2024-05-15T13:01:24-05:00 2023-06-30 420714325 RSM US LLP 80 CITY SQUARE BOSTON MA 02129 990 2022-07-01 237225104 NEW ENGLAND CONSERVATORY OF MUSIC NEWE 6175851725 290 HUNTINGTON AVENUE BOSTON MA 02115 EVELYN BARNES CHIEF FINANCIAL OFFICER 6175851725 2024-05-15 1 EVELYN BARNES XXX-XX-XXXX 0 LYNNE JOHNSON P00757336 6179129000 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z ANDREA KALYN 290 HUNTINGTON AVENUE BOSTON MA 02115 132363163 0 X WWW.NECMUSIC.EDU X 1867 MA NEW ENGLAND CONSERVATORY OF MUSIC (NEC) EDUCATES AND TRAINS MUSICIANS OF ALL AGES FROM AROUND THE WORLD. 23 23 1322 162 85481 59433 11070325 34615417 52309881 53090690 48431700 4655356 390817 121659 112202723 92483122 18692046 18382251 0 0 31331550 32736696 4500 8709 2835867 21084251 24790644 71112347 75918300 41090376 16564822 261178861 276521711 45775326 43573697 215403535 232948014 X NEW ENGLAND CONSERVATORY OF MUSIC (NEC) EDUCATES AND TRAINS MUSICIANS OF ALL AGES FROM AROUND THE WORLD. 0 0 38832187 17810750 42654266 HIGHER EDUCATION: COLLEGE - MUSIC SCHOOL WITH PROGRAMS LEADING TO BACHELOR'S DEGREES, MASTER'S DEGREES, DOCTORAL DEGREES, AND DIPLOMAS. NEC'S ENROLLMENT IS COMPRISED OF APPROXIMATELY HALF UNDERGRADUATES AND HALF GRADUATE STUDENTS. (878 STUDENTS) 13947087 4590520 STUDENT SERVICES PROGRAM, GENERAL/OTHER:RESIDENCE HALL/DINING - ALL FRESHMEN AND SOPHOMORES ARE HOUSED AND DINE IN THE NEC RESIDENCE HALL. THE CAFETERIA IS OPEN TO THE ENTIRE COMMUNITY. (230 STUDENTS)HEALTH SERVICES - ON-SITE STUDENT HEALTH CENTER PROVIDING ROUTINE AND URGENT CARE AND REFERRALS, STAFFED BY A PHYSICIAN AND NURSE PRACTITIONERS. SUPPORTED BY STUDENT MEDICAL FEES AND INSURANCE REIMBURSEMENTS.COUNSELING SERVICES - ON-SITE CENTER PROVIDING CONFIDENTIAL COUNSELING FOR STUDENTS, STAFFED BY A PSYCHIATRIST AND PROFESSIONAL COUNSELORS. 6311194 571501 4972600 PREPARATORY AND CONTINUING EDUCATION PROGRAMS: SCHOOL OF PREPARATORY AND CONTINUING EDUCATION - MUSIC INSTRUCTION FOR CHILDREN AGES 4-18 AND ADULTS NOT LEADING TO A SPECIFIC DEGREE. PRIVATE STUDIO LESSONS ARE OFFERED AS WELL AS ENSEMBLES AND CLASSES. 6.14% FINANCIAL AID IS PROVIDED BASED PRIMARILY ON NEED. (1,632 STUDENTS) 2498013 873304 CONCERTS AND HALL RENTALS: OTHER PROGRAM SERVICES INCLUDE EXPENSES RELATED TO OVER 1,000 FREE NEC CONCERTS PERFORMED BY STUDENTS, FACULTY AND GUEST ARTISTS PER YEAR AND EXPENSES FOR CONCERTS AT NEC PERFORMED BY OUTSIDE ORGANIZATIONS. THESE OUTSIDE ORGANIZATIONS PAY NEC HALL RENTAL FEES AND OTHER ASSOCIATED RENTAL COSTS, SUCH AS SECURITY AND LIGHTING/TECHNICAL SERVICES, RELATED TO THEIR PERFORMANCES. 