2021-04-12T19:53:34-05:00 2020-06-30 910189318 MOSS ADAMS LLP 3121 W MARCH LN STE 200 STOCKTON CA 952192367 990 2019-07-01 952501387 THE COLBURN SCHOOL COLB 2136212200 200 SOUTH GRAND AVENUE LOS ANGELES CA 90012 MAEESHA MERCHANT CFO & VP OF BUSINESS DEVELOP. 2136212200 2021-04-08 1 TRACY S PAGLIA P00366884 2099556100 2021-04-08 2019 2022-09-23 18:48:47Z SEL KARDAN 200 SOUTH GRAND AVENUE LOS ANGELES CA 90012 119944849 0 X WWW.COLBURNSCHOOL.EDU X 1951 CA SCHOOL WITH ACCLAIMED FACULTY PROVIDING THE HIGHEST QUALITY PERFORMING ARTS EDUCATION 23 23 436 25 -660822 -674469 18863932 24734030 14618255 15326024 5570022 1857856 2863494 2221669 41915703 44139579 8766781 9240293 0 0 19904577 20895141 0 60000 1816433 22677107 20916233 51348465 51111667 -9432762 -6972088 350455307 335953493 155503219 160469748 194952088 175483745 X THE COLBURN SCHOOL PROVIDES WORLD CLASS PERFORMING ARTS EDUCATION AT ALL LEVELS OF DEVELOPMENT, FROM EARLY CHILDHOOD TO THOSE PURSUING MUSIC DEGREES AND PROFESSIONAL CAREERS. EACH YEAR, MORE THAN 2,000 STUDENTS FROM AROUND THE WORLD COME TO COLBURN'S STATE-OF-THE ART CAMPUS IN LOS ANGELES TO BENEFIT FROM THE RENOWNED FACULTY, UNPARALLELED FACILITIES, AND FOCUS ON EXCELLENCE THAT UNITES THE COMMUNITY. 0 0 45230822 9240293 15326024 SEE SCHEDULE OTHE COLBURN SCHOOL ("THE SCHOOL") IS A CALIFORNIA NOT-FOR-PROFIT CORPORATION LOCATED IN THE HEART OF THE CULTURAL CORRIDOR IN DOWNTOWN LOS ANGELES, CALIFORNIA. THE MISSION OF THE SCHOOL IS TO OFFER THE HIGHEST QUALITY PERFORMING ARTS EDUCATION BY AN OUTSTANDING FACULTY IN AN OPTIMAL LEARNING ENVIRONMENT.THE SCHOOL WAS FOUNDED IN 1950 AS A PREPARATORY PROGRAM FOR THE UNIVERSITY OF SOUTHERN CALIFORNIA UNTIL 1980 WHEN IT BECAME AN INDEPENDENT COMMUNITY SCHOOL OF THE PERFORMING ARTS AND WAS ACCREDITED AS A NON-DEGREE-GRANTING INSTITUTION BY THE NATIONAL ASSOCIATION OF SCHOOLS OF MUSIC (NASM).CURRENTLY, THIS PROGRAM IS KNOWN AS THE COLBURN SCHOOL OF PERFORMING ARTS ("CSPA") AND OFFERS PROGRAMS IN MUSIC, DANCE, DRAMA, AND VOICE TO APPROXIMATELY 1,900 STUDENTS OF ALL AGES (TODDLER TO ADULT) AND ABILITIES (NOVICE THROUGH ADVANCED). THE SCHOOL ALSO OPERATES COMMUNITY OUTREACH PROGRAMS WHICH BRING PERFORMING ARTS TO UNDERSERVED CHILDREN IN INNER-CITY SCHOOLS.THE CONSERVATORY OF MUSIC, ESTABLISHED IN 2003, OFFERS UNDERGRADUATE, GRADUATE AND PROFESSIONAL-DEGREE PROGRAMS SPECIALIZING IN CLASSICAL MUSICAL PERFORMANCE. CONSERVATORY OF MUSIC PROGRAMS RANGE FROM TWO TO FOUR YEARS AND RESULT IN ONE OF THE FOLLOWING: A BACHELOR OF MUSIC DEGREE, AN ARTIST'S DIPLOMA OR A PROFESSIONAL STUDIES CERTIFICATE. ADMISSION TO THE CONSERVATORY OF MUSIC