2016-03-23T14:16:53-05:00 2015-06-30 010523282 Berry Dunn McNeil & Parker LLC PO Box 1100 Portland ME 041041100 990 2014-07-01 042126597 The Boston Conservatory BOST 6175366340 8 The Fenway Boston MA 02215 Richard Ortner President 6175366340 2016-03-17 1 Barbara J McGuan CPA P00219457 2077752387 2016-03-16 2014 2016-08-17 19:52:53Z Richard Ortner 8 The Fenway Boston MA 02215 45102110 0 X bostonconservatory.edu X 1927 MA Conservatory of music, dance and music theatre 23 22 748 100 52782 16688 3406807 4678060 35680143 35505849 1029413 377722 113502 44136 40229865 40605767 9840618 9955986 0 0 15688561 16641452 46495 41790 1804864 9286484 10005390 34862158 36644618 5367707 3961149 71334555 70631374 34845096 30549379 36489459 40081995 To educate exceptional performing artists for careers that enrich and transform the human experience by using skills, creativity and courage nourished in our vibrant multi-disciplinary community of musicians, dancers and actors. 0 0 29140767 9955986 35505849 A conservatory of music, dance and music theatre, serving over 750 students, offering degrees of bachelor of music, bachelor of fine arts, and master of music and music education. 29140767 1 1 0 0 0 0 0 0 0 1 1 0 0 1 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 0 1 1 0 0 0 1 325 0 1 748 1 1 1 0 0 0 0 1 1 0 0 0 0 X 23 22 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 0 1 0 0 MA X X Eric Norman VP for Finance and Planning 6175366340 8 The Fenway Boston MA 02215 Anthony Pangaro Trustee 1.00 X 0 0 0 BJ Krintzman Esq Trustee 1.00 X 0 0 0 Charlotte Prescott Newton Trustee 1.00 X 0 0 0 Christopher D Perry Esq Trustee 1.00 X 0 0 0 Cynthia K Curme Trustee 1.00 X 0 0 0 Darius Sidebotham Trustee 1.00 X 0 0 0 David Scott Sloan Esq Chairman 10.00 0.20 X X 0 0 0 Davi-Ellen Chabner Trustee 1.00 X 0 0 0 Dr Diana Dohrmann Trustee 1.00 X 0 0 0 Elizabeth S Boveroux Trustee 1.00 X 0 0 0 Gail S Flatto Trustee 1.00 X 0 0 0 George C White Trustee 1.00 X 0 0 0 Gregory E Bulger Treasurer 1.00 0.20 X X 0 0 0 Janet Sharp Kershaw Past Trustee 1.00 X 0 0 0 Joseph C McNay Trustee 1.00 X 0 0 0 Kelly C McKernan Trustee 1.00 X 0 0 0 Laura D Kunkemueller Vice Chair 1.00 0.20 X X 0 0 0 Dr Lyle J Micheli Trustee 1.00 X 0 0 0 Marillyn Zacharis Trustee 1.00 X 0 0 0 Mary B Hewlett Trustee 1.00 X 0 0 0 Peter J Wender Trustee 1.00 X 0 0 0 Joanne Walton Dickinson Esq Trustee 1.00 X 0 0 0 Teresa Koster Trustee 1.00 X 0 0 0 Richard Ortner President 34.80 0.20 X X 403666 0 32434 Eric Norman VP for Finance and Planning 34.80 0.20 X 212815 0 37010 Leslie Kaye VP of Institutional Advancement 35.00 X 171995 0 34654 James O'Dell Interim VP for Academic Affairs/Dean 35.00 X 121576 0 16674 Abra Bush Director of Music Division 35.00 X 119938 0 16630 Neil Donohoe Director of Musical Theater 35.00 X 115431 0 16332 Catherine Young Director of Dance 35.00 X 108493 0 30069 1253914 0 183803 10 0 1 0 Longwood Security Services Inc 429 Newbury Street Milford MA 02115 Security Services 371070 Utile Inc 50 Summer Street Boston MA 02110 Architect 246727 John Von Rohr 7 Rolling Lane Wayland MA 01778 Piano Tuner 107312 3 196478 4481582 1136101 4678060 Tuition and Fees 611110 31062100 31062100 Room & Board 611110 3203227 3203227 Performance & Programs 611110 675902 675902 Miscellaneous Income 900099 564620 511838 52782 35505849 297172 297172 65546 0 65546 65546 65546 4498978 4418428 80550 80550 80550 56505 196478 77915 -21410 -21410 40605767 35453067 52782 421858 9955986 9955986 730644 730644 13185191 10666480 1650641 868070 482982 402290 47936 32756 1349073 1130256 123079 95738 893562 688452 149055 56055 132327 3390 128937 52831 52831 41790 41790 89874 89874 1386037 625710 702556 57771 286586 36417 245419 4750 398074 129442 168004 100628 154917 30974 123943 1655189 1178418 373388 103383 322168 260285 35531 26352 734144 529518 154822 49804 1349128 973090 284514 91524 205221 205221 Food Services 1369752 1272029 41054 56669 Events 785879 638231 27316 120332 