2023-11-13T11:56:17-06:00 2022-12-31 440160260 FORVIS LLP 500 RIDGEFIELD COURT ASHEVILLE NC 28806 990 2022-01-01 560729350 BREVARD MUSIC CENTER INCORPORATED BREV 8288622100 PO BOX 312 BREVARD NC 28712 JASON POSNOCK PRESIDENT 8288622100 2023-11-09 1 JASON POSNOCK 999009999 0 AMY BIBBY P00445891 8282542254 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z JASON POSNOCK PO BOX 312 BREVARD NC 28712 10489616 0 X WWW.BREVARDMUSIC.ORG X 1947 NC SEE SCHEDULE O. 24 24 267 237 10660 0 7186083 4153574 1351296 3826081 3638963 2002962 178429 261341 12354771 10243958 0 0 0 0 2834883 3706096 0 0 584215 2834856 4844262 5669739 8550358 6685032 1693600 69609976 62820659 5891046 6033063 63718930 56787596 BREVARD MUSIC CENTER, A SUMMER INSTITUTE AND FESTIVAL, TEACHES GIFTED YOUNG MUSICIANS TO PREPARE AND PERFORM GREAT MUSICAL WORKS AT A HIGH ARTISTIC LEVEL. 0 0 6443812 3960981 BREVARD MUSIC CENTER, A SUMMER INSTITUTE AND FESTIVAL, TEACHES GIFTED YOUNG MUSICIANS TO PREPARE AND PERFORM GREAT MUSICAL WORKS AT A HIGH ARTISTIC LEVEL. THE INSTRUCTIONAL PROGRAMS OFFERED WERE JAZZ, ORCHESTRAL STUDIES, PIANO, COMPOSITION, VOICE AND OPERA. STUDENTS HAD OPPORTUNITIES TO PERFORM IN APPROXIMATELY 25 PUBLIC PERFORMANCES DURING THE COURSE OF THE FESTIVAL. THE INSTITUTE AND FESTIVAL TOOK PLACE DURING JUNE - AUGUST 2022. 6443812 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 0 0 0 0 1 1 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 1 96 0 1 267 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 24 24 0 0 0 0 0 1 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X KEITH ARBOGAST 8288622111 PO BOX 312 BREVARD NC 28712 MARTHA COURSEY BOARD CHAIR 3.00 X X 0 0 0 LINDA THOMPSON BOARD MEMBER 3.00 X X 0 0 0 T KENNETH CRIBB JR BOARD MEMBER 3.00 X 0 0 0 BRUCE BERRYHILL BOARD MEMBER 3.00 X 0 0 0 THOMAS C BOLTON BOARD MEMBER 3.00 X 0 0 0 JOHN CANDLER BOARD MEMBER 3.00 X 0 0 0 DOUGLAS BAILEY BOARD MEMBER 3.00 X 0 0 0 JERUSHA B FADIAL BOARD MEMBER 3.00 X 0 0 0 BILL HACKNEY BOARD VICE CHAIR 3.00 X X 0 0 0 FALLS HARRIS BOARD MEMBER 3.00 X 0 0 0 SUE HENDERSON BOARD MEMBER 3.00 X 0 0 0 PHILLIP JEROME BOARD MEMBER 3.00 X 0 0 0 RUBY MORGAN BOARD MEMBER 3.00 X 0 0 0 LAURIE OMBRES BOARD MEMBER 3.00 X 0 0 0 BETSY BAREFOOT BOARD MEMBER 3.00 X 0 0 0 M BEATTIE WOOD BOARD MEMBER 3.00 X 0 0 0 HELEN PEERY SECRETARY 3.00 X X 0 0 0 KATIE LOEB-SCHWAB BOARD MEMBER 3.00 X 0 0 0 MARY OWEN BOARD MEMBER 3.00 X 0 0 0 PRESTON DAVITT BOARD MEMBER 3.00 X 0 0 0 CHARLES WEISS BOARD MEMBER 3.00 X 0 0 0 CHARLOTTE CAMERON BOARD MEMBER 3.00 X 0 0 0 RICH JACOBS BOARD TREASURER 3.00 X 0 0 0 PAT CRULL BOARD MEMBER 3.00 X 0 0 0 MARK WEINSTEIN PRESIDENT 40.00 X 344870 0 14310 JASON POSNOCK VICE-PRESIDENT 40.00 X 145196 0 29075 KEITH ARBOGAST CHIEF FINANCIAL OFFICER 40.00 X 147780 0 20967 DAVE PERRETT DIRECTOR OF DEVELOPMENT 40.00 X 142027 0 19970 779873 0 84322 4 0 1 0 1 360906 95500 3697168 554069 4153574 