2018-05-15T14:33:04-05:00 2017-06-30 GRANT THORNTON LLP 757 THIRD AVENUE 3RD FLOOR NEW YORK NY 100172013 990 2016-07-01 131624067 Juilliard School % CHRISTINE TODD JUIL 2127995000 60 Lincoln Center Plaza New York NY 10023 CHRISTINE TODD VP & CFO 2127995000 2018-05-15 true curtis young P01533495 2125990100 2018-05-15 2016 2022-09-23 18:48:47Z Joseph W Polisi 60 Lincoln Center Plaza New York NY 10023 898733009 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. 29 28 2882 45 488598 -183653 45929634 28809594 46168080 64338507 245417368 47602991 662476 955879 338177558 141706971 23719016 25622775 0 0 57279149 62290561 0 0 4362890 51561131 53052890 132559296 140966226 205618262 740745 1144589543 1243264539 279433118 260647368 865156425 982617171 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 64136342 0 40398567 JUILLIARDS PRIMARY PROGRAM SERVICE ACCOMPLISHMENT IS PROVIDING INSTRUCTION IN MUSIC, DANCE, AND DRAMA TO APPROXIMATELY 1,100 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. 25272476 25272476 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 85% OF THE COLLEGE POPULATION OF THE SCHOOL (860 STUDENTS IN TOTAL) RECEIVED STUDENT ASSISTANCE DURING 2016-17. 7306293 350299 5990719 DURING 2016-17 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. 8820296 0 17937470 Digital and International Education 5687503 0 390804 Student Performing Arts Productions 14507799 0 18328274 111222910 true true false true false false false true false true true true false false true true false true true false true false false false false 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 481 0 true 2882 true true true false false false false true true false false false false X 29 28 true false false false false false false true true false false true true true true true true true true false CA NY X CHRISTINE TODD 2127995000 60 LINCOLN CENTER PLAZA New York NY 10023 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 Pierre Bastid Trustee 1.0 0.0 X 0 0 0 Julie Choi Trustee 2.0 0.0 X 0 0 0 Pamela Daley Trustee (Thru 04/17) 2.0 0.0 X 0 0 0 Kent Clark Trustee 2.0 0.0 X 0 0 0 Kenneth Davidson Trustee 2.0 0.0 X 0 0 0 Barbara Fleischman Trustee 1.0 0.0 X 0 0 0 Keith Gollust Trustee 2.0 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 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 Michael Marks Trustee 1.0 0.0 X 0 0 0 Nancy Marks Trustee 1.0 0.0 X 0 0 0 Stephanie Palmer 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 Sarah Billinhurst Solomon Trustee 1.0 0.0 X 0 0 0 William Stricker Trustee 1.0 0.0 X 0 0 0 Joseph W Polisi President 50.0 0.0 X X 733887 0 413315 Ara Guzelimian Provost & Dean 50.0 0.0 X 381799 0 66128 Elizabeth Hurley VP Dev & Public Affairs 50.0 0.0 X 394999 0 52989 Maurice Edelson VP Admin & Gen Counsel 50.0 0.0 X 442265 0 0 Christine Todd VP & CFO 50.0 0.0 X 299543 0 41166 Joseph Mastrangelo VP Facilities Management 50.0 0.0 X 204180 0 41316 Christopher Mossey Sr Managing Dir, JGV 50.0 0.0 X 314736 0 45847 Mark Murtagh Sr Mng Dir, JGV (Thru 03/17) 50.0 0.0 X 381890 0 38939 Joan Warren VP Enroll Mgmt & Student Dev 50.0 0.0 X 227062 0 37220 Yoheved Kaplinsky Artistic Director & Faculty 50.0 0.0 X 289428 0 33720 Myung Kang-Huneke Deputy General Counsel 50.0 0.0 X 266053 0 2560 Brian Zeger Artistic Director & Faculty 50.0 0.0 X 227654 0 34686 Steven Laitz Faculty 50.0 0.0 X 222998 0 19265 Richard Feldman Faculty & Acting AD 50.0 0.0 X 195495 0 30399 4581989 0 857550 99 false true false Investure Advisory Fees 126 Garrett Street Suite J CHARLOTTESVILLE VA 22902 Investment Mgmt 3359580 EDX Inc 141 Portland Street 9th Floor CAMBRIDGE MA 02139 PROFESSIONAL SVCS 1200000 Egon Zehnder International Inc 350 Park Avenue 8th Floor NEW YORK NY 10022 PROFESSIONAL Svcs 619638 Digital Pulp Inc 220 East 23rd Street Suite 900 NEW