2021-07-13T12:58:26-05:00 2020-08-31 366055558 GRANT THORNTON LLP 2001 MARKET STREET SUITE 700 PHILADELPHIA PA 19103 990 2019-09-01 231501159 ACADEMY OF MUSIC OF PHILADELPHIA INC ACAD 2158931900 ONE SOUTH BROAD STREET 14TH FLOOR PHILADELPHIA PA 19107 MARIO MESTICHELLI BD. MEMBER/ TREASURER 2158931900 2021-07-13 1 RUSSLEE ARMSTRONG P00288383 2155614200 2019 2022-09-23 18:48:47Z MATIAS TARNOPOLSKY ONE SOUTH BROAD STREET 14TH FLOOR PHILADELPHIA PA 19107 3257565 0 X HTTPS://WWW.ACADEMYOFMUSIC.ORG/ X 1956 DE TO RAISE FUNDS THROUGH THE RESTORATION AND PRESERVATION FUND TO RESTORE AND MAINTAIN THE(CONTINUED):163-YEAR-OLD ACADEMY OF MUSIC, THE OLDEST KNOWN CONTINUOUSLY OPERATING OPERA HOUSE IN THE UNITED STATES. 19 16 0 170 0 0 2696163 2754018 371122 296251 0 0 -1763951 -1795722 1303334 1254547 0 20000 0 0 428686 520803 0 0 391028 2988938 2954130 3417624 3494933 -2114290 -2240386 33369162 30708691 569935 119743 32799227 30588948 X THE ACADEMY'S PRIMARY EXEMPT PURPOSE IS TO RAISE FUNDS THROUGH THE RESTORATION AND PRESERVATION FUND TO RESTORE AND MAINTAIN THE 163-YEAR-OLD ACADEMY OF MUSIC, THE OLDEST KNOWN CONTINUOUSLY OPERATING OPERA HOUSE IN THE UNITED STATES. 0 0 26924 20000 296251 THE ORGANIZATION'S PRIMARY PROGRAM SERVICE ACTIVITY IS TO RAISE FUNDS FOR THE RESTORATION OF THE ACADEMY OF MUSIC BUILDING THROUGH SPECIAL EVENTS AND A CAPITAL CAMPAIGN PROGRAM. COMBINED PROCEEDS FROM THE ANNUAL ANNIVERSARY CONCERT AND BALL AND THE ANNUAL GIVING CAMPAIGN ARE USED TO FUND NUMEROUS RESTORATION PROJECTS AS APPROVED BY THE ACADEMY BOARD. THE ACADEMY OF MUSIC BUILDING HAS BEEN DESIGNATED AS A NATIONAL HISTORIC LANDMARK AND THEREFORE ITS UPKEEP AND MAINTENANCE IS THE ORGANIZATION'S PRIMARY CONCERN. FOR THE YEAR ENDED AUGUST 31, 2020, THE RESTORATION PROJECTS INCLUDED VARIOUS REPAIRS TO THE FACADE OF THE BUILDING, ELECTRICAL WORK, REPAIRS TO THE BUILDING'S ROOF, CUPOLA, AND ELEVATOR REPLACEMENT. IN ADDITION, THE AOM BEGAN A MULTI YEAR CAPITAL RENOVATIONS PROJECT AND LAUNCHED THE PILOT PROGRAM WHICH CONSISTED(CONTINUED):OF EVALUATION, ASSESSMENT AND DESIGN PROJECTS. THESE PROGRAM SERVICE ACTIVITY EXPENDITURES ARE REPORTED AS PART OF FIXED ASSETS IN SCHEDULE D, PART VI. 26924 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 0 0 0 0 0 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 1 0 0 1 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 X 19 16 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 0 0 0 PA X X MARIO MESTICHELLI 2158931900 ONE SOUTH BROAD STREET 14TH