2026-05-14T08:59:52-05:00 2025-06-30 941254756 HOOD & STRONG LLP 2580 N 1ST ST STE 460 SAN JOSE CA 95131 990 2024-07-01 941156610 SAN FRANCISCO CONSERVATORY OF MUSIC SANF 4155036431 50 OAK STREET SAN FRANCISCO CA 94102 REGINA LEE V.P. FINANCE & ADMIN 4155036431 2026-05-12 1 1 MAGA E KISRIEV P01008919 4089988400 2024 2025-03-06 01:10:19Z DAVID STULL 50 OAK STREET SAN FRANCISCO CA 94102 118930029 0 X WWW.SFCM.EDU X 1923 CA THE CONSERVATORY OFFERS UNDERGRADUATE, GRADUATE AND POSTGRADUATE MUSICAL EDUCATION. 24 24 820 25 1938 0 37664558 16107358 29159083 31869982 5659998 7983171 3157970 2758361 75641609 58718872 14720927 16370058 0 0 25194853 27495888 88772 34011 2758141 19126486 18976146 59131038 62876103 16510571 -4157231 395337542 393454900 81015446 77676733 314322096 315778167 THE SAN FRANCISCO CONSERVATORY OF MUSIC (SFCM) EDUCATES EXCEPTIONALLY TALENTED MUSICIANS FROM AROUND THE WORLD TO BECOME ARTISTS OF THE HIGHEST CALIBER, AS WELL AS MUSICAL CITIZENS PREPARED FOR THE CHALLENGES OF THE TWENTY-FIRST CENTURY. 0 0 38767659 15613381 27685898 COLLEGIATE INSTRUCTION - SFCM IS AN ACCREDITED COLLEGE GRANTING BACHELOR'S AND MASTER'S DEGREES IN MUSIC PERFORMANCE. EXPENSES INCLUDE SALARIES, SCHOLARSHIPS, RECRUITMENT, AND ACADEMIC SUPPORT (LIBRARY, STUDENT SERVICES, ETC.). 451 STUDENTS WERE ENROLLED ACROSS THE FOLLOWING PROGRAMS: 14 ADVANCED CERTIFICATES, 12 ARTIST DIPLOMAS, 230 BACHELORS MUSIC, 2 CERTIFICATES, 165 MASTERS MUSIC, AND 28 PROFESSIONAL STUDIES DIPLOMAS. 450 STUDENTS RECEIVED SFCM SCHOLARSHIPS. 4760947 383172 4113566 PRE-COLLEGIATE AND ADULT EXTENSION - MUSIC INSTRUCTION FOR 4-18 YEAR OLDS AND CONTINUING EDUCATION FOR ADULTS. INSTRUCTION INCLUDES EARLY CHILDHOOD MUSIC CLASSES, PRIVATE MUSIC INSTRUCTION, AND CLASSES. EXPENSES INCLUDE SALARIES, SCHOLARSHIPS, ADVERTISING, AND SUPPORT. 327 STUDENTS WERE ENROLLED AND 155 STUDENTS RECEIVED SCHOLARSHIPS. 193 STUDENTS WERE ENROLLED IN CONTINUING EDUCATION AND ADULT EXTENSION. 373505 373505 0 SAN FRANCISCO CONSERVATORY OF MUSIC PARTNERS WITH ORGANIZATIONS TO PRODUCE PRODUCT/PROJECTS THAT ALIGN WITH CARRYING OUT SFCM'S MISSION, SUCH AS VARIOUS CLASSICAL MUSIC RECORDINGS. 43902111 1 1 0 0 0 0 0 1 0 1 1 0 0 0 1 1 0 1 1 0 1 1 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 1 169 0 1 820 1 1 1 0 0 0 0 1 1 0 0 0 0 1 0 X 24 24 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X REGINA LEE 4155036431 50 OAK STREET SAN FRANCISCO CA 94102 TIMOTHY FOO BOARD CHAIR 10.00 0.00 X X 0 0 0 DAVID KREMER EXECUTIVE VICE CHAIR 1.00 0.00 X X 0 0 0 CAMILLA SMITH VICE CHAIR 1.00 0.00 X X 0 0 0 CAROL DOLL SECRETARY 1.00 