2014-05-14T18:03:10-05:00 2013-06-30 GRANT THORNTON LLP 666 THIRD AVENUE NEW YORK NY 100174057 990 2012-07-01 131624067 Juilliard School % CHRISTINE TODD JUIL 2127995000 60 Lincoln Center Plaza Suite New York NY 10023 update 2125990100 2014-05-14 true 2125990100 2012 2015-11-30 17:44:51Z JOSEPH W POLISI 60 Lincoln Center Plaza New York NY 10023 496242380 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 so they achieve their fullest potential as artists, leaders, and global citizens. 32 31 2397 45 211530 40276969 29637105 37956223 40647111 19779270 60376664 770826 1118463 98783288 131779343 18309434 19038329 0 0 44534820 48212316 0 0 3480923 41608882 42904783 104453136 110155428 -5669848 21623915 1037897026 1110902052 270491191 244141319 767405835 866760733 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 56373093 0 34237088 Juilliards primary program service accomplishment is providing instruction in music, dance, and drama to approximately 1,000 students in its college and re-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. 18890068 18890068 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 (approximately 844 students in total) received student assistance during 2012-13. 6818275 148261 7126899 During 2012-13 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 and auxiliary services such as the Juilliard Store and the student residence hall, and employee benefit costs. 4553783 0 0 Student performing arts productions 4553783 0 0 86635219 true true false true false false false true false true true true false false true true false true true false true false false false true false false false true true true false false false false false false false false false false true true false false false true true true false false true 1656 0 true 2397 true true true false false false false true true false false false false X 32 31 true false false false false false false true true false false true true true true true true true true false NY X CHRISTINE TODD 2127995000 60 LINCOLN CENTER PLAZA new york NY 10023 Bruce Kovner 3.0 X X 0 0 Katheryn C Patterson 2.0 X X 0 0 Pierre Bastid 1.0 X 0 0 Andrew T Bednar 1.0 X 0 0 Julie A Choi 2.0 X 0 0 Pamela Daley 1.0 X 0 0 Kent A Clark 1.0 X 0 0 Kenneth S Davidson 2.0 X 0 0 Sanford B Ehrenkranz 1.0 X 0 0 Barbara G Fleischman 1.0 X 0 0 Keith R Gollust 2.0 X 0 0 Mary Graham 1.0 X 0 0 0 Mary Rodgers Guettel 1.0 X 0 0 0 Joan W Harris 1.0 X 0 0 Bradley H Jack 1.0 X 0 0 0 Edward E Johnson Jr 1.0 X 0 0 0 Sidney R Knafel 1.0 X 0 0 0 J Christopher Kojima 1.0 X 0 0 0 June Noble Larkin 1.0 X 0 0 0 Karen M Levy 1.0 X 0 0 0 Teresa E Lindsay 1.0 X 0 0 0 Laura Linney 1.0 X 0 0 0 Vincent A Mai 1.0 X 0 0 0 James S Marcus 1.0 X 0 0 0 Michael E Marks 1.0 X 0 0 0 Nancy A Marks 1.0 X 0 0 0 Wynton Marsalis 1.0 X 0 0 0 Stephanie Palmer McClelland 1.0 X 0 0 0 Lester S Morse Jr 1.0 X 0 0 0 Susan W Rose 1.0 X 0 0 0 Arthur T Shorin 1.0 X 0 0 0 Joan S Steinberg 1.0 X 0 0 0 Joseph W Polisi 50.0 X X 710307 0 336406 Ara Guzelimian 50.0 X 319588 0 55278 Jon Rosenhein 50.0 X 316730 0 50598 Riccardo Salmona 50.0 X 306153 0 41911 Elizabeth Hurley 50.0 X 0 0 Laurie Carter 50.0 X 481264 0 55117 Christine Todd 50.0 X 197780 0 20793 Joseph Mastrangelo 50.0 X 168184 0 34257 David Marcus 50.0 X 507912 0 53098 James Houghton 50.0 X 252595 0 38870 Yoheved Kaplinsky 50.0 X 243798 0 25632 Heidi Castleman 50.0 X 209638 0 24795 Vanessa Wise 50.0 X 201062 0 47231 Joel krosnick 50.0 X 196900 0 44935 4111911 0 828921 69 false true false Kelley Drye Warren LLP 101 Park Avenue NEW YORK NY 10178 legal 350879 ccmp II 245 park avenue NEW YORK NY 10167 INVESTMENT MGMT 346870 kpmg llp 345 park avenue NEW YORK NY 10154 accounting/advisory 301727 jp morgan chase 600 fifth avenue NEW YORK NY 10020 INVESTMENT banking 298278 t rowe price c/o jpm 1111 polaris pkwy COLUMBIA OH 43240 INVESTMENT MGMT 278609 24 160882 725375 28750848 4193511 29637105 TUITION & FEES 611600 34074038 34074038 RESIDENCE HALL 611710 5006101 4608699 397402 USER FEES, EDUCATION PROGRAM 611710 247125 247125 STUDENT LOAN INCOME 900099 5502 5502 INTERNATIONAL PROGRAM DEVELOPMENT 900099 1314345 1314345 40647111 3175671 179613 2996058 1892 1892 0 0 0 0 420329762 229000 363359661 56970101 229000 57199101 57199101 14250 160882 40089 -25839 -25839 0 2020803 1063287 957516 957516 ADVERTISING REVENUE 541800 31917 31917 MISCELLANEOUS 900099 154869 154869 186786 