2026-06-15T16:46:47-05:00 2025-07-31 861065772 DELOITTE TAX LLP 12830 EL CAMINO REAL SUITE 600 SAN DIEGO CA 92130 990 2024-08-01 956052058 NATIONAL ACADEMY OF RECORDING ARTS & SCIENCES INC NATI 3103923777 3030 OLYMPIC BOULEVARD SANTA MONICA CA 904045073 WAYNE J ZAHNER CHIEF FINANCIAL OFFICER 3103923777 2026-06-15 1 0 JOCELYNE MILLER P00634378 6192326500 2024 2025-03-06 01:10:19Z RECORDING ACADEMY HARVEY MASON JR 3030 OLYMPIC BOULEVARD SANTA MONICA CA 904045073 110605030 0 X WWW.GRAMMY.COM X 1987 DE OUR MISSION IS TO ADVANCE THE ARTS AND SCIENCES OF RECORDING AND TO FOSTER CREATIVE LEADERSHIP. 42 42 246 500 19903 0 1891094 2248543 94005923 86145900 6500664 8419658 4679639 7774300 107077320 104588401 6397581 6167203 0 0 31211225 31582897 0 0 0 84150221 66616587 121759027 104366687 -14681707 221714 129610534 139918739 48869443 56124935 80741091 83793804 X OUR MISSION IS TO ADVANCE THE ARTS AND SCIENCES OF RECORDING AND TO FOSTER CREATIVE LEADERSHIP FOR ARTISTIC, CULTURAL, EDUCATIONAL, AND TECHNICAL PROGRESS IN THE RECORDING FIELD. A PRIMARY ACTIVITY OF THE RECORDING ACADEMY IS THE RECOGNITION OF OUTSTANDING CREATIVE AND TECHNICAL ACHIEVEMENTS IN THE RECORDING ARTS OF THOSE DEEMED TO BE MOST WORTHY BY THEIR PEERS THROUGH THE ANNUAL PRESENTATION OF THE GRAMMY AWARDS. 0 0 THE RECORDING ACADEMY PRODUCES THE GRAMMY AWARDS, THE ONLY PEER-PRESENTED AWARD TO HONOR ARTISTIC ACHIEVEMENT, TECHNICAL PROFICIENCY, AND EXCELLENCE IN THE RECORDING INDUSTRY, WITHOUT REGARD TO ALBUM SALES OR CHART POSITION. 0 1 0 1 0 0 0 0 1 1 1 0 0 1 1 0 1 0 1 1 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 1 0 0 0 1 1 1 1 0 1 X 258 0 1 246 1 1 1 0 0 0 1 1 0 1 0 X 42 42 1 0 0 0 1 1 0 1 1 0 1 1 1 1 1 1 1 1 1 0 0 CA IL NY X X WAYNE J ZAHNER 3103923777 3030 OLYMPIC BOULEVARD SANTA MONICA CA 904045073 X ANGELIQUE KIDJO TRUSTEE (TO 5/31/25) 1.00 0.00 X 0 0 0 ANNA FRICK AT-LARGE TRUSTEE (TO 5/31/25) 1.00 0.00 X 0 0 0 ARMAND HUTTON TRUSTEE (FROM 6/1/25) 1.00 0.00 X 0 0 0 ASHLEY SHABANKAREH AT-LARGE TRUSTEE 1.00 0.00 X 0 0 0 CARL NAPPA TRUSTEE (FROM 6/1/25) 1.00 0.00 X 0 0 0 CHECHE ALARA AT-LARGE TRUSTEE 1.00 0.00 X 0 0 0 CHRISTINE ALBERT CHAIR EMERITUS (TO 5/31/25) 1.00 0.00 X 0 0 0 DANIELLE DANI DEAHL TANG TRUSTEE 1.00 0.00 X 0 0 0 DAVE GROSS TRUSTEE 1.00 0.00 X 0 0 0 DENISE AVERYSUNSHINE JOHNSON TRUSTEE (FROM 6/1/25) 1.00 0.00 X 0 0 0 DIVINITY ROXX TRUSTEE (FROM 6/1/25) 1.00 0.00 X 0 0 0 DONN THOMPSON MORELLI DONN T AT-LRG TTEE (TO 6/1), TTEE (FROM 6/1) 1.00 0.00 X 0 0 0 DR ALEX E CHAVEZ TRUSTEE (FROM 6/1/25) 1.00 0.00 X 0 0 0 DR CHELSEY GREEN VICE CHAIR (TO 5/31), NAT. CHAIR (FROM 6/1) 5.00 0.00 X 0 0 0 ERIC LILAVOIS TRUSTEE (TO 5/31/25) 1.00 0.00 X 0 0 0 ERIK EJ GAINES TRUSTEE 1.00 0.00 X 0 0 0 EVAN BOGART TTEE (TO 5/1), VICE CHAIR (FROM 6/1) 5.00 0.00 X 0 0 0 FLETCHER FOSTER TRUSTEE 1.00 0.00 X 0 0 0 GEBRE WADDELL SECRETARY/TREASURER (TO 5/31/25) 5.00 0.00 X 0 0 0 J IVY TRUSTEE (TO 5/31/25) 1.00 0.00 X 0 0 0 JENNIFER BLAKEMAN AT-LRG TTEE (TO 5/31), SEC/TREAS (FROM 6/1) 5.00 0.00 X 0 0 0 JENNIFER HANSON TRUSTEE (TO 5/31/25) 1.00 0.00 X 0 0 0 