IS HIGHLY SELECTIVE, AND THE CONSERVATORY PROVIDES FINANCIAL AID TO STUDENTS, COVERING FULL TUITION AND ROOM AND BOARD. THE CONSERVATORY HAD 120 ENROLLED STUDENTS DURING THE YEAR ENDED JUNE 30, 2019. THE CONSERVATORY IS ACCREDITED BY THE NATIONAL ASSOCIATION OF SCHOOLS OF MUSIC (NASM) AS A DEGREE-GRANTING SCHOOL.THE MUSIC ACADEMY, ESTABLISHED IN 2010, IS A NON-DEGREE PROGRAM DESIGNED TO PROVIDE A COMPREHENSIVE CURRICULUM OF CLASSES TO PRE-COLLEGE HIGHLY GIFTED STUDENTS FOCUSED ON CAREERS IN MUSIC. THE MUSIC ACADEMY HAD 32 STUDENTS ENROLLED DURING THE YEAR ENDED JUNE 30, 2019. THE DANCE ACADEMY, ESTABLISHED IN 2014, IS A PRE-PROFESSIONAL TRAINING PROGRAM FOR A SELECT GROUP OF STUDENTS AGE 14-19 PURSUING THEIR GOAL OF BECOMING PROFESSIONAL DANCERS AND ARTISTIC LEADERS. THE DANCE ACADEMY HAD 18 STUDENTS ENROLLED DURING THE YEAR ENDED JUNE 30, 2019. STUDENTS IN BOTH ACADEMIES ARE ADMITTED BY AUDITION AND ANY TUITION SCHOLARSHIPS AWARDED ARE FUNDED BY THIRD-PARTY GRANTORS. 45230822 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 0 1 1 0 1 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 0 0 1 177 0 1 436 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 23 23 1 0 0 0 0 0 0 1 1 0 0 1 1 0 1 1 1 1 1 0 CA X KAREN S LOVETT 2136211046 200 SOUTH GRAND AVENUE LOS ANGELES CA 90012 SELJUK KARDAN PRESIDENT & CEO 40.00 X 642384 0 84510 ROBERT LIPSETT PROFESSOR 40.00 X 396795 0 24934 FABIO BIDINI PROFESSOR 40.00 X 359053 0 24828 EDWARD HORNER SENIOR VP (THRU 12/19) 40.00 X 293598 0 38100 ADRIAN DALY PROVOST 40.00 X 274424 0 32319 SETH WEINTRAUB CFO/CAO/TREASURER 40.00 X 272520 0 18492 JENNIFER KALLEND VP COMMUNICATIONS 40.00 X 259815 0 24501 ANNE E WICKERT VP ADVANCEMENT 40.00 X 266657 0 18351 CLIVE GREENSMITH PROFESSOR 40.00 X 264304 0 23610 RICHARD BEENE PROFESSOR 40.00 X 239823 0 19807 LINDA CORMIER VP HR/BOD SECRETARY 40.00 X 205310 0 14366 ANDREW MILLSTEIN CHAIRMAN 1.00 X X 0 0 0 CAROL COLBURN GRIGOR LIFE CHAIRMAN EMERITUS 1.00 2.00 X X 0 0 0 DAVID D COLBURN VICE CHAIRMAN 1.00 X X 0 0 0 DIANE NAEGELE VICE CHAIRMAN 1.00 X X 0 0 0 DANIEL L AVCHEN DIRECTOR 1.00 X 0 0 0 RICHARD W COLBURN DIRECTOR 1.00 2.00 X 0 0 0 ALICE COULOMBE DIRECTOR 1.00 X 0 0 0 NATHAN D FRANKEL DIRECTOR 1.00 X 0 0 0 GREG GUYETT DIRECTOR 1.00 X 0 0 0 WARNER W HENRY DIRECTOR 1.00 X 0 0 0 CATHERINE COLBURN HOGEL DIRECTOR 1.00 X 0 0 0 MOLLY KIRK DIRECTOR 1.00 X 0 0 0 MONICA KOHLER DIRECTOR 1.00 X 0 0 0 ALIZA LESSER DIRECTOR 1.00 X 0 0 0 ROBERT LEWIS DIRECTOR 1.00 X 0 0 0 BEVERLY C MARKSBURY DIRECTOR 1.00 X 0 0 0 MAHNAZ NEWMAN DIRECTOR 1.00 X 0 0 0 ELIZABETH REDLEAF DIRECTOR 1.00 X 0 0 0 ANN RONUS DIRECTOR 