YORK NY 10010 PROFESSIONAL SVCS 582024 Weber Shandwick 2 WATERHOUSE SQUARE 140 HOLBORN LONDON 0 UK EC1N 2AE PROFESSIONAL SVCS 516651 23 757842 28051752 836819 28809594 TUITION & FEES 616000 40194169 40194169 RESIDENCE HALL 611710 5530435 5066752 463683 USER FEES, EDUCATION PROGRAM 611710 674924 674924 STUDENT LOAN INCOME 900099 1509 1509 INT'L PROGRAM DEV AND OPERATIONS 900099 17937470 17937470 64338507 994446 488598 505848 0 0 0 0 0 802365156 176000 755932611 46432545 176000 46608545 46608545 0 0 0 0 0 0 2028988 1093427 935561 935561 VENDING MACHINES 900099 20318 20318 20318 141706971 64810385 488598 47598394 0 25622775 25622775 0 0 4429962 1853028 1703273 873661 0 45698134 37134236 6895985 1667913 2663051 2163992 401862 97197 5662325 4601197 854462 206666 3837089 2984306 658236 194547 0 1551488 729509 818768 3211 192675 192675 0 0 6583168 6583168 3597809 2159089 1010208 428512 1686246 1463796 44490 177960 1443326 944227 463449 35650 1439623 1439623 0 8056970 7515015 435947 106008 1682370 1589402 42288 50680 0 139337 115530 2164 21643 9121417 8209275 820928 91214 0 8937444 8141182 717478 78784 1778048 1778048 PERFORMANCE PRODUCTION 2101987 2101987 AUXILIARY SERVICES 1766315 1766315 INSTRUMENT PURCHASE & MAINT 591770 591770 STUD. ACTIVITIES & OUTREACH 371663 371663 2011234 1164616 517374 329244 140966226 111222910 25380426 4362890 6623498 6365974 0 0 22218862 13779235 623608 9596393 0 0 0 0 831476 704557 928142 1013421 3551710 2081530 274128998 118212498 159906951 155916500 111425608 132048385 833017692 915623094 0 0 0 0 5461996 6135450 1144589543 1243264539 10200455 10231144 0 0 1804577 3682858 194995000 193815297 0 0 0 0 0 0 0 0 72433086 52918069 279433118 260647368 X 135321340 174436801 377587073 435158214 352248012 373022156 865156425 982617171 1144589543 1243264539 X 740745 97090660 19629341 X false true X true true true X 29637105 45538050 32416904 45929634 28809594 182331287 0 0 29637105 45538050 32416904 45929634 28809594 182331287 59622930 122708357 2996058 2464739 2902522 1043901 505848 9913068 0 154869 13508 37376 66529 20318 292600 192536955 236397492 0.63732 0.00000 X 0.00000 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false false false false false Schedule C THE JUILLIARD SCHOOL DOES NOT 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 922956446 25794167 137320774 15617448 35070081 1035383858 988697264 18318818 -34644535 14956473 34458628 922956446 988905887 18936550 29711773 14009651 34847295 988697264 872104331 32544803 129503476 12122554 33124169 988905887 778535715 31600465 106579031 11874624 32736256 872104331 0.27300 0.72700 false false 2421438 2421438 33308239 27318809 5989430 207212520 72179831 135032689 27017032 18713858 8303174 4169769 4169769 155916500 INFLATION HEDGES 27986768 F GLOBAL EQUITY 288452980 F CREDIT 20570253 F EMERGING MARKETS 83533154 F HEDGED EQUITY 903450 F EVENT DRIVEN INVESTMENTS 573430 F MULTI-STRATEGY 287858118 F DISTRESSED SECURITIES 3358208 F PRIVATE EQUITY 202386733 F 915623094 0 FAIR VALUE OF DERIVATIVE INSTRUMENT 48243428 LIABILITIES TO ANNUITANTS 4042497 FEDERAL LOAN CAPITAL ADVANCES 632144 52918069 X 230927245 97090660 19629341 116720001 114207244 6583168 20916559 27499727 141706971 113466499 113466499 6583168 20916559 27499727 140966226 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 UNRESTRICTED NET ASSETS IN THE PERIOD IN WHICH THE ITEMS ARE ACQUIRED, OR AS TEMPORARILY OR PERMANENTLY RESTRICTED NET ASSETS 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 600 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, 2017 AND 2016. RECONCILIATION OF REVENUE SCHEDULE D, PART XI LINE 2D CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS $314,352 CHANGE IN FAIR VALUE OF DERIVATIVE INSTRUMENTS $19,314,989 ------------- TOTAL $19,629,341 ============= LINE 4B