2023-03-28T08:36:25-05:00 2022-05-31 390758449 WIPFLI LLP 170 N RADNOR-CHESTER RD SUITE 200 RADNOR PA 19087 990 2021-06-01 231585611 CURTIS INSTITUTE OF MUSIC CURT 2158935252 1726 LOCUST STREET PHILADELPHIA PA 19103 LAWRENCE BOMBACK TREASURER 2158935252 2023-03-17 1 LAWRENCE BOMBACK 999009999 SOLOMON MARDAKHAEV P01806552 6105653930 2023-03-17 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z ROBERTO DIAZ 1726 LOCUST STREET PHILADELPHIA PA 19103 132865895 0 X WWW.CURTIS.EDU X 1924 PA THE CURTIS INSTITUTE OF MUSIC, LOCATED IN PHILADELPHIA, PENNSYLVANIA, WAS FOUNDED IN 1924 TO EDUCATE AND TRAIN EXCEPTIONALLY GIFTED YOUNG MUSICIANS TO ENGAGE A GLOBAL COMMUNITY THROUGH MUSIC. THE INSTITUTE IS A TUITION-FREE MUSIC CONSERVATORY THAT IS SUPPORTED PRIMARILY BY ENDOWMENT AND ANNUAL GIVING. 34 31 342 250 0 0 21059475 38087405 1451180 2985418 27486444 24762273 48271 61486 50045370 65896582 1834140 1160967 0 0 12436571 12336273 145049 22748 1256374 9460831 12535145 23876591 26055133 26168779 39841449 372858620 375391914 6704669 16566699 366153951 358825215 X THE CURTIS INSTITUTE OF MUSIC, LOCATED IN PHILADELPHIA, PENNSYLVANIA, WAS FOUNDED IN 1924 TO EDUCATE AND TRAIN EXCEPTIONALLY GIFTED YOUNG MUSICIANS TO ENGAGE A GLOBAL COMMUNITY THROUGH MUSIC. THE INSTITUTE IS A TUITION-FREE MUSIC CONSERVATORY THAT IS SUPPORTED PRIMARILY BY ENDOWMENT AND ANNUAL GIVING. 0 0 13485420 1160967 2057481 THE CURTIS INSTITUTE OF MUSIC IS A TUITION-FREE SCHOOL OF MUSIC THAT STRIVES TO EDUCATE AND TRAIN EXCEPTIONALLY GIFTED MUSICIANS TO ENGAGE A GLOBAL COMMUNITY THROUGH MUSIC. STUDENTS RECEIVE PERSONALIZED ATTENTION FROM THE INSTITUTE'S CELEBRATED FACULTY, WITH A STUDENT BODY OF APPROXIMATELY 150 AND 122 FACULTY MEMBERS. CURTIS ALSO OWNS AND OPERATES A DORMITORY BUILDING WITH FULL DINING SERVICES FOR ITS ON-CAMPUS STUDENTS. 4615893 0 927937 CURTIS PRESENTS OVER 175 PUBLIC PERFORMANCES EACH FEATURING STUDENTS, ALUMNI AND FACULTY, GIVING THEM OPPORTUNITIES TO HONE THEIR CRAFT AND SHAPE THEIR ARTISTIC POINT-OF-VIEW ON STAGE IN FRONT OF LIVE AUDIENCES. 18101313 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 1 1 0 0 0 1 1 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 0 1 183 0 342 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 34 31 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AK CO KY ME MD MA MI NH OH OK OR PA WA X X MITCH BILKER 4846583479 1726 LOCUST STREET PHILADELPHIA PA 19103 ROBERTO DIAZ PRESIDENT/TRUSTEE 35.00 0.00 X X 628723 0 73781 ERIC OWENS TRUSTEE/FACULTY MEMBER 35.00 0.00 X 111579 0 9787 ANTHONY MCGILL TRUSTEE/FACULTY MEMBER 35.00 0.00 X 50686 0 0 DEBORAH MFRETZ CHAIR/TRUSTEE 1.00 0.00 X X 0 0 0 EDWARD A MONTGOMERY JR VICE-CHAIR/TRUSTEE 1.00 0.00 X X 0 0 0 ANTHONY B CREAMER III TRUSTEE 1.00 0.00 X 0 0 0 GORDON FOWLER TRUSTEE 1.00 0.00 X 0 0 0 