2498013 873304 61588481 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 1 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 1 309 0 1 1322 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 23 23 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 MA X RICHARD BOWMAN CONTROLLER 6175851725 290 HUNTINGTON AVENUE BOSTON MA 02115 KALYN ANDREA PRESIDENT 40.00 0.00 X 396018 0 45718 KELLY KATHLEEN EXECUTIVE VP 40.00 0.00 X 358321 0 16125 SOSLAND BENJAMIN PROVOST & DEAN OF FACULTY 40.00 0.00 X 257343 0 36508 WEILERSTEIN DONALD COLLEGE FACULTY 35.00 0.00 X 235269 0 26332 EAGLEN LYSON JANE COLLEGE FACULTY 35.00 0.00 X 208157 0 43054 WOODS HEATHER VP & CHIEF INFORMATION OFFICER 40.00 0.00 X 215560 0 30113 NOVAK THOMAS FORMER VP & PROVOST 0.00 0.00 X 229679 0 0 KIM SOOVIN COLLEGE FACULTY 35.00 0.00 X 167986 0 55055 LESSER LAURENCE COLLEGE FACULTY 35.00 0.00 X 174535 0 21743 KATZ PAUL COLLEGE FACULTY 35.00 0.00 X 173907 0 21705 MARTIN KRISTINA FORMER ACTING VP FINANCE/CONTROLLER (THRU 8/21/22) 40.00 0.00 X 147623 0 27165 SPINARD JOHN CFO (FROM 7/25/22 THRU 4/14/23) 40.00 0.00 X 111820 0 22670 ATHANASIOU NIKOLAOS BOARD TRUSTEE 2.00 0.00 X 0 0 0 BAILEY ALLISON BOARD TRUSTEE 2.00 0.00 X 0 0 0 BARTLETT ANNE A BOARD TRUSTEE 2.00 0.00 X 0 0 0 BEAL ENID L BOARD TRUSTEE 2.00 0.00 X 0 0 0 BECTON HENRY BOARD TRUSTEE 2.00 0.00 X 0 0 0 CHEN MEI-ANN BOARD TRUSTEE 2.00 0.00 X 0 0 0 ELFERS DEBORAH B BOARD TRUSTEE 2.00 0.00 X 0 0 0 FULHAM TIMOTHY W BOARD TRUSTEE 2.00 0.00 X 0 0 0 GRAVES JR EDWIN D BOARD TRUSTEE 2.00 0.00 X 0 0 0 GRAY ERIC A BOARD TRUSTEE 2.00 0.00 X 0 0 0 JONI SAJ-NICOLE BOARD TRUSTEE 2.00 0.00 X 0 0 0 METCLFE MURRAY BOARD TRUSTEE 2.00 0.00 X 0 0 0 NICHOLS MARGARET BOARD TRUSTEE 2.00 0.00 X 0 0 0 ROSS PETER BOARD TRUSTEE 2.00 0.00 X 0 0 0 RUBIN SALLY L BOARD TRUSTEE 2.00 0.00 X 0 0 0 SMITH CHAD BOARD TRUSTEE 2.00 0.00 X 0 0 0 THONIS MICHAEL BOARD TRUSTEE 2.00 0.00 X 0 0 0 WILKINS THOMAS BOARD TRUSTEE 2.00 0.00 X 0 0 0 WILMERDING FRANCES B BOARD TRUSTEE 2.00 0.00 X 0 0 0 BLUMENTHAL THOMAS W CHAIR OF THE BOARD OF TRUSTEES 2.00 0.00 X X 0 0 0 GLAUBER BARBARA W VICE CHAIR 2.00 0.00 X X 0 0 0 HENDRIX BLAIR E VICE CHAIR & TREASURER 2.00 0.00 X X 0 0 0 LODER JOHN M BOARD TRUSTEE, SECRETARY 2.00 0.00 X X 0 0 0 2676218 0 346188 42 1 1 0 REBECCA'S CAFE IN 99 SOUTH SOUTH BEDFORD STREET BURLINGTON MA 01803 FOOD SERVICES 1379178 ERNST & YOUNG 200 PLAZA DRIVE SECAUCUS NJ 07094 MANAGEMENT CONSULTING 780026 GUARDIAN SECURITY & PROTECTION LLC 50 STRAWBERRY LANE CANTON MA 02021 SECURITY SERVICES 540455 RHODE ISLAND BUREAU OF INVESTIGATION 14 INTERNATIONAL WAY WARWICK RI 02886 SECURITY SERVICES 529292 STRATEGIC INVESTMENT MANAGEMENT LLC 1001 NINETEENTH STREET NORTH ARLINGTON VA 22209 INVESTMENT MANAGEMENT 415590 33 