon Trustee 1.0 0.0 X 0 0 0 William Stricker Trustee 1.0 0.0 X 0 0 0 Yael Taqqu Trustee 1.0 0.0 X 0 0 0 Reggie Van Lee Trustee (As of 12/2019) 1.0 0.0 X 0 0 0 Nancy Walton Laurie Trustee (As of 12/2019) 1.0 0.0 X 0 0 0 Camille Zamora Trustee 1.0 0.0 X 0 0 0 5061125 0 674998 119 false true false INVESTURE LLC 126 GARRETT STREET SUITE J CHARLOTTESVILLE VA 22902 Investment MGMT 3763235 BARES CAPITAL 12600 HILL COUNTRY BLVD R-230 BEE CAVE TX 78738 Investment MGMT 504650 HOGAN LOVELLS US LLP PO BOX 75890 BALTIMORE MD 212755890 Legal Services 442428 THE GI GROUP LLC 422 MORRIS AVENUE SUMMIT NJ 07901 executive search 272145 HURON CONSULTING GROUP INC PO BOX 71223 CHICAGO IL 60694 consulting 214997 15 917333 1633780 35825939 2637605 38377052 TUITION & FEES 616000 46864442 46864442 0 0 INT'L PROGRAM DEV AND OPERATIONS 900099 13725778 13725778 RESIDENCE HALL 611710 4734714 4437766 0 296948 USER FEES, EDUCATION PROGRAM 611710 479054 479054 0 0 STUDENT LOAN INCOME 900099 1509 1509 0 0 65805497 2195536 -2085466 4281002 0 0 0 0 0 697470396 23060 663758418 33711978 23060 33735038 33735038 61250 917333 284029 -222779 -222779 0 0 0 1315506 755003 560503 560503 VENDING MACHINE 900099 10701 0 0 10701 MISCELLANEOUS REVENUE 900099 109737 0 0 109737 120438 140571285 66069052 -2085466 38210647 0 29745129 29745129 0 0 4319294 1260170 2353999 705125 0 49317157 39345409 7770066 2201682 3125383 2493443 492413 139527 6207436 4952316 977999 277121 3967995 3003978 748973 215044 0 726175 315966 381265 28944 190857 190857 0 0 5734860 5734860 2139178 451170 1473483 214525 1140268 898947 48264 193057 1314001 906408 378479 29114 2231557 2231557 0 7497836 6955779 452091 89966 872249 847881 20090 4278 0 126648 90593 3278 32777 8342356 7508120 750812 83424 0 9436442 8597706 755744 82992 2187269 2187269 PERFORMANCE PRODUCTION 2014328 2014328 0 0 AUXILIARY SERVICES 1577891 1577891 0 0 INSTRUMENT PURCH & MAINT 571439 571439 0 0 STDT ACTIVITIES & OUTREACH 301169 301169 0 0 1154824 702303 374874 77647 144241741 112540145 27326373 4375223 7116731 7364264 0 0 11929600 21211966 14062464 15333968 0 0 0 0 605306 485382 978677 1118292 1223892 5764064 287962106 146589583 146616414 141372523 143898741 127746714 962407309 948283147 0 0 0 0 5940212 4924556 1294779346 1273604876 11060834 11990030 0 0 1856631 1283380 194185792 193939759 0 0 0 0 0 0 0 0 54481319 76659630 261584576 283872799 X 170436648 143212428 862758122 846519649 1033194770 989732077 1294779346 1273604876 X -3670456 -16954739 -22837498 X false true X true true true X 45929634 28809594 38270781 28153160 38377052 179540221 0 0 45929634 28809594 38270781 28153160 38377052 179540221 47440925 132099296 1043901 505848 1415470 2238440 2195536 7399195 0 2199446 2049306 3355149 2306131 1497194 11407226 198346642 