JUDITH FREYER TRUSTEE 1.00 0.00 X 0 0 0 BRUCE J GOULD MD TRUSTEE 1.00 0.00 X 0 0 0 MARSHA HUNTER TRUSTEE 1.00 0.00 X 0 0 0 MICHELLE CANN TRUSTEE/FACULTY MEMBER 1.00 0.00 X 0 0 0 MIGNON GROCH TRUSTEE 1.00 0.00 X 0 0 0 ANDREW JACOBS TRUSTEE 1.00 0.00 X 0 0 0 LINDA E JOHNSON TRUSTEE 1.00 0.00 X 0 0 0 LISA LIEM TRUSTEE 1.00 0.00 X 0 0 0 YUEN SUNG LIU TRUSTEE 1.00 0.00 X 0 0 0 CONNIE B MCCANN TRUSTEE 1.00 0.00 X 0 0 0 JOHN H MCFADDEN TRUSTEE 1.00 0.00 X 0 0 0 FRANK J MECHURA TRUSTEE 1.00 0.00 X 0 0 0 JOHN J MEDVECKIS TRUSTEE 1.00 0.00 X 0 0 0 ROBERT H MUNDHEIM TRUSTEE 1.00 0.00 X 0 0 0 ROY NEFF TRUSTEE 1.00 0.00 X 0 0 0 C RICHARD NEU TRUSTEE 1.00 0.00 X 0 0 0 CATHERINE RADBILL TRUSTEE 1.00 0.00 X 0 0 0 ROBERT H ROCK TRUSTEE 1.00 1.00 X 0 0 0 MARK E RUBENSTEIN TRUSTEE 1.00 0.00 X 0 0 0 WILLIAM STENSRUD TRUSTEE 1.00 0.00 X 0 0 0 JAY TOLSON TRUSTEE 1.00 0.00 X 0 0 0 LUDEKE VON MALTZAHN TRUSTEE 1.00 0.00 X 0 0 0 PENELOPE P WATKINS TRUSTEE 1.00 0.00 X 0 0 0 BETTY WHELCHEL TRUSTEE 1.00 0.00 X 0 0 0 JERRY WIND TRUSTEE 1.00 0.00 X 0 0 0 LOUIS BARBARIN TRUSTEE 1.00 0.00 X 0 0 0 FRANK S BAYLEY III TRUSTEE 1.00 0.00 X 0 0 0 WILLIAM BRODY TRUSTEE 1.00 0.00 X 0 0 0 VICTORIA BOK TRUSTEE 1.00 1.00 X 0 0 0 LAWRENCE BOMBACK TREASURER 35.00 0.00 X 263234 0 21739 CYNTHIA HEININGER SECRETARY (6/1/21-12/31/21) 35.00 0.00 X 95298 0 23970 MARY CLAIRE SULLIVAN SECRETARY (1/1/22-5/31/22) 35.00 0.00 X 56659 0 8732 PAUL J BRYAN DEAN OF FACULTY AND STUDENTS 35.00 0.00 X 202872 0 27229 CHRISTOPHER MOSSEY SENIOR VP OF ADVANCEMENT (6/1/21-2/28/22) 35.00 0.00 X 233931 0 14514 MATTHEW MORGAN CHIEF TECHNOLOGY OFFICER 35.00 0.00 X 150367 0 38038 PAMELA FRANK HERBERT R AND EVELYN AXELROD CHAIR, VIOL 35.00 0.00 X 153836 0 21956 VINCENT FORD SENIOR VP OF DIGITAL STRATEGY AND INNOVATION 35.00 0.00 X 195010 0 7785 ANDREW LANE VP TOURING & ARTIST MANAGEMENT 35.00 0.00 X 132607 0 27240 KIMBERLY GOULD MANAGING DIRECTOR, HUMAN RESOURCES 35.00 0.00 X 148964 0 7947 2423766 0 282718 17 0 1 0 INTECH CONSTRUCTION INC 3020 MARKET STREET PHILADELPHIA PA 19104 RENOVATION SERVICES 10553631 BON APPETIT MANAGEMENT COMPANY PO BOX 417632 BOSTON MA 02241 CAFETERIA SERVICES 798680 ELLIOTT-LEWIS CORPORATION 2900 BLACK LAKE PLACE PHILADELPHIA PA 19154 MAINTENANCE SERVICES 698479 ALLIED UNIVERSAL 161 WASHINGTON STREET SUITE 600 CONSHOHOCKEN PA 19428 SECURITY SERVICES 375165 CREWCIAL PARTNERS LLC 810 7TH AVE 32ND FL NEW YORK NY 10019 INVESTMENT ADVISORY SERVICES 302339 11 388920 4053532 2214404 31430549 1774719 38087405 DORMITORY REVENUE 721310 1328745 1328745 CONCERT & TOURING INCOME 711130 927937 927937 STUDENT FEES 611710 573034 573034 SUMMER AND ONLINE PROGRAMS 611610 155702 155702 2985418 4667267 4667267 7786 7786 10843 0 10843 10843 10843 87014240 66919234 20095006 20095006 20095006 50079 388920 50079 0 ADMINISTRATIVE