2025-02-04T14:06:39-06:00 2024-03-31 910189318 MOSS ADAMS LLP 21700 OXNARD ST STE 300 WOODLAND HILLS CA 91367 990 2023-04-01 237298290 MUSIC CENTER FOUNDATION MUSI 2139728046 135 NORTH GRAND AVE LOS ANGELES CA 900123013 STEVEN T BENSON PRESIDENT 2139728046 2025-02-03 1 1 LAUREN A HAVERLOCK P00545829 8185771900 2023 2025-03-06 01:10:19Z STEVEN T BENSON 135 NORTH GRAND AVE LOS ANGELES CA 900123013 23916753 0 X WWW.MUSICCENTERFOUNDATION.ORG X 1973 CA ENDOWMENT MANAGEMENT AND FINANCIAL SUPPORT OF PROGRAMMING AT LOS ANGELES' MUSIC CENTER 14 14 3 14 -59814 0 1418180 7027634 0 0 1083338 3452705 0 0 2501518 10480339 8160238 9027380 0 0 640743 723473 0 0 484075 312886 329437 9113867 10080290 -6612349 400049 285118946 306563538 97372371 98727222 187746575 207836316 THE MISSION OF MUSIC CENTER FOUNDATION IS TO PROVIDE ENDOWMENT SUPPORT TO THE MUSIC CENTER PERFORMING ARTS CENTER OF LOS ANGELES COUNTY, ITS EDUCATION AND ARTISTIC PROGRAMS AND RESIDENT COMPANIES THROUGH PLANNED GIVING FUNDRAISING AND ASSET MANAGEMENT. 0 0 7364644 7364644 ENDOWMENT DISTRIBUTIONS TO THE MUSIC CENTER/PERFORMING ARTS CENTER OF LOS ANGELES COUNTY, ITS EDUCATIONAL ACTIVITIES AND ITS AFFILIATED PERFORMING ARTS COMPANIES WHICH INCLUDE LOS ANGELES PHILHARMONIC ASSOCIATION, CENTER THEATRE GROUP, LOS ANGELES OPERA COMPANY AND THE LOS ANGELES MASTER CHORALE. 1662736 1662736 THE MUSIC CENTER FOUNDATION'S LAPA FUND MAKES DISTRIBUTIONS TO THE LOS ANGELES PHILHARMONIC ASSOCIATION. 9027380 1 1 0 0 0 1 0 0 1 1 1 1 0 1 1 1 1 0 0 0 1 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 7 0 1 3 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 14 14 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 CA X X STEVEN T BENSON PRESIDENT 2139728046 135 NORTH GRAND AVE LOS ANGELES CA 900123013 SHELBY NOTKIN CHAIRMAN 1.00 X X 0 0 0 KIKI R GINDLER VICE CHAIRMAN 1.00 X X 0 0 0 KENNETH S WILLIAMS SECRETARY/TREASURER 1.00 X X 0 0 0 THOMAS L BECKMEN DIRECTOR 1.00 X 0 0 0 JOHN B EMERSON DIRECTOR 1.00 X 0 0 0 AMY R FORBES DIRECTOR 1.00 X 0 0 0 DARELL L KRASNOFF DIRECTOR 1.00 X 0 0 0 KENT KRESA DIRECTOR (THRU 05/2023) 1.00 X 0 0 0 KEITH LEONARD DIRECTOR 1.00 X 0 0 0 KELSEY N MARTIN DIRECTOR 1.00 X 0 0 0 ELIZABETH MICHELSON DIRECTOR 1.00 X 0 0 0 CINDY MISCIKOWSKI DIRECTOR 1.00 X 0 0 0 JEFFREY SOROS DIRECTOR 1.00 X 0 0 0 PHILIP SWAN DIRECTOR 1.00 X 0 0 0 SUE WEGLEITNER DIRECTOR 1.00 X 0 0 0 STEVEN T BENSON PRESIDENT 40.00 X 363437 0 47028 363437 0 47028 1 0 1 0 MONTICELLO ASSOCIATES INC 1800 LARIMER STREET SUITE 2100 DENVER CO 80202 INVESTMENT CONSULTANT 300000 MOSS ADAMS 225 S LAKE AVE SUITE 900 PASADENA CA 91101 AUDIT AND TAX SERVICES 104265 2 7027634 7027634 1259522 -59814 1319336 15629597 13436414 2193183 2193183 2193183 10480339 0 -59814 3512519 9027380 9027380 409292 204646 204646 232079 116040 116039 19301 9651 9650 29181 14591 14590 33620 16810 16810 27735 13868 13867 156082 117062 39020 235195 235195 39487 2764 36723 19424 9711 9713 5555 2778 2777 13777 13777 33501 16751 16750 TELEPHONE EXPENSE 3114 1557 1557 REIMBURSED EXPENSES -204433 -206366 1933 10080290 