FINANCIAL AID GRANTS $22,009,986 JUILLIARD STORE COST OF SALES ($1,093,427) ------------- TOTAL $20,916,559 ============= RECONCILIATION OF EXPENSES SCHEDULE D, PART XII LINE 4B FINANCIAL AID GRANTS $22,009,986 JUILLIARD STORE COST OF SALES ($1,093,427) ------------- TOTAL $20,916,559 ============= 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." HOWEVER, 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 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. Europe (Including Iceland and Greenland) Program Services Meetings/performances 534840 South America Program Services Meetings/performances 16234 North America Program Services Meetings/performances 11967 East Asia and the Pacific Program Services Meetings/performances 1840425 South Asia Program Services Meetings/performances 80986 Middle East and North Africa Program Services Meetings/performances 97118 Central America and the Caribbean Investments 328931422 Europe (Including Iceland and Greenland) Investments 8638797 North America Investments 112091 Europe (Including Iceland and Greenland) Fundraising 1965 East Asia and the Pacific Fundraising 5394 340271239 340271239 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. true STUDENT SCHOLARSHIPS 895 23349058 FMV FEDERAL FINANCIAL GRANTS & ALLOCATIONS 245 716891 FMV FELLOWSHIPS 222 736798 FMV PRIZES & LIVING EXPENSE GRANTS 53 175684 FMV CAREER AND OTHER GRANTS 207 644344 FMV 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 X true true X X X X X X false true false false false false false true false Joseph W Polisi President 689734 0 0 0 44153 0 386965 0 28240 0 1149092 0 0 0 Ara Guzelimian Provost & Dean 380314 0 0 0 1485 0 26500 0 41213 0 449512 0 0 0 Elizabeth Hurley VP Dev & Public Affairs 394481 0 0 0 518 0 26500 0 28082 0 449581 0 0 0 Maurice Edelson VP Admin & Gen Counsel 441747 0 0 0 518 0 0 0 1524 0 443789 0 0 0 Christine Todd VP & CFO 299025 0 0 0 518 0 26500 0 16190 0 342233 0 0 0 Joseph Mastrangelo VP Facilities Management 202024 0 0 0 2156 0 19091 0 23479 0 246750 0 0 0 Christopher Mossey Sr Managing Dir, JGV 304398 0 10000 0 338 0 26500 0 20876 0 362112 0 0 0 Mark Murtagh Sr Mng Dir, JGV (Thru 03/17) 346807 0 34745 0 338 0 26500 0 13995 0 422385 0 0 0 Joan Warren VP Enroll Mgmt & Student Dev 225743 0 0 0 1319 0 23002 0 15691 0 265755 0 0 0 Yoheved Kaplinsky Artistic Director & Faculty 286635 0 0 0 2793 0 21930 0 13354 0 324712 0 0 0 Myung Kang-Huneke Deputy General Counsel 250565 0 15000 0 488 0 0 0 3684 0 269737 0 0 0 Brian Zeger Artistic Director & Faculty 221920 0 0 0 5734 0 22251 0 13780 0 263685 0 0 0 Steven Laitz Faculty 202050 0 0 0 20948 0 19265 0 1130 0 243393 0 0 0 Richard Feldman Faculty & Acting AD 194467 0 0 0 1028 0 18691 0 12863 0 227049 0 0 0 SCHEDULE J, PART I, LINE 1 THE SCHOOL ON 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 (SUCH AS, 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. IN ACCORDANCE WITH THE TERMS OF HIS EMPLOYMENT, THE PRESIDENT HAS NON-EXCLUSIVE ACCESS TO USE AN APARTMENT WITHIN THE SCHOOL'S RESIDENCE FACILITY. HOWEVER, HIS ACTUAL USE OF THE APARTMENT IS EXTREMELY INFREQUENT AND WHEN IT DOES OCCUR, ITS PRIMARILY FOR BUSINESS PURPOSES (FOR EXAMPLE, WHEN SCHOOL EVENTS REQUIRE HIS PRESENCE AND WEATHER CONDITIONS DO NOT PERMIT SAFE TRAVEL). THE APARTMENT IS USED PRIMARILY TO HOUSE VISITING TEACHERS AND ARTISTS ENGAGED TO TEACH AT THE SCHOOL AND IS OCCUPIED FOR MOST OF THE YEAR FOR THIS PURPOSE. 