1.00 X 0 0 0 MARC L SANDMAN BOARD MEMBER (THRU 9/19) 1.00 X 0 0 0 HARRY B SUH DIRECTOR 1.00 X 0 0 0 KEITH TERASAKI DIRECTOR 1.00 X 0 0 0 PETER WARDLE DIRECTOR 1.00 X 0 0 0 DYLAN YOLLES DIRECTOR 1.00 X 0 0 0 3474683 0 323818 16 0 1 0 GEHRY PARTNERS LLP 12541 BEATRICE ST LOS ANGELES CA 90066 ARCHITECTURE 8913590 UNIVERSAL PROTECTION SERVICE LP 639 WILSHIRE BLVD LOS ANGELES CA 90017 SECURITY 776176 PEERLESS BUILDING MAINTENACE CO 21020 SUPERIOR ST CHATSWORTH CA 91311 JANITORIAL 650562 VECTOR RESOURCES INC 20917 HIGGINS COURT TORRANCE CA 90501 NETWORK MAINTENANCE 365472 CAMBRIDGE ASSOCIATES 2730 SAND HILL ROAD MENLO PARK CA 94025 INVESTMENT MANAGEMENT 343796 19 343515 7600990 16789525 2661015 24734030 TUITION INCOME 611600 15326024 15326024 15326024 1182188 -660822 1843010 345124 85907 259217 259217 259217 74061038 2170995 73256365 2300000 804673 -129005 675668 675668 54500 343515 162998 -108498 -108498 CAFE REVENUE 722210 1378943 1378943 WFBI, LLC PARKING INCOME 900099 495159 495159 196848 196848 2070950 44139579 15326024 -660822 4740347 9240293 9240293 2102610 331491 1200103 571016 14893802 13914747 384879 594176 803827 648102 82846 72879 1947853 1639225 189921 118707 1147049 985989 83133 77927 68569 67197 686 686 8691 8096 550 45 156942 18375 138380 187 60000 60000 1533842 1533842 2802036 2663083 76541 62412 154630 154509 6 115 510625 433748 38827 38050 411737 287930 102460 21347 1563655 1513331 34976 15348 196601 151896 26937 17768 23258 20437 740 2081 4622353 4528089 48059 46205 5543646 5432774 55436 55436 352190 345146 3522 3522 MEALS & ENTERTAINMENT 1606656 1531731 36768 38157 STUDENT HEALTH/ACTIVITY 826675 816278 10397 INSTRUMENTS 150295 148419 1876 EQUIPMENT & FURNITURE 113173 107748 2511 2914 270659 242188 23289 5182 51111667 45230822 4064412 1816433 0 0 4278758 3040959 17298988 21375832 430508 731998 213765085 67481917 146720371 146283168 34127754 23463617 146697113 140117204 901815 940715 350455307 335953493 5715458 3642196 794086 444224 130985000 130985000 18008675 25398328 155503219 160469748 X 104578466 84016486 90373622 91467259 194952088 175483745 350455307 335953493 X -6972088 -5703611 -6792644 X 0 1 X 1 0 X 15237072 14910670 15750875 18848932 24734030 89481579 15237072 14910670 15750875 18848932 24734030 89481579 44296369 45185210 4441255 4578947 6258872 6683239 3099323 25061636 665614 1115765 462358 326653 196848 2767238 117310453 79477495 0.38520 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 159548534 9249003 -3755462 1397601 15602399 148042075 167929919 4873002 8245613 926187 20573813 159548534 155302671 2688294 14756954 948965 3869035 167929919 