FLOOR PHILADELPHIA PA 19107 X MATIAS TARNOPOLSKY BD MEMBER (PRESIDENT - POA) 10.00 40.00 X X 0 624845 54552 RYAN FLEUR SECRETARY (EXEC-DIR POA) 10.00 40.00 X X 0 296274 54552 MARIO MESTICHELLI BD MEMBER/TREASURER (CFO-POA) 10.00 40.00 X X 0 227437 46777 CAROLINE B ROGERS CHAIR 10.00 5.00 X X 0 0 0 ADELE K SCHAFFER CHAIRMAN EMERITUS 2.00 2.00 X X 0 0 0 RICHARD B WORLEY BOARD MEMBER (CHAIR - POA) 10.00 10.00 X X 0 0 0 RALPH W MULLER BOARD MEMBER (CHAIR - POA) BEG 12/19 10.00 10.00 X X 0 0 0 JOHN R SALER BOARD MEMBER 2.00 2.00 X 0 0 0 R ANDERSON PEW BOARD MEMBER 2.00 0.00 X 0 0 0 LINDA FYNES SIEGFRIED BOARD MEMBER 2.00 0.00 X 0 0 0 SCOTT S JOHNSON BOARD MEMBER 2.00 0.00 X 0 0 0 JOHN H MCFADDEN BOARD MEMBER 2.00 5.00 X 0 0 0 BRUCE G LETO BOARD MEMBER 2.00 2.00 X 0 0 0 JAMES P BRANDAU BOARD MEMBER 2.00 2.00 X 0 0 0 KATE ALLISON BOARD MEMBER 2.00 0.00 X 0 0 0 LISA BETTINGER-BUCKINGHAM BOARD MEMBER (BEG 06/20) 2.00 0.00 X 0 0 0 HARRY EDWARD HILL III BOARD MEMBER 2.00 0.00 X 0 0 0 ANNE F HAMILTON BOARD MEMBER 2.00 0.00 X 0 0 0 TERESA C KENNY BOARD MEMBER 2.00 0.00 X 0 0 0 0 1148556 155881 0 0 1 0 RTM ELECTRICAL CONTRACTORS INC 9233 KEYSTONE STREET PHILADELPHIA PA 19114 CONSTRUCTION 360994 HYATT AT THE BELLEVUE 200 SOUTH BROAD STREET PHILADELPHIA PA 19102 CATERING 259165 ATKIN OLSHIN SCHADE ARCHITECTS INC 125 SOUTH 9TH STREET PHILADELPHIA PA 19107 CONSTRUCTION 183233 CREATIVE ARTISTS AGENCY 2000 AVENUE OF THE STARS LOS ANGELES CA 90067 ARTISTIC MANAGEMENT 175000 ELLIOTT-LEWIS CORPORATION 2900 BLACK LAKE PLACE PHILADELPHIA PA 19154 CONSTRUCTION 100655 5 1386968 929314 437736 265157 2754018 SPONSORSHIP REVENUE(PROGRAM BOOK) 900099 296251 296251 296251 207296 1386968 2003018 -1795722 -1795722 1254547 296251 0 -1795722 X 20000 20000 462032 290500 171532 8534 8534 41778 2200 39578 8459 8459 388 388 41335 41335 154045 65794 88251 24419 8375 16044 3118 3118 770 770 161184 6924 154260 2503006 2503006 1511 1511 MEALS - CATERED EXPENSE 35011 0 0 35011 BAD DEBT EXPENSE 10000 0 10000 0 DUES & MEMBERSHIP FEES 5496 0 0 5496 TICKET GIFTS 4940 0 0 4940 8907 8907 3494933 26924 3076981 391028 0 2065306 1884315 231269 48339 110177 138865 0 0 0 0 321265 1496 85442370 56841861 30641145 28600509 0 0 0 0 0 0 0 35167 33369162 30708691 394197 50032 41250 0 134488 69711 569935 119743 X 32685000 30588948 114227 0 32799227 30588948 33369162 30708691 X -2240386 30107 X 0 1 X 1 0 X X X 1 THE PHILADELPHIA ORCHESTRA ASSOCIATION 231352289 10 1 161184 0 1 161184 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 