JESSICA THOMPSON TRUSTEE 1.00 0.00 X 0 0 0 JONATHAN YIP AT-LARGE TRUSTEE 1.00 0.00 X 0 0 0 JORDAN TAYLOR HANSON TRUSTEE 1.00 0.00 X 0 0 0 JULIA MICHELS TRUSTEE (FROM 6/1/25) 1.00 0.00 X 0 0 0 JULIO BAGUE TRUSTEE 1.00 0.00 X 0 0 0 JUSTIN HENNY HENDERSON TRUSTEE 1.00 0.00 X 0 0 0 KEN SHEPHERD TRUSTEE 1.00 0.00 X 0 0 0 KENNARD GARRETT TRUSTEE (TO 5/31/25) 1.00 0.00 X 0 0 0 LACHI MUSIC TRUSTEE (FROM 6/1/25) 1.00 0.00 X 0 0 0 LARRY BATISTE TRUSTEE (TO 5/31/25) 1.00 0.00 X 0 0 0 LEDISI TRUSTEE 1.00 0.00 X 0 0 0 MAGGIE ROSE DURANTE TRUSTEE (FROM 6/1/25) 1.00 0.00 X 0 0 0 MARCELLA ARAICA AT-LARGE TRUSTEE 1.00 0.00 X 0 0 0 MARCUS BAYLOR TRUSTEE (TO 5/31/25) 1.00 0.00 X 0 0 0 MARIA EGAN AT-LARGE TRUSTEE 1.00 0.00 X 0 0 0 MATT MAHER AT-LARGE TRUSTEE (FROM 6/1/25) 1.00 0.00 X 0 0 0 MICHELLE MEKA NISM STRIER TRUSTEE 1.00 0.00 X 0 0 0 MIKE KNOBLOCH TRUSTEE 1.00 0.00 X 0 0 0 NIKISHA BAILEY TRUSTEE 1.00 0.00 X 0 0 0 PAUL WALL TRUSTEE (TO 5/31/25) 1.00 0.00 X 0 0 0 RETO PETER TRUSTEE (FROM 6/1/25) 1.00 0.00 X 0 0 0 RIGGS MORALES TRUSTEE (TO 5/31/25) 1.00 0.00 X 0 0 0 SARA GAZAREK TRUSTEE 1.00 0.00 X 0 0 0 SEAN FLAHAVEN AT-LARGE TRUSTEE (FROM 6/21/25) 1.00 0.00 X 0 0 0 SUE ENNIS TRUSTEE (FROM 6/1/25) 1.00 0.00 X 0 0 0 SUSAN MARSHALL TRUSTEE (TO 5/31/25) 1.00 0.00 X 0 0 0 TAMARA WELLONS TRUSTEE 1.00 0.00 X 0 0 0 TAMMIE TAMI LATRELL HARRIS AT-LARGE TRUSTEE (FROM 6/1/25) 1.00 0.00 X 0 0 0 TAMMY HURT NAT CHAIR TO 531 CHAIR EMERITUS (FROM 6/1) 20.00 0.00 X 0 0 0 TERESA LABARBERA TRUSTEE (FROM 6/1/25) 1.00 0.00 X 0 0 0 TERRY JONES TRUSTEE 1.00 0.00 X 0 0 0 TORAE CARR TRUSTEE 1.00 0.00 X 0 0 0 TRACY GERSHON TRUSTEE (TO 5/31/25) 1.00 0.00 X 0 0 0 WOYNEAB WAYNA WONDWOSSAN TRUSTEE 1.00 0.00 X 0 0 0 HARVEY MASON JR CHIEF EXECUTIVE OFFICER 40.00 1.00 X 941045 0 15959 WAYNE J ZAHNER CHIEF FINANCIAL OFFICER 40.00 1.00 X 463135 0 31275 PANOS A PANAY PRESIDENT 40.00 0.00 X 769032 0 38113 BRANDEN CHAPMAN CHIEF OPERATING OFFICER 40.00 1.00 X 571423 0 28075 RUBY MARCHAND CHIEF AWARDS & INDUSTRY OFFICER 40.00 0.00 X 496130 0 44622 ADAM ROTH SVP, PARTNERSHIPS & BUSINESS DEVELOPMENT 40.00 0.00 X 384082 0 24019 JENNIFER JONES CHIEF LEGAL OFFICER 40.00 0.00 X 351601 0 49613 SHONDA GRANT CHIEF PEOPLE & CULTURE OFFICER 40.00 0.00 X 333236 0 50865 DAVID GREGORY CHIEF INFORMATION OFFICER 40.00 0.00 X 366195 0 43116 TODD DUPLER CHIEF ADVOCACY & PUBLIC POLICY OFFICER 40.00 0.00 X 348150 0 45721 JOHN LOKEN EXECUTIVE VICE PRESIDENT, MARKETING 40.00 0.00 X 324609 0 43376 SEAN SMITH EXECUTIVE VICE PRESIDENT, COMMUNICATIONS 40.00 0.00 X 323570 0 709 ROSE POLIDORO VICE PRESIDENT, PARTNERSHIPS 40.00 0.00 X 303691 0 16562 5975899 0 432025 77 0 1 0 FULWELL 73 UK LIMITED 7A BAYHAM STREET LONDON GREATER LONDON UK NW1 0EY EVENT PRODUCTION 15943379 KEN EHRLICH PRODUCTION INC 3556 INGLEWOOD BLVD LOS ANGELES CA 90066 EVENT PRODUCTION 4924437 SONY MUSIC ENTERTAINMENT INC 26966 NETWORK PL CHICAGO IL 60673 LICENSE FEES 3343179 AVAAP USA LLC 1400 GOODALE BLVD COLUMBUS OH 43212 SOFTWARE CONSULTING 1863238 GREENBERG TRAURIG LLP 3333 PIEDMONT RD NE STE 2500 ATLANTA GA 30305 LEGAL SERVICES 