2011-05-12T15:40:42-07:00 2010-06-30 990 2009-07-01 131624067 JUILLIARD SCHOOL JUIL 2127995000 60 LINCOLN CENTER PLAZA NEW YORK NY 10023 Christine Todd 2127995000 2011-05-12 2009 2016-02-24 21:20:13Z Christine Todd 60 Lincoln Center Plaza New York NY 10023 389484452 0 X WWW.JUILLIARD.EDU X 1934 NY 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. 29 28 2181 15 125127 -37412 27504217 24153384 31127221 32516387 -23232811 4786585 459685 -104834 35858312 61351522 17689509 16398764 0 0 40119925 40132817 0 0 2709294 27620044 34494366 85429478 91025947 -49571166 -29674425 915122109 937039386 246829348 252150844 668292761 684888542 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. 0 0 47110856 0 27855575 Juilliard's primary program service accomplishment is providing instruction in music, dance, and drama to approximately 1,000 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. 16398764 16398764 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 84% of the college population of the School (840 students in total) received student assistance during 2009-10. 5208157 0 4310234 During 2009-10 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 s the Juilliard Store and the student residence hall, and employee benefit costs. 3755411 0 95989 The School believes performance is a key component to a student's artistic development. As such, it supported performing arts productions of concerts, operas, drama stagings, and dance presentations by the student body to the general public, as well as performing arts programs for primary sand secondary schools. Approximately 800 performances, nearly all of them free of charge, took place during the 2009-10 year. 3755411 0 95989 72473188 1 1 0 0 0 0 1 0 1 1 1 0 1 0 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 0 1 1327 0 1 2181 1 1 1 0 0 0 0 1 1 0 0 0 29 28 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NY X X Christine Todd VP Finance and Controller The Juilliard School 2127995000 60 Lincoln Center Plaza New York NY 10023 Bruce Kovner 3 X 0 0 0 Elizabeth J McCormack 1 X 0 0 0 Julie Anne Choi 2 X 0 0 0 Pamela Daley 1 X 0 0 0 Kenneth S Davidson 2 X 0 0 0 Bernard T Ferrari MD 1 X 0 0 0 Keith R Gollust 2 X 0 0 0 Mary Rodgers Guettel 1 X 0 0 0 Joan W Harris 1 X 0 0 0 Bradley H Jack 1 X 0 0 0 Edward E Johnson Jr 1 X 0 0 0 Sidney R Knafel 1 X 0 0 0 J Christopher Kojima 1 X 0 0 0 June Noble Larkin 1 X 0 0 0 Karen M Levy 1 X 0 0 0 Laura Linney 1 X 0 0 0 Vincent A Mai 1 X 0 0 0 James S Marcus 1 X 0 0 0 Nancy Marks 1 X 0 0 0 Wynton Marsalis 1 X 0 0 0 Stephanie Palmer McClelland 1 X 0 0 0 Lester S Morse Jr 1 X 0 0 0 Katheryn C Patterson 2 X 0 0 0 John J Roberts 1 X 0 0 0 Susan W Rose 1 X 0 0 0 Arthur T Shorin 2 X 0 0 0 Joan S Steinberg 1 X 0 0 0 Saundra Whitney 1 X 0 0 0 Joseph W Polisi 50 X X 619314 0 48110 Ara Guzelimian 50 X 297246 0 49004 Jon Rosenhein 50 X 293225 0 45104 Riccardo Salmona 50 X 265598 0 44342 Laurie A Carter 50 X 209369 0 49743 Christine Todd 50 X 173040 0 25327 Joseph Mastrangelo 50 X 160531 0 36700 David Marcus 50 X 493702 0 46865 Yoheved Kaplinsky 50 X 244635 0 24765 James Houghton 50 X 210414 0 21000 Masao Kawasaki 50 X 195267 0 30508 Heidi Castleman 50 X 191926 0 22205 3354267 0 443673 48 0 1 0 Lincoln Center Development Project Inc 1865 Broadway New York NY 10023 Construction Management 1604259 Rockefeller GA Investors 20 Rockefeller Plaza New York NY 10112 Investment Management 332825 Kelley Drye & Warren LLP 101 Park Avenue New York NY 10178 Legal 257788 JP Morgan Chase NA 1111 Polaris Parkway Floor 3J Columbus OH 43240 Investment Management & Custody 244433 Ernst & Young LLP 5 Times Square New York NY 10036 Audit 194000 12 0 0 2585634 0 831906 20735844 702417 24153384 Tuition & fees 611310 27754117 27754117 0 0 Residence hall 611710 4505878 4004726 0 501152 User