1147547 292083 33175787 2460159 34615417 TUITION AND ACADEMIC FEES 611710 45136214 45136214 ROOM AND BOARD 721310 3978518 3978518 STUDENT HEALTH INSURANCE 524114 1293801 1293801 NON-ACADEMIC FEES 611710 826366 826366 HALL RENTALS 532000 666243 666243 1189548 1189548 53090690 714345 3675 710670 33076 0 33076 33076 33076 43602489 39661478 3941011 3941011 81806 3859205 96211 1147547 218563 -122352 -122352 14989 0 14989 14989 VENDOR REFUNDS 900099 94692 94692 IRS REFUND 900099 36220 36220 OTHER SPECIAL EVENTS 900099 21038 21038 43996 43996 195946 92483122 53090690 85481 4691534 18382251 18382251 1614485 302382 925878 386225 25012353 21791196 1850950 1370207 652113 580229 39331 32553 3429681 2761958 443467 224256 2028064 1688035 206811 133218 251818 39624 195524 16670 192222 192222 8709 8709 392436 392436 5873890 2087651 3506393 279846 121746 51307 68114 2325 2103811 1867688 124626 111497 224716 118016 103735 2965 3846123 3047641 790730 7752 887749 616866 82398 188485 76029 50041 11488 14500 1057878 1029900 25335 2643 6104591 5730564 339706 34321 STUDENT HEALTH AND FOOD 2779272 1336556 1442716 BAD DEBT 215165 11115 204050 PAYROLL PROCESSING 142313 142313 ATTRITION IN ENVIRONMEN 39592 39592 481293 95461 366137 19695 75918300 61588481 11493952 2835867 10056230 4746205 4391355 14446866 722741 594160 1903538 1633074 599363 602439 166262245 65819602 104978601 100442643 29048594 23126527 109374824 127862980 103615 3066817 261178861 276521711 3567536 3044605 1241172 1145212 31368072 30098452 6708772 6758222 2889774 2527206 45775326 43573697 X 83687637 74940769 131715898 158007245 215403535 232948014 261178861 276521711 X 16564822 973408 -10065 16314 X 0 1 X 1 1 1 X 10460724 10073887 6176167 11070325 34615417 72396520 10460724 10073887 6176167 11070325 34615417 72396520 26972140 45424380 181582 123649 71189 -140382 743746 979784 39531 281845 60438 381814 288108 144231 201495 579211 307146 1520191 75278309 250020302 0.60340 0.77190 X SCHEDULE A, PART I: NEC IS BROADLY SUPPORTED IN NATURE AND IS DEEMED TO MEET THE 33 1/3% SUPPORT PUBLIC SUPPORT TEST UNDER CURRENT GUIDANCE. SINCE NEC USES THE SPECIAL RULE BASED ON MEETING THE 33 1/3% SUPPORT TEST ON SCHEDULE B, NEC IS REQUIRED TO DISCLOSE THE PART II, SUPPORT SCHEDULE FOR ORGANIZATIONS DESCRIBED IN SECTIONS 170(B)(1)(A)(IV) AND 170(B)(1)(A)(VI). RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X 1 138423418 13672533 5327245 2967807 3229193 236689 150989507 154798642 573343 -10914345 2906578 2845144 282500 138423418 119213753 822528 40587444 2805870 2755796 263417 154798642 122469876 784577 1699410 2806019 2694137 239954 119213753 124386612 4330831 3274161 4744925 4530767 246036 