1801079 71 2214281 34262 34262 2248543 TELECAST EVENT INCOME 900099 58168939 58168939 SPONSORSHIP INCOME 711320 16528224 16528224 GRAMMY TICKET SALES 711320 10892613 10892613 PUBLICATION INCOME 541800 381017 381017 NARAS RELATED EVENTS 711320 175107 175107 86145900 7167159 -57247 7224406 2304710 77150 2227560 7269128 6016629 1252499 1252499 1252499 GGV BUSINESS PLANS 900099 3750242 3750242 AWARDS ENTRY FEES 900099 1133370 1133370 CERTIFICATES 900099 377519 377519 208459 208459 5469590 104588401 75087266 19903 27232689 6082203 85000 5991657 19545809 986136 3241828 1817467 3015837 488449 152969 615495 7159974 1243500 2315517 5000579 6101110 2468338 589011 1015254 544741 832597 EVENT PRODUCTION 28967366 EVENT EXPENSES 5807767 298083 104366687 101173 1250 5328763 2644362 3378725 4882762 1461297 3424323 12008573 11371344 1435010 637229 112529059 103283876 19323214 5376507 5721723 129610534 139918739 10825784 7189216 24776490 28237497 8347868 10752122 4919301 9946100 48869443 56124935 X 80741091 83793804 80741091 83793804 129610534 139918739 221714 2964847 -133848 0 X X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 0 1 2214281 643740 643740 2214281 -1570541 112429314 10793271 615495 122607090 102982172 10003766 556624 112429314 97609869 5889896 517593 102982172 108784536 -10625702 548965 97609869 89675816 19745657 636937 108784536 1.00000 0 0 5515031 5475449 39582 5252641 5209812 42829 1240901 686083 554818 637229 PRIVATE EQUITY 16446108 F REAL ESTATE INCOME TRUST 1513638 F HEDGE FUNDS 1363468 F 19323214 RIGHT OF USE LEASE LIABILITY 855078 PROPERTIES RENT 9091022 9946100 X PART V, LINE 4: THE INTENDED PURPOSE OF THE ENDOWMENT FUND IS TO EVENTUALLY USE ITS INVESTMENT INCOME TOWARDS OPERATIONS IN PROMOTION OF THE MISSION AND GROWTH OF THE RECORDING ACADEMY AS WELL AS PROVIDE OPERATIONAL SUPPORT IN CASE OF A CATASTROPHIC EVENT. PART X, LINE 2: THE RECORDING ACADEMY ACCOUNTS FOR INCOME TAXES IN ACCORDANCE WITH FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) ACCOUNTING STANDARDS CODIFICATION (ASC) 740, INCOME TAXES. FASB ASC 740 PRESCRIBES A COMPREHENSIVE MODEL FOR HOW A COMPANY SHOULD RECOGNIZE, MEASURE, PRESENT, AND DISCLOSE IN ITS COMBINED FINANCIAL STATEMENTS UNCERTAIN TAX POSITIONS THAT THE COMPANY HAS TAKEN, OR EXPECTS TO TAKE, ON A TAX RETURN. DURING THE YEARS ENDED JULY 31, 2025 AND 2024, THE RECORDING ACADEMY DID NOT INCUR A MATERIAL LIABILITY FOR UNRECOGNIZED TAX BENEFITS. MIDDLE EAST AND NORTH AFRICA 1 1 PROGRAM SERVICES PROPOSED INTERNATIONAL MEMBERSHIP EXPANSION 395731 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 5033445 NORTH AMERICA 0 0 INVESTMENTS 642900 1 1 0 0 1 1 6072076 0 6072076 1 0 1 1 1 0 PART 1, LINE 3, COLUMN (F) THE ACADEMY USES THE ACCRUAL METHOD OF ACCOUNTING TO ACCOUNT FOR EXPENDITURES IN SCHEDULE F, PART I, LINE 3, COLUMN (F). 