FEE 561000 42000 42000 SCHOOL STORE 453000 857 857 42857 65896582 2985418 0 24823759 1160967 1160967 1888522 1222959 518785 146778 8589987 5493793 2450266 645928 623706 454738 104476 64492 428145 312156 71718 44271 805913 587586 134996 83331 66916 66916 96522 96522 96000 96000 22748 22748 1303853 1303853 816268 692753 123515 272329 236085 36244 631481 297837 290210 43434 661375 368706 275996 16673 1405793 1227505 143594 34694 486369 473778 4647 7944 101734 12192 87400 2142 2639615 2320146 230403 89066 328587 282728 33074 12785 PRODUCTION COSTS 2357921 2357921 DINING SERVICES 804111 369277 428990 5844 SCHOOL OPERATING EXPENS 206809 206809 GRADUATE FELLOWSHIPS 146270 146270 113192 113192 26055133 18101313 6697446 1256374 3862318 3684639 1278618 20375144 42680428 83682 170391 562787 492176 238606 546160 137452209 36976301 90210664 100475908 72075180 42267899 183761570 182221300 1688669 1574395 372858620 375391914 1620657 2015288 116570 88584 3163408 12500000 1804034 1962827 6704669 16566699 X 141855882 132191044 224298069 226634171 366153951 358825215 372858620 375391914 X 39841449 -47128385 200 -42000 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 0 0 0 1 96000 0 0 0 96000 0 PART II-B, LINE 1: THE INSTITUTE ENGAGED WITH A LOBBYING CONSULTANT IN ORDER TO SECURE A $2,000,000 RACP GRANT FROM THE COMMONWEALTH OF PENNSYLVANIA. 10557736 X X X MUSIC EDUCATION 0 253529786 2192235 -23456207 9758729 222507085 179077026 12665310 69878981 8091531 253529786 169103801 10131786 8398096 8556657 179077026 167288256 11728084 -1476204 8436335 169103801 150009611 11631794 12872952 7226101 167288256 0.20900 0.64100 0.15000 0 0 13848261 13848261 82848643 25251746 57596897 25565398 11724555 13840843 15189907 15189907 100475908 GARCIA HAMILTON & ASSOCIATES 20914100 F COMMODITY FUNDS 1108910 F COMMINGLED FUNDS 122715660 F HEDGE FUNDS 32364158 F REAL ESTATE FUNDS 2460905 F PRIVATE EQUITY FUNDS 2657567 F 182221300 DEFERRED COMPENSATION 628330 SPLIT INTEREST LIABILITIES 1334497 1962827 X 17472623 -47128385 200 50079 -47078106 64550729 1303853 42000 1345853 65896582 24801359 50079 50079 24751280 1303853 1303853 26055133 PART III, LINE 4: THE INSTITUTE'S COLLECTIONS CONSIST OF FINE ART AND FINE MUSICAL INSTRUMENTS WHICH ARE USED FOR PUBLIC EXHIBITION AND THE MUSICAL EDUCATION OF ITS STUDENTS. PART V, LINE 4: ENDOWMENT EARNINGS FUND THE INSTITUTE'S OPERATIONS AND ENABLE THE SCHOOL TO CONTINUE THE POLICY OF AWARDING MERIT-BASED FULL TUITION SCHOLARSHIPS TO STUDENTS. USE OF ENDOWMENT FUNDS ARE DETERMINED BY DONOR RESTRICTION IF PRESENT. PART X, LINE 2: THE INSTITUTE IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. TAX FILINGS ARE SUBJECT TO AUDIT BY VARIOUS TAXING AUTHROITIES. OPEN PERIODS SUBJECT TO AUDIT ARE GENERALLY THE PREVIOIUS THREE YEARS OF TAX RETURNS