122469876 0.13000 0.60000 0.27000 0 0 1269497 1269497 137123505 51531210 85592295 27294183 14288392 13005791 575060 575060 100442643 ACRM FEEDER FUND IV LTD 1040503 F ADAMAS OPPORTUNITIES LP 1 F BAIN CAPITAL FUND XI 757447 F BAUPOST VALUE PARTNERS IV, LP 7936825 F BAYVIEW OPPORTUNITY FUND VII, LP 368861 F BLUE TORCH CREDIT OPPORTUNITIES 395488 F BLUE TORCH OFFSHORE CREDIT OPPORTUNITIES FUND II 826706 F CAPITAL TODAY CHINA GROWTH FUND, II 1031503 F COMMONFUND CAPITAL PARTNERS 2000, LP 12642 F DOVER STREET IX 615998 F DOVER STREET VIII 53457 F DOVER STREET X FEEDER FUND 1516947 F FISHER LYNCH VENTURE PARTNERSHIP II-A, LP 2206041 F HARRISON STREET CORE PROPERTY FUND, L.P 1042560 F HIGHBAR PARTNERS III 962718 F HIGHLAND CAPITAL PARTNERS 10 1447533 F HIGHLAND CAPITAL PARTNERS 9-B LP 811214 F HIGHLAND CAPITAL PARTNERS VIII-B LP 710523 F HILDENE OPPORTUNITIES OFFSHORE FUND, LTD. 1098212 F HRJ SPECIAL OPPORTUNITIES FUND II (INTERNATIONAL) 273 F HRJ SPECIAL OPPORTUNITIES FUND II (US) 189891 F KABOUTER INTERNATIONAL MISSION FUND LLC 1 F KLINE HILL PARTNERS FUND II LP 438973 F MIT PRIVATE EQUITY FUND III 920234 F OBVIOUS GROWTH I LP 1064633 F OHA EUROPEAN STRATEGIC CREDIT FUND (OFF SHORE) 17560 F PARK STREET CAPITAL PRIVATE EQUITY FUND IX, LP 665389 F PRISA LP 2838953 F SBS-1, A SERIES OF STRATEGIC BUYOUT SERIES FUND, LP 721352 F SBS-2, A SERIES OF STRATEGIC BUYOUT SERIES FUND, LP 366488 F SEAMANS GLOBAL OPPORTUNITIES FUND, LLC 11763 F SENATOR GLOBAL OPPORTUNITY OFFSHORE FUND II 4263 F SRS-1, A SERIES OF STRATEGIC REAL ESTATE SERIES FUND, LP 83942 F STRATEGIC DEVELOPED MARKETS EX-U.S. EQUITY TRUST 21897452 F STRATEGIC EMERGING MARKETS EQUITY TRUST 20237160 F STRATEGIC FUNDS SPC ALPHA SEGREGATED PORTFOLIO 24175135 F STRATEGIC GLOBAL EQUITY TRUST 12259012 F STRATEGIC U.S. EQUITY TRUST 17533940 F SVS-1, A SERIES OF STRATEGIC VENTURE SERIES FUND, LP 98689 F SVS-2, A SERIES OF STRATEGIC VENTURE SERIES FUND, LP 117279 F TRUEBRIDGE-KAUFFMAN FELLOWS ENDOWMENT FUND II, LP 1385419 F 127862980 PERKINS LOAN REFUNDABLE ADVANCES 1843698 PLANNED GIVING LIABILITY 615556 FINANCE LEASE LIABILITY 67952 2527206 X 74659382 973408 -10065 -19005646 -18042303 92701685 -218563 -218563 92483122 57114903 218563 218563 56896340 392436 18629524 19021960 75918300 PART III, LINE 1A: THE CONSERVATORY MAINTAINS COLLECTIONS OF HISTORICAL INSTRUMENTS, ART, VOCAL SCORES, RECORDINGS, AND LITERARY WORKS. THESE COLLECTIONS ARE PROTECTED AND PRESERVED FOR PUBLIC EXHIBITION, EDUCATION, RESEARCH, AND THE FURTHERANCE OF PUBLIC SERVICE. THEY ARE NEITHER DISPOSED OF FOR FINANCIAL GAIN NOR ENCUMBERED IN ANY MANNER. ACCORDINGLY, THESE COLLECTIONS ARE NOT CAPITALIZED FOR FINANCIAL