2020-02-19T13:31:38-06:00 2019-05-31 390758449 WIPFLI LLP 170 NORTH RADNOR-CHESTER ROAD SUITE 200 RADNOR PA 19087 990 2018-06-01 231585611 THE CURTIS INSTITUTE OF MUSIC CURT 2157173194 1726 LOCUST STREET PHILADELPHIA PA 19103 LAWRENCE BOMBACK TREASURER 2157173194 2020-02-19 1 JOHN J NIHILL CPA P00844252 6105653930 2020-02-11 65.222.209.251 2020-02-19 13:31:32 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 9BF0851DCBCAF0B68B89F57AFFE9BACFBE591ED5 2018 2020-09-23 17:36:50Z ROBERTO DIAZ 1726 LOCUST STREET PHILADELPHIA PA 19103 62446621 0 X WWW.CURTIS.EDU X 1924 PA TUITION FREE SCHOOL THAT PROVIDES MUSIC EDUCATION TO AN AVERAGE OF 171 STUDENTS ANNUALLY. 43 36 524 300 -19840 -19840 17713075 14014742 3461132 3673664 8955530 7472020 64027 34890 30193764 25195316 1605262 1716568 0 0 11025330 11710216 157185 182270 1988837 11865901 11813488 24653678 25422542 5540086 -227226 309964893 300487292 7089786 6114024 302875107 294373268 THE CURTIS INSTITUTE OF MUSIC IS A TUITION FREE SCHOOL OF MUSIC THAT STRIVES TO EDUCATE AND TRAIN EXCEPTIONALLY GIFTED MUSICIANS TO ENGAGE A GLOBAL COMMUNITY THROUGH MUSIC. ATTENDANCE AVERAGES 171 STUDENTS. 0 0 17932970 1716568 3673664 THE CURTIS INSTITUTE OF MUSIC IS A TUITION FREE SCHOOL OF MUSIC THAT STRIVES TO EDUCATE AND TRAIN EXCEPTIONALLY GIFTED MUSICIANS TO ENGAGE A GLOBAL COMMUNITY THROUGH MUSIC. ATTENDANCE AVERAGES 171 STUDENTS. 17932970 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 1 1 0 0 0 1 1 0 0 0 0 0 0 0 0 1 1 0 0 0 1 1 0 0 0 1 209 0 1 524 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 43 36 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AK CO KY ME MD MA MI NH OH OK OR PA WA X X DAVID REINHARDT 2157173194 1726 LOCUST STREET PHILADELPHIA PA 19103 ROBERTO DIAZ PRESIDENT/TRUSTEE 35.00 0.00 X X 569309 0 101570 LAWRENCE BOMBACK TREASURER/SR. VP OF ADMINISTRATION 35.00 0.00 X X 224541 0 35509 CYNTHIA HEININGER SECRETARY 35.00 0.00 X X 82957 0 23420 MARK E RUBENSTEIN CHAIR/TRUSTEE 1.00 0.00 X X 0 0 0 ANTHONY B CREAMER III VICE CHAIR/TRUSTEE 1.00 0.00 X X 0 0 0 DEBORAH M FRETZ VICE CHAIR/TRUSTEE 1.00 0.00 X X 0 0 0 EDWARD A MONTGOMERY JR VICE CHAIR/TRUSTEE 1.00 0.00 X X 0 0 0 NINA BARONESS VON MALTZAHN HONORARY CHAIR/TRUSTEE 1.00 0.00 X 0 0 0 FRANK S BAYLEY III TRUSTEE 1.00 0.00 X 0 0 0 VICTORIA BOK TRUSTEE 1.00 0.50 X 0 0 0 WILLIAM BRODY TRUSTEE 1.00 0.00 X 0 0 0 PAULINE CANDAUX FRIENDS TRUSTEE 1.00 0.00 X 0 0 0 JANELLE FARMER ALUMNI TRUSTEE 1.00 0.00 X 0 0 0 GORDON FOWLER