FILED. PART XI, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES PART XI, LINE 4B - OTHER ADJUSTMENTS: MANAGEMENT FEE INCOME PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE SCHOOL'S NONDISCRIMINATION POLICY IS POSTED ON ITS WEBSITE IN THE INFORMATION FOR ADMISSIONS SECTION. IT IS ALSO INCLUDED IN THE STUDENT HANDBOOK WHICH IS DISTRIBUTED DURING THE REGISTRATION PERIOD. SCHEDULE E, PART I, LINE 6 STUDENTS AT THE INSTITUTE RECIEVE FEDERAL AID IN THE FORM OF PELL GRANTS AND STAFFORD LOANS. CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 INVESTMENTS N/A 56465130 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 INVESTMENTS N/A 570022 EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 0 0 INVESTMENTS N/A 3802589 SUB-SAHARAN AFRICA 0 0 INVESTMENTS N/A 6132210 0 0 0 0 0 0 66969951 0 66969951 0 0 0 0 0 0 PART III ACCOUNTING METHOD: X X X X X X X 1 CHASE SOLUTIONS INC PO BOX 1116 CENTERVILLE MA 02632 DONOR RESEARCH 0 0 8675 -8675 CREATIVE PRO MARKETING 1000 W VALLEY ROAD 426 SOUTHEASTERN PA 19399 MARKETING MATERIAL 0 0 14073 -14073 22748 -22748 AL AK AZ AR CA CO CT DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI DC ANNUAL GALA 438999 388920 50079 20815 20815 8449 438999 388920 50079 20815 20815 8449 50079 0 1 NEED BASED ASSISTANCE TO STUDENTS 92 1160967 PART I, LINE 2: 1. IT SHALL BE THE POLICY OF THE CURTIS INSTITUTE OF MUSIC THAT NO PROSPECTIVE STUDENT WHO HAS BEEN ACCEPTED FOR STUDY WILL BE UNABLE TO ATTEND BECAUSE OF FINANCIAL NEED. SIMILARLY, IT SHALL ALSO BE THE POLICY OF CURTIS THAT NO CURRENTLY ENROLLED STUDENT WOULD HAVE TO LEAVE SCHOOL BECAUSE OF UNMET FINANCIAL NEED. IN PRACTICE, THIS SHALL MEAN THAT CURTIS WILL DETERMINE WHAT IS A REALISTIC LEVEL OF FINANCIAL NEED BASED UPON THEN-PREVAILING COSTS FOR LIVING EXPENSES IN PHILADELPHIA AND THE EXPERIENCE OF OTHER CURTIS STUDENTS. (IT IS OF COURSE POSSIBLE THAT SOME PROSPECTIVE OR CURRENTLY ENROLLED STUDENTS MAY CHOOSE NOT TO ACCEPT THE PROFFERED PACKAGE OF FINANCIAL AID FOR A VARIETY OF REASONS). 2. IN FULFILLMENT OF THE ABOVE COMMITMENT, CURTIS SHALL REVIEW EACH STUDENT'S REQUEST FOR FINANCIAL AID. WHERE APPROPRIATE AND NECESSARY, CURTIS MAY MAKE ADJUSTMENTS TO THE STATED LEVEL OF NEED (TO CORRESPOND WITH ACTUAL LIVING EXPENSES IN PHILADELPHIA AND WITH THE EXPERIENCE OF OTHER CURTIS STUDENTS) AND/OR THE REQUESTED LEVEL OF ASSISTANCE. THEREAFTER, CURTIS WILL BE PREPARED TO MAKE AVAILABLE A FINANCIAL AID PACKAGE THAT IS FULLY RESPONSIVE TO THE ADJUSTED LEVEL OF FINANCIAL NEED. BASED UPON EXPERIENCE, HOWEVER, INITIAL FINANCIAL AID AWARDS TO BOTH PROSPECTIVE AND CONTINUING STUDENTS SHALL BE TARGETED AT APPROXIMATELY 80% OF THE ADJUSTED LEVEL OF NEED, WITH THE EXPLICIT INVITATION FOR AID RECIPIENTS TO REAPPLY FOR FURTHER FINANCIAL AID SHOULD THAT PROVE NECESSARY. STUDENTS