TUITION AND FEES 611600 2154550 2154550 TICKET SALES 611600 1671531 1671531 3826081 1479910 1479910 115631 0 115631 115631 104971 10660 525406 0 2354 525406 -2354 523052 523052 59589 360906 137275 -77686 -77686 187250 57935 129315 129315 78023 48094 29929 29929 MISCELLANEOUS INCOME 900099 64152 64152 64152 10243958 3960981 10660 2118743 X 702198 245002 315140 142056 2493577 1698997 550368 244212 65315 26425 22832 16058 249107 157378 37979 53750 195899 137235 31751 26913 36867 36867 40506 40506 14021 14021 1478587 1331810 146445 332 143193 141699 1494 946890 708055 183662 55173 57536 29282 7004 21250 480602 480198 404 116409 110598 2933 2878 17418 6465 1430 9523 100429 100429 983457 983457 79328 48945 30383 PRODUCTION/PERFORMANCE 291248 291248 BAD DEBT EXPENSES 35263 35263 MISCELLANEOUS 22331 11755 10576 STRATEGIC INITIATIVE 177 177 8550358 6443812 1522331 584215 7184259 4566853 1892762 1500357 120590 236161 2075 2075 99772 95211 31976536 13993374 17307672 17983162 41815061 37415317 1187785 1021523 69609976 62820659 413045 708002 138783 197672 4792720 4622235 546498 505154 5891046 6033063 X 20394284 17021252 43324646 39766344 63718930 56787596 69609976 62820659 X 1693600 -8475657 -149277 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 37882227 50225 -6081299 1374215 83303 30393635 33551578 53350 5539907 1225457 37151 37882227 30050002 58246 4617442 1119680 54432 33551578 24498074 581160 6069884 1054617 44499 30050002 26818462 252389 -1514895 1022801 35081 24498074 0.06839 0.93161 0.00000 0 0 840558 840558 23907053 9974440 13932613 4273478 2690579 1582899 2955447 1328355 1627092 17983162 CHARITABLE GIFT ANNUITIES PAYABLE 247422 LIFE ESTATE USE OBLIGATION 257732 505154 X 1730263 -8475657 94027 -8381630 10111893 132065 132065 10243958 8661597 243304 243304 8418293 132065 132065 8550358 PART V, LINE 4: BREVARD MUSIC CENTER'S ENDOWMENT IS INTENDED TO SUPPORT THE MISSION OF THE ORGANIZATION BY THE USE OF PRUDENT ANNUAL WITHDRAWALS TO FUND STUDENT SCHOLARSHIPS, FACULTY SALARIES, GUEST ARTISTS, AND GENERAL OPERATING EXPENSES OF THE INSTITUTION. THE AMOUNT WITHDRAWN FROM THE ENDOWMENT EACH YEAR IS APPROVED BY THE BOARD OF TRUSTEES, TAKING INTO CONSIDERATION THE NECESSITY TO SUPPORT THE MISSION OF THE INSTITUTION AND TO MAINTAIN THE ENDOWMENT FUND FOR FUTURE NEEDS OF THE INSTITUTION. PART X, LINE 2: THE CENTER'S POLICY IS TO RECORD A LIABILITY FOR ANY TAX POSITION TAKEN THAT IS BENEFICIAL TO THE CENTER, INCLUDING ANY RELATED INTEREST AND PENALTIES, WHEN IT IS MORE LIKELY THAN NOT THE POSITION TAKEN BY MANAGEMENT WITH RESPECT TO A TRANSACTION OR CLASS OF TRANSACTIONS WILL BE OVERTURNED BY A TAXING AUTHORITY UPON EXAMINATION. MANAGEMENT BELIEVES THERE ARE NO SUCH POSITIONS AS OF DECEMBER 31, 2022 AND 2021 AND, ACCORDINGLY, NO LIABILITY HAS BEEN ACCRUED. PART XI, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENT EXPENSE 195,210. COGS 48,094. CHANGE IN SPLIT INTEREST VALUE -149,277. PART XI, LINE 4B - OTHER ADJUSTMENTS: EXPENSES IN REVENUE 132,065. PART XII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENT EXPENSE 195,210. COGS 48,094. PART XII, LINE 4B - OTHER ADJUSTMENTS: EXPENSES IN REVENUE 132,065. 