TRUSTEE 1.00 0.00 X 0 0 0 BRUCE JAY GOULD MD TRUSTEE 1.00 0.00 X 0 0 0 ANDREW JACOBS TRUSTEE 1.00 0.00 X 0 0 0 LINDA E JOHNSON TRUSTEE 1.00 0.00 X 0 0 0 HARRY LEE TRUSTEE 1.00 0.00 X 0 0 0 LISA LIEM TRUSTEE 1.00 0.00 X 0 0 0 YS LIEU TRUSTEE 1.00 0.00 X 0 0 0 DAVID S LUDWIG TRUSTEE/FACULTY MEMBER 1.00 0.00 X 151316 0 42282 BETTY H MATARESE TRUSTEE 1.00 0.00 X 0 0 0 CONNIE B MCCANN TRUSTEE 1.00 0.00 X 0 0 0 JOHN H MCFADDEN TRUSTEE 1.00 0.00 X 0 0 0 FRANK J MECHURA TRUSTEE 1.00 0.00 X 0 0 0 JOHN J MEDVECKIS TRUSTEE 1.00 0.00 X 0 0 0 JENNIFER MONTONE TRUSTEE/FACULTY MEMBER 1.00 0.00 X 30231 0 0 ALAN MORRISON TRUSTEE/FACULTY MEMBER 1.00 0.00 X 35216 0 0 ROBERT H MUNDHEIM TRUSTEE 1.00 0.00 X 0 0 0 RANJI NAGASWAMI TRUSTEE 1.00 0.00 X 0 0 0 ROY NEFF TRUSTEE 1.00 0.00 X 0 0 0 C RICHARD NEU TRUSTEE 1.00 0.00 X 0 0 0 ERIC OWENS TRUSTEE/FACULTY MEMBER 1.00 0.00 X 13333 0 0 WILLIAM H ROBERTS ESQ TRUSTEE 1.00 0.00 X 0 0 0 ROBERT H ROCK TRUSTEE 1.00 0.50 X 0 0 0 BRETT RUBINSON TRUSTEE 1.00 0.00 X 0 0 0 CHIONA SCHWARZ TRUSTEE 1.00 0.00 X 0 0 0 WILLIAM STENSRUD TRUSTEE 1.00 0.00 X 0 0 0 JAY TOLSON TRUSTEE 1.00 0.00 X 0 0 0 ELIZABETH VALE TRUSTEE 1.00 0.00 X 0 0 0 PENELOPE P WATKINS TRUSTEE 1.00 0.00 X 0 0 0 BETTY WHELCHEL TRUSTEE 1.00 0.00 X 0 0 0 JERRY WIND TRUSTEE 1.00 0.00 X 0 0 0 PAUL J BRYAN DEAN OF FACULTY AND STUDENTS 35.00 0.00 X 185131 0 27992 CHARLES STERNE III DIRECTOR OF PRINCIPAL GIFTS AND PLANNED GIVING 35.00 0.00 X 151786 0 50484 MATTHEW MORGAN CHIEF TECHNOLOGY OFFICER 35.00 0.00 X 152625 0 39408 LOURDES STARR-DEMERS SENIOR VP OF ARTISTIC OPERATIONS 35.00 0.00 X 138750 0 8325 MIKAEL ELIASEN ARTISTIC DIRECTOR, CURTIS OPERA THEATRE 35.00 0.00 X 146906 0 32007 IDA KAVAFIAN NINA VON MATZAHN CHAIR IN VIOLIN STUDIES 35.00 0.00 X 144707 0 34540 2026808 0 395537 19 0 1 0 PARKHURST DINING SERVICS PO BOX 644091 PITTSBURGH PA 15264 CAFETERIA SERVICES 823479 ALLIED UNIVERSAL 161 WASHINGTON STREET SUITE 600 CONSHOHOCKEN PA 19428 SECURITY SERVICES 514838 ELLIOT LEWIS CORPORATION 2900 BLACK LAKE PLACE PHILADELPHIA PA 19154 MAINTENANCE SERVICES 482957 KIMMEL CENTER INC 1500 WALNUT ST 17TH FLOOR PHILADELPHIA PA 19103 FACILITY RENTAL AND STAGE LABOR 391804 PHILADELPHIA ORCHESTRA ASSOCIATION 1 SOUTH BROAD ST 14TH FLOOR PHILADELPHIA PA 19107 IT SERVICES 269441 8 529461 4447840 104819 8932622 1782410 14014742 DORMITORY REVENUE 611710 2292320 2292320 STUDENT FEES 611710 777859 777859 CONCERT INCOME 711130 603485 603485 3673664 4188592 4188592 5087 5087 18218 