1 MUSICARES FOUNDATION INC 3030 OLYMPIC BLVD SANTA MONICA CA 90404 954470909 501(C)(3) 3318351 0 CONTRIBUTION AND PROGRAM SERVICE SUPPORT GRAMMY MUSEUM FOUNDATION INC 800 WEST OLYMPIC BLVD A245 LOS ANGELES CA 90015 261447714 501(C)(3) 2478410 0 CONTRIBUTION AND PROGRAM SERVICE SUPPORT LATIN GRAMMY CULTURAL FOUNDATION INC 3470 NW 82ND AVE STE 700 MIAMI FL 33122 464770436 501(C)(3) 150000 0 GENERAL SUPPORT SONGWRITERS HALL OF FAME 330 W 58TH ST NEW YORK NY 10019 237051690 501(C)(3) 37800 0 GENERAL SUPPORT BLACK MUSIC ACTION COALITION INC 55 MUSIC SQUARE NASHVILLE TN 37203 920894392 501(C)(3) 20000 0 GENERAL SUPPORT FOUNDATION FOR NC A&T STATE UNIVERSITY INC 1601 EAST MARKET ST GREENSBORO NC 27411 237055330 501(C)(3) 10000 0 GENERAL SUPPORT LOS ANGELES SPORTS & ENTERTAINMENT COMMISSION 633 WEST FIFTH STREET SUITE 1800 LOS ANGELES CA 90071 954541188 501(C)(3) 7500 0 GENERAL SUPPORT CALIFORNIA COMMUNITY FOUNDATION 717 W TEMPLE ST LOS ANGELES CA 90012 953510055 501(C)(3) 17000 0 GENERAL SUPPORT DIRECT RELIEF 6100 BECKNELL RD SANTA BARBARA CA 93117 951831116 501(C)(3) 17000 0 GENERAL SUPPORT PASADENA COMMUNITY FOUNDATION 301 E COLORADO BLVD STE 810 PASADENA CA 91101 200253310 501(C)(3) 8500 0 GENERAL SUPPORT 10 0 SCHOLARSHIPS 12 85000 PART I, LINE 2: CHAPTERS OF THE RECORDING ACADEMY MAKE DONATIONS TO VARIOUS CHARITABLE ORGANIZATIONS IN THEIR RESPECTIVE COMMUNITIES. THE CHAPTERS, EITHER THROUGH THEIR LOCAL CHARITABLE GIVING COMMITTEE OR LOCAL EXECUTIVE COMMITTEE, PUT FORTH A PROPOSAL FOR THE LOCAL CHAPTER BOARD TO APPROVE DONATIONS OF THEIR SPECIAL PROJECT FUNDS TO BE USED FOR THIS PURPOSE. THESE FUNDS ARE THE ACCUMULATION OF FUNDS BASED ON EVENTS HELD AT THE LOCAL LEVEL. THESE CHAPTER-APPROVED DISBURSEMENTS OVER $2,500 ARE THEN SENT TO THE NATIONAL FINANCE SUBCOMMITTEE FOR FINAL APPROVAL. A PRESENTATION IS MADE DISCLOSING INFORMATION ABOUT THE BENEFICIARY, ITS TAX-EXEMPT STATUS, THE NATURE OF THE USE OF THE FUNDS AND OTHER PERTINENT INFORMATION. THE FINANCE SUBCOMMITTEE APPROVES ALL DONATIONS OVER $2,500. THE NATIONAL HEADQUARTERS OF THE RECORDING ACADEMY SPONSORS VARIOUS CHARITIES IN THE COMMUNITIES IT SERVES THROUGH PURCHASES OF TABLES AT EVENTS AND/OR ADVERTISEMENTS IN PROGRAM BOOKS AND FROM TIME-TO-TIME CASH DONATIONS. THE RECORDING ACADEMY PROVIDES ASSISTANCE TO ITS AFFILIATED ENTITIES: MUSICARES FOUNDATION, INC., GRAMMY MUSEUM FOUNDATION, INC., AND LATIN GRAMMY CULTURAL FOUNDATION. X X 1 1 X X X X X X 0 0 0 HARVEY MASON JR CHIEF EXECUTIVE OFFICER 923123 0 0 0 17922 0 15250 0 709 0 957004 0 0 0 PANOS A PANAY PRESIDENT 514790 0 250000 0 4242 0 0 0 38113 0 807145 0 0 0 BRANDEN CHAPMAN CHIEF OPERATING OFFICER 548881 0 18300 0 4242 0 15250 0 12825 0 599498 0 0 0 RUBY MARCHAND CHIEF AWARDS & INDUSTRY OFFICER 468680 0 16142 0 11308 0 14957 0 29665 0 540752 0 0 0 WAYNE J ZAHNER CHIEF FINANCIAL OFFICER 456063 0 1750 0 5322 0 15250 0 16025 0 494410 0 0 0 DAVID GREGORY CHIEF INFORMATION OFFICER 351551 0 1750 0 12894 0 15250 0 27866 0 409311 0 0 0 ADAM ROTH SVP, PARTNERSHIPS & BUSINESS DEVELOP 311483 0 67989 0 4610 0 11500 0 12519 0 408101 0 0 0 JENNIFER JONES CHIEF LEGAL OFFICER 346041 0 1750 0 3810 0 11500 0 38113 0 401214 0 0 0 TODD DUPLER CHIEF ADVOCACY & PUBLIC POLICY OFFIC 342158 0 1750 0 4242 0 5356 0 40365 0 393871 0 0 0 SHONDA GRANT CHIEF PEOPLE & CULTURE