1 0 1 1 629610 629610 83817298 55850696 27966602 0 995462 991165 4297 0 28600509 POSTRETIREMENT BENEFIT OBLIGATION 69711 69711 X 5247297 1989732 1989732 3257565 -2003018 -2003018 1254547 5496477 2001544 2001544 3494933 0 3494933 PART X, LINE 2: FIN 48 (ASC 740) FOOTNOTE UNDER PROVISIONS OF THE INTERNAL REVENUE CODE, SECTION 501(C)(3), AND THE APPLICABLE INCOME TAX REGULATIONS OF PENNSYLVANIA, THE ASSOCIATION IS EXEMPT FROM TAXES ON INCOME OTHER THAN UNRELATED BUSINESS INCOME. THE ACADEMY RECOGNIZES OR DERECOGNIZES A TAX POSITION BASED ON A "MORE LIKELY THAN NOT" THRESHOLD. THIS APPLIES TO POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE ACADEMY DOES NOT BELIEVE ITS CONSOLIDATED FINANCIAL STATEMENTS INCLUDE ANY MATERIAL UNCERTAIN TAX POSITIONS. INTERNAL REVENUE SERVICE REGULATIONS STIPULATE TAX YEARS ARE OPEN FOR THREE YEARS FROM THE DATE OF FILING AND REMAIN SUBJECT TO EXAMINATION. PART XI, LINE 2D - OTHER ADJUSTMENTS: INVESTMENT GAIN - AOM ENDOWMENT FUND 1,989,732. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING DIRECT EXPENSES -2,003,018. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING DIRECT EXPENSES 2,003,018. POSTRETIREMENT EXPENSE -1,473. ROUNDING -1. ENDOWMENT FUNDS ACADEMY OF MUSIC OF PHILADELPHIA, INC. ("THE ACADEMY") HAS ANSWERED YES TO PART IV, LINE 10, BUT HAS REPORTED NO FINANCIAL DATA IN SCHEDULE D, PART V WITH RESPECT TO ITS ENDOWMENT FUND. THIS IS BECAUSE THE ACADEMY'S ENDOWMENT FUND IS SET UP AS A SEPARATE LEGAL ENTITY. THIS SEPARATE LEGAL ENTITY (TRUST), THE ACADEMY OF MUSIC ENDOWMENT FUND (EIN#: 23-2108123), HAS ITS OWN TAX EXEMPTION UNDER IRC SECTION 501(C)(3), IS RECOGNIZED AS AN IRC SECTION 509(A)(3) SUPPORTING ORGANIZATION OF THE ACADEMY AND ACCORDINGLY, FILES ITS OWN FEDERAL FORM 990. THE ACADEMY RECEIVED FUNDS WHICH IT SET ASIDE IN THIS ENDOWMENT TO BE HELD AND ADMINISTERED BY PNC BANK IN THE NAME OF THE ACADEMY OF MUSIC ENDOWMENT FUND. THE VALUE OF THE TRUST ASSETS WAS $21,926,000 AND $20,012,000 IN FY20 AND FY19, RESPECTIVELY. SCHEDULE D, PART V, LINE 4 ENDOWMENT FUNDS THESE ENDOWMENT FUNDS ARE INTENDED TO PROVIDE FUNDING FOR VARIOUS RESTORATION PROJECTS UNDERTAKEN BY THE ACADEMY. THE ACADEMY BOARD OF DIRECTORS CAN DRAW DOWN REVENUE FROM THE TRUST PURSUANT TO THE APPLICATION OF THE BOARD APPROVED SPENDING POLICY IN ACCORDANCE WITH PENNSYLVANIA LAW AND SPECIFIC ELECTION BY THE BOARD. THE DRAW IS SUBJECT TO ALL DONOR IMPOSED RESTRICTIONS. THIS DRAW DOWN IS REPRESENTED AS A CHARITABLE CONTRIBUTION FROM