31290 -13072 -13072 -19840 6768 40392704 37109276 3283428 3283428 3283428 110739 529461 110739 0 ADMINISTRATIVE FEE MLCB 561000 42000 42000 SCHOOL STORE 453000 741 741 VENDING MACHINE INCOME 900099 134 134 42875 25195316 3673664 -19840 7526750 1716568 1716568 1486921 414288 724986 347647 7931243 5687566 1670004 573673 676410 514016 90859 71535 983147 747112 132061 103974 632495 480645 84960 66890 24757 24757 70911 70911 182270 182270 811749 811749 1034466 807749 206219 20498 257858 220754 37104 272795 140702 132093 641118 420365 49175 171578 314892 270666 31896 12330 544593 489694 23220 31679 112262 27808 73459 10995 84602 84602 2449023 2146836 217939 84248 299748 257782 30266 11700 ARTISTIC PROGRAMS - PRO 1998088 1998088 SCHOOL OPERATION & MAIN 1511441 1308616 163668 39157 FOOD SERVICES 840924 144698 604760 91466 ACADEMIC SUPPORT/FELLOW 295146 295146 249115 205327 43788 25422542 17932970 5500735 1988837 780494 95142 210710 207689 46539867 37424934 459744 82641 833085 787150 272394 309647 118396089 29405973 89727488 88990116 144638547 106672144 25021711 64400175 1480853 1517654 309964893 300487292 1895059 1064506 801317 769067 1950117 1750312 465579 465579 1977714 2064560 7089786 6114024 X 133224241 129163842 31146763 23150570 138504103 142058856 302875107 294373268 309964893 300487292 -227226 -8274613 0 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 10157736 X X X MUSICAL EDUCATION OF STUDEN 0 167288256 11728084 -1476204 8436335 169103801 150009611 11631794 12872952 7226101 167288256 132048873 6512456 18682856 7234574 150009611 128727907 13843929 -4475823 6047140 132048873 122669065 6239500 5407128 5587786 128727907 0.26390 0.66330 0.07280 0 0 13848261 13848261 79904472 19422599 60481873 14485620 9983374 4502246 10157736 10157736 88990116 VANGUARD INSTITUTIONAL INDEX 26413777 F GARCIA HAMILTON & ASSOCIATES 23061721 F VANGUARD - UNINVESTED CASH 14924677 F 64400175 SPLIT-INTEREST LIABILITIES 1760261 DEFERRED COMPENSATION 131513 OTHER LIABILITIES -67617 DUE TO OTHER FUNDS 240403 2064560 X 15547899 -8274613 142029 -8132584 23680483 811543 703290 1514833 25195316 24049738 142029 142029 23907709 811543 703290 1514833 25422542 PART III, LINE 4: THE INSTITUTE'S COLLECTIONS CONSIST OF FINE ART AND FINE MUSICAL INSTRUMENTS WHICH ARE USED FOR PUBLIC EXHIBITION AND/OR THE MUSICAL EDUCATION OF THE INSTITUTE'S STUDENTS. PART V, LINE 4: EARNINGS FROM THE ENDOWMENT ARE USED TO FUND OPERATING EXPENSES AND CAPITAL EXPENDITURES FOR THE CURTIS