OFFICER 325794 0 1750 0 5692 0 12700 0 38165 0 384101 0 0 0 JOHN LOKEN EXECUTIVE VICE PRESIDENT, MARKETING 306628 0 11209 0 6772 0 5263 0 38113 0 367985 0 0 0 SEAN SMITH EXECUTIVE VICE PRESIDENT, COMMUNICAT 309808 0 8920 0 4842 0 0 0 709 0 324279 0 0 0 ROSE POLIDORO VICE PRESIDENT, PARTNERSHIPS 257614 0 34869 0 11208 0 15250 0 1312 0 320253 0 0 0 PART I, LINE 1A THE RECORDING ACADEMY HAS A WRITTEN POLICY REGARDING THE CIRCUMSTANCES IN WHICH FIRST CLASS TRAVEL MAY BE USED. THE ORGANIZATION MAKES IT A PRACTICE TO ROUTINELY USE COACH OR BUSINESS CLASS AIRLINE TRAVEL. THE PRESIDENT/CEO AND ELECTED OFFICERS ARE PERMITTED TO FLY FIRST CLASS, ALTHOUGH THEY ARE ENCOURAGED TO FLY BUSINESS CLASS, IF AVAILABLE, PRIOR TO BOOKING IN FIRST CLASS. FURTHER, THESE INDIVIDUALS ARE ALSO ENCOURAGED TO USE COACH CLASS TRAVEL FOR VERY SHORT TRIPS. OTHER MEMBERS OF SENIOR MANAGEMENT (MANAGING DIRECTORS AND ABOVE) ARE ONLY ALLOWED TO FLY BUSINESS OR FIRST CLASS IF THE FLIGHT IS OVER TWO HOURS IN DURATION. FOR INTERNATIONAL TRAVEL, THE FIRST CHOICE IS BUSINESS CLASS AND THE SECOND CHOICE IS FIRST CLASS FOR ALL MEMBERS OF SENIOR MANAGEMENT (MANAGING DIRECTORS AND ABOVE). THE BOARD OF TRUSTEES MEMBERS ARE OFFERED THE OPPORTUNITY TO FLY FIRST CLASS OR BUSINESS CLASS FOR THE IN-PERSON BOARD MEETINGS EACH YEAR. THIS BENEFIT IS NOT TREATED AS TAXABLE COMPENSATION. CERTAIN MEMBERS OF MANAGEMENT, VICE PRESIDENTS AND HIGHER, ARE ACCOMODATED WITH MEMBERSHIPS TO SOHO HOUSE, A SOCIAL CLUB FOR MEMBERS OF THE CREATIVE COMMUNITY. THIS BENEFIT IS NOT TREATED AS TAXABLE COMPENSATION. X BEVERAGES 2 25357 COST OR SELLING PRIC X APPAREL 2 5175 COST OR SELLING PRIC X GIFT BAGS 1 3730 COST OR SELLING PRIC 0 0 0 SCHEDULE M, PART I, COLUMN (B): THE ORGANIZATION IS REPORTING THE NUMBER OF CONTRIBUTIONS RECEIVED. PART V, LINE 6B: THE ORGANIZATION DOES NOT SOLICIT CONTRIBUTIONS FROM THE GENERAL PUBLIC. HOWEVER, THEY DO ACCEPT SPONSORSHIP INCOME FROM CORPORATE DONORS AS PART OF THEIR EVENTS. FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE IS COMPRISED OF THE CHAIR OF THE BOARD OF TRUSTEES, VICE CHAIR OF THE BOARD OF TRUSTEES, SECRETARY/TREASURER OF THE BOARD OF TRUSTEES, CHAIR EMERITUS OF THE BOARD OF TRUSTEES AND FOUR (4) SITTING TRUSTEES SELECTED BY THE CHAIR OF THE BOARD OF TRUSTEES IN CONSULTATION WITH THE CHIEF EXECUTIVE OFFICER AND RATIFIED BY THE BOARD OF TRUSTEES. THEY ARE GRANTED UNILATERAL RIGHTS TO CONDUCT BUSINESS ON BEHALF OF THE BOARD OF TRUSTEES. ANY SUCH ACTION SHALL BE COMMUNICATED TO THE ENTIRE BOARD AS PROMPTLY AS THE EXECUTIVE COMMITTEE DEEMS REASONABLY PRACTICABLE. SUCH ACTIONS SHALL NOT INCLUDE: (A)ALTERING MAJOR LEGAL DOCUMENTS SUCH AS, BUT NOT LIMITED TO, THE CERTIFICATE OF INCORPORATION, BYLAWS, OR GOVERNANCE MANUAL; (B)AUTHORIZING MERGERS (OTHER THAN A MERGER OF ANY WHOLLY-OWNED SUBSIDIARY WITH THE RECORDING ACADEMY), ACQUISITIONS, JOINT VENTURES, CONSOLIDATIONS OR DISSOLUTIONS; OR APPROVING THE SALE, LEASE, EXCHANGE OR ENCUMBRANCE OF ANY MATERIAL ASSET OF THE RECORDING ACADEMY THAT IS NOT IN THE ORDINARY COURSE OF BUSINESS OF THE