MAY REAPPLY FOR FINANCIAL AID AT ANY TIME DURING THE COURSE OF THE ACADEMIC YEAR. 3. WHEN DECIDING UPON A FINANCIAL AID PACKAGE, CURTIS SHALL EXPECT ALL STUDENTS TO FIRST TAKE FULL ADVANTAGE OF SOURCES OF FINANCIAL ASSISTANCE OTHER THAN THE CURTIS INSTITUTE OF MUSIC. ONLY AFTER ASSURANCE THAT ALL OTHER SOURCES HAVE BEEN FULLY EXPLORED AND UTILIZED, WILL CURTIS' OWN FINANCIAL AID RESOURCES BE INCORPORATED INTO THE FINANCIAL AID PACKAGE. (THE MIX BETWEEN OUTSIDE SOURCES OF FINANCIAL AID, CURTIS'S OWN RESOURCES, AND OUTSIDE EMPLOYMENT MAY VARY FROM STUDENT TO STUDENT, REFLECTING UNIQUE CIRCUMSTANCES APPLICABLE TO EACH STUDENT.) 4. SUPPLEMENTAL FINANCIAL ASSISTANCE FOR STUDENTS ATTENDING THE CURTIS INSTITUTE OF MUSIC IS AWARDED IN THE FOLLOWING SEQUENCE: PELL GRANTS, LOANS, ON-CAMPUS EMPLOYMENT, LAB/OPERA ORCHESTRA, CURTIS SUPPLEMENTAL GRANTS. 5. STUDENTS WHO REQUIRE SUPPLEMENTAL FINANCIAL ASSISTANCE FOR LIVING EXPENSES ARE EXPECTED TO CONTRIBUTE TO THEIR OWN EDUCATIONAL FINANCING BY TAKING LOW-INTEREST LOANS. ACCORDINGLY, LOANS ARE THE NEXT LEVEL OF FUNDING AFTER PELL GRANTS TO BE AWARDED IN A FINANCIAL ASSISTANCE PACKAGE. 6. WHEN IT COMES TO DETERMINING THE USE OF CURTIS' OWN FINANCIAL AID RESOURCES, ALL FINANCIAL AID PACKAGES WILL INCLUDE ON-CAMPUS EMPLOYMENT FOR ELIGIBLE STUDENTS. RECIPIENTS OF CURTIS'S OWN FINANCIAL AID RESOURCES WILL BE EXPECTED TO PERFORM ON-CAMPUS EMPLOYMENT UP TO THE MAXIMUM PERMISSIBLE NUMBER OF HOURS PER WEEK OF SUCH EMPLOYMENT AS DETERMINED BY CURTIS. 7. THESE FINANCIAL AID POLICIES OF THE CURTIS INSTITUTE OF MUSIC SHALL BE REVIEWED PERIODICALLY WITH MEMBERS OF THE FACULTY AND MEMBERS OF THE STUDENT BODY, BOTH TO SOLICIT OPINIONS AND SUGGESTIONS AS WELL AS FOR INFORMATION DISSEMINATION PURPOSES. X 1 1 X X X X X X 0 1 0 0 0 0 0 0 0 ROBERTO DIAZ PRESIDENT/TRUSTEE 628723 0 0 0 0 0 45000 0 28781 0 702504 0 0 0 LAWRENCE BOMBACK TREASURER 263234 0 0 0 0 0 16160 0 5579 0 284973 0 0 0 CHRISTOPHER MOSSEY SENIOR VP OF ADVANCEMENT (6/1/21-2/2 233931 0 0 0 0 0 4727 0 9787 0 248445 0 0 0 PAUL J BRYAN DEAN OF FACULTY AND STUDENTS 202872 0 0 0 0 0 0 0 27229 0 230101 0 0 0 VINCENT FORD SENIOR VP OF DIGITAL STRATEGY AND IN 195010 0 0 0 0 0 0 0 7785 0 202795 0 0 0 MATTHEW MORGAN CHIEF TECHNOLOGY OFFICER 150367 0 0 0 0 0 10031 0 28007 0 188405 0 0 0 PAMELA FRANK HERBERT R AND EVELYN AXELROD CHAIR, 153836 0 0 0 0 0 0 0 21956 0 175792 0 0 0 ANDREW LANE VP TOURING & ARTIST MANAGEMENT 132607 0 0 0 0 0 19500 0 7740 0 159847 0 0 0 KIMBERLY GOULD MANAGING DIRECTOR, HUMAN RESOURCES 148964 0 0 0 0 0 0 0 7947 0 156911 0 0 0 PART I, LINE 1A FIRST CLASS OR CHARTER TRAVEL IS PROVIDED FOR OFFICIAL INSTITUTE BUSINESS WHEN DEEMED APPROPRIATE. PART I, LINE 4B ROBERTO DIAZ PARTICIPATES IN A SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN. X 1 2000 APPRAISED