Repairs & Maintenance 430591 286989 126457 17145 Miscellaneous 341095 271092 63047 6956 311577 61718 174718 75141 36644618 29140767 5698987 1804864 X 4455030 2001207 3068992 1506046 1669607 2604165 56142 129962 148910 189010 13091 11845 109508 144587 39176706 13571868 5974555 25604838 11816716 12663720 719388 376741 363116 43645263 24693490 71334555 70631374 3874595 995401 1310786 1169255 24500000 24500000 5159715 3434723 0 450000 34845096 30549379 X 29752169 31679429 5868875 7081233 868415 1321333 36489459 40081995 71334555 70631374 X 3961149 -332923 -35690 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 8162725 1965452 -23434 39688 10065055 7858972 4016 493866 194129 8162725 6195050 1152720 511202 7858972 5367232 651040 183278 6500 6195050 5367232 0.87000 0.11520 0.01480 0 0 80161 80161 31343674 8261931 23081743 1030437 831050 199387 5957935 4418700 1539235 764499 60187 704312 25604838 Realty Corporation Receivable 2512339 Leverage Loan Receivable and Interest 22146520 Projects Under Development 34631 24693490 Deferred Compensation 450000 450000 X Part V, Line 4: A majority of The Conservatory's endowment funds are unrestricted board designated funds. Part X, Line 2: U.S. GAAP requires the Organization to report any uncertain tax positions and to adjust their consolidated financial statements for the impact thereof. As of June 30, 2015 and 2014, the Organization determined that it had no tax positions that did not meet the "more-likely-than-not" threshold of being sustained by the applicable tax authority. The Organization files tax and information returns in the United States and Massachusetts jurisdictions. These returns are generally subject to examination by tax authorities for the last three years. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 See Part II Schedule E, Line 3 The Conservatory included a statement of its racially nondiscriminatory policy regarding students in all brochures and catalogs dealing with student admissions, programs and scholarships. Further, The Conservatory includes a reference to its racially nondiscriminatory policy in other written advertising used as a means of informing prospective students of its programs. Schedule E, Line 6 The Conservatory participates in the student financial assistance programs of the Department of Education and receives funds for the following programs: Federal Direct Student Loans Federal Work Study Federal Supplemental Educational Opportunity Grant Federal Pell Grant Aid from State agencies In addition to the above Federal Financial Aid programs, the Conservatory participates and receives state grants for its students from various states including: Massachusetts Vermont Pennsylvania Central America and the Caribbean 0 0 Investments 719388 0 0 0 0 0 0 719388 0 719388 0 0 0 0 0 0 X X X X X X X 1 Mary Giurleo 5 Polar Bear Drive Westford MA 01886 Grantswriter 0 886505 44397 842108 886505 44397 842108 MA Gala 252983 196478 56505 330 5887 32718 8964 30016 252983 196478 56505 330 5887 32718 8964 30016 77915 -21410 1 Institutional, Federal, State, Endowed and Other Scholarships 631 9955986 FMV Tuition Discounts Part I, Line 2: Federal funds are monitored as follows: The Director of Financial Aid determines student eligibility for Pell, SEOG, FWS, and Federal loans. The Director of Financial Aid posts student awards into the integrated student record system. The Bursar prints and distributes the billing statement which lists Federal awards. The Bursar draws down funding from the Federal website. The Director of Financial Aid and Bursar post the Federal funds to the student account in the student record system. The Senior Accountant reviews and posts the journal entry to record the cash receipt in the general ledger. The Director of Finance reviews and reconciles the student accounts receivable and all student related revenue from the general ledger to the billing system. X 1 1 X X X X X 0 0 0 0 0 0 0 1 0 Richard