304066011 0.66600 0.63843 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false false false true false SCHEDULE C THE JUILLIARD SCHOOL DOES NOT GENERALLY ENGAGE IN DIRECT LOBBYING. HOWEVER, AS AN EDUCATIONAL INSTITUTION THE SCHOOL IS A MEMBER OF VARIOUS INDUSTRY ASSOCIATIONS THAT MAY LOBBY ON BEHALF OF THE INDUSTRY. WHILE THE JUILLIARD SCHOOL PAYS MEMBERSHIP DUES TO THESE ORGANIZATIONS, THE SCHOOL IS UNABLE TO DETERMINE THE MINIMAL AMOUNT THAT MAY BE ALLOCATED FOR THAT PURPOSE. X X X false 1092632637 3717439 12227898 18674249 36984076 1052919649 1095547708 11841106 39328571 18564103 35520645 1092632637 1035383858 22221804 89804040 17146361 34715633 1095547708 922956446 25794167 137320774 15617448 35070081 1035383858 988697264 18318818 -34644535 14956473 34458628 922956446 0.26200 0.73800 false false 2421438 2421438 33308239 29452428 3855811 213016301 93873726 119142575 32557348 23263429 9293919 6658780 0 6658780 141372523 GLOBAL EQUITY 305751210 F MULTI-STRATEGY 313592160 F PRIVATE EQUITY 233458126 F EMERGING MARKETS 87301026 F CREDIT 6047756 F OTHER INVESTMENTS 2132869 F 948283147 0 FAIR VALUE OF DERIVATIVE INSTRUMENTS 73090178 LIABILITIES TO ANNUITANTS 3192301 FEDERAL LOAN CAPITAL ADVANCES 377151 76659630 X 69827660 -16954739 -22837498 -39792237 109619897 5734860 25216528 30951388 140571285 113290353 113290353 5734860 25216528 30951388 144241741 FINANCIAL STATEMENT FOOTNOTE SCHEDULE D, PART III, LINE 1 THE SCHOOL'S COLLECTIONS COMPRISE RARE INSTRUMENTS AND MUSIC MANUSCRIPTS THAT ARE HELD FOR EDUCATIONAL AND CURATORIAL PURPOSES. EACH OF THE ITEMS IS CATALOGUED, PRESERVED AND CARED FOR, AND ACTIVITIES VERIFYING THEIR EXISTENCE AND ASSESSING THEIR CONDITION ARE PERFORMED CONTINUOUSLY. THE COLLECTIONS GENERALLY ARE SUBJECT TO A POLICY THAT REQUIRES PROCEEDS FROM THEIR SALES TO BE USED TO ACQUIRE OTHER ITEMS FOR COLLECTIONS. THE COLLECTIONS, WHICH WERE ACQUIRED THROUGH PURCHASES AND CONTRIBUTIONS SINCE THE SCHOOL'S INCEPTION, ARE NOT RECOGNIZED AS ASSETS IN THE BALANCE SHEETS. PURCHASES OF COLLECTION ITEMS ARE RECORDED AS DECREASES in net assets without donor restrictions IN THE PERIOD IN WHICH THE ITEMS ARE ACQUIRED, OR AS decreases in net assets with donor restrictions IF THE ASSETS USED TO PURCHASE THE ITEMS ARE RESTRICTED BY DONORS. CONTRIBUTED COLLECTION ITEMS ARE NOT REFLECTED IN THE FINANCIAL STATEMENTS. PROCEEDS FROM DEACCESIONS OR INSURANCE RECOVERIES ARE REFLECTED AS INCREASES IN THE APPROPRIATE NET ASSET CLASSES. THE VALUE OF THE SCHOOL'S COLLECTIONS IS PERIODICALLY ESTIMATED FOR INSURANCE PURPOSES. DESCRIPTION OF ORGANIZATION'S COLLECTION SCHEDULE D, PART III, LINE 4 THE SCHOOL'S COLLECTIONS INCLUDE RARE MUSICAL INSTRUMENTS AND HISTORIC MUSIC MANUSCRIPTS. ACCESS TO THESE COLLECTIONS PROVIDES