131779343 41363986 211530 60566722 0 19038329 19038329 0 0 3159298 1019028 1419821 720449 0 35211653 28412365 5368786 1430502 2161481 1744104 329565 87812 4577673 3693735 697966 185972 3102211 2379466 548845 173900 0 349363 319580 29783 167555 167555 0 0 4696329 4696329 2040654 920553 1117909 2192 1086943 815207 54347 217389 1304182 790885 476633 36664 910120 910120 0 5899192 5551784 315362 32046 744410 633233 10107 101070 0 46425 24605 1984 19836 9276077 8348469 834847 92761 0 9338699 8482488 771274 84937 1831666 1831666 CONCERT, OPERA, DRAMA, DANCE 1743154 1743154 AUXILIARY SERVICES 1581642 1581642 INSTRUMENT ACQUIS. & REPAIR 608753 608753 STUD. ACTIVITIES & OUTREACH 300066 300066 979553 547353 166590 265610 110155428 86635219 20039286 3480923 5228794 3755338 0 0 23436874 16354306 2433374 1256627 0 0 0 0 1075301 980649 769861 852009 3896639 3785809 261999161 81298584 187692390 180700577 221383664 193169490 584100920 702082800 4471965 3559498 0 0 3407244 4404949 1037897026 1110902052 10163737 9213423 0 0 533389 439424 194995000 194995000 0 0 0 0 0 0 0 0 64799065 39493472 270491191 244141319 X 160548945 201387488 330921173 373707110 275935717 291666135 767405835 866760733 1037897026 1110902052 X 21623915 51663128 26067855 X false true X true true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 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 778535715 31600465 106579031 11874624 32736256 872104331 804280395 24217261 -5049097 12045994 32866850 778535715 658901148 64944753 125076825 11674559 32967772 804280395 613526202 22737410 61108092 10443922 28026634 658901148 766148903 22268374 -139340732 12224833 23325510 613526202 0.30100 0.69900 false false 2421438 2421438 33308239 24646026 8662213 203459581 43820812 159638769 21706790 12831746 8875044 1103113 1103113 180700577 INFLATION HEDGES 40952081 F DOMESTIC EQUITY 26091087 F INTERNATIONAL EQUITY 130904938 F HEDGED EQUITY 122313957 F EVENT DRIVEN INVESTMENTS 81698986 F MANAGED FUTURES 24231852 F DISTRESSED SECURITIES 23612536 F PRIVATE EQUITY 149780184 F MULTI-STRATEGY INVESTMENT 102497179 F 702082800 0 FAIR VALUE OF DERIVATIVE INSTR 36003313 LIABILITITES TO ANNUITANTS 2443218 FEDERAL LOAN CAPITAL ADVANCES 1046941 39493472 X 188813535 51663128 26067855 77730983 111082552 4696329 16000462 20696791 131779343 89458637 89458637 4696329 16000462 20696791 110155428 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 are 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 on the balance sheet. 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 500 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, 2013 and 2012. Reconciliation of Revenue Schedule D, part XI Line 2d Change in value of Split-interest agreements $415,581 Change in Fair Value of Derivative Instruments $25,652,274 ------------- Total $26,067,855 ============= Line 4b Financial Aid Grants $17,031,832 Juilliard Store Cost of Sales ($1,063,287) Advertising Revenue $31,917 ------------- Total $16,000,462 ============= Reconciliation of Expenses Schedule D, Part XII Line 4b Financial Aid Grants $17,031,832 Juilliard Store Cost of Sales ($1,063,287) Advertising Revenue $31,917 ------------- Total $16,000,462 ============= true true true true true true true false false false false false false false false true false true Publication of Racially Nondiscriminatory Policy 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. Procedure for monitoring use of grant funds inside the U.S. The school participates in the following federal programs: FWS, Pell Grant, SEOG, academic competitiveness, Javits fellowships, 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 Performances/auditions 226638 North America Program Services planning/seminars 26048 Central America and the Caribbean Program Services performances 3370 South America Program Services performances/meetings 74708 East Asia and the Pacific Program Services performances/meetings 932902 East Asia and the Pacific Fundraising 13300 Central America and the Caribbean Investments 217437493 Europe (Including Iceland and Greenland) Investments 36904831 255619290 255619290 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, 8621 or 8865. To the extent such a form was REQUIRED, it has been filed with the Organization's Form 990-T. SCHOOL BENEFIT 175132 160882 14250 31506 3557 5026 0 175132 160882 14250 31506 3557 5026 40089 -25839 true STUDENT