Ortner President 252168 0 100000 0 51498 0 23135 0 9299 0 436100 0 0 0 Eric Norman VP for Finance and Planning 187815 0 25000 0 0 0 13235 0 23775 0 249825 0 0 0 Leslie Kaye VP of Institutional Advancement 171995 0 0 0 0 0 10879 0 23775 0 206649 0 0 0 Part I, Line 1a A housing allowance is provided to the President. The Board of Trustees voted to approve the amount of the housing allowance for the President. The housing allowance is included as part of the President's taxable compensation. Part I, Line 7 On an annual basis, the President's bonus is determined by the Compensation Committee, a subgroup of the Board of Trustees, based on the number of goals met during the prior fiscal year. The goals are set by the Compensation Committee at their annual meeting as part of the President's performance review. On an annual basis the President, with the approval of the Chairman of the Board of Trustees, approves discretionary bonuses for certain employees. The amounts are based on individual performance and a review of the employee's total compensation. A Massachusetts Industrial Development Financing Authority 043431814 2011-11-23 24500000 Refinance and Construction 0 0 0 A 24500000 380800 9066670 15052530 2014 1 0 1 1 A 0 0 0 0 0 0 1 A 0 0 1 0 0 0 0 0 0 A 0 X 14 1112101 Fair Market Value X Piano 1 24000 Appraisal Value 1 0 1 1 Part I, Line 32b: Contributions of securities are sold through The Conservatory's investment broker. All gifts of securities are sold as soon as administratively possible. Form 990, Part VI, Section B, line 11 The Conservatory's Form 990 is reviewed in detail by both management and the Audit Committee. The return is approved by the Board of Trustees upon recommendation by the Audit Committee. All Trustees receive a copy prior to filing. Form 990, Part VI, Section B, line 12c The conflict of interest policy was reviewed and approved by the Board of Trustees. The policy applies to all Trustees and Senior Executives of the Boston Conservatory. Each year all Trustees and Senior Executives complete a conflict of interest form which requests information about personal and professional conflict-related activities. The Executive Assistant to the President reviews all completed forms and presents any potential conflicts to the Board Chair and President. To date there have been no conflicts of interest. Therefore, no restrictions have been imposed on any Trustees or Senior Executives. Form 990, Part VI, Section B, line 15a The compensation of the President is determined by a compensation committee of the board, each member of which is independent of the President. Appropriate data including Forms 990 from other organizations and compensation survey or study data is considered. The compensation decision was documented contemporaneously. The President sets the compensation for other officers and key employees. Appropriate data is considered for this purpose. Form 990, Part VI, Section C, line 19 The Boston Conservatory will consider requests for copies of governing documents, conflict of interest policy, and financial statements. Form 990, Part X, Line 10: Land, Buildings, and Equipment Section 1.263(a)-3(n) Election: The Boston Conservatory 8 The Fenway Boston, MA 02215 EIN 04-2126597 The Boston Conservatory is electing to capitalize repair and maintenance costs under Regulation Section 1.263(a)-3(n). Form 990, Part XI, line 9: Write off of Property, Plant & Equipment -35,690. The Boston Conservatory Realty Corp 8 The Fenway Boston MA 02215 263644206 Hold and Manage Real Estate MA 501(c)(3) Line 11A, I The Boston Conservatory 1 The Boston Conservatory Ipswich Realty Corporation 8 The Fenway Boston MA 02215 454795446 Hold and Manage Real Estate MA 501(c)(3) Line 11A, I The Boston Conservatory 1 0 0 0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 The Boston Conservatory Realty Corp D 2512339 Loan Payable Balance The Boston Conservatory Realty Corp K 470000 Rent Expense Paid