0.00 X X 0 0 0 BARBARA WALKOWSKI TREASURER 1.00 0.00 X X 0 0 0 LOCK BINGHAM BOARD MEMBER 1.00 0.00 X 0 0 0 BORA OZTURK BOARD MEMBER (THRU 1/31/25) 1.00 0.00 X 0 0 0 JAN BUCKLEY BOARD MEMBER 1.00 0.00 X 0 0 0 CAROL CASEY BOARD MEMBER 1.00 0.00 X 0 0 0 REBECCA-SEN CHAN BOARD MEMBER 1.00 0.00 X 0 0 0 LISA DELAN BOARD MEMBER 1.00 0.00 X 0 0 0 JAMES FREEMAN BOARD MEMBER 1.00 0.00 X 0 0 0 JEFFREY J GAO BOARD MEMBER 1.00 0.00 X 0 0 0 GARY GARABEDIAN BOARD MEMBER 1.00 0.00 X 0 0 0 BRAD HARDIE BOARD MEMBER 1.00 0.00 X 0 0 0 CARL KAUFMAN BOARD MEMBER 1.00 0.00 X 0 0 0 PAYAM MIRRASHIDI BOARD MEMBER 1.00 0.00 X 0 0 0 PHILIP NICOL BOARD MEMBER 1.00 0.00 X 0 0 0 MARY POLAND BOARD MEMBER 1.00 0.00 X 0 0 0 PAMELA RIGG BOARD MEMBER 1.00 0.00 X 0 0 0 MARIA SHIM BOARD MEMBER 1.00 0.00 X 0 0 0 JANE TOM BOARD MEMBER 1.00 0.00 X 0 0 0 MAURICE WERDEGAR BOARD MEMBER 1.00 0.00 X 0 0 0 DIANE ZACK BOARD MEMBER 1.00 0.00 X 0 0 0 SIWEI ZOU BOARD MEMBER 1.00 0.00 X 0 0 0 DAVID STULL PRESIDENT 35.00 0.00 X 1301032 0 284965 REGINA LEE VP OF FINANCE AND ADMINISTRATION 35.00 0.00 X 339084 0 23627 JONAS WRIGHT PROVOST & VP OF ACADEMIC AFFAIRS 35.00 0.00 X 262815 0 13725 YOSHIKAZU NAGAI COLLEGIATE FACULTY 35.00 0.00 X 278237 0 42667 SIMON JAMES COLLEGIATE FACULTY 35.00 0.00 X 266417 0 36079 ELIZABETH GIUDICESSI VP OF ADM, MKT & PR (THRU 1/31/24) 0.00 0.00 X 370799 0 2451 DIMITRI MURRATH COLLEGIATE FACULTY 35.00 0.00 X 235848 0 34381 MICHAEL PELUSE ASSOCIATE VP OF ADVANCEMENT 35.00 0.00 X 232734 0 12174 3286966 0 450069 64 0 1 0 PROGUARD SECURITY SERVICES INC 300 MONTGOMERY STREET SUITE 825 SAN FRANCISCO CA 94104 SECURITY SERVICES 1134072 ALL CLEAN LLC 611 GATEWAY BLVD SUITE 206 SOUTH SAN FRANCISCO CA 94080 JANITORIAL SERVICES 615810 OAKTOWN PRODUCTIONS LLC 1213 CARRISON STREET UNIT A BERKELEY CA 94702 OPERA CONTRACTORS & PRODUCTION ASSISTANT 172932 ROOSTER PRODUCTIONS 1213 CARRISON STREET UNIT A BERKELEY CA 94702 OPERA CONTRACTORS & PRODUCTION ASSISTANT 164177 OLIVER THEIL 1615 RAMONA WAY ALAMO CA 94507 MARKETING CONSULTING 119690 9 638898 47155 15421305 1527803 16107358 TUITION AND FEES 611310 28463448 28463448 OTHER EDUCATIONAL 611710 3406534 3406534 31869982 5299144 1938 5297206 5240955 2396475 2844480 2844480 2844480 60297930 7550 57605611 15842 2692319 -8292 2684027 2684027 76300 638898 175386 -99086 -99086 13390 17843 -4453 -4453 SVS IN RELATION TO RENTAL 711130 17420 17420 17420 58718872 31869982 1938 10739594 15996553 15996553 373505 373505 1886784 116434 1197014 573336 21422783 15555670 4257767 1609346 558579 303984 228878 25717 2145800 930718 1078160 136922 1481942 1073214 