SCHOLARSHIPS 836 17189331 FMV FEDERAL FINANCIAL GRANTS & ALLOCATIONS 281 737636 FMV FELLOWSHIPS 220 771652 FMV PRIZES & LIVING EXPENSE GRANTS 55 190743 FMV OTHER GRANTS 25 148967 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 need 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. Student must document additional educationally-related expenses in order to receive funding above their unmet need. X X X X true true X X X X X true false false false false false false true false Joseph W Polisi 671907 0 38400 310845 27124 1048276 0 Ara Guzelimian 318814 0 774 25000 31689 376277 0 Jon Rosenhein 315956 0 774 25000 26996 368726 0 Riccardo Salmona 298908 0 7245 25000 18304 349457 0 Laurie Carter 217953 0 263311 22964 33495 537723 0 Christine Todd 197524 0 256 19183 2894 219857 0 Joseph Mastrangelo 167222 0 962 17079 18366 203629 0 David Marcus 356331 0 151167 414 25000 29534 562446 0 James Houghton 252181 0 414 25000 15229 292824 0 Yoheved Kaplinsky 241512 0 2286 18521 8421 270740 0 Heidi Castleman 160882 0 48756 15480 10459 235577 0 Vanessa Wise 200900 0 162 20697 27860 249619 0 Joel krosnick 193365 0 3535 19611 26645 243156 0 Schedule J, part I, Line 1 The School on extremely 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. Seven individuals listed in Part VII, Section A have access to a discretionary fund for costs incurred in support of the School's educational and artistic purposes. Such costs must be documented and must be in compliance with the School's policies regarding allowable business expenses. Finally, 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 he did not use it for personal use during the reporting period. 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 4a Laurie Carter, VP & General Counsel, received a payment of $262,897 pursuant to a separation agreement. This payment is reported on the Form 990, Schedule J, part II, Column (b)(iii). Schedule J, Part I, Line 7 As part of his compensation package, David Marcus, Chief Investment Officer, receives an annual retention bonus of a fixed amount. This payment is 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 A 0 0 194295034 0 0 160000000 1904059 0 0 28830797 0 3559498 2010 true false false true A false false true true false 0.00500 0.00700 0.01200 false false false true A false false false false false false 0 false 0 false false A true See Schedule O 0 X 25 3951311 Mean trading price X Musical Instrmnt. & Materials 9 242200 expert opinion 10 false true true Line 32a The school's policy is to sell publicly traded donated securities upon receipt. In accordance with this policy, the school's investment custodian is authorized to execute such sales on behalf of the school. Governing Body Form 990, Part VI, Line 2 Bruce Kovner, Chairman and Keith Gollust, 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 secretary (the school's vice president for development and public affairs) 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 conflict 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 in to 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 and key employees was last reviewed for fiscal year 2012-2013: president, provost/dean, vp/chief operating officer, vp for development/public affairs, vp/general counsel, chief investment officer, VP for finance/controller and vp for facilities management. 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 fair value of derivative instruments $25,652,274 Change in value of split-interest agreements $415,581 ------------- Total $26,067,855 Schedule K, Part iv, line 2c Abritrage calculations are currently in process. The school does not expect that a refund will be dUE. Schedule K, Part V Juilliard has engaged a firm to do the arbitrage calculation that is necessary to determine whether it has met the private security or payment test but at the time of the 990 filing the report was not complete. Juilliard does not expect that a refund will be due. Institute of Musical Art 60 Lincoln Center Plaza New York NY 10023 136162648 Support NY 501(c)(3) 11 Juilliard true false false false false false false false false false false true false false true false false false false true INSTITUTE OF MUSICAL ART S 745959 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, 2013 was approximately $9.9 Million. The IMA's net of investment returns was -$745,959 for the year ended June 30, 2013.