2021-05-13T09:33:23-05:00 2020-06-30 420714325 RSM US LLP 80 CITY SQUARE BOSTON MA 02129 990 2019-07-01 237225104 NEW ENGLAND CONSERVATORY OF MUSIC NEWE 6175851725 290 HUNTINGTON AVENUE BOSTON MA 02115 KRISTINA MARTIN ASSOC. VP FINANCE & CONTROLLER 6175851725 2021-05-12 1 LYNNE JOHNSON P00757336 6179129000 2019 2022-09-23 18:48:47Z ANDREA KALYN 290 HUNTINGTON AVENUE BOSTON MA 02115 92066174 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. 22 21 1369 133 48014 -3237 10460724 10073887 51292066 53371223 1723625 5165298 139141 64739 63615556 68675147 16158616 17499538 0 0 31167733 32417693 0 0 2114642 21070047 19440153 68396396 69357384 -4780840 -682237 260075992 251412598 45190439 41137211 214885553 210275387 X NEW ENGLAND CONSERVATORY OF MUSIC (NEC) EDUCATES AND TRAINS MUSICIANS OF ALL AGES FROM AROUND THE WORLD. 0 0 46946400 16525741 41263592 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. (840 STUDENTS) 5462241 156450 4423526 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. (250 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. 6646981 817347 6454815 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. 6.14% FINANCIAL AID IS PROVIDED BASED PRIMARILY ON NEED. (2,000 STUDENTS) 662708 0 1229290 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. 662708 0 1229290 59718330 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 1 284 0 1369 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 22 21 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 MA X KRISTINA E MARTIN ASSOC VP FINANCE & CONTROLLER 6175851725 290 HUNTINGTON AVENUE BOSTON MA 02115 KALYN ANDREA PRESIDENT 40.00 X 694215 0 46282 KELLY KATHLEEN VP FOR ADVANCEMENT ENGAGEMENT, & PARTNERSHIPS 40.00 X 346163 0 15824 WEILERSTEIN DONALD COLLEGE FACULTY 35.00 X 231457 0 28657 NOVAK THOMAS VP & PROVOST 40.00 X X 232887 0 24405 RAINER KAIRYN VP OF ADMINISTRATION (THRU 11/29/19) 40.00 X 202110 0 39164 DIONNE ELIZABETH VP FINANCE ADMINISTRATION/TREASURER 40.00 X 202986 0 33909 EAGLEN LYSON JANE COLLEGE FACULTY 35.00 X 202000 0 26669 SOOVIN KIM COLLEGE FACULTY 35.00 X 181852 0 40889 LESSER LAURENCE COLLEGE FACULTY 35.00 X 188243 0 20929 MARTIN KRISTINA DIRECTOR OF FINANCE AND CONTROLLER 40.00 X 168854 0 32016 ATHANASIOU NIKOLAOS BOARD TRUSTEE 2.00 X 0 0 0 BAJAKIAN CLINTON J BOARD TRUSTEE 2.00 X 0 0 0 BARTLETT ANNE A BOARD TRUSTEE (FROM 07/01/19) 2.00 X 0 0 0 BEAL ENID L BOARD TRUSTEE 2.00 X 0 0 0 ELFERS DEBORAH B BOARD TRUSTEE 2.00 X 0 0 0 FERGUSON CORINNE BOARD TRUSTEE 2.00 X 0 0 0 FULHAM TIMOTHY W BOARD TRUSTEE 2.00 X 0 0 0 GLAUBER BARBARA W BOARD TRUSTEE 2.00 X 0 0 0 GRAVES JR EDWIN D BOARD TRUSTEE (FROM 07/01/19) 2.00 X 0 0 0 GRAY ERIC A BOARD TRUSTEE 2.00 X 0 0 0 HENDRIX BLAIR E BOARD TRUSTEE 2.00 X 0 0 0 JONI SAJ-NICOLE A BOARD TRUSTEE 2.00 X 0 0 0 NICHOLS MARGARET BOARD TRUSTEE (FROM 07/01/19) 2.00 X 0 0 0 PREVOST PATRICK M BOARD TRUSTEE 2.00 X 0 0 0 RUBIN SALLY L BOARD TRUSTEE 2.00 X 0 0 0 SMITH CHAD BOARD TRUSTEE 2.00 X 0 0 0 THONIS MICHAEL BOARD TRUSTEE (FROM 07/01/19) 2.00 X 0 0 0 WILMERDING FRANCES B BOARD TRUSTEE 2.00 X 0 0 0 BLUMENTHAL THOMAS W BOARD TRUSTEE/VICE CHAIR (FROM 07/01/19) 2.00 X X 0 0 0 BURNES KENNETT F BOARD CHAIR 2.00 X X 0 0 0 LODER JOHN M BOARD TRUSTEE, SECRETARY 2.00 X X 0 0 0 2650767 0 308744 