RECORDING ACADEMY; (C)FORMING OR DISSOLVING STANDING AND TRUSTEE-ONLY COMMITTEES OF THE BOARD, OR AMENDING THE CHARTER OF ANY COMMITTEE; (D)TAKING ANY ACTIONS THAT HAVE BEEN EXPRESSLY, BY CHARTER OR RESOLUTIONS, DELEGATED TO ANY OTHER TRUSTEE-ONLY COMMITTEE; AND (E)AMENDING OR REPEALING ANY RESOLUTION OF THE BOARD. FORM 990, PART VI, SECTION A, LINE 2 EVAN BOGART WITH JENNIFER BLAKEMAN EVAN BOGART WITH MARIA EGAN HARVEY MASON JR. WITH EVAN BOGART HARVEY MASON JR. WITH MIKE KNOBLOCH JENNIFER BLAKEMAN WITH MARIA EGAN KENNARD GARRET WITH JUSTIN HENDERSON SUSAN MARSHALL WITH KEN SHEPHERD FORM 990, PART VI, SECTION A, LINE 6 THERE ARE THREE CATEGORIES OF MEMBERS OF THE RECORDING ACADEMY: (A) VOTING MEMBERS; (B) PROFESSIONAL MEMBERS; AND (C) GRAMMY UNIVERSITY MEMBERS. EACH MEMBERSHIP CLASS HAS ITS OWN RIGHTS AND ESTABLISHED CRITERIA FOR PARTICIPATION AS SET FORTH BY THE ORGANIZATION'S BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A VOTING MEMBERS FROM EACH CHAPTER: THE VOTING MEMBERS FROM EACH CHAPTER SHALL CONSTITUTE A SEPARATE MEMBERSHIP CLASS (THE "CHAPTER VOTING MEMBER MEMBERSHIP CLASS") AT THE TIME AND, AS SUCH, SHALL ELECT THE VOTING MEMBER GOVERNORS FROM SUCH CHAPTER BY A PLURALITY VOTE OF QUALIFIED RETURNED BALLOTS EQUAL TO NOT LESS THAN TEN PERCENT OF THE TOTAL NUMBER OF MEMBERS OF SUCH MEMBERSHIP CLASS. VOTING MEMBERS AND PROFESSIONAL MEMBERS FROM EACH CHAPTER: THE VOTING MEMBERS AND PROFESSIONAL MEMBERS FROM EACH CHAPTER AT THE TIME SHALL CONSTITUTE A SEPARATE MEMBERSHIP CLASS (THE "CHAPTER VOTING MEMBER AND PROFESSIONAL MEMBER MEMBERSHIP CLASS") AND, AS SUCH, SHALL ELECT THE PROFESSIONAL MEMBER GOVERNORS FROM SUCH CHAPTER BY A PLURALITY VOTE OF QUALIFIED RETURN BALLOTS EQUAL TO NOT LESS THAN TEN PERCENT OF THE TOTAL NUMBER OF MEMBERS OF SUCH MEMBERSHIP CLASS. TRUSTEE ELECTIONS: THE MEMBERS FROM EACH CHAPTER WHO AT THE TIME ARE VOTING MEMBER GOVERNORS, PROFESSIONAL MEMBER GOVERNORS, CHAPTER OFFICERS AND TRUSTEES SHALL CONSTITUTE A SEPARATE MEMBERSHIP CLASS (THE "CHAPTER BOARD MEMBERSHIP CLASS"). THE CHAPTER BOARD MEMBERSHIP CLASS SHALL ELECT, BY A PLURALITY VOTE OF A MAJORITY OF THE CHAPTER BOARD MEMBERSHIP CLASS ELIGIBLE TO VOTE: (A) THE TRUSTEES TO BE ELECTED BY SUCH CHAPTER; AND (B) THE CHAPTER OFFICERS OF SUCH CHAPTER. THE VOTING MEMBER AND PROFESSIONAL MEMBER MEMBERSHIP CLASS SHALL ELECT, BY A PLURALITY VOTE OF A MAJORITY OF THE VOTING MEMBER AND PROFESSIONAL MEMBER MEMBERSHIP CLASS ELIGIBLE TO VOTE, THE TRUSTEES TO BE ELECTED BY THE VOTING MEMBER AND PROFESSIONAL MEMBER MEMBERSHIP CLASS. ALL TRUSTEES SHALL HAVE THE SAME ROLES AND RESPONSIBILITIES, REGARDLESS OF WHETHER THEY ARE ELECTED BY THE CHAPTER BOARD MEMBERSHIP CLASS OR THE VOTING AND PROFESSIONAL MEMBER MEMBERSHIP CLASSES. TRUSTEES: THE MEMBERS WHO AT THE TIME ARE TRUSTEES SHALL CONSTITUTE A SEPARATE MEMBERSHIP CLASS (THE "TRUSTEE MEMBERSHIP CLASS"). DURING THE PERIOD A PERSON IS IN OFFICE AS A TRUSTEE OFFICER, SUCH PERSON WILL ALSO BE A TRUSTEE. THE TRUSTEE MEMBERSHIP CLASS SHALL (A) ELECT THE TRUSTEE OFFICERS BY A MAJORITY VOTE OF A SIMPLE