EXCEPTIONAL EDUCATIONAL OPPORTUNITIES TO THE STUDENTS ATTENDING THE SCHOOL AS THEY PREPARE FOR PROFESSIONAL CAREERS IN THE PERFORMING ARTS. ADDITIONALLY, THE COLLECTIONS ARE HELD FOR CURATORIAL PURPOSES, AS THEIR PRESERVATION AND ONGOING CARE IS ESSENTIAL TO ENSURING ACCESS TO THEM BY FUTURE GENERATIONS OF STUDENTS AND SCHOLARS. ON OCCASION IN CONNECTION WITH A RELEVANT PERFORMANCE, LECTURE, OR PRESENTATION, THE VIEWING AREA FOR THE COLLECTION ITEMS IS OPENED SO VISITORS TO THE SCHOOL MAY VIEW THE ITEMS. INTENDED USES OF ENDOWMENT FUNDS SCHEDULE D, PART V, LINE 4 The School's endowment consists of approximately 650 individual funds established for a variety of purposes including scholarships and student aid, educational programs, and other purposes in support of the School's mission. INCOME TAXES SCHEDULE D, PART X, LINE 2 THE SCHOOL RECOGNIZES THE EFFECT OF INCOME TAX POSITIONS ONLY IF THOSE TAX POSITIONS ARE MORE LIKELY THAN NOT TO BE SUSTAINED. INCOME GENERATED FROM ACTIVITIES UNRELATED TO THE SCHOOL'S EXEMPT PURPOSE IS SUBJECT TO TAX UNDER INTERNAL REVENUE CODE SECTION 511. THE SCHOOL DID NOT RECOGNIZE ANY UNRELATED BUSINESS INCOME TAX LIABILITY FOR THE YEARS ENDED JUNE 30, 2020 AND 2019. SECTION 4968 OF THE ACT IMPOSES A TAX ON APPLICABLE EDUCATIONAL INSTITUTIONS EQUIVALENT TO 1.4% OF THE INSTITUTION'S NET INVESTMENT INCOME FOR THE YEAR. THE SCHOOL DETERMINED THAT IT MEETS THE DEFINITION OF AN APPLICABLE EDUCATIONAL INSTITUTION AND RECORDED APPROXIMATELY $321,000 and $1,117,000 OF TAX EXPENSE for the years ended june 30, 2020 and 2019, respectively, BASED ON REASONABLE ESTIMATES UNDER the REGULATORY GUIDANCE, APPROXIMATELY $350,000 OF WHICH IS ESTIMATED TO REPRESENT THE CURRENT PORTION OF THE TAX LIABILITY. RECONCILIATION OF REVENUE SCHEDULE D, PART XI LINE 2D CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS $ 28,756 CHANGE IN FAIR VALUE OF DERIVATIVE INSTRUMENTS $(22,866,254) ------------- TOTAL $(22,837,498) ============= LINE 4B FINANCIAL AID GRANTS $ 25,801,060 JUILLIARD STORE COST OF SALES $ (755,003) Accrued Estimated Excise TAX ON INVESTMENTs $ 170,471 ------------- TOTAL $ 25,216,528 ============= RECONCILIATION OF EXPENSES SCHEDULE D, PART XII LINE 4B FINANCIAL AID GRANTS $ 25,801,060 JUILLIARD STORE COST OF SALES $ (755,003) Accrued Estimated Excise TAX ON INVESTMENTs $ 170,471 ------------- TOTAL $ 25,216,528 ============= true true true true true true true false false false false false false false false true false true SCHEDULE E, PART I, LINE 3 UNDER REV PROC 75-50, 4.03(2)(B), THE SCHOOL WOULD SEEM TO BE EXEMPT IN THAT IT "CUSTOMARILY DRAWS A SUBSTANTIAL PERCENTAGE OF ITS STUDENTS NATIONWIDE OR WORLDWIDE FROM A LARGE GEOGRAPHIC SECTION OF THE U.S. AND FOLLOWS A RACIALLY NON-DISCRIMINATORY