61 0 1 0 GUARDIAN SECURITY & PROTECTION LLC 50 STRAWBERRY LANE CANTON MA 02021 SECURITY SERVICE 964459 ENCORE TOURS 343 CONGRESS STREET SUITE 3100 BOSTON MA 02210 TOURING SERVICES 650257 ARAMARK SERVICES INC 2400 MARKET STREET PHILADELPHIA PA 19103 DINING HALL MANAGEMENT 385591 GEORGE T WILKINSON INC 405 VFW DRIVE ROCKLAND MA 02370 MAINTENANCE 317652 COLLEGIATE PRESS 407 HUNTINGTON AVENUE ROOM 10-407A BOSTON MA 02115 COPY, PRINT, AND MAILROOM SERVICES 271057 16 657703 227448 9188736 3081128 10073887 TUITION AND ACADEMIC FEES 611710 45398043 45398043 ROOM AND BOARD 721310 3881207 3881207 STUDENT HEALTH INSURANCE 524114 1182051 1182051 HALL RENTALS 532000 817061 817061 NON-ACADEMIC FEES 611710 790269 790269 1302592 1302592 53371223 91439 -7036 98475 25174 0 25174 25174 25174 24776482 3583738 18965150 4321211 5811332 -737473 5073859 55050 5018809 30900 657703 104666 -73766 -73766 OTHER SPECIAL EVENTS 900099 28363 28363 PUBLICATION 511190 7660 7660 STUDENT ACTIVITIES 900099 2215 2215 75093 75093 113331 68675147 53371223 48014 5182023 17499538 17499538 1817549 897671 512900 406978 24532946 20933842 2572881 1026223 775036 668594 75290 31152 3457363 2894138 376942 186283 1834799 1523509 212261 99029 480581 26249 453875 457 111391 111391 239954 239954 1922018 1319125 482771 120122 73550 33160 36457 3933 1381388 1168421 123446 89521 1407639 116652 1290987 3023233 2490438 525821 6974 934528 756055 87395 91078 89073 71715 14966 2392 1220171 1190415 26407 3349 6175300 5908666 237116 29518 STUDENT HEALTH AND FOOD 2129114 2129114 DUES & MEMBERSHIPS FEES 101370 53445 30292 17633 PAYROLL PROCESS & TEMP 69141 69141 BAD DEBT/LOSS 18616 17613 1003 63086 19970 43116 69357384 59718330 7524412 2114642 6930842 12063539 5459182 3515056 718196 627527 2125915 2025566 458621 593580 160928990 47366168 122279903 113562822 47268871 48344095 74834462 70503202 177211 260075992 251412598 2777243 3079638 1237642 662211 34896144 33790569 6279410 3604793 45190439 41137211 X 98020943 94370029 116864610 115905358 214885553 210275387 260075992 251412598 X -682237 -3871969 -55960 X 0 1 X 1 1 1 X 5905289 19636647 7125607 10460724 10073887 53202154 5905289 19636647 7125607 10460724 10073887 53202154 7065052 46137102 1733539 636961 168983 181582 123649 2844714 102821 0 102821 153947 122738 252286 288108 144231 961310 57110999 190391499 0.80780 0.83690 X SCHEDULE A, PART I: 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 122469876 784577 1699410 2806019 2694137 239954 119213753 124386612 4330831 3274161 4744925 4530767 246036 122469876 116917341 2875563 10273546 3013477 2422780 243581 124386612 105735542 4196622 12411747 2374497 2835121 216952 116917341 115564750 1359168 -4268619 2243995 4432136 243626 105735542 0.14140 0.82800 0.03060 0 0 1269497 1269497 133258941 35532292 97726649 25831343 11833876 13997467 569209 569209 113562822 20131832 F BRANDYWINE GLOBAL OPPORTUNISTIC 4106587 F ADAMAS OPPORTUNITIES L.P. 594764 F ADAMAS PARTNERS L.P. 743353 F AQR CAPITAL MANAGEMENT 1108031 F BAUPOST VALUE PARTNERS IV, LP 14544191 F SEAMANS GLOBAL OPPORTUNITIES FUND, LLC 13530 F BROOKSIDE CAYMAN, LIMITED 617 F SANDERSON INTERNATIONAL VALUE FUND 6801440 F MARATHON-LONDON EMERGING MARKETS 2899414 F WESTWOOD GLOBAL INVESTMENTS 2622728 F KLINE HILL