9027380 568835 484075 9137326 11039548 30406098 31773122 97560 93085 12774 100752 28295 28295 0 0 32361130 42126939 116533749 122830932 96570309 98599160 285118946 306563538 292505 242500 92695162 94192912 4384704 4291810 97372371 98727222 X 187746575 207836316 187746575 207836316 285118946 306563538 X 400049 20750842 -1061150 X 0 1 X 1 0 X 2390897 644771 4581436 1418180 7027634 16062918 2390897 644771 4581436 1418180 7027634 16062918 5852421 10210497 815366 508089 440260 840521 1319336 3923572 59237 59237 20045727 0.50940 0.48180 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 15 0 125000 0 555057 0 11346338 0 1 1 0 1 X 187746575 7027634 24591564 9027380 2502077 207836316 204875662 1418180 -9433400 8160238 953629 187746575 224160628 4581399 2368428 25328741 906052 204875662 169775037 614708 62140216 7431514 937819 224160628 186866522 2364889 -10825099 7643170 988105 169775037 0.00000 0.68125 0.31875 0 0 28295 28295 0 0 U.S. LARGE CAP EQUITIES 37714184 F INTERNATIONAL EQUITIES MEASURED AT 26474024 F EMERGING MARKET EQUITIES 4164651 F EQUITY HEDGE FUNDS 10594685 F ABSOLUTE RETURN FUNDS 12794768 F PARTNERSHIPS INTERESTS AND OTHER FUNDS 31088620 F 122830932 FUNDS HELD FOR OTHERS 94192912 SPLIT-INTEREST AGREEMENTS 3518264 ASSETS UNDER PENSION PLAN 552921 OTHER ASSETS 335063 98599160 DISTRIBUTIONS PAYABLE 3397815 OBLIGATIONS UNDER ANNUITIES & TRUSTS 341074 OBLIGATIONS UNDER PENSION PLAN 552921 4291810 X 31384003 20750842 328203 21079045 10304958 235195 -59814 175381 10480339 11294262 1449167 1449167 9845095 235195 235195 10080290 PART IV, LINE 2B: FUNDS ARE HELD ON BEHALF OF PERFORMING ARTS CENTER OF LOS ANGELES COUNTY, LOS ANGELES PHILHARMONIC ASSOCIATION, CENTER THEATRE GROUP, LOS ANGELES OPERA COMPANY, AND THE LOS ANGELES MASTER CHORALE TO PROVIDE ENDOWMENT SUPPORT. THE FUNDS ARE MANAGED PURSUANT TO A MANAGEMENT AGREEMENT BETWEEN THE FILING ORGANIZATION AND EACH ENTITY. PART V, LINE 4: ANNUAL DISTRIBUTIONS TO SUPPORT THE PERFORMING ARTS AT THE MUSIC CENTER/PERFORMING ARTS CENTER OF LOS ANGELES COUNTY AND ITS RESIDENT COMPANIES. PART X, LINE 2: THE FOUNDATION RECOGNIZES THE IMPACT OF TAX POSITIONS IN THE FINANCIAL STATEMENTS IF THAT POSITION IS MORE LIKELY THAN NOT TO BE SUSTAINED ON AUDIT, BASED ON THE TECHNICAL MERITS OF THE POSITION. TO DATE, THE FOUNDATION HAS NOT RECORDED ANY UNCERTAIN TAX POSITIONS. THE FOUNDATION RECOGNIZES POTENTIAL ACCRUED INTEREST AND PENALTIES RELATED TO UNCERTAIN TAX POSITIONS IN INCOME TAX EXPENSE. DURING THE YEARS ENDED MARCH 31, 2024 AND 2023, THE FOUNDATION DID NOT RECOGNIZE ANY AMOUNT IN POTENTIAL INTEREST AND PENALTIES ASSOCIATED WITH UNCERTAIN TAX POSITIONS. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGES IN VALUE OF SPLIT-INTEREST AGREEMENTS 328,203. PART XI, LINE 4B - OTHER ADJUSTMENTS: PASSTHROUGH INCOME FROM UBI -59,814. PART XII, LINE 2D - OTHER ADJUSTMENTS: BAD DEBT EXPENSE 1,449,167. CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 INVESTMENTS N/A 11834386 0 0 0 0 0 0 11834386 0 11834386 1 0 1 1 1 0 1 THE MUSIC CENTER PERFORMING ARTS CENTER OF LOS ANGELES COUNTY 135 NORTH GRAND AVENUE LOS ANGELES CA 90012 952217011 501(C)(3) 1910128 0 N/A GENERAL SUPPORT LOS ANGELES PHILHARMONIC ASSOCIATION 135 NORTH GRAND AVENUE LOS ANGELES CA 90012 951696734 501(C)(3) 3790770 0 N/A GENERAL SUPPORT CENTER THEATRE GROUP OF LOS ANGELES INC 135 NORTH GRAND AVENUE LOS ANGELES CA 90012 952466183 501(C)(3) 1559636 0 N/A GENERAL SUPPORT LOS ANGELES OPERA COMPANY 135 NORTH GRAND AVENUE LOS ANGELES CA 90012 952096402 501(C)(3) 1366674 0 N/A GENERAL SUPPORT LOS ANGELES MASTER CHORALE 135 NORTH GRAND AVENUE LOS ANGELES CA 90012 952315682 501(C)(3) 400172 0 N/A GENERAL SUPPORT 5 0 PART I, LINE 2: MUSIC CENTER FOUNDATION REGULARLY MEETS WITH ALL GRANTEE ORGANIZATIONS TO ENSURE THAT FUNDS ARE USED AS INTENDED. FURTHER, ALL GRANTEE ORGANIZATIONS ARE KNOWN TO MUSIC CENTER FOUNDATION DUE TO THE PROXIMITY OF ALL ORGANIZATIONS INVOLVED. X X X 0 0 0 0 0 0 0 1 0 STEVEN T BENSON PRESIDENT 345499 0 17938 0 0 0 33000 0 14028 0 410465 0 0 0 PART I, LINE 7 THE PRESIDENT RECEIVED A DISCRETIONARY BONUS DURING 2023. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WAS REVIEWED INTERNALLY BY THE MUSIC CENTER FOUNDATION CONTROLLER AND PRESIDENT AND THEN IT IS REVIEWED BY OUR OUTSOURCED CHIEF FINANCIAL OFFICER, TEMO ARJANI, AND THEN IT IS PRESENTED TO THE BOARD FOR THEIR REVIEW AND APPROVAL BEFORE WE FILE. FORM 990, PART VI, SECTION B, LINE 12C THE DIRECTORS OF THE MCF BOARD ARE REQUIRED TO SIGN A DOCUMENT ANNUALLY STATING THAT THEY DO NOT HOLD MORE THAN 5% OF ANY INVESTMENT THAT IS HELD BY THE MCF. IF THEY DO HOLD MORE THAN 5% OF AN INVESTMENT, THEY WOULD BE REQUIRED TO EXCUSE THEMSELVES FROM ANY DISCUSSION OR VOTE ON THAT INVESTMENT. IT IS ALSO A PRACTICE THAT THE MCF DOES NOT HAVE ANY BUSINESS OR CONTRACTUAL ARRANGEMENT WITH A COMPANY THAT IS CONTROLLED BY A DIRECTOR OF THE MCF BOARD. FORM 990, PART VI, SECTION B, LINE 15A THE CHAIR OF THE MCF BOARD PROVIDES DUE DILIGENCE WHEN REVIEWING AND RECOMMENDING THE PRESIDENT'S SALARY TO THE MCF BOARD FOR APPROVAL. IN THIS PROCESS, THE CHAIR GATHERS MARKET INFORMATION FROM REPORTS BY THE COUNCIL ON FOUNDATIONS AND AN EXECUTIVE RECRUITING FIRM ENGAGED BY THE MCF. COST OF LIVING STATISTICS ARE ALSO TAKEN INTO CONSIDERATION. THE SALARY FOR THE STAFF IS REVIEWED AND RECOMMENDED TO THE MCF BOARD BY THE PRESIDENT. THE PRESIDENT REVIEWS COMPARABLE SALARIES WITH THE COUNCIL ON FOUNDATIONS REPORT AND THE OTHER ENTITIES ON THE MUSIC CENTER CAMPUS. COST OF LIVING STATISTICS ARE ALSO CONSIDERED. THE MCF BOARD APPROVES ALL SALARIES AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION C, LINE 19 THE MUSIC CENTER FOUNDATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, FINANCIAL STATEMENTS, AND INFORMATIONAL RETURNS AVAILABLE UPON WRITTEN REQUEST. FORM 990, PART XI, LINE 9: CHANGES IN VALUE OF SPLIT-INTEREST AGREEMENTS 328,203. UNRELATED BUSINESS INCOME FROM PARTNERSHIPS 59,814. BAD DEBT EXPENSE -1,449,167. CHARITABLE REMAINDER TRUSTS (14) INVESTMENTS CA N/A 0 CHARITABLE LEAD TRUSTS (4) INVESTMENTS CA N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0