POLICY." THE SCHOOL'S POLICY OF NON-DISCRIMINATION FOR ADMISSIONS AND FINANCIAL AID AWARDS IS CLEARLY STATED IN ADMISSIONS MATERIALS SENT TO ALL PROSPECTIVE STUDENTS. SCHEDULE E, PART I, LINE 6 THE SCHOOL REGULARLY PARTICIPATES IN THE FOLLOWING FEDERAL PROGRAMS: FWS, PELL GRANT, SEOG, FEDERAL DIRECT STUDENT LOANS, AND PERKINS LOANS. AT THE STATE LEVEL, IT HAS BEEN THE RECIPIENT OF NEW YORK AID TO NON-PUBLIC COLLEGES ("BUNDY FUNDS") AND LIBRARY GRANTS. DURING 2019-20, THE SCHOOL ALSO RECEIVED FUNDS FROM THE CARES ACT AND THE FEDERAL EMPLOYEE RETENTION CREDIT PROGRAM. Europe (Including Iceland and Greenland) Program Services MEETINGS/PERFORMANCES 356495 North America Program Services MEETINGS/PERFORMANCES 3454 East Asia and the Pacific Program Services MEETINGS/PERFORMANCES 810794 Middle East and North Africa Program Services MEETINGS/PERFORMANCES 23243 Central America and the Caribbean Investments 325728459 Europe (Including Iceland and Greenland) Investments 2298828 North America Investments 125230 329346503 329346503 true false true true true false PART IV THE JUILLIARD SCHOOL INVESTS IN DOMESTIC AND FOREIGN LIMITED PARTNERSHIPS THAT MAY OWN AN INTEREST IN A FOREIGN CORPORATION, PASSIVE FOREIGN INVESTMENT COMPANY, OR FOREIGN PARTNERSHIP. NEVERTHELESS, JUILLIARD'S INVESTMENT ACTIVITIES MAY NOT REACH THE THRESHOLDS REQUIRED FOR FILING THE FORMS 926, 5471, 8621, OR 8865. TO THE EXTENT SUCH A FORM WAS REQUIRED, IT HAS BEEN FILED WITH THE ORGANIZATION'S FORM 990-T. Fall Gala 978583 917333 61250 84320 69136 84630 45943 0 978583 917333 61250 84320 69136 84630 45943 284029 -222779 true STUDENT SCHOLARSHIPS 923 27211185 FEDERAL FINANCIAL GRANTS & ALLOCATIONS 257 814299 FELLOWSHIPS 222 742039 PRIZES & LIVING EXPENSE GRANTS 57 186311 CAREER AND OTHER GRANTS 214 645635 STUDENT AID 176 145660 SCHEDULE I, PART I, LINE 2 AS FEDERALLY MANDATED, THE SCHOOL PREPARES ANNUALLY A STUDENT COST OF ATTENDANCE BUDGET, WHICH INCLUDES TUITION, ROOM AND BOARD, AND AN ESTIMATE FOR THE COST OF BOOKS, SUPPLIES, TRANSPORTATION, AND PERSONAL EXPENSES. THE SCHOOL THEN AWARDS FEDERAL, STATE AND INSTITUTIONAL AID BASED UPON THE COST OF ATTENDANCE AND THE FAMILY'S EXPECTED CONTRIBUTION, AS DETERMINED BY THE FEDERAL NEEDS ANALYSIS FORMULA. STUDENTS DO NOT RECEIVE FUNDING IN EXCESS OF THE COST OF ATTENDANCE, AND IN CASES WHERE OUTSIDE GRANTS ARE RECEIVED, STUDENT SELF-HELP AID (I.E. LOANS AND WORK-STUDY) IS REDUCED FIRST TO ENSURE THAT AID IS NOT OVER-AWARDED. STUDENTS MUST DOCUMENT ADDITIONAL EDUCATIONALLY-RELATED EXPENSES IN ORDER TO RECEIVE FUNDING ABOVE THEIR UNMET NEEDS. X X true true X X X X X X false true false false false false false true false Damian Woetzel President 850793 0 0 0 5177 0 52409 0 28649 0 937028 0 0 0 Joseph W Polisi Chief China