fees, education program 611710 245045 245045 0 0 Student loan income 900099 11347 11347 0 0 0 0 0 0 32516387 5763866 0 98932 5664934 29013 29013 0 0 112500 0 0 112500 0 0 325469648 0 326475942 0 -1006294 0 -1006294 0 0 -1006294 170750 2585634 631830 -461080 0 0 -461080 1242709 1025158 217551 217551 0 0 Advertising revenue 900099 26195 0 26195 0 0 0 0 0 26195 61351522 32261799 125127 4811212 0 0 16398764 16398764 0 0 0 0 2239884 669207 1060820 509857 0 0 0 0 30572258 24166079 5288724 1117455 1886103 1490885 326279 68939 3178270 2512288 549812 116170 2256302 1707780 436621 111901 0 0 0 0 309887 0 264812 45075 199250 0 199250 0 0 0 0 0 0 0 2617412 0 2617412 0 535526 0 530459 5067 836746 627559 41838 167349 1250987 736289 477934 36764 649234 0 649234 0 0 0 0 0 5381259 5073626 279431 28202 80155 36070 4008 40077 0 0 0 0 36034 16215 1802 18017 9347509 8412758 841276 93475 0 0 0 0 7120107 6476414 579980 63713 1320707 0 1320707 0 Concert, opera, drama & dance production 1490922 1490922 0 0 Auxiliary services (store, cafeteria) 1474935 1474935 0 0 Instrument acquisition, repair & maintenance 415584 415584 0 0 Student activities & outreach 264554 264554 0 0 Miscellaneous 1163558 503259 373066 287233 91025947 72473188 15843465 2709294 4386904 2329189 56601535 36933815 41789075 29705551 2253833 1088728 0 0 0 0 1158249 1119246 631989 333917 2903566 3057601 254486091 53207188 191635400 201278903 206069002 212684585 373836129 440857332 32195621 5908236 0 1660806 1742283 915122109 937039386 18729799 10290316 0 0 574773 543547 194995000 194995000 0 0 0 0 32529776 46321981 246829348 252150844 X 291727851 304163491 117333019 114722005 259231891 266003046 668292761 684888542 915122109 937039386 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 X X X 0 613526202 22737410 61108092 10443922 28026634 0 658901148 766148903 22268374 -139340732 12224833 23325510 0 613526202 0.255 0.745 0 0 0 0 2421438 2421438 0 33308239 22724843 10583396 0 195759096 21941253 173817843 0 17959125 8541092 9418033 0 5038193 0 5038193 201278903 0 0 Inflation hedges 36901994 F International equity 44584140 F Hedged equity 113644455 F Event driven investments 74092650 F Multi-strategy investments 64974574 F Managed futures 25803118 F Distressed securities 19827338 F Private equity 61029063 F 440857332 Investments limited as to use (bond proceeds) 5908236 F 5908236 Assets held in trust (split-interest agreements) 1742283 1742283 0 Fair value of interest rate swap agreements 35401426 Liabilities to annuitants 1161782 Liability for investment held for IMA 8655633 Federal loan capital advances 1103140 46321981 61351522 91025947 -29674425 59496662 0 0 0 -13239132 46257530 16583105 105723554 59496662 0 0 0 59496662 46226892 2617412 12507218 15124630 61351522 89140449 0 0 0 13995998 13995998 75144451 2617412 13264084 15881496 91025947 SchD_P03_S00_L01 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, generally 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 deaccessions 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. SchD_P03_S00_L04 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. SchD_P05_S00_L04 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. SchD_P10_S00_L00 Schedule D, Part X In 2010, the School adopted the guidance of ASC 740, Accounting for Uncertainty in Income Taxes, which prescribes a threshold of "more likely than not" for recognition and de-recognition of tax positions taken or expected to be taken in a tax return. There was no significant impact to the School's financial statements as a result of the adoption of ASC 740. SchD_P11_S00_L08 Schedule D, Part XI, Line 8 Other changes in net assets include change in value of split-interest agreements (+$756,866), change in interest rate swap agreements (-$13,444,853), financing costs related to