THE ENDOWMENT FUND ON THE ACADEMY'S FORM 990. AOM BALL 163RD 1594264 1386968 207296 376308 461469 1165241 1594264 1386968 207296 376308 461469 1165241 2003018 -1795722 1 THE KIMMEL CENTER INC 1500 WALNUT STREET 17TH FLOOR PHILADELPHIA PA 19102 232865855 501(C)(3) 20000 SEAT REPLACEMENT PROJECT 1 SCHEDULE I, PART II THE ORGANIZATION DOES NOT USUALLY MAKE GRANTS TO OTHER ORGANIZATIONS. THE GRANT TO THE KIMMEL CENTER IS A SPECIAL ARRANGEMENT THAT WAS AGREED TO AND DOCUMENTED IN A PLEDGE AGREEMENT. THE TOTAL PLEDGE IS $100,000 AND $20,000 WILL BE PAID EACH YEAR FOR FIVE YEARS. THE KIMMEL CENTER WILL USE THE GRANT TO PAY FOR NEW SEATS IN THE ACADEMY OF MUSIC BUILDING. THE MONITORING OF THIS GRANT WILL BE ACCOMPLISHED BY OBSERVING THAT THE ACADEMY OF MUSIC BUILDING EVENTUALLY HAS NEW SEATS. 0 0 0 0 0 0 0 0 1 1 MATIAS TARNOPOLSKY BD MEMBER (PRESIDENT - POA) 0 524395 0 100000 0 450 0 22433 0 32119 0 679397 0 0 RYAN FLEUR SECRETARY (EXEC-DIR POA) 0 295824 0 0 0 450 0 22433 0 32119 0 350826 0 0 MARIO MESTICHELLI BD MEMBER/TREASURER (CFO-POA) 0 226747 0 0 0 690 0 18408 0 28369 0 274214 0 0 PART I, LINE 3 THE ACADEMY DOES NOT HAVE ANY PAID EMPLOYEES; ALL COMPENSATION TO OFFICERS, DIRECTORS, AND KEY EMPLOYEES REPORTED ON PART VII OF THE FORM 990 WAS PAID BY A RELATED ORGANIZATION, THE PHILADELPHIA ORCHESTRA ASSOCIATION. THE PHILADELPHIA ORCHESTRA ASSOCIATION UNDERTAKES A THOROUGH PROCESS TO ENSURE THAT THE EXECUTIVE COMPENSATION IT PAYS TO ITS TOP MANAGEMENT OFFICIALS AND ALL OF ITS OFFICERS AND KEY EMPLOYEES OF THE ASSOCIATION IS REASONABLE GIVEN THE MARKET IN WHICH THE ASSOCIATION OPERATES. THE ASSOCIATION CHECKS THE FOLLOWING BOXES FOR QUESTION 3 ON ITS FORM 990: COMPENSATION COMMITTEE FORM 990 OF OTHER ORGANIZATIONS WRITTEN EMPLOYMENT CONTRACT COMPENSATION SURVEY OR STUDY APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE IN RELEVANT PART, THE BOARD OF DIRECTORS HAS ESTABLISHED A COMPENSATION COMMITTEE OF INDEPENDENT PERSONS THAT HAVE NO PERSONAL INTEREST IN THE PROPOSED COMPENSATION AGREEMENT. THE COMPENSATION COMMITTEE OBTAINS A MARKET ASSESSMENT AND COMPETITIVE POSITION ANALYSIS FOR THE ASSOCIATION'S TOP EXECUTIVES. THE COMPENSATION COMMITTEE WILL THEN SET THE COMPENSATION FOR THE RELEVANT EXECUTIVE AND DOCUMENT THE DECISION IN BOARD MINUTES. PART I, LINE 8 MR. TARNOPOLSKY ENTERED INTO AN EMPLOYMENT CONTRACT WITH THE PHILADELPHIA ORCHESTRA ASSOCIATION ON MAY 24, 2018. MR. TARNOPOLSKY COMMENCED HIS EMPLOYMENT ON AUGUST 15, 2018. THIS AGREEMENT WILL BE IN EFFECT