Officer 315251 0 95455 0 13284 0 28000 0 30851 0 482841 0 95455 0 Ara Guzelimian Provost & Dean 409784 0 0 0 4587 0 28000 0 41657 0 484028 0 0 0 Lesley Rosenthal Chief Operating Officer 497254 0 0 0 1467 0 0 0 39276 0 537997 0 0 0 Alexandra Wheeler VP & Chief Advancement Officer 418661 0 0 0 1719 0 28000 0 39222 0 487602 0 0 0 Maurice Edelson VP Admin & Gen Counsel 429002 0 0 0 2067 0 28000 0 41670 0 500739 0 0 0 Christine Todd VP & CFO 333841 0 0 0 1240 0 28000 0 18395 0 381476 0 0 0 Joan Warren VP for Enroll & Student Dev 241394 0 0 0 3221 0 24771 0 18743 0 288129 0 0 0 Carl Young Chief Information Officer 317059 0 0 0 4013 0 28000 0 15783 0 364855 0 0 0 Matti Raekallio Faculty 300769 0 0 0 4158 0 22464 0 28159 0 355550 0 0 0 Yoheved Kaplinsky Artistic Director & Faculty 269756 0 0 0 6280 0 22378 0 14711 0 313125 0 0 0 Evan D Yionoulis Deputy General Counsel 269257 0 0 0 1501 0 27338 0 5893 0 303989 0 0 0 Li Lin Faculty 262670 0 0 0 1465 0 20729 0 40498 0 325362 0 0 0 SCHEDULE J, PART I, LINE 1 THE SCHOOL ON EXTREMELY INFREQUENT OCCASIONS PROVIDES NON-COACH (GENERALLY BUSINESS-CLASS, ALTHOUGH FIRST-CLASS MAY BE USED IF BUSINESS-CLASS IS UNAVAILABLE) TRAVEL FOR ITS OFFICERS FOR TRAVEL TO INTERNATIONAL DESTINATIONS, IN ACCORDANCE WITH THE SCHOOL'S POLICY. SUCH TRAVEL IS IN DIRECT SUPPORT OF THE SCHOOL'S EDUCATIONAL AND PERFORMANCE PROGRAMS (FOR EXAMPLE, AN INTERNATIONAL PERFORMANCE TOUR OF THE STUDENT ORCHESTRA). ALSO, ON OCCASION THE SCHOOL PROVIDES TRANSPORTATION FOR THE SPOUSE OF THE PRESIDENT TO ATTEND, ON BEHALF OF THE SCHOOL, FUNCTIONS OR OTHER EVENTS TOGETHER WITH THE PRESIDENT IN DIRECT SUPPORT AND FURTHERANCE OF THE SCHOOL'S MISSION. SCHEDULE J, PART I, LINE 3 AN EMPLOYMENT CONTRACT IS EXECUTED BETWEEN THE SCHOOL AND ITS PRESIDENT, THE TERMS OF WHICH ARE SUBJECT TO REVIEW BY THE BOARD OF TRUSTEES. AT THE END OF THE CONTRACT'S TERM, WHEN DECIDING THE TERMS UNDER WHICH THE CONTRACT MAY BE RENEWED OR EXTENDED, THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES, WITH THE ASSISTANCE OF AN OUTSIDE COMPENSATION EXPERT, CONDUCTS RESEARCH AMONG PEER INSTITUTIONS AND DOCUMENTS THE FINDINGS AND DECISIONS REACHED. THE COMPENSATION OF OFFICERS AND OTHER KEY EMPLOYEES IS REVIEWED ANNUALLY BY THE COMPENSATION COMMITTEE PRIOR TO THE START OF EACH FISCAL YEAR, AND QUESTIONS, OBJECTIONS, AND THE RESOLUTION OF EACH IS DOCUMENTED. SCHEDULE J, PART I, LINE 4B THE PRESIDENT EARNED ACCRUED DEFERRED COMPENSATION OF $52,409 IN ACCORDANCE WITH HIS EMPLOYMENT AGREEMENT. THIS AMOUNT IS REPORTED ON SCHEDULE J, PART II, COLUMN C. SCHEDULE J, PART I, LINE 7 PRESIDENT EMERITUS AND CHIEF CHINA OFFICER JOSEPH POLISI WAS PAID DEFERRED COMPENSATION FOR AMOUNTS EARNED FROM 2015-2018. A Trust for Cultural Resources NYC SER 2015A&B 911882413 