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE SCHOOL DRAWS ITS STUDENTS NATIONWIDE AND FROM OTHER COUNTRIES SO IT IS NOT PRACTICAL TO USE NEWSPAPER OR BROADCAST MEDIA TO PUBLICIZE ITS RACIALLY NONDISCRIMINATORY POLICY. THE SCHOOL'S NONDISCRIMINATORY POLICY IS PUBLISHED IN ALL COMMUNICATIONS USED TO SOLICIT STUDENTS DIRECTLY, AND ON ITS WEBSITE, WHICH IS THE MAIN TOOL USED TO COMMUNICATE WITH POTENTIAL STUDENTS. SCHEDULE E, PART I, LINE 4 BREVARD MUSIC CENTER DOES NOT MAINTAIN RECORDS INDICATING THE RACIAL COMPOSITION OF THE STUDENT BODY, FACULTY, AND ADMINISTRATIVE STAFF. ENROLLMENT OFFERS ARE BASED SOLELY ON MUSICAL ABILITY AFTER REVIEW OF SUBMITTED AUDITIONS. DECISIONS CONCERNING FACULTY AND ADMINISTRATIVE STAFF ARE BASED UPON THE APPLICANT'S ABILITY TO PERFORM THE DUTIES REQUIRED, AND, IN THE CASE OF FACULTY, THEIR MUSICAL TALENT. SCHEDULE E, PART I, LINE 6 BREVARD MUSIC CENTER RECEIVED GRANTS FROM THE NORTH CAROLINA ARTS COUNCIL AND THE NATIONAL ENDOWMENT FOR THE ARTS FUNDED BY THE NORTH CAROLINA AND UNITED STATES LEGISLATURES, RESPECTIVELY. PRELUDE 264688 244692 19996 19995 12553 CHATTOOGA 64000 57599 6401 6401 4780 5 91807 58615 33192 12244 81302 420495 360906 59589 38640 98635 137275 -77686 187250 57935 0 187250 57935 57935 129315 NC 0 NORTH CAROLINA DOES NOT REQUIRE NON-PROFITS TO BE LICENSED TO HOLD A RAFFLE. THE ORGANIZATION MUST ADHERE TO THE RULES FOR NON-PROFITS AS STATED IN THE STATUTES. 0 1 0 1.00000 KEITH ARBOGAST PO BOX 312 BREVARD NC 28712 0 0 X X X X 0 0 0 0 0 1 0 0 0 MARK WEINSTEIN PRESIDENT 272370 0 72500 0 0 0 13750 0 560 0 359180 0 0 0 JASON POSNOCK VICE-PRESIDENT 138233 0 6963 0 0 0 7250 0 21825 0 174271 0 0 0 KEITH ARBOGAST CHIEF FINANCIAL OFFICER 140896 0 6884 0 0 0 7250 0 13717 0 168747 0 0 0 DAVE PERRETT DIRECTOR OF DEVELOPMENT 134994 0 7033 0 0 0 7174 0 12796 0 161997 0 0 0 PART I, LINE 6 ALL FULL-TIME EMPOLOYEES PARTICIPATE IN A INCENTIVE AWARD PLAN THAT IS BASED ON THE ORGANIZATION ACHEIVING A POSITIVE NET OPERATING SURPLUS ANNUALLY. THE AMOUNT AND PAYMENT UNDER THIS PLAN IS AT THE DISCRETION OF THE BOARD OF TRUSTEES. X 12 554069 FMV 0 0 0 FORM 990, PART I, LINE 1 BREVARD MUSIC CENTER, A SUMMER INSTITUTE AND FESTIVAL, TEACHES GIFTED YOUNG MUSICIANS TO PREPARE AND PERFORM GREAT MUSICAL WORKS AT A HIGH ARTISTIC LEVEL. FORM 990, PART VI, SECTION A, LINE 1A THERE SHALL BE AN EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES CONSISTING OF THE OFFICERS OF THE BOARD, THE PRESIDENT, AND CHAIRS OF THE STANDING COMMITTEES. THE EXECUTIVE COMMITTEE SHALL HAVE AND EXERCISE THE POWERS OF THE BOARD OF TRUSTEES IN THE MANAGEMENT OF THE BUSINESS AND