145607777 2692752 17302142 776872 9523128 155302671 195183027 1331492 -8107826 550054 42248862 145607777 0.44370 0.47040 0.08590 0 1 1 33209628 1776839 34986467 156650096 53555956 103094140 274832 183078 91754 15021336 9882722 5138614 6832354 3860161 2972193 146283168 ALTERNATIVE INVESTMENTS 139922759 F INVESTMENTS RESTRICED FOR INTEREST 80467 F OTHER INVESTMENT 113978 F 140117204 INTEREST RATE SWAP 25398328 25398328 X 19284839 -5703611 -5703611 24988450 1533842 17617287 19151129 44139579 38714716 0 38714716 1533842 10863109 12396951 51111667 PART V, LINE 4: THE SCHOOL'S ENDOWMENT IS ESTABLISED FOR A VARIETY OF PURPOSES INCLUDING SCHOLARSHIP SUPPORT, DEPARTMENT CHAIR ENDOWMENTS, AND PROGRAMMATIC ENDEAVORS. PART X, LINE 2: THE SCHOOL FOLLOWS GUIDANCE THAT CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN, INCLUDING ISSUES RELATING TO FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT. THIS GUIDANCE PROVIDES THAT THE TAX EFFECTS FROM AN UNCERTAIN TAX POSITION IS "MORE-LIKELY-THAN-NOT" TO BE SUSTAINED IF THE POSITION WERE TO BE CHALLENGED BY A TAXING AUTHORITY. THE ASSESSMENT OF THE TAX POSITION IS BASED SOLELY ON THE TECHNICAL MERITS OF THE POSITION, WITHOUT REGARD TO THE LIKELIHOOD THAT THE TAX POSITION MAY BE CHALLENGED. THE SCHOOL IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)3 OF THE INTERNAL REVENUE CODE, THOUGH IT IS SUBJECT TO TAX ON INCOME UNRELATED TO ITS EXEMPT PURPOSE, UNLESS THAT INCOME IS OTHERWISE EXCLUDED BY THE CODE. THE SCHOOL HAS ALSO BEEN RECOGNIZED BY THE CALIFORNIA FRANCHISE TAX BOARD AS EXEMPT FROM CALIFORNIA FRANCHISE AND INCOME TAXES UNDER SECTION 23701(D) OF THE CALIFORNIA REVENUE AND TAXATION CODE. THE SCHOOL HAS PROCESSED PRESENTLY IN PLACE TO ENSURE THE MAINTENANCE OF ITS TAX-EXEMPT STATUS; TO IDENTIFY AND REPORT UNRELATED INCOME; TO DETERMINE ITS FILING AND TAX OBLIGATIONS IN JURISDICTIONS FOR WHICH IT HAS NEXUS; AND TO IDENTIFY AND EVALUATE OTHER MATTERS THAT MAYBE CONSIDERED TAX POSITIONS. THE SCHOOL HAD DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE IN THE CONSOLIDATED FINANCIAL STATEMENTS. PART XI, LINE 4B - OTHER ADJUSTMENTS: CAFE EXPENSES 1,630,816. FINANCIAL AID EXPENSE 9,240,293. CURRENT PLEDGE WRITE OFFS -8,000. PRIOR PERIOD PLEDGE WRITE OFFS 15,000. COLBURN MUSIC FUND DISTRIBUTION 7,400,000. UNRELATED BUSINESS INCOME/(LOSS) FOR TAX NOT FOR BOOK -660,822. PART XII, LINE 4B - OTHER ADJUSTMENTS: CAFE EXPENSES 1,630,816. FINANCIAL AID EXPENSE 9,240,293. CURRENT PLEDGE WRITE OFFS -8,000. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 THE SCHOOL ANNUALLY RUNS AN ADVERTISEMENT IN THE DAILY NEWS AND POSTS OUR NONDISCRIMINATORY POLICY ON OUR OWN WEBSITE AND IN OUR PROMOTIONAL MATERIALS. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 29715835 NORTH AMERICA (CANADA AND MEXICO) 0 0 INVESTMENTS 263511 0 0 0 0 0 0 29979346 0 29979346 1 0 1 1 1 0 PART I, LINE 2: THE SCHOOL INVESTS DIRECTLY IN VARIOUS ALTERNATIVE INVESTMENTS THAT MAY BE ORGANIZED AS EITHER FOREIGN CORPORATIONS OR PARTNERSHIPS. IN ADDITION, THE SCHOOL INVESTS IN DOMESTIC LIMITED PARTNERSHIPS THAT MAY, IN TURN INVEST IN FOREIGN CORPORATIONS OR PARTNERSHIPS. NEVERTHELESS, THE INVESTMENT ACTIVITIES MAY NOT REACH THE THRESHOLDS REQUIRED FOR THE FILING OF FORMS 926, 5471, 8621, OR 8865. TO THE EXTENT THAT THE SCHOOL IS REQUIRED TO COMPLETE ONE (OR MORE) OF THESE FOREIGN FORMS, IT IS FILED WITH THE SCHOOL'S FORM 990-T. PART III ACCOUNTING METHOD: X X X X X X 1 FELDSTEINCO LLC 400 N MICHIGAN AVE STE 1650 CHICAGO IL 60611 CONSULTANT 0 0 60000 -60000 60000 -60000 CA BEETHOVEN 367520 322520 45000 14733 34007 806 56793 RAY CHEN EVENT 30495 20995 9500 2603 4357 49699 398015 343515 54500 17336 38364 806 106492 162998 -108498 1 CONSERVATORY SCHOLARSHIP 127 7948087 CSPA SCHOLARSHIP 444 856571 ACADEMY SCHOLARSHIP 33 435635 PART I, LINE 2: FINANCIAL AID/GRANTS ARE AWARDED BASED ON NEED (AS EVIDENCED BY APPLICATION AND SUPPORTING DOCUMENTS), AND PROVIDED BASED ON SUPPORTED (RECEIPTS) EXPENSES FOR APPROVED TRAVEL, BOOKS AND HEALTH INSURANCE. STIPENDS FOR MEALS ARE SET BY ALLOWANCE. X X 1 1 X X X X X 1 1 0 0 0 0 0 1 0 SELJUK KARDAN PRESIDENT & CEO 468573 0 146222 0 27589 0 80884 0 3626 0 726894 0 0 0 ROBERT LIPSETT PROFESSOR 396795 0 0 0 0 0 20815 0 4119 0 421729 0 0 0 FABIO BIDINI PROFESSOR 359053 0 0 0 0 0 20523 0 4305 0 383881 0 0 0 EDWARD HORNER SENIOR VP (THRU 12/19) 270331 0 0 0 23267 0 19108 0 18992 0 331698 0 0 0 ADRIAN DALY PROVOST 260624 0 13800 0 0 0 19035 0 13284 0 306743 0 0 0 SETH WEINTRAUB CFO/CAO/TREASURER 264555 0 7965 0 0 0 18312 0 180 0 291012 0 0 0 JENNIFER KALLEND VP COMMUNICATIONS 247555 0 12260 0 0 0 16247 0 8254 0 284316 0 0 0 ANNE E WICKERT VP ADVANCEMENT 253657 0 13000 0 0 0 17763 0 588 0 285008 0 0 0 CLIVE GREENSMITH PROFESSOR 264304 0 0 0 0 0 18501 0 5109 0 287914 0 0 0 RICHARD BEENE PROFESSOR 239823 0 0 0 0 0 16842 0 2965 0 259630 0 0 0 LINDA CORMIER VP HR/BOD SECRETARY 195310 0 10000 0 0 0 13602 0 764 0 219676 0 0 0 PART I, LINE 1A THE ORGANIZATION PROVIDED THE PRESIDENT AND CEO A GROSS-UP PAYMENT FOR SOCIAL CLUB DUES, WHICH IS ALSO REPORTED IN OTHER REPORTABLE COMPENSATION IN SCHEDULE J, PART II, COLUMN B (III). THE SOCIAL CLUB DUES FOR THE COLBURN SCHOOL ARE RELATED TO THE CALIFORNIA CLUB. THIS LOCATION IS