2015-06-25 70000000 REFUNDING REV. BONDS false false false B Trust Cultural Resources NYC Ser 2017A&B 911882413 2017-07-26 77145000 Refunding Rev. Bonds false false false C Trust Cultural Resources NYC Ser 2018A 911882413 649717UF0 2018-11-15 42905000 Refunding Rev. Bonds false false false A 0 0 70000000 0 0 70000000 0 0 0 0 0 0 2015 true false true true B 0 0 77145000 0 0 77145000 0 0 0 0 0 0 2018 true false true true C 0 0 48389236 0 0 47850000 528923 0 0 0 0 0 2018 true false true true A false false true true false 0.00500 0.00700 0.01200 false false false true B false false true true false 0.00500 0.00700 0.01200 false false false true C false false true true false 0.00500 0.00700 0.01200 false false false true A false false false true true false 0 false 0 false false B false false false true true false 0 false 0 false false C false false false true false false 0 false 0 false false A true B true C true SCHEDULE K, PART II, COL. C, LINE 3 THE AMOUNT REPORTED ON COLUMN C, LINE 3 OF PART II IS GREATER THAN THE ISSUE PRICE IN PART I, LINE A DUE TO INVESTMENT EARNINGS ON THE PROCEEDS. SCHEDULE K, PART II THE SERIES 2018A BONDS WERE ISSUED THROUGH TAX-EXEMPT BONDS ISSUED BY THE TRUST FOR CULTURAL RESOURCES OF THE CITY OF NEW YORK ON NOVEMBER 15, 2018. AMOUNTS USED IN THE 2009A BOND REFUNDING IN THE AMOUNT OF $47,850,000 ARE INCLUDED ON PART II LINES 6 AND 7. THE SERIES 2017A AND SERIES 2017B BONDS WERE ISSUED ON JULY 26, 2017 AND DIRECTLY PLACED WITH TWO FINANCIAL INSTITUTIONS THROUGH BOND PURCHASE AND PLACEMENT AGREEMENTS ON THAT DATE. AMOUNTS USED IN THE 2009B BOND REFUNDING IN THE AMOUNT OF $77,145,000 ARE INCLUDED ON PART II LINE 6. THE SERIES 2015A AND SERIES 2015B BONDS WERE ISSUED ON JUNE 25, 2015 AND DIRECTLY PLACED WITH TWO FINANCIAL INSTITUTIONS THROUGH BOND PURCHASE AND PLACEMENT AGREEMENTS ON THAT DATE. AMOUNTS USED IN THE 2009C BOND REFUNDING IN THE AMOUNT OF $70,000,000 ARE INCLUDED ON PART II LINE 6. SCHEDULE K, PART IV, LINE 2C AN ARBITRAGE REBATE CALCULATION FOR THE 2018A BONDS IS DUE IN FY24. SCHEDULE K, PART IV, LINE 7 JUILLIARD HAS NOT ESTABLISHED FORMAL WRITTEN PROCEDURES TO MONITOR THE REQUIREMENTS OF SECTION 148, HOWEVER, THE ORGANIZATION DOES HAVE INFORMAL PROCEDURES IN PLACE TO MONITOR SECTION 148 ARBITRAGE REQUIREMENTS. SCHEDULE K, PART V JUILLIARD ENGAGED A FIRM TO DO THE ARBITRAGE CALCULATION THAT IS NECESSARY TO DETERMINE WHETHER IT HAS MET THE PRIVATE SECURITY OR PAYMENT TEST. JUILLIARD DOES NOT MEET THE PRIVATE SECURITY OR PAYMENT TEST. X 62 2576161 mean trading price X Musical instruments & materials 5 61444 expert opinion 10 false true false GENERAL EXPLANATORY STATEMENT REGARDING THE COVID-19 IMPACT ON THE ORGANIZATION THE OUTBREAK OF COVID-19 HAS CAUSED DOMESTIC AND GLOBAL DISRUPTION