STATEMENT PURPOSES. PROCEEDS FROM DEACCESSIONS OR INSURANCE RECOVERIES ARE REFLECTED AS INCREASES IN THE APPROPRIATE NET ASSET CLASS. PART III, LINE 4: NEC'S HISTORICAL INSTRUMENTS ARE EXHIBITED AS ART OBJECTS ON CAMPUS. NEC'S RARE BOOKS, RECORDINGS AND LETTERS ARE PART OF ITS LIBRARY HOLDINGS, AVAILABLE FOR RESEARCH BY NEC STUDENTS AND STAFF AS WELL AS OTHERS FROM THE COMMUNITY. PART V, LINE 4: ENDOWMENT REVENUE IS USED TO SUPPORT PROGRAM-RELATED ACTIVITIES. PART X, LINE 2: THE CONSERVATORY RECOGNIZES THE FINANCIAL STATEMENT BENEFIT OF A TAX POSITION ONLY AFTER DETERMINING THAT THE RELEVANT TAX AUTHORITY WOULD MORE LIKELY THAN NOT SUSTAIN THE POSITION FOLLOWING AN AUDIT. TAX POSITIONS FOR THE OPEN TAX YEARS AS OF JUNE 30, 2023, WERE REVIEWED, AND IT WAS DETERMINED THAT NO PROVISION FOR UNCERTAIN TAX POSITIONS WAS REQUIRED AS OF JUNE 30, 2023 OR 2022. MANAGEMENT BELIEVES THAT THE CONSERVATORY'S FEDERAL AND STATE RETURNS ARE GENERALLY OPEN FOR EXAMINATION FOR THREE YEARS FOLLOWING THE DATE FILED. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF PLANNED GIVING NET ASSETS 16,314. ATTRITION IN ENVIRONMENTAL LIABILITY -39,592. TUITION & DORM SCHOLARSHIP -18,382,251. INVESTMENT MANAGEMENT FEES INCLUDED IN INVESTMENT RETURNS -392,436. BAD DEBT EXPENSE -207,681. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EVENTS EXPENSES REPORTED ON FORM 990, PART VIII, LINE 8B -218,563. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENTS EXPENSES REPORTED ON FORM 990, PART VIII, LINE 8B 218,563. PART XII, LINE 4B - OTHER ADJUSTMENTS: TUITION & DORM SCHOLARSHIP 18,382,251. ATTRITION IN ENVIRONMENTAL LIABILITY 39,592. BAD DEBT EXPENSE 207,681. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 NEC INCLUDES ITS NONDISCRIMINATION POLICY IN BROCHURES, CATALOGUES, AND COMPARABLE MATERIALS RELATED TO STUDENT ADMISSIONS, PROGRAMS, AND SCHOLARSHIPS TO COMPLY WITH THE PUBLICITY REQUIREMENT. NEC STUDENTS COME FROM AROUND THE WORLD, AND, AS SUCH, FOLLOWS THIS NONDISCRIMINATION POLICY. SCHEDULE E, PART I, LINE 6 US DEPARTMENT OF EDUCATION STUDENT GRANTS AND LOANS $6,082,295, COMMONWEALTH OF MASSACHUSETTS CULTURAL COUNCIL $30,000, MASSACHUSETTS EMERGENCY MANAGEMENT AGENCY $65,000. CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES ACADEMIC ACTIVITIES 4500 EUROPE (INCLUDING ICELAND & GREENLAND) 0 1 PROGRAM SERVICES ACADEMIC ACTIVITIES 54296 NORTH AMERICA 0 1 PROGRAM SERVICES ACADEMIC ACTIVITIES 86960 CENTRAL AMERICA AND THE CARIBBEAN INVESTMENTS 31459668 0 2 0 0 0 2 31605424 0 31605424 1 0 1 1 1 0 PART III ACCOUNTING METHOD: GALA 1243758 1147547 96211 146751 28663 43149 1243758 1147547 96211 146751 28663 43149 218563 -122352 1 