2023-05-13T16:06:04-05:00 2022-06-30 420714325 RSM US LLP 80 CITY SQUARE BOSTON MA 02129 990 2021-07-01 237225104 NEW ENGLAND CONSERVATORY OF MUSIC NEWE 6175851725 290 HUNTINGTON AVENUE BOSTON MA 02115 ANDREA KALYN PRESIDENT 6175851725 2023-05-13 1 ANDREA KALYN XXX-XX-XXXX LYNNE JOHNSON P00757336 6179129000 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z ANDREA KALYN 290 HUNTINGTON AVENUE BOSTON MA 02115 320754038 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. 22 22 1199 117 337066 257673 6176167 11070325 39956442 52309881 5399364 48431700 57086 390817 51589059 112202723 15952529 18692046 0 0 29176408 31331550 0 4500 2275719 19092825 21084251 64221762 71112347 -12632703 41090376 281873511 261178861 48102655 45775326 233770856 215403535 X NEW ENGLAND CONSERVATORY OF MUSIC (NEC) EDUCATES AND TRAINS MUSICIANS OF ALL AGES FROM AROUND THE WORLD. 0 0 41291223 18019266 42247960 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. (807 STUDENTS) 10010212 4856918 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. 6211175 672780 4820190 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. (1,475 STUDENTS) 2359447 384813 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. 2359447 384813 59872057 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 1 188 0 1 1199 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 22 22 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 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 BURNES KENNETT F 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 NICHOLS MARGARET BOARD TRUSTEE 2.00 0.00 X 0 0 0 PREVOST PATRICK M 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 KALYN ANDREA PRESIDENT 40.00 0.00 X 548460 0 30893 KELLY KATHLEEN SENIOR VP FOR STRATEGY & INSTITUTIONAL ADVANCEMENT 40.00 0.00 X 391689 0 14727 WOODS HEATHER CHIEF INFORMATION OFFICER 40.00 0.00 X 181050 0 32016 MARTIN KRISTINA ACTING VP FOR FINANCE & CONTROLLER 40.00 0.00 X 178397 0 32016 WEILERSTEIN DONALD COLLEGE FACULTY 35.00 0.00 X 215519 0 27498 EAGLEN LYSON JANE COLLEGE FACULTY 35.00 0.00 X 199664 0 36548 KIM SOOVIN COLLEGE FACULTY 35.00 0.00 X 169767 0 44608 KATZ PAUL COLLEGE FACULTY 35.00 0.00 X 175649 0 16201 LESSER LAURENCE COLLEGE FACULTY 35.00 0.00 X 168750 0 17861 NOVAK THOMAS VP & PROVOST (THRU 12/31/21) 40.00 0.00 X 244423 0 19805 SARRA MICHAEL FORMER VP FOR COMMUNICATIONS 40.00 0.00 X 138987 0 7612 2612355 0 279785 65 1 1 0 REBECCA'S CAFE IN 99 SOUTH SOUTH BEDFORD STREET BURLINGTON MA 01803 FOOD SERVICES 1469747 GUARDIAN SECURITY & PROTECTION LLC 50 STRAWBERRY LANE CANTON MA 02021 SECURITY SERVICES 1010922 ERNST & YOUNG 200 PLAZA DRIVE SECAUCUS NJ 07094 MANAGEMENT CONSULTING 642200 CLINICAL RESEARCH SEQUENCING PLATFORM L 415 MAIN STREET CAMPBRIDGE MA 02142 MEDICAL LABORATORIES 562500 EMCOR SERVICES NORTHEAST INC 80 HAWES WAY STOUGHTON MA 02072 ENGINEERING 374850 29 988143 956902 9125280 2224607 11070325 TUITION AND ACADEMIC FEES 611710 44705018 44705018 ROOM AND BOARD 721310 4312987 4312987 STUDENT HEALTH INSURANCE 524114 1176265 1176265 NON-ACADEMIC FEES 611710 871922 871922 HALL RENTALS 532000 323420 323420 920269 920269 52309881 17335 186563 -169228 28846 0 28846 28846 28846 256748440 208334075 48414365 48414365 150503 48263862 76641 988143 204973 -128332 -128332 15683 12267 3416 3416 OTHER SPECIAL EVENTS 900099 38629 38629 PUBLICATION 511190 6939 6939 PUBLIC RELATIONS & MARKETING 900099 245 245 441074 441074 486887 112202723 52309881 337066 48485451 18692046 18692046 1844292 495216 957559 391517 24016610 19726297 3259334 1030979 536568 445985 61069 29514 3081696 2561443 350742 169511 1852384 1539664 210828 101892 177897 4360 163085 10452 103002 103002 4500 4500 466923 466923 3124994 1425807 1419342 279845 104438 20687 82200 1551 2510284 1737903 668078 104303 273930 212389 58576 2965 3368067 2690203 663387 14477 591308 452911 61783 76614 112770 88107 7307 17356 1086376 1057644 25173 3559 6254158 5921215 296259 36684 STUDENT HEALTH AND FOOD 2591759 2591759 MISCELANEOUS EXPENSES 210524 193580 16944 PAYROLL PROCESS & TEMP 92980 92980 BAD DEBT AND LOSS 14841 14841 71112347 59872057 8964571 2275719 11277150 