OFFICERS OF THE CENTER BETWEEN THE MEETINGS OF THE BOARD, OR TO THE EXTENT AND FOR SUCH PERIOD OR PERIODS OF TIME AS THE BOARD OF TRUSTEES MAY PROVIDE BY RESOLUTION DULY ADOPTED BY A MAJORITY OF THE TRUSTEES IN OFFICE. A SIMPLE MAJORITY (INCLUDING ALWAYS THE CHAIR, OR IN THE CHAIR'S ABSENCE THE CHAIR-ELECT, PAST-CHAIR OR ACTING-CHAIR), SHALL CONSTITUTE A QUORUM OF THE EXECUTIVE COMMITTEE FOR TRANSACTION OF BUSINESS. FORM 990, PART VI, SECTION A, LINE 7A ONE ORGANIZATION HAS THE POWER TO APPOINT ONE BOARD MEMBER. THE PRESIDENT OF BREVARD MUSIC CENTER ASSOCIATION SHALL SERVE IN AN EX-OFFICIO CAPACITY AS HE OR SHE IS FROM TIME TO TIME ELECTED BY HIS/HER RESPECTIVE ORGANIZATION. FORM 990, PART VI, SECTION B, LINE 11B THE AUDIT COMMITTEE HAS BEEN PROVIDED THE FORM 990. THE AUDIT COMMITTEE HAS CONVENED A MEETING TO REVIEW THE FORM 990, WHICH MANAGEMENT AND DIXON HUGHES GOODMAN, LLC PRESENTED AN OVERVIEW OF THE FORM 990. THE FORM 990 HAS BEEN PROVIDED VIA EMAIL TO ALL BOARD MEMBERS PRIOR TO FILING. THE COMMITTEE RECOMMENDS THE BOARD APPROVE THE FORM 990 PREPARED BY DIXON HUGHES GOODMAN, LLC FOR BREVARD MUSIC CENTER. FORM 990, PART VI, SECTION B, LINE 12C ALL TRUSTEES, OFFICERS AND EMPLOYEES ARE REQUIRED TO DISCLOSE ANY CONFLICTS OF INTEREST OR POTENTIAL CONFLICTS OF INTEREST ANNUALLY AND TO AFFIRM THAT THEY HAVE READ THE CONFLICT OF INTEREST POLICY. ANY INDIVIDUAL WHO HAS POTENTIAL CONFLICT OF INTEREST IS REQUIRED TO RECUSE HIMSELF FROM TAKING PART IN ANY DECISION WHERE THAT CONFLICT EXISTS. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION AND PERSONEL COMMITTEE OF THE BOARD OF TRUSTEES REVIEWS AND SETS COMPENSATION ANNUALLY FOR THE PRESIDENT AND OTHER OFFICERS. COMPARATIVE SALARY DATA IS ATTAINED FROM A THIRD-PARTY REPORTING AGANCY AND THE ORGANIZATION'S COMPENSATION LEVELS ARE BENCHMARKED AGAINST THE CLOSEST COMPARATIVE INDUSTRY, COMPANY SIZE, AND EMPLOYEE POSITION. FORM 990, PART VI, SECTION C, LINE 18 THE ORGANIZATION MAKES ITS MOST RECENTLY FILED FORM 990 AVAILABLE TO THE PUBLIC UPON REQUEST. ADDITIONALLY, RECENT FILINGS OF THE FORM 990 ARE AVAILABLE ONLINE AT WWW.GUIDESTAR.ORG. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE GENERAL PUBLIC UPON REQUEST. FORM 990, PART IX, LINE 11G PURCHASED SERVICES: PROGRAM SERVICE EXPENSES 7,885. MANAGEMENT AND GENERAL EXPENSES 15,745. FUNDRAISING EXPENSES 332. TOTAL EXPENSES 23,962. PROFESSIONAL FEES: PROGRAM SERVICE EXPENSES 949,649. MANAGEMENT AND GENERAL EXPENSES 130,700. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,080,349. CONTRACT SERVICES: PROGRAM SERVICE EXPENSES 374,276. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 374,276. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT INTEREST -149,277. FORM 990, PART XII, LINE 2C THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. CHARITABLE REMAINDER UNITRUST (1) TRUST NC N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0