redeemed bonds payable (-$538,469), and tax depreciation (-$12,676). SchD_P12_S00_L04b Schedule D, Part XII, Line 4b Other amounts included in Part VIII, line 12 but not on line 1 include financial aid grants (+$14,263,047), the Juilliard Store's cost of sales (-$1,025,158), change in value of split-interest agreements (-$756,866), and advertising revenue (+$26,195). SchD_P13_S00_L02d Schedule D, Part XIII, Line 2d Other expenses included in this form, but not on line 7b include tax depreciation (+$12,676), change in value of interest rate swap agreements (+$13,444,853), and financing costs related to redeemed bonds payable (+$538,469). SchD_P13_S00_L04b Schedule D, Part XIII, Line 4b Other amounts in Part IX, line 25 but not on line 1 include financial aid grants (+$14,263,047), advertising revenue (+$26,195), and the Juilliard Store's cost of sales (-$1,025,158). 1 1 1 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-discriminitory 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. 1 1 1 1 0 0 0 0 0 0 0 0 1 0 The School participates in the following federal programs: CWS, Pell Grant, SEOG, Academic Competitiveness Grants, 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. 1 Europe (including Iceland and Greenland) 0 0 Program Services The Historical Performance department, in full support of its mission to develop and educate student performers, conducted master classes, auditions, and recruitment activities in various cities to identify potential candidates for admission to the School. 13978 Central America and the Caribbean 0 0 Program Services The Jazz division toured to Costa Rica and Colombia in full support of the School's mission to educate student performers. 9090 South America 0 0 Program Services Juilliard Global is an exploratory initiative to provide program services in various countries around the globe. Preliminary meetings and planning took place during 2009-10 in Brazil and Mexico. 9078 North America (including Canada and Mexico, but not the United States) 0 0 Fundraising Certain officers visited Mexico for donor cultivation during the year. 8828 East Asia and the Pacific 0 0 Program Services The Jazz division toured to Japan during the 2009-10 fiscal year, in full support of the School's mission to educate talented young musicians. 3008 Europe (including Iceland and Greenland) 0 0 Program Services A representative of the Juilliard library traveled to Amsterdam to attend a conference of music librarians, in full support of the School's mission to provide educational services. 1197 Europe (including Iceland and Greenland) 0 0 Investments 0 Central America and the Caribbean 0 0 Investments 0 0 0 45179 Benefit Gala 2756384 2585634 170750 0 0 59698 168533 28195 375404 0 0 2756384 2585634 170750 0 0 59698 168533 28195 375404 631830 -461080 1 Student scholarships 794 14431047 0 FMV Federal financial aid grants and allocations 163 896021 0 FMV Fellowships 174 621339 0 FMV Prizes and living expense grants 69 210377 9280 FMV Non-cash living expense grants Other grants 6 230700 0 FMV SchI_P01_S00_L02 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 need. X X X X 1 1 X X X X X X 0 0 0 0 0 0 0 0 0 Joseph W Polisi 592976 0 0 0 26338 0 24500 0 25086 0 668900 0 0 0 Ara Guzelimian 297246 0 0 0 0 0 24500 0 25938 0 347684 0 0 0 Jon Rosenhein 293225 0 0 0 0 0 24500 0 22014 0 339739 0 0 0 Riccardo Salmona 265598 0 0 0 0 0 23150 0 22594 0 311342 0 0 0 Laurie A Carter 209369 0 0 0 0 0 22079 0 29106 0 260554 0 0 0 Christine Todd 173040 0 0 0 0 0 17512 0 9017 0 199569 0 0 0 Joseph Mastrangelo 160531 0 0 0 0 0 16424 0 21633 0 198588 0 0 0 David Marcus 343702 0 150000 0 0 0 24500 0 24033 0 542235 0 0 0 Yoheved Kaplinsky 244635 0 0 0 0 0 18785 0 6865 0 270285 0 0 0 James Houghton 210414 0 0 0 0 0 21000 0 1407 0 232821 0 0 0 Masao