296631 112097 892942 892942 152578 152578 34011 34011 462815 462815 2756575 1266231 1446402 43942 108161 32532 72054 3575 978172 596712 328559 52901 753822 321259 350433 82130 1850056 277291 1571404 1361 467974 325842 129088 13044 52249 35478 15593 1178 2967775 2082858 884917 5340668 2672751 2667917 CATERING 1535997 1450145 19667 66185 BAD DEBT 302482 302482 MEMBERSHIP & SUBSCRIPTI 151982 110221 39458 2303 EXCISE TAX 60000 60000 141898 78231 63574 93 62876103 43902111 16215851 2758141 5189181 6717408 6369346 8366883 422805 85674 363289 351395 499635 592294 279665473 46260052 237765147 233405421 143297445 141511826 1430694 2423999 395337542 393454900 2488834 3630279 1637252 1779919 72437383 68172786 4451977 4093749 81015446 77676733 X 246037041 237848001 68285055 77930166 314322096 315778167 395337542 393454900 X -4157231 7812324 -306000 -1893022 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 7670082 X 0 65183000 6481000 6995000 2703000 75956000 51616000 10330000 5633000 2396000 65183000 49497000 1018000 3638000 2537000 51616000 55862000 3396000 -7251000 2510000 49497000 43498000 3855000 11757000 3248000 55862000 0.00120 0.94850 0.05030 0 0 23253041 23253041 232702132 34566265 198135867 11811506 8864178 2947328 11898794 2829609 9069185 233405421 ACCUMULATED POST-RETIREMENT BENEFIT OBLIGATION 2981033 SECURITY DEPOSITS AND OTHER 179388 457(B) DEFERRED COMPENSATION OBLIGATION 373229 OPERATING LEASE LIABILITY 560099 4093749 X 52417817 7812324 -15486228 -7673904 60091721 462815 -1835664 -1372849 58718872 49279218 2589704 2589704 46689514 462815 15723774 16186589 62876103 PART III, LINE 4: SAN FRANCISCO CONSERVATORY OF MUSIC MAINTAINS COLLECTIONS OF MUSICAL INSTRUMENTS. THE INSTRUMENTS ARE USED IN MUSIC CLASS INSTRUCTIONS AND PERFORMANCES AT THE ORGANIZATION. PART V, LINE 4: THE CONSERVATORY HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR ENDOWMENT ASSETS THAT ATTEMPT TO PROVIDE A PREDICTABLE STREAM OF FUNDING TO PROGRAMS SUPPORTED BY ITS ENDOWMENT WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS. PART X, LINE 2: THE CONSERVATORY OPERATES AS A NOT-FOR-PROFIT CORPORATION AND IS EXEMPT FROM INCOME TAXES ON RELATED INCOME UNDER PROVISIONS OF THE U.S. INTERNAL REVENUE CODE, SECTION 501(C)(3) AND THE CALIFORNIA TAX CODE. THE CONSERVATORY HAS MAINTAINED ITS TAX-EXEMPT STATUS, AND ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN REFLECTED IN THESE CONSOLIDATED FINANCIAL STATEMENTS. AS OF JUNE 30, 2025, MANAGEMENT EVALUATED SFCM'S TAX POSITIONS AND HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE CONSOLIDATED FINANCIAL STATEMENTS. THEREFORE, NO PROVISION OR LIABILITY FOR INCOME TAXES RELATED TO UNCERTAIN TAX POSITIONS HAS BEEN INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: SCHOLARSHIPS NETTED AGAINST REVENUE -15,723,774. POSTRETIREMENT MEDICAL BENEFIT PLAN OBLIGATION 237,546. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES NETTED AGAINST REVENUE -2,396,475. FUNDRAISING EVENTS NETTED AGAINST REVENUE -175,386. COST OF GOODS SOLD NETTED AGAINST REVENUE -17,843. UNCOLLECTIBLE PLEDGES 754,040. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENTS NETTED AGAINST REVENUE 175,386. COST OF GOODS SOLD NETTED AGAINST REVENUE 17,843. RENTAL EXPENSES NETTED AGAINST REVENUE 2,396,475. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS NETTED AGAINST REVENUE 15,723,774. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 SFCM PUBLISHED ITS RACIALLY NONDISCRIMINATORY POLICY ON THE SCHOOL WEBSITE. SCHEDULE E, PART I, LINE 6 THE SAN FRANCISCO CONSERVATORY OF MUSIC MANAGES AN EXTENSIVE FINANCIAL ASSISTANCE PROGRAM TO ENSURE THAT A HIGHLY QUALIFIED AND DIVERSE POPULATION ATTENDS AND GRADUATES FROM THE CONSERVATORY. THE CONSERVATORY RECEIVES FUNDS FROM VARIOUS FEDERAL AND STATE GOVERNMENT GRANT AND LOAN PROGRAMS, INCLUDING PELL, SEOG, CWSP, PERKINS, AND FFEL. THE CONSERVATORY ALSO RECEIVES GRANTS FROM THE SAN FRANCISCO GRANTS FOR THE ARTS. 1 EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 0 0 PROGRAM SERVICES RECRUITMENT, ATTENDANCE, AND/OR SPEAKING AT SEMINARS AND CONFERENCES 7371 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 PROGRAM SERVICES PERFORMANCE, PROFESSIONAL DEVELOPMENT. PROVIDING GRANTS TO PRODUCE RECORDINGS/PROJECTS ALIGNED WITH SFCM MISSION. 37194 NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES 0 0 PROGRAM SERVICES RECRUITMENT 318 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 GRANTMAKING N/A 373505 0 0 0 0 0 0 418388 0 418388 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM SUPPORT PRODUCTION OF VARIOUS CLASSICAL MUSIC RECORDINGS 373505 0 0 1 0 0 0 0 0 0 PART I, LINE 2: SFCM EVALUATES WHETHER THE GRANT WOULD ENABLE THE RECEIVING ORGANIZATION TO PRODUCE THE STATED PRODUCT/PROJECT, AND WHETHER THAT PRODUCT/PROJECT ALIGNS WITH CARRYING OUT SFCM'S MISSION. X X X X X X X 1 HURON CONSULTING GROUP PO BOX 71223 CHICAGO IL 606941223 FUNDRAISING CONSULTING 0 0 34011 -34011 34011 -34011 CA JOSHUA BELL & ACADEMY OF ST MARTIN 715198 638898 76300 98914 36708 39764 715198 638898 76300 98914 36708 39764 175386 -99086 1 COLLEGIATE TUITION SCHOLARSHIPS 454 15320482 COLLEGIATE SCHOLARSHIPS - NON TUITION 66 273670 COLLEGIATE PROFESSIONAL