PARTNERS FUND II LP 424306 F BAIN CAPITAL FUND XI 771456 F HIGHLAND CAPITAL PARTNERS 9-B LP 1427768 F ARROWSTREET CAPITAL 9105746 F KABOUTER 3644329 F DOVER STREET IX 703744 F HIGHBAR PARTNERS III 859366 F 70503202 PERKINS LOAN REFUNDABLE ADVANCES 2582551 PLANNED GIVING LIABILITY 830886 FINANCE LEASE LIABILITY 191356 3604793 X 48026779 -3871969 -17378584 -21250553 69277332 239954 -842139 -602185 68675147 52636945 842139 842139 51794806 239954 17322624 17562578 69357384 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 AND AT THE MUSEUM OF FINE ARTS, BOSTON. 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, 2020 WERE REVIEWED, AND IT WAS DETERMINED THAT NO PROVISION FOR UNCERTAIN TAX POSITIONS WAS REQUIRED AS OF JUNE 30, 2020 OR 2019. 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 -55,960. TUITION & DORM SCHOLARSHIP -17,322,624. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EVENTS EXPENSES REPORTED ON FORM 990, PART VIII, LINE 8B. -104,666. LOSS ON DISPOSAL OF ASSETS -737,473. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENTS EXPENSES REPORTED ON FORM 990, PART VIII, LINE 8B. 104,666. LOSS ON DISPOSAL OF ASSETS 737,473. PART XII, LINE 4B - OTHER ADJUSTMENTS: TUITION & DORM SCHOLARSHIP 17,322,624. 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 $7,926,013; COMMONWEALTH OF MASSACHUSETTS CULTURAL COUNCIL $32,250. EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES ACADEMIC ACTIVITIES 194652 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES ACADEMIC ACTIVITIES 6424 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES ACADEMIC ACTIVITIES 850 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 12531980 0 0 0 0 0 0 12733906 0 12733906 1 0 1 1 1 0 PART III ACCOUNTING METHOD: BOSTON GALA 688603 657703 30900 79906 13350 11410 688603 657703 30900 79906 13350 11410 104666 -73766 1 SCHOLARSHIP AND OTHER FINANCIAL AID 1166 17499538 PART I, LINE 2: THE AWARDING OF STUDENT FINANCIAL AID GRANTS UNDER THE U.S. DEPARTMENT OF EDUCATION'S STUDENT FINANCIAL ASSISTANCE PROGRAM IS MONITERED 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 CHANGES. 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 1 0 0 0 0 0 0 1 0 KALYN ANDREA PRESIDENT 495244 0 75000 0 123971 0 33000 0 13282 0 740497 0 0 0 KELLY KATHLEEN VP FOR ADVANCEMENT ENGAGEMENT, & PARTNERSHIPS 283714 0 60000 0 2449 0 11906 0 3918 0 361987 0 0 0 WEILERSTEIN DONALD COLLEGE FACULTY 230839 0 0 0 618 0 10389 0 18268 0 260114 0 0 0 NOVAK THOMAS VP & PROVOST 228866 0 0 0 4021 0 10497 0 13908 0 257292 0 0 0 RAINER KAIRYN VP OF ADMINISTRATION (THRU 11/29/19) 184648 0 0 0 17462 0 9833 0 29331 0 241274 0 0 0 DIONNE ELIZABETH VP FINANCE ADMINISTRATION/TREASURER 196766 0 0 0 6220 0 10250 0 23659 0 236895 0 0 0 EAGLEN LYSON JANE COLLEGE FACULTY 196484 0 0 0 5516 0 10159 0 16510 0 228669 0 0 0 SOOVIN KIM COLLEGE FACULTY 174402 0 0 0 7450 0 8042 0 32847 0 222741 0 0 0 LESSER LAURENCE COLLEGE FACULTY 188243 0 0 0 0 0 8982 0 11947 0 209172 0 0 0 MARTIN KRISTINA DIRECTOR OF FINANCE AND CONTROLLER 167328 0 0 0 1526 0 8800 0 23216 0 200870 0 0 0 PART I, LINE 1A A $108,227 HOUSING ALLOWANCE WAS PROVIDED TO PRESIDENT ANDREA KALYN. A $5,000 ANNUAL HOUSING ALLOWANCE WAS PROVIDED TO FACULTY MEMBER, JANE EAGLEN (LYSON). A $5,000 ANNUAL HOUSING ALLOWANCE WAS PROVIDED TO FACULTY MEMBER, KIM SOOVIN. THE HOUSING ALLOWANCES WERE REPORTED AS TAXABLE COMPENSATION. PART I, LINE 4A SEVERANCE IN THE AMOUNT OF $15,300 WAS PROVIDED TO KAIRYN RAINER IN 2019. PART I, LINE 7 KATHLEEN KELLY RECEIVED $60,000 FROM PARTICIPATION IN A BONUS PLAN BASED ON A VARIETY OF METRICS WHICH INCLUDED THE AMOUNT OF CONTRIBUTIONS RAISED BY NEC. 