IN OPERATIONS FOR INSTITUTIONS OF HIGHER EDUCATION. WHILE THE FUTURE IMPACTS OF COVID-19 CANNOT BE QUANTIFIED AT THIS TIME, IT HAS NEGATIVELY IMPACTED THE FINANCIAL MARKETS AND MAY CONTINUE TO MATERIALLY AFFECT THE RETURN ON AND VALUE OF THE SCHOOL'S INVESTMENTS. OTHER ADVERSE CONSEQUENCES OF COVID-19 MAY BE A NEGATIVE EFFECT ON THE SCHOOL'S REVENUE STREAMS. BUSINESS RELATIONSHIPS FORM 990, PART VI, LINE 2 BRUCE KOVNER, CHAIR & GREG MARGOLIES, TRUSTEE - BUSINESS RELATIONSHIP J. CHRISTOPHER KOJIMA, VICE CHAIR & KENT CLARK, TRUSTEE BUSINESS RELATIONSHIP FORM 990 REVIEW PROCESS FORM 990, PART VI, SECTION B, LINE 11B Following completion of a draft form 990 by management and review by an outside accounting firm, the school provides a draft copy of its form 990 to the audit committee and subsequently to the board of trustees prior to filing. It solicits questions and comments from the governing board, and any matters raised in this review process are addressed prior to filing the form 990. CONFLICT OF INTEREST POLICY MONITORING & ENFORCEMENT FORM 990, PART VI, SECTION B, LINE 12C EACH YEAR, ALL TRUSTEES, OFFICERS, AND MEMBERS OF SENIOR MANAGEMENT COMPLETE CONFLICT OF INTEREST DECLARATIONS. THE DECLARATIONS ARE SUBMITTED TO THE ASSISTANT GENERAL COUNSEL WHO REVIEWS THE DECLARATIONS AND MAINTAINS THEM. ADDITIONALLY, IF TRUSTEES ARE ELECTED DURING THE YEAR, EACH COMPLETES A CONFLICT OF INTEREST DECLARATION UPON ELECTION. ANY CONFLICTS OR POTENTIAL CONFLICTS ARE REVIEWED BY THE AUDIT COMMITTEE, AND IF THE COMMITTEE DETERMINES THAT A POTENTIAL CONFLICT OF INTEREST EXISTS, THE MATTER IS REFERRED TO THE BOARD FOR RESOLUTION AS APPLICABLE BASED ON THE CIRCUMSTANCES OF THE MATTER AT HAND. THE TRUSTEE AFFECTED BY THE POTENTIAL CONFLICT MAY NOT BE PRESENT NOR PARTICIPATE IN THE DISCUSSION OF THE MATTER AND MAY NOT VOTE ON THE ISSUE. THE SCHOOL MAY ENTER INTO THE PROPOSED TRANSACTION OR RELATIONSHIP ONLY IF THE BOARD APPROVES IT IN ACCORDANCE WITH THE PROCEDURES DESCRIBED ABOVE. PROCESS FOR DETERMINING COMPENSATION FORM 990, PART VI, SECTION B, LINES 15A & 15B AN EMPLOYMENT CONTRACT IS EXECUTED BETWEEN THE SCHOOL AND ITS PRESIDENT, THE TERMS OF WHICH ARE SUBJECT TO REVIEW BY THE BOARD OF TRUSTEES. AT THE END OF THE CONTRACTS TERM, WHEN DECIDING THE TERMS UNDER WHICH THE CONTRACT MAY BE RENEWED OR EXTENDED, THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES, WITH THE ASSISTANCE OF AN OUTSIDE COMPENSATION EXPERT, CONDUCTS RESEARCH AMONG PEER INSTITUTIONS AND DOCUMENTS THE FINDINGS AND DECISIONS REACHED. THE COMPENSATION OF OTHER OFFICERS AND KEY EMPLOYEES IS REVIEWED ANNUALLY BY THE COMPENSATION COMMITTEE PRIOR TO THE START OF EACH FISCAL YEAR, AND QUESTIONS, OBJECTIONS, AND THE RESOLUTION OF EACH IS DOCUMENTED. COMPENSATION