INSTITUTE OF MUSIC TO ENABLE THE SCHOOL TO CONTINUE ITS POLICY OF AWARDING MERIT BASED FULL TUITION SCHOLARSHIPS TO ALL OF ITS STUDENTS. THE USES OF THE INSTITUTE'S ENDOWMENT FUNDS ARE DETERMINED BY DONOR INSTRUCTIONS IN THE EVENT THERE ARE RESTRICTIONS ON THE ENDOWMENT GIFT. PART X, LINE 2: THE INSTITUTE IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. TAX FILINGS ARE SUBJECT TO AUDIT BY VARIOUS TAXING AUTHORITIES. OPEN PERIODS SUBJECT TO AUDIT ARE GENERALLY THE PREVIOUS THREE YEARS OF TAX RETURNS FILED. PART XI, LINE 2D - OTHER ADJUSTMENTS: UBI RENTAL EXPENSE 31,290. FUNDRAISING EXPENSE 110,739. PART XI, LINE 4B - OTHER ADJUSTMENTS: ADMINISTRATION EXPENSE 42,000. NON-CASH FINANCIAL AID 661,290. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENT EXPENSES 110,739. UBI RENTAL EXPENSE 31,290. PART XII, LINE 4B - OTHER ADJUSTMENTS: ADMINSTRATION EXPENSE 42,000. NON-CASH FINANCIAL AID 661,290. 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE SCHOOL'S NONDISCRIMINATION POLICY IS POSTED ON ITS WEBSITE IN THE INFORMATION FOR ADMISSION SECTION. IT IS ALSO INCLUDED IN THE STUDENT HANDBOOK WHICH IS DISTRIBUTED DURING THE REGISTRATION PERIOD. SCHEDULE E, PART I, LINE 6 STUDENTS AT THE INSTITUTE RECIEVE FEDERAL AID IN THE FORM OF PELL GRANTS AND STAFFORD LOANS. CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 INVESTMENTS N/A 14267964 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 INVESTMENTS N/A 4534852 EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 0 0 INVESTMENTS N/A 2713469 0 0 0 0 0 0 21516285 0 21516285 0 0 0 0 0 0 X X X X X X X 1 KARMA AGENCY 230 SOUTH BROAD ST SUITE 1500 PHILADELPHIA PA 19102 PROVIDES CAMPAIGN-RELATED RESOURCES 0 0 175522 0 WOLF BROWN 918 W BOSTON BLVD DETROIT MI 48202 PROVIDES CAMPAIGN-RELATED RESOURCES 0 0 43750 0 AMY BURNS 749 HILLTOP ROAD SPRINGFIELD PA 19064 PROVIDES FUNDRAISING ADMINISTRATION SERVICES 0 0 93545 0 KRISTEN LODEN 9 LOWTHER AVENUE TORONTO ONTARIO CA PROVIDES CAMPAIGN-RELATED RESOURCES 0 0 58275 0 MOSTRATEGY LLC 2 BAINBRIDGE CT MEDFORD NJ 08055 PROVIDES MARKETING RESEARCH SERVICES 0 0 33361 0 404453 AL AK AR CA CO CT FL GA HI IL KS KY LA ME MD MA MI MN MO MS NH NJ NM NY NC ND OH OK OR PA RI SC TN UT VA WA WV WI ANNUAL GALA EVENT 640200 529461 110739 14548 69613 26578 640200 529461 110739 14548 69613 26578 110739 0 SCHEDULE G, PART I, LINE 2B, COLUMN (V) KARMA AGENCY PROVIDES A CREATION OF DELIVERABLES IN RELATION TO CAMPAIGN-RELATED ENGAGEMENTS AND FUNDRAISING MATERIALS. WOLF BROWN PROVIDES A CREATION OF DELIVERABLES IN RELATION TO CAMPAIGN-RELATED ENGAGEMENTS AND FUNDRAISING MATERIALS. AMY BURNS PROVIDES ASSISTANCE IN FUNDRAISING SERVICES. KRISTEN LODEN PROVIDES EDUCATION RESOURCES FOR CAMPAIGN RELATED SERVICES. MOSTRATEGY LLC PROVIDES DELIVERABLES IN RELATION TO DIGITAL MARKETING. 