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 4315000 23685000 23389001 295999 1 1 1 1 B 1137621 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. X 22 X 37 2664078 FMV X 1 X INSTRUMENTS 11 217050 FMV X MINERAL INTERESTS 1 200000 FMV 5 1 1 1 PART I, COLUMN (B): PART I, COLUMN (B): NEC IS REPORTING A COMBINATION OF BOTH THE NUMBER OF CONTRIBUTIONS AND THE NUMBER OF ITEMS RECEIVED. PART I, LINE 1, WORKS OF ART, COLUMN (B): THE NUMBER OF ITEMS ARE REPORTED. PART I, LINE 9, SECURITIES PUBLICLY TRADED, COLUMN (B): THE NUMBER OF CONTRIBUTIONS ARE REPORTED. PART I, LINE 20, DRUGS AND MEDICAL SUPPLIES, COLUMN (B): THE NUMBER OF ITEMS ARE REPORTED. PART I, LINE 25, INSTRUMENTS, COLUMN (B): THE NUMBER OF ITEMS ARE REPORTED. PART I, LINE 25, MINERAL INTEREST, COLUMN (B): THE NUMBER OF GIFTS ARE REPORTED. PART I, LINE 30B: ALL NEW PERMANENTLY RESTRICTED GIFTS REQUIRE A HOLDING PERIOD OF THREE YEARS WITHIN THE ENDOWMENT BEFORE USE OF THE INCOME PRODUCED IS ALLOWED. 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 IN JUNE 2020, NEC'S BOARD OF TRUSTEES VOTED TO DELEGATE REVIEW AND APPROVAL OF THE FORM 990 TO THE AUDIT COMMITTEE. THE AUDIT COMMITTEE RECEIVES A COPY OF THE DRAFT FORM 990 WITHOUT SCHEDULE B PRIOR TO THE MEETING AT WHICH THEY REVIEW THE FORM 990. AT THE MEETING, MEMBERS OF THE AUDIT COMMITTEE RECEIVE A PRESENTATION ON THE FORM 990 FROM MANAGEMENT AND PROVIDE INPUT ON THE FORM 990. IN ADDITION, NEC HAS TAX ADVISORS FROM A NATIONAL ACCOUNTING FIRM REVIEW THE FORM 990. LASTLY, 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 IS DISTRIBUTED TO OFFICERS, TRUSTEES AND KEY EMPLOYEES ANNUALLY. ALL OF THESE INDIVIDUALS ARE REQUIRED TO COMPLETE THE FORM FOR THE PAST FISCAL YEAR AND DISCLOSE ANY CONFLICTS OF INTEREST WITHIN THE FORM. 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 CONTROLLER AS WELL AS THE AUDIT 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 EXECUTIVE 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' EXECUTIVE 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 AND CONFLICT OF INTEREST POLICY 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 -55,960. 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 NEW ENGLAND CONSERVATORY QALICB 290 HUNTINGTON AVE BOSTON MA 02115 473325852 TO DEVELOP NEC'S STUDENT CENTER (DISSOLVED ON 1/23/20) MA 501(C)(3) LINE 7 NEW ENGLAND CONSERVATORY OF MUSIC 1 CHARITABLE REMAINDER TRUST INVESTMENT MA NEW ENGLAND CONSERVATORY OF MUSIC 1 GIFT ANNUITIES (34) INVESTMENT MA NEW ENGLAND CONSERVATORY OF MUSIC 1 POOLED INCOME FUND (9) INVESTMENT MA NEW ENGLAND CONSERVATORY OF MUSIC 1 CHARITABLE LEAD ANNUITY TRUST INVESTMENT MA NEW ENGLAND CONSERVATORY OF MUSIC 1 1 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 CHARITABLE LEAD ANNUITY TRUST A 5000 CASH GIFT ANNUITIES (34) F 50395 CASH GIFT ANNUITIES (34) G 276666 CASH GIFT ANNUITIES (34) H 168029 CASH