OF THE FOLLOWING OFFICERS and key employees WAS LAST REVIEWED for fiscal year 2019-20: PRESIDENT, PROVOST/DEAN, VP FOR DEVELOPMENT, VP FOR PUBLIC AFFAIRS, VP/GENERAL COUNSEL, VP AND CFO, VP FOR ENROLLMENT MANAGEMENT/STUDENT DEVELOPMENT, AND Chief Operating Officer. PUBLIC DISCLOSURE OF DOCUMENTS FORM 990, PART VI, SECTION C, LINE 19 ALL POLICIES OF THE SCHOOL APPLICABLE TO EMPLOYEES ARE DISCLOSED IN THE STAFF AND FACULTY HANDBOOKS AND ACCOMPANYING STATEMENTS, ALL OF WHICH ARE POSTED ON THE SCHOOL'S WEBSITE FOR STAFF AND FACULTY MEMBERS AND ANYONE ELSE TO REVIEW. THE SCHOOL MAKES ITS ANNUAL AUDITED FINANCIAL STATEMENTS AVAILABLE UPON REQUEST TO ANY INTERESTED PARTIES. THE CONFLICT OF INTEREST POLICY APPLICABLE TO TRUSTEES IS DISCUSSED IN PART VI, SECTION B, BUT IT IS NOT PUBLISHED ON THE WEBSITE. RECONCILIATION OF NET ASSETS FORM 990, PART XI, LINE 9 CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS $ 28,756 CHANGE IN FAIR VALUE OF DERIVATIVE INSTRUMENTS $(22,866,254) ------------- TOTAL $(22,837,498) ============= SCHERZO LLC 60 LINCOLN CENTER PLAZA NEW YORK NY 10023 811344522 SUPPORT NY 0 0 JUILLIARD INSTITUTE OF MUSICAL ART 60 LINCOLN CENTER PLAZA NEW YORK NY 10023 136162648 SUPPORT NY 501(C)(3) 12A JUILLIARD true ALLERGO (TIANJIN) EDUCATION CONSULTING BAO YUAN BLDG 9TH FL SECTION C 8 TIANJIN FREE TRADE EX CH MGMT COMPANY CH SCHERZO LLC C Corp 0 0 1.00000 true true false false false false false false false false false false true false false true false false false true Institute of Musical Art a 425118 FMV SCHEDULE R, PART V UNDER AN ARRANGEMENT BETWEEN THE TRUSTEES OF THE INSTITUTE OF MUSICAL ART OF THE CITY OF NEW YORK ("THE IMA") AND THE JUILLIARD SCHOOL ("THE SCHOOL"), THE INCOME FROM ALL INVESTMENTS OF THE IMA IS USED TO SUPPORT THE SCHOOL'S OPERATIONS. CERTAIN TRUSTEES AND EMPLOYEES OF THE SCHOOL SERVE AS TRUSTEES OF THE IMA, AND CERTAIN PAID EMPLOYEES OF THE SCHOOL PROVIDE ADMINISTRATIVE AND RECORDKEEPING SERVICES FOR THE IMA. THERE ARE NO REIMBURSEMENTS OR CASH TRANSFERS BETWEEN THE IMA AND THE SCHOOL FOR THESE SERVICES. IN 2002, THE TRUSTEES OF THE IMA DELEGATED INVESTMENT MANAGEMENT AUTHORITY OVER THE IMA'S ASSETS (AN INVESTMENT PORTFOLIO) TO THE SCHOOL, AND THE IMA TRANSFERRED ITS ASSETS (IN CASH) TO THE SCHOOL. THESE FUNDS WERE COMMINGLED WITH THE SCHOOL'S INVESTMENT PORTFOLIO, ALTHOUGH THE IMA REMAINS A SEPARATE LEGAL ENTITY AND SEPARATE FUND RECORDS ARE MAINTAINED TO RECORD IMA ACTIVITIES. THE MANAGEMENT OF THE IMA'S INVESTMENT PORTFOLIO AND THE METHOD USED TO DETERMINE INVESTMENT RETURNS AVAILABLE FOR SPENDING ARE IDENTICAL TO THOSE OF THE SCHOOL. THE VALUE OF THE IMA'S ASSETS AT JUNE 30, 2020 WERE $10,513,947. THE IMA'S NET INVESTMENT RETURN WAS $425,118 FOR THE YEAR ENDED JUNE 30, 2020.