1 NEED BASED ASSISTANCE TO STUDENTS 61 401884 401884 BOOK VALUE DORMITORY AND CAFETERIA PRIVELEGES PART I, LINE 2: 1. IT SHALL BE THE POLICY OF THE CURTIS INSTITUTE OF MUSIC THAT NO PROSPECTIVE STUDENT WHO HAS BEEN ACCEPTED FOR STUDY WILL BE UNABLE TO ATTEND BECAUSE OF FINANCIAL NEED. SIMILARLY, IT SHALL ALSO BE THE POLICY OF CURTIS THAT NO CURRENTLY ENROLLED STUDENT WOULD HAVE TO LEAVE SCHOOL BECAUSE OF UNMET FINANCIAL NEED. IN PRACTICE, THIS SHALL MEAN THAT CURTIS WILL DETERMINE WHAT IS A REALISTIC LEVEL OF FINANCIAL NEED BASED UPON THEN-PREVAILING COSTS FOR LIVING EXPENSES IN PHILADELPHIA AND THE EXPERIENCE OF OTHER CURTIS STUDENTS. (IT IS OF COURSE POSSIBLE THAT SOME PROSPECTIVE OR CURRENTLY ENROLLED STUDENTS MAY CHOOSE NOT TO ACCEPT THE PROFFERED PACKAGE OF FINANCIAL AID FOR A VARIETY OF REASONS). 2. IN FULFILLMENT OF THE ABOVE COMMITMENT, CURTIS SHALL REVIEW EACH STUDENT'S REQUEST FOR FINANCIAL AID. WHERE APPROPRIATE AND NECESSARY, CURTIS MAY MAKE ADJUSTMENTS TO THE STATED LEVEL OF NEED (TO CORRESPOND WITH ACTUAL LIVING EXPENSES IN PHILADELPHIA AND WITH THE EXPERIENCE OF OTHER CURTIS STUDENTS) AND/OR THE REQUESTED LEVEL OF ASSISTANCE. THEREAFTER, CURTIS WILL BE PREPARED TO MAKE AVAILABLE A FINANCIAL AID PACKAGE THAT IS FULLY RESPONSIVE TO THE ADJUSTED LEVEL OF FINANCIAL NEED. BASED UPON EXPERIENCE, HOWEVER, INITIAL FINANCIAL AID AWARDS TO BOTH PROSPECTIVE AND CONTINUING STUDENTS SHALL BE TARGETED AT APPROXIMATELY 80% OF THE ADJUSTED LEVEL OF NEED, WITH THE EXPLICIT INVITATION FOR AID RECIPIENTS TO REAPPLY FOR FURTHER FINANCIAL AID SHOULD THAT PROVE NECESSARY. STUDENTS MAY REAPPLY FOR FINANCIAL AID AT ANY TIME DURING THE COURSE OF THE ACADEMIC YEAR. 3. WHEN DECIDING UPON A FINANCIAL AID PACKAGE, CURTIS SHALL EXPECT ALL STUDENTS TO FIRST TAKE FULL ADVANTAGE OF SOURCES OF FINANCIAL ASSISTANCE OTHER THAN THE CURTIS INSTITUTE OF MUSIC. ONLY AFTER ASSURANCE THAT ALL OTHER SOURCES HAVE BEEN FULLY EXPLORED AND UTILIZED, WILL CURTIS'S OWN FINANCIAL AID RESOURCES BE INCORPORATED INTO THE FINANCIAL AID PACKAGE. (THE MIX BETWEEN OUTSIDE SOURCES OF FINANCIAL AID, CURTIS'S OWN RESOURCES, AND OUTSIDE EMPLOYMENT MAY VARY FROM STUDENT TO STUDENT, REFLECTING UNIQUE CIRCUMSTANCES APPLICABLE TO EACH STUDENT.) 