SCHOLARSHIP AND OTHER FINANCIAL AID 1009 18382251 PART I, LINE 2: THE AWARDING OF STUDENT FINANCIAL AID GRANTS UNDER THE U.S. DEPARTMENT OF EDUCATION'S STUDENT FINANCIAL ASSISTANCE PROGRAM IS MONITERED BY NEC'S FINANCIAL AID OFFICE, WHICH ENSURES THAT NEC MEETS THE COMPLIANCE REQUIREMENTS OF TITLE 2 U.S. CODE OF FEDERAL REGULATIONS (CFR) PART 200. NEC'S FINANCIAL AID OFFICE AND BUSINESS OFFICE ARE RESPONSIBLE FOR ESTABLISHING AND MAINTAINING EFFECTIVE INTERNAL CONTROLS OVER COMPLIANCE WITH THE REQUIREMENTS OF LAWS, REGULATIONS, CONTRACTS, AND GRANTS APPLICABLE TO FEDERAL PROGRAMS. ONLY CURRENT NEC STUDENTS IN GOOD STANDING ARE PROVIDED SCHOLARSHIP GRANTS OR OTHER FINANCIAL ASSISTANCE. GRANTS AND ASSISTANCE TO NEC COLLEGE STUDENTS ARE IN THE FORM OF INSTITUTIONAL SCHOLARSHIPS. ALL COLLEGE SCHOLARSHIPS ARE ADMINISTERED THROUGH NEC'S FINANCIAL AID SYSTEM. INSTITUTIONAL SCHOLARSHIPS ARE CREDITED TO THE STUDENT'S INTERNAL TUITION ACCOUNT AND REPRESENT AN OFFSET TO TUITION AND OTHER FEES ASSESSED BY NEC. PREPARATORY PROGRAM, CONTINUING EDUCATION PROGRAM AND SUMMER SESSION SCHOLARSHIPS ARE TRACKED SEPARATELY AND ADMINISTERED THROUGH NEC'S STUDENT BILLING SYSTEM. PREPARATORY PROGRAM, CONTINUING EDUCATION PROGRAM AND SUMMER SESSION SCHOLARSHIPS ARE CREDITED TO THE STUDENT'S INTERNAL TUITION ACCOUNT AND REPRESENT AN OFFSET TO TUITION AND OTHER FEES ASSESSED BY NEC. GRANTS AND ASSISTANCE TO NEC STAFF AND THEIR ELIGIBLE SPOUSES AND DEPENDENTS ARE IN THE FORM OF STAFF TUITION WAIVERS, PURSUANT TO A WRITTEN BENEFITS PLAN. STAFF TUITION WAIVERS ARE ADMINISTERED THROUGH THE CONSERVATORY'S BENEFITS SYSTEM AND, LIKE INSTITUTIONAL SCHOLARSHIPS FOR STUDENTS, ARE CREDITED TO THE INDIVIDUAL'S INTERNAL ACCOUNT TO OFFSET TUITION CHANGES. ALL STUDENTS RECEIVING SCHOLARSHIPS AND FELLOWSHIPS ARE JUDGED WORTHY BY THE INSTITUTION'S ASSESSMENT ON THE BASIS OF ACADEMIC ACHIEVEMENT, FINANCIAL NEED AND OTHER SIMILAR STANDARDS. X 1 0 X X X 1 0 0 0 0 0 0 0 0 KALYN ANDREA PRESIDENT 333686 0 0 0 62332 0 13938 0 31780 0 441736 0 0 0 KELLY KATHLEEN EXECUTIVE VP 357031 0 0 0 1290 0 11947 0 4178 0 374446 0 0 0 SOSLAND BENJAMIN PROVOST & DEAN OF FACULTY 256101 0 0 0 1242 0 9133 0 27375 0 293851 0 0 0 WEILERSTEIN DONALD COLLEGE FACULTY 234651 0 0 0 618 0 7554 0 18778 0 261601 0 0 0 EAGLEN LYSON JANE COLLEGE FACULTY 197274 0 0 0 10883 0 7285 0 35769 0 251211 0 0 0 WOODS HEATHER VP & CHIEF INFORMATION OFFICER 214719 0 0 0 841 0 7686 0 22427 0 245673 0 0 0 NOVAK THOMAS FORMER VP & PROVOST 4413 0 0 0 225266 0 0 0 0 0 229679 0 0 0 KIM SOOVIN COLLEGE FACULTY 157785 0 0 0 10201 0 5990 0 49065 0 223041 0 0 0 LESSER LAURENCE COLLEGE FACULTY 174535 0 0 0 0 0 5725 0 