Kawasaki 195267 0 0 0 0 0 14855 0 17104 0 227226 0 0 0 Heidi Castleman 157593 0 0 0 34333 0 13972 0 9508 0 215406 0 0 0 SchJ_P01_S00_L01a Schedule J, Part I, Line 1a 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. Six individuals listed in Part VIIA 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. SchJ_P01_S00_L03 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. The Trust for Cultural Resources of the City of New York 911882413 649717PS8 2009-04-01 194247740 To finance a portion of construction, expansion, and renovation of the School's facility. 0 0 194295034 0 160000000 5908235 1904059 0 26482740 2010 1 0 0 1 0 0 1 0 1 0.0 0.001 0.001 1 0 0 0 0 0 0 X 17 667917 Mean trading price on date of gift X Musical Instruments 4 34500 Expert opinion 5 0 1 0 F990_P06_S0B_L11 Form 990, Part VI, Section B, Line 11 Following completion of a draft Form 990 by management and review by an outside accounting firm, the School provides a draft copy of its Form 990 to the Audit Committee and subsequently to the Board of Trustees prior to filing. It solicits questions and comments from the governing board, and any matters raised in this review process are addressed prior to filing the Form 990. F990_P06_S0B_L12c Form 990, Part VI, Section B, Line 12c In December 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 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. F990_P06_S0B_L15 Form 990, Part VI, Section B, Line 15 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 during [year]: President (Joseph W. Polisi), Provost & Dean (Ara Guzelimian), Vice President & Chief Operating Officer (Jon Rosenhein), Vice President for Development & Public Affairs (Riccardo Salmona), Vice President & General Counsel (Laurie Carter), Chief Investment Officer (David Marcus), Vice President for Finance & Controller (Christine Todd), and Vice President for Facilities Management (Joseph Mastrangelo). F990_P06_S0C_L19 Form 990, Part VI, Section C, 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 available upon request to any interested parties. The conflict of interest policy applicable to Trustees is provided to each Trustee annually in connection with the conflict of interest declaration process discussed in Part VI, Section B, but it is not published on the website. F990_P10_S00_L02 Form 990, Part X, Line 2 The School modified the categories of its investment reporting in its 2009-10 audited financial statements and footnotes. As such, certain highly liquid cash-equivalent investments are now reflected as as "Savings and temporary cash investments" in Part X instead of as "Investments-publicly traded securities." The change affects the beginning of year balance for lines 2, 11, and 12, but the total amount of investments on these lines remains unchanged. SchG_P02_S00_L01 Schedule G, Part II, Line 1 The School only had one fundraising event during the year with gross receipts greater than $5,000. SchK_P02_S00_L03 Schedule K, Part II, Line 3 The School issued $160,000,000 of tax-exempt auction rate securities in 2006 to finance a portion of construction, expansion and renovation of its facility. In July of 2008 the securities were fully redeemed by the School with proceeds from a taxable bridge loan. In April 2009 the School issued $194,995,000 of tax-exempt securities for the same purpose: to finance a portion of construction, expansion, and renovation of its facility, and it used $160,000,000 of the proceeds to retire the taxable bridge loan. SchK_P02_S00_L05 Schedule K, Part II, Line 5 Issuance costs from proceeds includes bond insurance costs of $1,238,550. Institute of Musical Art 60 Lincoln Center Plaza New York NY 10023 136162648 Support of The Juilliard School NY 501(c)(3) 11a N/A 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0