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 PRESIDENT JOSEPH POLISI EARNED DEFERRED COMPENSATION OF $26,500 IN ACCORDANCE WITH JUILLIARD'S STANDARD 403(B) PLAN, AND EARNED ADDITIONAL ACCRUED DEFERRED COMPENSATION OF $360,465 IN ACCORDANCE WITH HIS EMPLOYMENT AGREEMENT. THESE AMOUNTS ARE REPORTED ON SCHEDULE J, PART II, COLUMN C. SCHEDULE J, PART I, LINE 7 SR. MANAGING DIRECTORS CHRISTOPHER MOSSEY AND MARK MURTAGH AND DEPUTY GENERAL COUNSEL MYUNG KANG-HUNEKE WERE PAID BONUSES FOR THE CALENDAR YEAR 2016, WHICH ARE REPORTED ON THE FORM 990, SCHEDULE J, PART II, COLUMN (B)(II). A The trust for Cultural Resources of the City of NY 911882413 649717PS8 2009-04-01 194247740 Renovation of School's Facility false false false B The Trust for Cultural Resources of The City of NY 911882413 000000000 2015-06-25 70000000 Refunding Rev. Bonds false false false A 0 0 194295034 0 0 160000000 1904059 0 0 32390295 0 0 2010 true false true true B 0 0 70000000 0 0 70000000 0 0 0 0 0 0 2015 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 A false false false true false false 0 false 0 false false B false false false true true false 0 false 0 false false A true B true SCHEDULE K, PART II, COL. A, LINE 3 THE AMOUNT REPORTED ON COLUMN A, 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 2009C BONDS WERE REFUNDED ON JUNE 25, 2015 WITH PROCEEDS FROM THE SERIES 2015A AND SERIES 2015B BONDS, WHICH WERE DIRECTLY PLACED WITH TWO FINANCIAL INSTITUTIONS THROUGH BOND PURCHASE AND PLACEMENT AGREEMENTS ON THAT DATE. AMOUNTS RELATING TO THE 2009C BOND REFUNDING IN THE AMOUNT OF $70,000,000 ARE INCLUDED ON PART II LINES 6 AND 10. SCHEDULE K, PART IV, LINE 2C ARBITRAGE REBATE CALCULATIONS WERE COMPLETED, NO REFUND WAS DUE. 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 34 647924 mean trading price X musical instrumt. & mater 5 188895 EXPERT OPINION 9 false true false GOVERNING BODY FORM 990, PART VI, LINE 2 BRUCE KOVNER, CHAIRMAN & KEITH GOLLUST, TRUSTEE - BUSINESS RELATIONSHIP J. CHRISTOPHER KOJIMA, VICE CHAIRMAN & KENT CLARK, TRUSTEE - BUSINESS RELATIONSHIP FORM 990 REVIEW PROCESS FORM 990, PART VI, LINE 11B THE FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM IN CONJUNCTION WITH JUILLIARD'S FINANCIAL DEPARTMENT. IT IS REVIEWED BY MANAGEMENT PRIOR TO PROVIDING A DRAFT COPY OF THE FORM 990 TO THE AUDIT COMMITTEE AND TO THE BOARD OF TRUSTEES. QUESTIONS AND COMMENTS ARE SOLICITED 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, LINE 12C IN OCTOBER OF EACH YEAR, ALL TRUSTEES COMPLETE CONFLICT OF INTEREST DECLARATIONS. THE DECLARATIONS ARE SUBMITTED TO THE ASSISTANT SECRETARY (THE SCHOOL'S DEPUTY 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, LINE 15A 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 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 WAS LAST REVIEWED FOR FISCAL YEAR 2016-2017: PRESIDENT, PROVOST/DEAN, VP FOR DEVELOPMENT/PUBLIC AFFAIRS, VP/GENERAL COUNSEL, VP AND CFO, VP FOR FACILITIES MANAGEMENT, VP FOR ENROLLMENT MANAGEMENT/STUDENT DEVELOPMENT, SR. MANAGING DIR. FOR EDUCATIONAL AND ARTISTIC AFFAIRS/JGV, AND SENIOR MANAGING DIRECTOR FOR BUSINESS & STRATEGY/JGV. PUBLIC DISCLOSURE OF DOCUMENTS FORM 990, PART VI, 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 AND FORM 990 AVAILABLE UPON REQUEST TO ANY INTERESTED PARTIES. THE FORM 990 IS ALSO PUBLISHED ON THE INTERNET AT WWW.GUIDESTAR.ORG. THE CONFLICT OF INTEREST POLICY APPLICABLE TO TRUSTEES IS DISCUSSED IN PART VI, SECTION B, BUT IT IS NOT PUBLISHED ON THE WEBSITE. GOVERNING DOCUMENTS ARE MADE AVAILABLE UPON REQUEST. RECONCILIATION OF NET ASSETS FORM 990, PART XI, LINE 9 CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS $314,352 CHANGE IN FAIR VALUE OF DERIVATIVE INSTRUMENTS $19,314,989 ------------- TOTAL $19,629,341 ============= 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) 12 JUILLIARD true true false false false false false false false false false false true false true false false false false true Institute of Musical Art a 917768 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, 2017 was approximately $10,696,314. The IMA's net of investment returns was $917,768 for the year ended June 30, 2017.