DEVELOPMENT GRANTS 43 19228 PRE-COLLEGIATE TUITION SCHOLARSHIPS 155 383173 PART I, LINE 2: A LIST OF RECIPIENTS OF SCHOLARSHIPS AND FELLOWSHIPS IS ON FILE AT THE INSTITUTION AND IS AVAILABLE ON REQUEST. ALTHOUGH THERE MAY BE RECIPIENTS WHO ARE RELATED TO PERSONS HAVING AN INTEREST IN THE INSTITUTION, SUCH RECIPIENTS ARE SELECTED ON AN EQUAL, OBJECTIVELY DETERMINABLE BASIS WITH OTHER RECIPIENTS. THAT IS, ALL STUDENTS RECEIVING SCHOLARSHIPS AND FELLOWSHIPS ARE JUDGED WORTHY BY THE INSTITUTION'S ASSESSMENT ON THE BASIS OF ACADEMIC AND MUSIC ACHIEVEMENT, FINANCIAL NEED, AND OTHER SIMILAR STANDARDS. X 1 1 X X X X X X 1 1 0 0 0 0 0 0 0 DAVID STULL PRESIDENT 800000 0 500000 0 1032 0 66875 0 218090 0 1585997 0 0 0 ELIZABETH GIUDICESSI VP OF ADM, MKT & PR (THRU 1/31/24) 49030 0 0 0 321769 0 2451 0 0 0 373250 0 0 0 REGINA LEE VP OF FINANCE AND ADMINISTRATION 337500 0 0 0 1584 0 12687 0 10940 0 362711 0 0 0 YOSHIKAZU NAGAI COLLEGIATE FACULTY 277685 0 0 0 552 0 13884 0 28783 0 320904 0 0 0 SIMON JAMES COLLEGIATE FACULTY 264833 0 0 0 1584 0 13242 0 22837 0 302496 0 0 0 JONAS WRIGHT PROVOST & VP OF ACADEMIC AFFAIRS 262500 0 0 0 315 0 13125 0 600 0 276540 0 0 0 DIMITRI MURRATH COLLEGIATE FACULTY 235625 0 0 0 223 0 11781 0 22600 0 270229 0 0 0 MICHAEL PELUSE ASSOCIATE VP OF ADVANCEMENT 212500 0 20000 0 234 0 0 0 12174 0 244908 0 0 0 PART I, LINE 1A DAVID STULL, PRESIDENT, IS REQUIRED TO LIVE IN SFCM-PROVIDED HOUSING FOR THE CONVENIENCE OF SFCM, WHICH WAS TREATED AS A NON-TAXABLE BENEFIT. PART I, LINES 4A-B ELIZABETH GIUDICESSI, VP OF ADMINISTRATION, MARKETING AND PR, RECEIVED PAYMENTS OF $209,137 AND $112,613. DAVID STULL, PRESIDENT, PARTICIPATED IN 457(F) PLAN. A CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY 352273601 2018-06-28 100000000 CONSTRUCTION OF STUDENT RESIDENCE, EDUCATIONAL AND PERFORMANCE FACILITY 0 0 0 A 100000000 4125000 95875000 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 0 0 1 0 0 0 1 A 0 X 11 1099933 FAIR MARKET VALUE X MUSICAL EQUIPMENT 7 427870 FAIR MARKET VALUE 8 0 1 0 PART I, COLUMN (B): THIS COLUMN REPRESENTS THE NUMBER OF ITEMS CONTRIBUTED. FORM 990, PART VI, SECTION B, LINE 11B THE CONSERVATORY'S ACCOUNTING FIRM PREPARED THE FORM 990 WITH THE ASSISTANCE OF THE V.P. FINANCE. UPON ITS COMPLETION, IT WAS FORWARDED TO THE BOARD CHAIR, TREASURER, PRESIDENT, AND CHAIR OF THE AUDIT COMMITTEE FOR REVIEW PRIOR TO FILING THE FORM 990. THE ACCOUNTING FIRM PRESENTED THE FORM 990 TO THE BOARD CHAIR, PRESIDENT, CHAIR OF THE AUDIT COMMITTEE, AND V.P. FINANCE. AFTER IT WAS REVIEWED BY THE INDIVIDUALS NOTED ABOVE, ALL VOTING MEMBERS OF THE