4. SUPPLEMENTAL FINANCIAL ASSISTANCE FOR STUDENTS ATTENDING THE CURTIS INSTITUTE OF MUSIC IS AWARDED IN THE FOLLOWING SEQUENCE: PELL GRANTS, LOANS, ON-CAMPUS EMPLOYMENT, LAB/OPERA ORCHESTRA, CURTIS SUPPLEMENTAL GRANTS. 5. STUDENTS WHO REQUIRE SUPPLEMENTAL FINANCIAL ASSISTANCE FOR LIVING EXPENSES ARE EXPECTED TO CONTRIBUTE TO THEIR OWN EDUCATIONAL FINANCING BY TAKING LOW-INTEREST LOANS. ACCORDINGLY, LOANS ARE THE NEXT LEVEL OF FUNDING AFTER PELL GRANTS TO BE AWARDED IN A FINANCIAL ASSISTANCE PACKAGE. 6. WHEN IT COMES TO DETERMINING THE USE OF CURTIS'S OWN FINANCIAL AID RESOURCES, ALL FINANCIAL AID PACKAGES WILL INCLUDE ON-CAMPUS EMPLOYMENT FOR ELIGIBLE STUDENTS. RECIPIENTS OF CURTIS'S OWN FINANCIAL AID RESOURCES WILL BE EXPECTED TO PERFORM ON-CAMPUS EMPLOYMENT UP TO THE MAXIMUM PERMISSIBLE NUMBER OF HOURS PER WEEK OF SUCH EMPLOYMENT AS DETERMINED BY CURTIS. 7. THESE FINANCIAL AID POLICIES OF THE CURTIS INSTITUTE OF MUSIC SHALL BE REVIEWED PERIODICALLY WITH MEMBERS OF THE FACULTY AND MEMBERS OF THE STUDENT BODY, BOTH TO SOLICIT OPINIONS AND SUGGESTIONS AS WELL AS FOR INFORMATION DISSEMINATION PURPOSES. X 1 1 X X X X X X 0 1 0 0 0 0 0 0 0 ROBERTO DIAZ PRESIDENT/TRUSTEE 569309 0 0 0 0 0 70816 0 30754 0 670879 0 0 0 LAWRENCE BOMBACK TREASURER/SR. VP OF ADMINISTRATION 224541 0 0 0 0 0 18500 0 17009 0 260050 0 0 0 DAVID S LUDWIG TRUSTEE/FACULTY MEMBER 151316 0 0 0 0 0 18500 0 23782 0 193598 0 0 0 PAUL J BRYAN DEAN OF FACULTY AND STUDENTS 185131 0 0 0 0 0 0 0 27992 0 213123 0 0 0 CHARLES STERNE III DIRECTOR OF PRINCIPAL GIFTS AND PLAN 151786 0 0 0 0 0 24500 0 25984 0 202270 0 0 0 MATTHEW MORGAN CHIEF TECHNOLOGY OFFICER 152625 0 0 0 0 0 9158 0 30250 0 192033 0 0 0 MIKAEL ELIASEN ARTISTIC DIRECTOR, CURTIS OPERA THEA 146906 0 0 0 0 0 22036 0 9971 0 178913 0 0 0 IDA KAVAFIAN NINA VON MATZAHN CHAIR IN VIOLIN STU 144707 0 0 0 0 0 22036 0 12504 0 179247 0 0 0 PART I, LINE 4B ROBERTO DIAZ PARTICIPATES IN A SUPPLEMENTAL NON-QUALIFIED PLAN AND HIS COMPENSATION UNDER THIS PLAN WAS $83,700. X 2 6001 APPRAISED VALUE X 3 OTHER X 9326 OTHER X 28 635377 MARKET VALUE X 12 1102502 APPRAISED VALUE X CONCERT CATERING AND RENTALS 3 27327 APPRAISED VALUE X MUSIC LESSONS 1 1500 MARKET VALUE X BALLOT BOX 1 377 MARKET VALUE 7 0 1 0 FORM 990, PART VI, SECTION B, LINE 11B PRIOR TO ITS FILING, THE 990 IS REVIEWED BY THE AUDIT COMMITTEE WITH MANAGEMENT. ONCE APPROVED, THE 990 IS THEN POSTED TO A PRIVATE ONLINE PORTAL FOR TRUSTEES, AND A NOTIFICATION IS SENT OUT FOR THEIR REVIEW. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION MONITORS AND ENFORCES COMPLIANCE BY FOLLOWING THESE PROCEDURES: (1) ALL INTERESTED PERSONS HAS A DUTY TO FILE A CONFLICT OF INTEREST STATEMENT AND DISCLOSURE WHEN COMMENCING SERVICE AND ON AN ANNUAL BASIS THEREAFTER, OR MORE FREQUENTLY IF A CHANGE IN ANY NEW ACTIVITIES OR RELATIONSHIPS OCCURS. (2) SHOULD A CONFLICT OR POTENTIAL CONFLICT ARISE, THE INTERESTED PERSON PRESENTS THIS POTENTIAL CONFLICT OF INTEREST TO THE CHAIR OF THE BOARD OF TRUSTEES AND SHALL ABSTAIN FROM DISCUSSIONS RELATED TO TRANSACTIONS OR ARRANGEMENTS THAT INVOLVE, OR MAY INVOLVE, THE ACTUAL OR POTENTIAL CONFLICT UNTIL A DETERMINATION CAN BE MADE BY THE BOARD CHAIR, OR IF NEEDED THE APPROPRIATE COMMITTEE AS DETERMINED BY THE CHAIR OR BY THE BOARD, REGARDING WHETHER HE OR SHE HAS A CONFLICT OF INTEREST. (3) THE GOVERNANCE COMMITTEE DETERMINES WHETHER THERE IS A CONFLICT OF INTEREST, AND REPORTS TO THE BOARD OF TRUSTEES IF ONE EXISTS. (4) THE MINUTES OF THE BOARD (OR OTHER CORPORATE RECORDS, AS APPROPRIATE) SHALL RECORD THE NAMES OF THE PERSONS WHO WERE FOUND TO HAVE AN ACTUAL OR POTENTIAL CONFLICT OF INTEREST, THE NATURE OF THE CONFLICT, THE NATURE OF THE FOLLOW-UP, AND THE DECISION AS TO WHETHER A CONFLICT OF INTEREST IN FACT EXISTED, AND WHETHER THAT CONFLICT INVOLVES A PERMISSIBLE OR IMPERMISSIBLE TRANSACTION OR ARRANGEMENT. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF TRUSTEES HAS ESTABLISHED A HUMAN RESOURCES COMMITTEE OF INDEPENDENT TRUSTEES THAT HAVE NO PERSONAL INTEREST IN THE PROPOSED COMPENSATION ARRANGEMENTS. THE COMMITTEE REVIEWS THE PROPOSED COMPENSATION FOR ALL EMPLOYEES INCLUDING OFFICERS DURING THE PREPARATION OF THE ORGANIZATION'S ANNUAL BUDGET. THE ORGANIZATION ALSO HAS A FULL-TIME HUMAN RESOURCES DEPARTMENT AND BUSINESS OFFICE THAT SUPPORTS THIS FUNCTION, AND HAS ACCESS TO COMPENSATION DATA AS A MEMBER OF THE NATIONAL ASSOCIATION OF COLLEGE AND UNIVERSITY BUSINESS OFFICES. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS OF THE INSTITUTE ARE AVAILABLE TO THE PUBLIC UPON REQUEST. MARY LOUISE CURTIS BOK FOUNDATION 1726 LOCUST STREET PHILADELPHIA PA 19103 236000615 FOUNDATION TO SUPPORT CURTIS INSTITUTE OF MUSIC PA 501(C)(3) LINE 12D, III-O THE CURTIS INSTITUTE OF MUSIC 1 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 THE MARY LOUISE CURTIS BOK FOUNDATION C 4447840 CASH