VALUE X 250 COST X 16 849469 SELLING PRICE X MUSICAL INSTRUMENTS 9 923000 APPRAISED VALUE 1 0 1 0 PART I, COLUMN (B): THE ORGANIZATION IS REPORTING THE NUMBER OF CONTRIBUTIONS IN PART I, COLUMN (B). FORM 990, PART VI, SECTION B, LINE 11B PRIOR TO ITS FILING, THE FORM 990 IS REVIEWED BY THE AUDIT COMMITTEE WITH MANAGEMENT. ONCE APPROVED, THE FORM 990 IS THEN POSTED TO A PRIVATE ONLINE PORTAL FOR TRUSTEES, AND A NOTIFICATION IS SENT OUT FOR THEIR REVIEW. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION MONITORS AND ENFORCES COMPLIANCE BY FOLLOWING THESE PROCEDURES: (1) ALL INTERESTED PERSONS HAS A DUTY TO FILE A CONFLICT OF INTEREST STATEMENT AND DISCLOSURE WHEN COMMENCING SERVICE AND ON AN ANNUAL BASIS THEREAFTER, OR MORE FREQUENTLY IF A CHANGE IN ANY NEW ACTIVITIES OR RELATIONSHIPS OCCURS. (2) SHOULD A CONFLICT OR POTENTIAL CONFLICT ARISE, THE INTERESTED PERSON PRESENTS THIS POTENTIAL CONFLICT OF INTEREST TO THE CHAIR OF THE BOARD OF TRUSTEES AND SHALL ABSTAIN FROM DISCUSSIONS RELATED TO TRANSACTIONS OR ARRANGEMENTS THAT INVOLVE, OR MAY INVOLVE, THE ACTUAL OR POTENTIAL CONFLICT UNTIL A DETERMINATION CAN BE MADE BY THE BOARD CHAIR, OR IF NEEDED THE APPROPRIATE COMMITTEE AS DETERMINED BY THE CHAIR OR BY THE BOARD, REGARDING WHETHER HE OR SHE HAS A CONFLICT OF INTEREST. (3) THE GOVERNANCE COMMITTEE DETERMINES WHETHER THERE IS A CONFLICT OF INTEREST, AND REPORTS TO THE BOARD OF TRUSTEES IF ONE EXISTS. (4) THE MINUTES OF THE BOARD (OR OTHER CORPORATE RECORDS, AS APPROPRIATE) SHALL RECORD THE NAMES OF THE PERSONS WHO WERE FOUND TO HAVE AN ACTUAL OR POTENTIAL CONFLICT OF INTEREST, THE NATURE OF THE CONFLICT, THE NATURE OF THE FOLLOW-UP, AND THE DECISION AS TO WHETHER A CONFLICT OF INTEREST IN FACT EXISTED, AND WHETHER THAT CONFLICT INVOLVES A PERMISSIBLE OR IMPERMISSIBLE TRANSACTION OR ARRANGEMENT. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF TRUSTEES HAS ESTABLISHED A HUMAN RESOURCES COMMITTEE OF INDEPENDENT TRUSTEES THAT HAVE NO PERSONAL INTEREST IN THE PROPOSED COMPENSATION ARRANGEMENTS. THE COMMITTEE REVIEWS THE PROPOSED COMPENSATION FOR ALL EMPLOYEES INCLUDING OFFICERS DURING THE PREPARATION OF THE ORGANIZATION'S ANNUAL BUDGET. THE ORGANIZATION ALSO HAS A FULL-TIME HUMAN RESOURCES DEPARTMENT AND BUSINESS OFFICE THAT SUPPORTS THIS FUNCTION, AND HAS ACCESS TO COMPENSATION DATA AS A MEMBER OF THE NATIONAL ASSOCIATION OF COLLEGE AND UNIVERSITY BUSINESS OFFICES. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS OF THE INSTITUTE ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: MANAGEMENT FEE INCOME -42,000. MARY LOUISE CURTIS BOK FOUNDATION 1726 LOCUST STREET PHILADELPHIA PA 19103 236000615 SUPPORTING ORGANIZATION PA 501(C) 12DIII-O 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 MARY LOUISE CURTIS BOK FOUNDATION C 4053532 FMV