UNTIL AUGUST 31, 2023. X 5 76309 FMV X 3 35718 FMV X ADVERTISING 3 153130 FMV 0 1 1 PART I, COLUMN (B): NUMBER OF CONTRIBUTIONS THE ORGANIZATION IS REPORTING THE NUMBER OF CONTRIBUTIONS IN COLUMN (B). PART I, LINE 32B: TO THE EXTENT THAT THE ORGANIZATION RECEIVES DONATIONS OF SECURITIES, ITS INVESTMENT BROKER/MANAGER IS TASKED WITH SELLING THOSE SECURITIES IN EXCHANGE FOR CASH. FORM 990, PART VI, SECTION A, LINE 6 THE ACADEMY OF MUSIC OF PHILADELPHIA, INC.'S SOLE MEMBER IS THE PHILADELPHIA ORCHESTRA ASSOCIATION. THE MEMBERSHIP OF THE PHILADELPHIA ORCHESTRA ASSOCIATION SHALL CONSIST OF LIFE AND ANNUAL MEMBERS. LIFE MEMBERS SHALL BE THOSE PERSONS WHO ON OR BEFORE SEPTEMBER 22, 1958 PAID INTO THE ENDOWMENT FUND OR ANY OTHER FUND ESTABLISHED BY THE ASSOCIATION NOT LESS THAN THE SUM OF FIVE HUNDRED DOLLARS. ANNUAL MEMBERS SHALL CONSIST OF THOSE PERSONS (INDIVIDUAL OR CORPORATE) WHO FROM TIME TO TIME SHALL CONTRIBUTE TO THE PHILADELPHIA ORCHESTRA ASSOCIATION NOT LESS THAN SUCH AMOUNT AS THE BOARD OF DIRECTORS MAY FROM TIME TO TIME DESIGNATE AS THE AMOUNT OF THE CONTRIBUTION BY WHICH A PERSON SHALL BECOME A MEMBER. A MEMBER, BY VIRTUE OF A CONTRIBUTION OF NOT LESS THAN THE AMOUNT THUS FIXED, SHALL BE A MEMBER UNTIL THE ADJOURNMENT OF THE ANNUAL MEETING NEXT FOLLOWING THE CLOSE OF THE FISCAL YEAR OF THE ASSOCIATION TO THE ACCOUNTS OF WHICH THE CONTRIBUTION WAS APPLIED. IN ALL ELECTIONS AND AT ALL MEETINGS OF THE ASSOCIATION EACH MEMBER OF RECORD ON THE TENTH DAY PRECEDING THE DATE OF AN ELECTION OR OF A MEETING SHALL BE ENTITLED TO ONE VOTE AND TO NOTICE OF THE ELECTION OR MEETING. VOTING BY MEMBERS SHALL BE IN PERSON OR BY PROXY. THE BOARD OF DIRECTORS MAY FROM TIME TO TIME ESTABLISH CLASSIFICATIONS OF MEMBERS WHO ARE MEMBERS BY VIRTUE OF CONTRIBUTING TO THE ASSOCIATION AS PROVIDED FOR IN THIS ARTICLE AND MAKE AVAILABLE TO SUCH MEMBERS SUCH SPECIAL PRIVILEGES AS THE BOARD MAY DETERMINE, DEPENDING UPON THE CLASSIFICATION OF MEMBERSHIP. ON JUNE 20, 2019 AT A REGULAR MEETING OF THE BOARD, THE DIRECTORS APPROVED THE ADOPTION OF THE AMENDED AND RESTATED BY-LAWS IN THEIR ENTIRETY, EXCEPT THAT THE BOARD RESOLVED THAT, IN ACCORDANCE WITH LAW, CERTAIN AMENDMENTS TO SECTIONS 1.1 AND 1.2 (RELATING TO THE ELIMINATION OF THE LIFETIME MEMBER CLASSIFICATION), SECTION 3.6 (RELATING TO THE ELECTION OF DIRECTORS BETWEEN ANNUAL MEMBER MEETINGS AND THE DELETION OF THE THEN CURRENT BY-LAWS SECTION 3.11 (RELATING TO AUTOMATIC REMOVAL OF A DIRECTOR FOR ABSENCES) WERE APPROVED SUBJECT TO THE