WHERE BOARD RETREATS AND DONOR MEETINGS ARE HELD THROUGHOUT THE YEAR. THESE DUES ARE ONLY PROVIDED TO THE PRESIDENT/CEO AND ARE REPORTED ON THE FORM W-2 AS TAXABLE COMPENSATION. PART I, LINES 4A-B DURING THE 2019 FISCAL YEAR, ED HORNER RECEIVED A SEVERANCE PAYMENT OF $12,296. SEVERANCE AGREEMENT IS SUBJECT TO A CONFIDENTIALITY AGREEMENT. DETAILS ARE AVAILABLE TO THE IRS UPON REQUEST. THE PRESIDENT & CEO PARTICIPATES IN A SEC 457(F) RETIREMENT PLAN. THE SCHOOL HAS CONTRIBUTED $50,000 TO THE PLAN FOR CALENDAR YEAR 2019. PART I, LINE 7 MEMBERS OF THE LEADERSHIP TEAM ARE ELIGIBLE FOR A 5% BONUS OPPORTUNITY, BUT ANY BONUS IS SUBJECT TO MANAGEMENT'S DISCRETION AND BASED ON PERFORMANCE. ANY OTHER BONUSES ARE BASED ON PERFORMANCE. A CIEDB SERIES 2015B 630304653 13034AFP0 2015-05-01 64925000 PURCHASE OF THE SERIES 2011 BONDS 0 0 0 B CIEDB SERIES 2019 630304653 13034AD23 2019-11-01 66060000 REFUNDING OF SERIES 2015A 0 0 0 A 64925000 479738 64445265 2015 1 0 1 1 B 66060000 665772 66725772 2019 1 0 1 1 A 0 1 1 1 0 0.02000 0.02000 0 0 1 B 0 1 1 1 0 0.02000 0.02000 0 0 1 A 0 0 1 0 1 0 0 0 1 B 0 0 1 0 1 0 0 0 1 A 1 B 1 PART I, LINE C, CIEDB SERIES 2019: THE 2019 SERIES BONDS ISSUED ON NOVEMBER 2019 WAS USED TO REDEEM THE SERIES 2015 A BONDS. PART III, LINE 7: AS PROVIDED IN TREASURY REGULATION SECTION 1.141-4(C) (2) (I) (B),THE AMOUNT OF PRIVATE PAYMENTS TAKEN INTO ACCOUNT UNDER THE PRIVATE PAYMENT TEST MAY NOT EXCEED THE AMOUNT OF PRIVATE BUSINESS USES AND/OR UNRELATED TRADE OR BUSINESS USE. ACCORDINGLY, THE AMOUNT OF PRIVATE PAYMENTS FOR THE REPORTING PERIOD DOES NOT EXCEED THE AMOUNT STATED IN PART III, LINE 6. THE ORGANIZATION HAS NOT UNDERTAKEN AN ANALYSIS OF THE PRIVATE SECURITY TEST WITH RESPECT TO THE BONDS, AS THE LEVEL OF PRIVATE BUSINESS USE AND/OR UNRELATED TRADE OR BUSINESS REPORTED IN PART III, LINE 6 IS NOT IN EXCESS OF AMOUNTS PERMITTED UNDER SECTION 145 OF THE CODE. X 15 361015 FMV X 1 2300000 SELLING PRICE 0 0 1 1 PART I, COLUMN (B): THE NUMBER LISTED IN COLUMN (B) RESPRESENTS THE NUMBER OF CONTRIBUTIONS. PART I, LINE 32B: A REAL ESTATE AGENT WAS USED TO SELL THE DONATED HOUSE. FORM 990, PART VI, SECTION A, LINE 2 THE FOLLOWING BOARD MEMBERS SHARE A FAMILY RELATIONSHIP: CATHERINE COLBURN HOGEL CAROL COLBURN GRIGOR RICHARD W. COLBURN DAVID D. COLBURN FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS COMPLETED ANNUALLY BY THE ACCOUNTING DEPARTMENT AND REVIEWED BY THE CFO. THE 990 IS PRESENTED TO THE PRESIDENT & CEO AND THE AUDIT COMMITTEE. ONCE THE CFO, PRESIDENT & CEO, AND AUDIT COMMITTEE ARE IN AGREEMENT ON THE FINAL 990, COPIES ARE PROVIDED TO THE ENTIRE GOVERNING BOARD PRIOR TO IT BEING FILED. THE AUDIT COMMITTEE REVIEWS THE 990 WITH THE GOVERNING BOARD. ONCE THE 990 IS CONSIDERED FINAL, THE CFO WILL SIGN THE RETURN, OR THE AUTHORIZATION FORM FOR ELECTRONIC FILING, AND SUBMIT BY THE FILING DEADLINE. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS ARE REQUIRED TO DISCLOSE CONFLICTS ON THE CONFLICTS OF INTEREST QUESTIONNAIRE. IF CONFLICTS ARE DISCLOSED OR OTHERWISE BROUGHT TO THEIR ATTENTION, THE BOARD WILL REVIEW THE POTENTIAL CONFLICT. IT MAY DETERMINE THAT A CONFLICT EXISTS, BUT POSES NO RISK OF HARM TO THE SCHOOL OR THAT SOME REMEDIAL ACTION OR INTERVENTION IS NECESSARY. THE BOARD DOCUMENTS DISCUSSION OF THE POTENTIAL CONFLICT AND ITS RESOLUTION. THE SCHOOL ALSO REQUIRES PERIODIC REVIEW OF TRANSACTIONS AND RELATIONSHIPS TO ENSURE THAT THERE ARE NO CONFLICTS OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS FOR REVIEWING AND APPROVING COMPENSATION INCLUDES REVIEW AND APPROVAL BY THE BOARD OF DIRECTORS AND/OR COMPENSATION COMMITTEE OF THE BOARD, PROVIDED THAT PERSONS WITH CONFLICTS OF INTEREST WITH RESPECT TO THE COMPENSATION ARRANGEMENT AT ISSUE ARE NOT INVOLVED IN THE REVIEW AND APPROVAL. COMPARABLE COMPENSATION DATA (INCLUDING FORM 990'S OF OTHER ORGANIZATIONS AND COMPENSATION SURVEYS) FOR SIMILARLY QUALIFIED INDIVIDUALS IN FUNCTIONALLY COMPARABLE POSITIONS AT SIMILARLY SITUATED ORGANIZATIONS IS USED; INDEPENDENT COMPENSATION CONSULTANTS ARE USED; AND CONTEMPORANEOUS DOCUMENTATION AND RECORDKEEPING WITH RESPECT TO THE DELIBERATIONS AND DECISIONS REGARDING THE COMPENSATION ARRANGEMENT IS MAINTAINED. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, SUBJECT TO THE FEDERAL OR CALIFORNIA STATE PUBLIC DISCLOSURE RULES, ARE MADE PUBLICLY AVAILABLE AS THE APPLICABLE LAW REQUIRE. OTHERWISE, GOVERNING DOCUMENTS ARE PROVIDED TO THE PUBLIC AT THE DISCRETION OF MANAGEMENT. FORM 990, PART XI, LINE 9: LOSS ON INTEREST RATE SWAP -7,389,653. RESTRUCTURING DEBT ON INTEREST RATE SWAP -48,813. PRIOR PERIOD PLEDGE WRITE OFFS -15,000. UNRELATED BUSINESS INCOME/(LOSS) FOR TAX NOT FOR BOOK 660,822. WFBI LLC 200 S GRAND AVENUE LOS ANGELES CA 90012 812750603 REAL PROPERTY DE 911189 37103234 COLBURN SCHOOL WFGTI LLC 200 S GRAND AVENUE LOS ANGELES CA 90012 842857057 REAL PROPERTY DE 0 0 COLBURN SCHOOL COLBURN MUSIC FUND 6311 ROMAINE ST SUITE 7138 LOS ANGELS CA 90038 954804766 PF CA 501(C)(3) PF COLBURN SCHOOL 1 COLBURN FOUNDATION 6311 ROMAINE ST SUITE 7138 LOS ANGELS CA 90038 954693145 PF CA 501(C)(3) PF COLBURN SCHOOL 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 COLBURN MUSIC FUND C 7400000 COST COLBURN FOUNDATION C 200990 COST