BOARD WERE NOTIFIED THAT THE FORM 990 WAS COMPLETED AND THEY WERE ENCOURAGED TO REVIEW THE FORM 990 AND FORWARD THEIR QUESTIONS TO THE V.P. FINANCE. AFTER THE STATED REVIEW PERIOD, THE FORM 990 WAS FILED. FORM 990, PART VI, SECTION B, LINE 12C THE CONSERVATORY'S CONFLICT OF INTEREST POLICY COVERS TRUSTEES, STAFF AND FACULTY. THE POLICY DEFINES POTENTIAL CONFLICTS OF INTEREST TO INCLUDE, BUT ARE NOT LIMITED TO: FINANCIAL INTEREST; ACCEPTANCE OF GIFTS (EXCEPT FOR THOSE OF NOMINAL VALUE); DISCLOSURE OR USE OF CONFIDENTIAL INFORMATION; POSSIBLY OUTSIDE EMPLOYMENT (FOR EMPLOYEES). THE CONSERVATORY DOES RELY ON SELF-IDENTIFICATION REGARDING POTENTIAL CONFLICTS OF INTEREST. EACH MEMBER OF THE BOARD SIGNS A STATEMENT THAT THEY: 1) RECEIVED A COPY OF THE POLICY; 2) HAVE READ AND UNDERSTAND THE POLICY; 3) AGREE TO COMPLY WITH THE POLICY; 4) UNDERSTAND THAT THE POLICY APPLIES TO ALL COMMITTEES AND SUBCOMMITTEES. IN ADDITION, THEY STATE ANY CONFLICTS AND/OR ATTEST TO NONE. IF A CONFLICT OR POTENTIAL CONFLICT OF INTEREST IS FOUND FOR A TRUSTEE, HE/SHE WILL NOT BE COUNTED TOWARD A QUORUM AT ANY MEETING WHERE THE CONFLICT IS DISCUSSED, AND WILL NOT BE ALLOWED TO VOTE ON ANY ACTION REGARDING THE ISSUE. IN THE EVENT THAT A TRUSTEE (OR FAMILY MEMBER) HAS A MATERIAL FINANCIAL INTEREST IN AN ACTUAL OR CONTEMPLATED TRANSACTION, THE BOARD SHALL REQUIRE DISCLOSURE OF SUCH FINANCIAL INTEREST AND ALL MATERIAL FACTS RELATING THERETO. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF TRUSTEES HAS AUTHORIZED THE EXECUTIVE COMMITTEE OF THE BOARD TO DETERMINE ANNUAL COMPENSATION FOR TOP MANAGEMENT. ANNUALLY, THE ASSOC. V.P. OF HR GATHERS COMPARATIVE SALARY DATA FROM AVAILABLE SOURCES AND PRESENTS THE DATA ALONG WITH PROPOSED SALARIES. THE EXECUTIVE COMMITTEE REVIEWS AND APPROVES SALARIES. THE REVIEW PROCESS AND VOTE IS RECORDED IN THE MINUTES OF THE EXECUTIVE COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST FOR THE SAME PERIOD OF TIME SET FORTH IN SEC. 6104(D). ADDITIONALLY, THE AUDITED FINANCIAL STATEMENTS ARE AVAILABLE ON THE ORGANIZATION'S WEBSITE. FORM 990, PART XI, LINE 9: POSTRETIREMENT MEDICAL BENEFIT PLAN OBLIGATION 237,546. TRANSFER TO OPUS 3 MOTHERSHIP LLC -1,306,010. UNCOLLECTIBLE PLEDGES -754,040. PERKINS LOAN PROGRAM ADJUSTMENT -70,518. POOLED INCOME FUNDS (2) INVESTMENTS CA SAN FRANCISCO CONSERVATORY OF MUSIC T 1 OPUS 3 MOTHERSHIP LLC 50 OAK STREET SAN FRANCISCO CA 94102 851806862 BOOKING AGENCY CA SAN FRANCISCO CONSERVATORY OF MUSIC C 26515945 20142286 1.00000 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 OPUS 3 MOTHERSHIP LLC B 1306010 CASH