RATIFICATION OF THE MEMBERS AT THEIR NEXT MEETING AND THAT THOSE SECTIONS WOULD NOT BE EFFECTIVE UNTIL SUCH APPROVAL WAS OBTAINED. SUBSEQUENTLY, DURING FISCAL YEAR 2020, AT THE ANNUAL MEETING OF THE POA (OCTOBER 17, 2019), THE AFOREMENTIONED AMENDMENTS TO THE POA BY-LAWS WERE RATIFIED BY THE MEMBERS AS IS REQUIRED BY PENNSYLVANIA LAW. FORM 990, PART VI, SECTION A, LINE 7A SEE NARRATIVE UNDER FORM 990, PART VI, SECTION A, LINE 6 FORM 990, PART VI, SECTION A, LINE 7B SEE NARRATIVE UNDER FORM 990, PART VI, SECTION A, LINE 6 FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WAS PREPARED BY AN INTERNATIONAL ACCOUNTING FIRM IN CONJUNCTION WITH THE ORGANIZATION'S FINANCIAL DEPARTMENT. A COPY OF THE FORM 990 IS CIRCULATED TO THE BOARD BEFORE IT IS FILED. HOWEVER, SCHEDULE B IS REDACTED FROM THE FORM 990 BEFORE IT IS CIRCULATED TO THE BOARD TO PROTECT THE IDENTITY OF CERTAIN DONORS WHO WISH TO REMAIN ANONYMOUS. AS SUCH, THE ORGANIZATION HAS CHECKED 'NO' TO PART VI, QUESTION 11A. SCHEDULE B WILL BE MADE AVAILABLE TO THOSE BOARD MEMBERS WHO WISH TO INSPECT IT INDIVIDUALLY. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION MONITORS AND ENFORCES COMPLIANCE BY FOLLOWING THESE PROCEDURES: 1. ANY INTERESTED PERSON HAS A DUTY TO DISCLOSE THE TRANSACTION OR ARRANGEMENT; 2. THE INTERESTED PERSON PRESENTS THIS POTENTIAL CONFLICT OF INTEREST TO THE BOARD/COMMITTEE; 3. THE BOARD/COMMITTEE DETERMINES WHETHER THERE IS A CONFLICT OF INTEREST; 4. BOARD/COMMITTEE/INTERESTED PERSON FOLLOWS PREDETERMINED PROCEDURES TO ADDRESS THE ISSUE IF ONE EXISTS; 5. THE ABOVE WILL BE RECORDED IN THE MINUTES OF THE MEETINGS OF THE BOARD/COMMITTEE. EACH DIRECTOR, OFFICER AND MEMBER OF A COMMITTEE WITH BOARD-DELEGATED POWERS SHALL ANNUALLY RESPOND TO A QUESTIONNAIRE AND SIGN A STATEMENT WHICH AFFIRMS SUCH PERSON: A. HAS RECEIVED A COPY OF THE CONFLICT OF INTEREST POLICY, B. HAS READ AND UNDERSTANDS THE POLICY, C. HAS AGREED TO COMPLY WITH THE POLICY, D. UNDERSTANDS THE ORGANIZATION IS CHARITABLE AND IN ORDER TO MAINTAIN ITS FEDERAL TAX EXEMPTION IT MUST ENGAGE PRIMARILY IN ACTIVITIES WHICH ACCOMPLISH ONE OR MORE OF ITS TAX-EXEMPT PURPOSES; AND E. PROVIDES SUCH INFORMATION AS THE AOM REQUIRES TO PREPARE THE AOM'S ANNUAL IRS FORM 990. FORM 990, PART VI, LINES 13 AND 14 THE ACADEMY OPERATES UNDER THE WHISTLEBLOWER AND DOCUMENT RETENTION POLICIES OF ITS RELATED ORGANIZATION, PHILADELPHIA ORCHESTRA ASSOCIATION. FORM 990, PART VI, SECTION B, LINE 15 THE ACADEMY DOES NOT HAVE ANY PAID EMPLOYEES; ALL COMPENSATION TO OFFICERS, DIRECTORS AND KEY EMPLOYEES REPORTED ON PART VII OF THE FORM 990 WAS PAID BY A RELATED ORGANIZATION, THE PHILADELPHIA ORCHESTRA ASSOCIATION. THE PROCESS USED TO DETERMINE COMPENSATION FOR THESE INDIVIDUALS IS REPORTED ON THAT ORGANIZATION'S FORM 990. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS FORM 990 AVAILABLE TO THE PUBLIC BY RETAINING A COPY AT ITS PLACE OF BUSINESS AND ON ITS WEBSITE AT WWW.PHILORCH.ORG. THE FORM 990 IS LIKEWISE PUBLISHED ON THE INTERNET AT WWW.GUIDESTAR.ORG. THE ORGANIZATION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE NOT ORDINARILY MADE AVAILABLE TO THE PUBLIC, BUT, IF REQUESTED, WILL BE PROVIDED AT MANAGEMENT'S DISCRETION. THE ACADEMY OF MUSIC'S FINANCIAL OPERATIONS ARE REPORTED IN THE CONSOLIDATED FINANCIAL STATEMENTS OF ITS PARENT ORGANIZATION, THE PHILADELPHIA ORCHESTRA ASSOCIATION. THESE FINANCIAL STATEMENTS ARE, LIKEWISE, PUBLISHED ANNUALLY ON THE ORGANIZATION'S WEBSITE. FORM 990, PART VII THE ACADEMY SHARES CERTAIN EMPLOYEES WITH A RELATED ORGANIZATION, THE PHILADELPHIA ORCHESTRA ASSOCIATION. THE FULL TIME OFFICERS SPEND APPROXIMATELY 25% OF THEIR TIME ON THE ACADEMY. ACCORDINGLY, 10 HOURS PER WEEK ARE REPORTED FOR EACH OF THE OFFICERS. FORM 990, PART IX THE SALARY EXPENSES REPORTED ON LINES 7, 9 & 10 REPRESENT AN ALLOCATION OF SALARY EXPENDITURES INCURRED BY PHILADELPHIA ORCHESTRA ASSOCIATION FOR EMPLOYEES PROVIDING SERVICES ON BEHALF OF THE ACADEMY. FORM 990, PART IX, PROGRAM SERVICE EXPENSES PLEASE NOTE THERE IS ONLY A SMALL AMOUNT OF EXPENSES REFLECTED IN PART IX, COLUMN B, PROGRAM SERVICE EXPENSES; THE REASON FOR THIS PRESENTATION IS AS FOLLOWS: THE ORGANIZATION'S PRIMARY PROGRAM SERVICE ACTIVITY IS TO RAISE FUNDS FOR THE RESTORATION OF THE ACADEMY OF MUSIC BUILDING. THE EXPENSES ASSOCIATED WITH FUNDRAISING EVENTS ARE REPORTED ON THE DIRECT EXPENSES FROM FUNDRAISING EVENTS LINE (PART VIII, LINE 8) AND THE EXPENSES ASSOCIATED WITH BUILDING RESTORATIONS ARE CAPITALIZED AND REPORTED WITHIN FIXED ASSETS ON PART X, LINE 10. FORM 990, PART XI, LINE 9: ADJUSTMENT TO POSTRETIREMENT OBLIGATION 1,473. OTHER 28,634. PHILADELPHIA ORCHESTRA ASSOCIATION ONE SOUTH BROAD ST 14TH FLOOR PHILADELPHIA PA 19107 231352289 ORCHESTRA MGM PA 501(C)(3) LINE 10 N/A 0 THE ACADEMY OF MUSIC ENDOWMENT FUND 1600 MARKET ST 4TH FLOOR PHILADELPHIA PA 19103 232108123 SUPPORT AOM PA 501(C)(3) LINE 12A, I AOM 1 0 0 1 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 0 THE ACADEMY OF MUSIC ENDOWMENT FUND C 929314 FMV