QUORUM. IF THERE IS A TIE, THERE SHALL BE RUNOFF ELECTIONS UNTIL A SINGLE CANDIDATE RECEIVES A MAJORITY VOTE OF A SIMPLE QUORUM; (B) HAVE THE POWER, BY A SUPERMAJORITY VOTE OF A SUPERMAJORITY QUORUM, (I) TO REMOVE ANY TRUSTEE FROM OFFICE UNDER SECTION 6.9, (II) TO REMOVE ANY TRUSTEE OFFICER FROM OFFICE UNDER SECTION 7.1.3, AND (III) TO REMOVE ANY GOVERNOR FROM OFFICE UNDER SECTION 9.4.6; (C) HAVE THE POWER TO RATIFY THE COMMITTEE NOMINATIONS UNDER SECTION 6.14; AND (D) HAVE THE POWER TO APPROVE, ADOPT, VOTE ON, CONSENT WITH RESPECT TO, OR RATIFY SUCH MATTERS OR ACTIONS THAT THE CHAIR OR THE EXECUTIVE COMMITTEE DECIDES TO SUBMIT TO THE TRUSTEE MEMBERSHIP CLASS FOR SUCH ACTION. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS PREPARED BY DELOITTE TAX LLP, WORKING IN CONJUNCTION WITH THE ORGANIZATION'S FINANCE DEPARTMENT. THE DRAFT OF FORM 990 IS REVIEWED BY THE ORGANIZATION'S MANAGEMENT. THE INITIAL DRAFT OF FORM 990 IS THEN PROVIDED TO THE RECORDING ACADEMY'S AUDIT/FINANCE COMMITTEE FOR THEIR REVIEW. ANY COMMENTS RESULTING FROM THEIR REVIEW ARE INCORPORATED INTO THE FINAL FILING OF FORM 990. THE AUDIT/FINANCE COMMITTEE HAS BEEN AUTHORIZED BY THE BOARD OF TRUSTEES TO REVIEW THE TAX FILINGS AND APPROVE THEM TO BE FILED. A COPY OF THE RETURN IS MAILED TO EACH TRUSTEE AFTER APPROVAL AND BEFORE THE ULTIMATE FILING. FORM 990, PART VI, SECTION B, LINE 12C THE CORPORATE SECRETARY DISTRIBUTES THE STATEMENT OF CONFLICT OF INTEREST POLICY AND QUESTIONNAIRE AT A TRUSTEES MEETING. THE QUESTIONNAIRES ARE COLLECTED BY THE CORPORATE SECRETARY AND THEN A SUMMARY REPORT IS GIVEN TO THE CHAIR OF THE BOARD OF TRUSTEES AND THE PRESIDENT/CHIEF EXECUTIVE OFFICER. ACCORDINGLY, THE CHAIR OF THE BOARD OF TRUSTEES AS WELL AS THE CHIEF EXECUTIVE OFFICER ARE RESPONSIBLE FOR BOTH MONITORING AND ENFORCING THE CONFLICT OF INTEREST POLICY BASED ON THE STATEMENTS THAT ARE PROVIDED. FORM 990, PART VI, SECTION B, LINE 15A THE PRESIDENT/CEO COMPENSATION WAS DETERMINED BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES, FUNCTIONING AS A COMPENSATION COMMITTEE FOR THIS PURPOSE. THE DECISION WAS THEN RATIFIED BY THE BOARD OF TRUSTEES. THE COMMITTEE RELIED UPON THE ADVICE AND EXPERTISE OF LEGAL COUNSEL, AN INDEPENDENT OUTSIDE COMPENSATION CONSULTANT AND COMPARABILITY DATA IN DETERMINING THE COMPENSATION. THE MEETING IN WHICH THOSE DELIBERATIONS WERE CONDUCTED WAS CONTEMPORANEOUSLY DOCUMENTED. FORM 990, PART VI, SECTION B, LINE 15B: COMPENSATION FOR OTHER EMPLOYEES OF NATIONAL ACADEMY OF RECORDING ARTS & SCIENCES, INC. IS SET BY THE PRESIDENT/CHIEF EXECUTIVE OFFICER, CHIEF FINANCIAL OFFICER AND CHIEF PEOPLE AND CULTURE OFFICER. COMPENSATION IS DETERMINED BY THE REVIEW OF THE COMPENSATION OF OTHER EMPLOYEES AT SIMILAR LEVELS. INFORMATION FROM OUTSIDE ORGANIZATIONS IS GATHERED BY THE CHIEF PEOPLE AND CULTURE OFFICER AND BY A GENERAL KNOWLEDGE OF WHAT IS EXPECTED FOR THE POSITION BY THESE THREE INDIVIDUALS. AS IT RELATES TO ANNUAL INCREASES, THE CHIEF PEOPLE AND CULTURE OFFICER AND THE CHIEF FINANCIAL OFFICER HAVE DISCUSSED BENCHMARKING WITH PEOPLE AND CULTURE MANAGEMENT AND THE CHIEF FINANCIAL OFFICER OF SIMILAR ORGANIZATIONS. AGREEMENT IS OBTAINED BETWEEN THESE THREE INDIVIDUALS (CEO, CFO, CHIEF PEOPLE AND CULTURE OFFICER) AS TO THE VALUE OF SERVICES PROVIDED. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES THE BYLAWS AVAILABLE ON ITS WEBSITE. IT DOES NOT MAKE THE CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. FORM 990, PART VII, SECTION A: SALARY INFORMATION REPORTED ON PART VII AND SCHEDULE J IS FOR THE CALENDAR YEAR ENDED WITH OR WITHIN THE FISCAL TAX YEAR, AS REQUIRED BY THE IRS. PART XII, LINE 2C: THE ORGANIZATION'S FINANCIAL STATEMENTS WERE AUDITED AS PART OF THE COMBINED FINANCIAL STATEMENTS THAT INCLUDED NARAS PROPERTIES, INC., A RELATED TAX-EXEMPT ORGANIZATION, AND GRAMMY GLOBAL VENTURES, LLC, A DISREGARDED ENTITY. TANGIBLE PROPERTY REGULATION ELECTIONS SECTION 1.263(A)-1(F) DE MINIMIS SAFE HARBOR ELECTION TAXPAYER IS MAKING THE DE MINIMIS SAFE HARBOR ELECTION UNDER TREAS. REG. 1.263(A)-1(F) FOR ALL ELIGIBLE AMOUNTS PAID OR INCURRED DURING THE TAXABLE YEAR. SECTION 1.263(A)-3(N) CAPITALIZATION ELECTION TAXPAYER HEREBY ELECTS TO CAPITALIZE REPAIR AND MAINTENANCE COSTS UNDER TREAS. REG. 1.263(A)-3(N). THE COSTS WERE INCURRED DURING THE TAXABLE YEAR IN THE ELECTING TAXPAYER'S TRADE OR BUSINESS AND THE ELECTING TAXPAYER TREATS SUCH COSTS AS CAPITAL EXPENDITURES ON ITS BOOKS AND RECORDS. GRAMMY GLOBAL VENTURES 3030 OLYMPIC BLVD SANTA MONICA CA 90404 874829735 GLOBAL OUTREACH AND MUSIC EDUCATION DE 3725343 25879 NATIONAL ACADEMY OF RECORDING ARTS & SCIENCES INC NARAS PROPERTIES 3030 OLYMPIC BLVD SANTA MONICA CA 90404 954516666 HOLD TITLE TO REAL PROPERTY CA 501(C)(2) NATIONAL ACADEMY OF RECORDING ARTS & SCIENCES INC 1 0 0 0 1 0 0 0 0 0 0 1 0 0 0 1 0 1 0 1 NARAS PROPERTIES K 4872398 FMV NARAS PROPERTIES O 57557 FMV NARAS PROPERTIES S 5257466 FMV NARAS PROPERTIES Q 2280 CASH VALUE NARAS PROPERTIES D 120000 CASH VALUE SCHEDULE R, PART V: NARAS PROPERTIES, INC., A RELATED SECTION 501(C)(2) TAX-EXEMPT ORGANIZATION CONTROLLED BY THE RECORDING ACADEMY, OWNS THE CORPORATE HEADQUARTERS IN SANTA MONICA, CALIFORNIA USED BY THE RECORDING ACADEMY AND ITS AFFILIATED TAX-EXEMPT ORGANIZATIONS. THE RECORDING ACADEMY PAID RENT FOR ITS USE OF THE CORPORATE HEADQUARTERS. THE VALUE OF THE RENT WAS DETERMINED BASED ON COMPARABLES OF SIMILAR PROPERTIES. NARAS PROPERTIES, INC. ALSO OWNS AN OFFICE BUILDING IN NASHVILLE, TENNESSEE USED BY THE NASHVILLE CHAPTER OF THE RECORDING ACADEMY AND MUSICARES, ONE OF ITS AFFILIATED TAX-EXEMPT ORGANIZATIONS. THE RECORDING ACADEMY PAID RENT FOR ITS USE OF THE PROPERTY. THE VALUE OF THE RENT WAS DETERMINED BASED ON COMPARABLES OF SIMILAR PROPERTIES. NARAS PROPERTIES, INC. ALSO OWNS AN OFFICE BUILDING IN NEW YORK CITY USED BY THE NEW YORK CHAPTER OF THE RECORDING ACADEMY, MUSICARES, ONE OF ITS AFFILIATED TAX-EXEMPT OGANIZATIONS, AND GRAMMY GLOBAL VENTURES, LLC, ITS WHOLLY-OWNED SUBSIDIARY. THE RECORDING ACADEMY PAID RENT FOR ITS USE OF THE PROPERTY. THE VALUE OF THE RENT WAS DETERMINED BASED ON COMPARABLES OF SIMILAR PROPERTIES.