16018 0 196278 0 0 0 KATZ PAUL COLLEGE FACULTY 173907 0 0 0 0 0 6285 0 15420 0 195612 0 0 0 MARTIN KRISTINA FORMER ACTING VP FINANCE/CONTROLLER (THRU 8/21/22) 147311 0 0 0 312 0 3785 0 23380 0 174788 0 0 0 PART I, LINE 1A A $60,000 HOUSING ALLOWANCE WAS PROVIDED TO PRESIDENT ANDREA KALYN. A $10,000 ANNUAL HOUSING ALLOWANCE WAS PROVIDED TO FACULTY MEMBER, JANE LYSON. A $10,000 ANNUAL HOUSING ALLOWANCE WAS PROVIDED TO FACULTY MEMBER, SOOVIN KIM. THE HOUSING ALLOWANCES WERE REPORTED AS TAXABLE COMPENSATION. PART I, LINE 4A THOMAS NOVAK, FORMER VP & PROVOST, LEFT NEW ENGLAND CONSERVATORY OF MUSIC IN DECEMBER OF 2021 AND RECEIVED SEVERANCE OF $225,087. A MASS DEVELOPMENT FINANCE AGENCY 043431814 2014-06-30 23685000 REFUNDING SERIES 2008 BONDS 0 0 0 B MASS DEVELOPMENT FINANCE AGENCY 043431814 2015-11-17 16050000 CAPITAL EXPENDITURES 0 0 0 A 6785000 23685000 23389001 295999 1 1 1 1 B 2444554 16050000 699869 285794 15024817 39520 2017 0 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 1 0.11540 1 1 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 1 0 0 0 0 0 0 1 B 0 1 0 0 0 0 0 0 1 A 1 B 1 PART III, LINE 8: ON MARCH 9, 2016, $2,595,000 OF THE SERIES 2014 BONDS WERE REMEDIATED IN CONNECTION WITH THE SALE OF 295 HUNTINGTON AVENUE (THE REMEDIATED BONDS). THE REMEDIATED BONDS WERE REPURPOSED TO FUND THE STUDENT LIFE AND PERFORMANCE CENTER PROJECT. ALL OTHER TERMS OF THE REMEDIATED BONDS REMAIN THE SAME AS THOSE FOR THE SERIES 2014 BONDS. THE SERIES 2014 BONDS AND THE SERIES 2015 BONDS (THE BONDS) BEAR INTEREST AT A FIXED RATE OF 2.34%. PRINCIPAL AND INTEREST ON THE BONDS IS PAYABLE MONTHLY. X 42 2392409 FMV X INSTRUMENTS 7 67750 FMV 4 0 1 1 PART I, COLUMN (B): NEC IS REPORTING A COMBINATION OF BOTH THE NUMBER OF CONTRIBUTIONS AND THE NUMBER OF ITEMS RECEIVED. LINE 9, SECURITIES PUBLICLY TRADED: THE NUMBER OF CONTRIBUTIONS ARE REPORTED. LINE 25, INSTRUMENTS: THE NUMBER OF ITEMS ARE REPORTED. PART I, LINE 32B: UBS IS THE STOCK BROKER TO WHICH NEC DIRECTS DONORS WHO WOULD LIKE TO MAKE STOCK GIFTS TO THE ORGANIZATION. UBS ACCEPTS AND LIQUIDATES EACH STOCK GIFT AND SENDS THE PROCEEDS TO NEC. CAR PROGRAM INC. IS USED BY NEC TO BROKER VEHICLE DONATIONS. HOWEVER, NO VEHICLE DONATIONS WERE RECEIVED IN THE CURRENT TAX YEAR. FORM 990, PART VI, SECTION B, LINE 11B IN JUNE 2020, NEC'S BOARD OF TRUSTEES VOTED TO DELEGATE REVIEW AND APPROVAL OF THE FORM 990 TO THE AUDIT COMMITTEE. THE AUDIT COMMITTEE RECEIVES A COPY OF THE DRAFT FORM 990 WITHOUT SCHEDULE B PRIOR TO THE MEETING AT WHICH THEY REVIEW THE FORM 990. AT THE MEETING, MEMBERS OF THE AUDIT COMMITTEE RECEIVE A PRESENTATION ON THE FORM 990 FROM MANAGEMENT AND PROVIDE INPUT ON THE FORM 990. IN ADDITION, NEC HAS TAX ADVISORS FROM A NATIONAL ACCOUNTING FIRM REVIEW THE FORM 990. LASTLY, A FINAL COPY OF THE FORM 990 WITHOUT SCHEDULE B IS PROVIDED TO ALL TRUSTEES PRIOR TO ELECTRONICALLY FILING THE RETURN. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS DISTRIBUTED TO OFFICERS, TRUSTEES AND KEY EMPLOYEES ANNUALLY. ALL OF THESE INDIVIDUALS ARE REQUIRED TO COMPLETE THE FORM FOR THE PAST FISCAL YEAR AND DISCLOSE ANY CONFLICTS OF INTEREST WITHIN THE FORM. THE POLICY ALSO INDICATES THAT OFFICERS, TRUSTEES AND KEY EMPLOYEES ARE REQUIRED TO MAKE CONFLICT OF INTEREST DISCLOSURES AT ANY TIME DURING THE YEAR THAT THEY BECOME AWARE OF A CONFLICT OF INTEREST. THESE CONFLICTS ARE REVIEWED BY THE CONTROLLER AS WELL AS THE AUDIT COMMITTEE AND DISCLOSED WITHIN THE ANNUAL FINANCIAL REPORT IF MATERIAL AND ON FORM 990 IF THEY MEET THE STATED IRS THRESHOLDS. INDIVIDUALS WHO HAVE CONFLICTS OF INTEREST OR ARE OTHERWISE NOT INDEPENDENT FROM NEC DUE TO A BUSINESS RELATIONSHIP OR RECEIVING COMPENSATION FROM NEC RECUSE THEMSELVES FROM BOARD OF TRUSTEES VOTES ON MATTERS HAVING TO DO WITH THEIR TRANSACTIONS OR COMPENSATION. FORM 990, PART VI, SECTION B, LINE 15 OFFICER AND KEY EMPLOYEE COMPENSATION IS REVIEWED BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES, WHICH HIRES AN INDEPENDENT COMPENSATION CONSULTANT PERIODICALLY TO COMPARE OFFICER AND KEY EMPLOYEE COMPENSATION AGAINST INDUSTRY DATA FOR SIMILARLY QUALIFIED PEOPLE, IN FUNCTIONALLY COMPARABLE POSITIONS AT SIMILAR ORGANIZATIONS. OFFICERS AND KEY EMPLOYEES' COMPENSATION PACKAGES ARE ALSO APPROVED BY THE BOARD OF TRUSTEES' EXECUTIVE COMMITTEE, WHICH IS COMPRISED OF INDIVIDUALS WITHOUT ANY CONFLICTS OF INTEREST WITH RESPECT TO THE COMPENSATION, AND THE DELIBERATIONS AND DECISIONS ARE DOCUMENTED CONTEMPORANEOUSLY AS PART OF THE COMMITTEE'S MEETINGS. FORM 990, PART VI, SECTION C, LINE 19 NEC'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND PUBLIC DISCLOSURE COPY OF THE FORM 990 ARE AVAILABLE TO THE PUBLIC UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). NEC'S FINANCIAL STATEMENTS ARE AVAILABLE ON THE INSTITUTION'S WEBSITE. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF PLANNED GIVING NET ASSETS 16,314. MEASURE FOR MEASURE LLC 1209 ORANGE STREET WILMINGTON DE 19801 237325104 TO ACQUIRE & SELL DONATED ASSETS ON BEHALF OF NEC. DE 0 0 NEW ENGLAND CONSERVATORY OF MUSIC CHARITABLE REMAINDER TRUSTS (5) INVESTMENT MA NEW ENGLAND CONSERVATORY OF MUSIC 1 GIFT ANNUITIES (25) INVESTMENT MA NEW ENGLAND CONSERVATORY OF MUSIC 1 CHARITABLE LEAD ANNUITY (1) INVESTMENT MA NEW ENGLAND CONSERVATORY OF MUSIC 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1