10056230 4163625 4391355 402713 722741 1666662 1903538 841553 599363 164693612 59715011 108582611 104978601 52192439 29048594 102606344 109374824 140414 103615 281873511 261178861 4887974 3567536 734300 1241172 32619734 31368072 6659320 6708772 3201327 2889774 48102655 45775326 X 89567361 83687637 144203495 131715898 233770856 215403535 281873511 261178861 X 41090376 -58861787 -12016 -583894 X 0 1 X 1 1 1 X 7125607 10460724 10073887 6176167 11070325 44906710 7125607 10460724 10073887 6176167 11070325 44906710 8471214 36435496 168983 181582 123649 71189 -140382 405021 102821 39531 281845 424197 252286 288108 144231 201495 579211 1465331 47201259 196929612 0.77190 0.86580 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 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 116917341 2875563 10273546 3013477 2422780 243581 124386612 0.14000 0.56000 0.30000 0 0 1269497 1269497 136357262 46135745 90221517 26671087 13579266 13091821 395766 395766 104978601 ADAMAS OPPORTUNITIES L.P. 124828 F BAUPOST VALUE PARTNERS IV, LP 10471937 F BROOKSIDE CAYMAN, LIMITED 404 F COMMONFUND CAPITAL PARTNERS 2000, LP 85252 F MIT PRIVATE EQUITY FUND III,LP 1762350 F MIT PRIVATE EQUITY FUND,LP 14654 F HRJ SPECIAL OPPORTUNITIES FUND II (US) 224141 F HRJ SPECIAL OPPORTUNITIES FUND II (INTERNATIONAL) 3799 F PARK STREET CAPITAL PRIVATE EQUITY FUND IX, LP 988693 F HIGHLAND CAPITAL PARTNERS VIII-B LP 1050714 F TRUEBRIDGE-KAUFFMAN FELLOWS ENDOWMENT FUND II, LP 2187479 F CAPITAL TODAY CHINA GROWTH FUND, II 1419799 F FISHER LYNCH VENTURE PARTNERSHIP II-A, L.P. 2927729 F OHA EUROPEAN STRATEGIC CREDIT FUND (OFF SHORE) 19196 F DOVER STREET VIII 88486 F HIGHLAND CAPITAL PARTNERS 9-B LP 1675262 F BAIN CAPITAL FUND XI 960048 F DOVER STREET IX 776017 F HIGHLAND CAPITAL PARTNERS 10 2091607 F HIGHBAR PARTNERS III 965959 F SEAMANS GLOBAL OPPORTUNITIES FUND, LLC 26464 F KLINE HILL PARTNERS FUND II LP 547766 F BLUE TORCH CREDIT OPPORTUNITIES 405662 F SENATOR GLOBAL OPPORTUNITY OFFSHORE FUND II LTD 1256966 F DOVER STREET X FEEDER FUND 1339985 F HBK MULTI-STRATEGY OFFSHORE FUND LTD 1373312 F SACHEM HEAD OFFSHORE LTD. 558742 F BLUE TORCH OFFSHORE CREDIT OPPORTUNITIES FUND II 588875 F OBVIOUS GROWTH I LP 1011637 F STRATEGIC HEDGE FUND 11617386 F STRATEGIC INVESTMENT TRUSTS 62809675 F 109374824 PERKINS LOAN REFUNDABLE ADVANCES 2006045 PLANNED GIVING LIABILITY 767718 FINANCE LEASE LIABILITY 116011 2889774 X 33753413 -58861787 -12016 -19780480 -78654283 112407696 -204973 -204973 112202723 52120734 204973 204973 51915761 466923 18729663 19196586 71112347 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 AND AT THE MUSEUM OF FINE ARTS, BOSTON. 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, 2022, WERE REVIEWED, AND IT WAS DETERMINED THAT NO PROVISION FOR UNCERTAIN TAX POSITIONS WAS REQUIRED AS OF JUNE 30, 2022 OR 2021. 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 -583,894. ATTRITION IN ENVIRONMENTAL LIABILITY -37,617. TUITION & DORM SCHOLARSHIP -18,692,046. INVESTMENT MANAGEMENT FEES INCLUDED IN INVESTMENT RETURNS -466,923. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EVENTS EXPENSES REPORTED ON FORM 990, PART VIII, LINE 8B -204,973. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENTS EXPENSES REPORTED ON FORM 990, PART VIII, LINE 8B 204,973. PART XII, LINE 4B - OTHER ADJUSTMENTS: TUITION & DORM SCHOLARSHIP 18,692,046. ATTRITION IN ENVIRONMENTAL LIABILITY 37,617. 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 $7,687,411; COMMONWEALTH OF MASSACHUSETTS CULTURAL COUNCIL $30,000 NEW ENGLAND CONSERVATORY OF MUSIC (THE CONSERVATORY) RECEIVED FUNDING FROM THE FEDERAL GOVERNMENT AS PART OF THE HEERF INCLUDED IN THE VARIOUS COVID-19 FUNDING PACKAGES. DURING THE YEAR ENDED JUNE 30, 2021, THE CONSERVATORY WAS AUTHORIZED TO RECEIVE $652,599 DIRECTED TOWARDS EMERGENCY FINANCIAL AID TO STUDENTS AND $938,412 DIRECTED TOWARDS INSTITUTIONAL EXPENSES. AS OF JUNE 30, 2021, THE CONSERVATORY HAD MET THE CONDITIONS OF $653,132 OF THE 2021 GRANTS WHICH ARE RECORDED WITHIN GOVERNMENT GRANTS IN THE ACCOMPANYING STATEMENT OF ACTIVITIES. AS OF JUNE 30, 2022, THE CONSERVATORY HAD MET THE CONDITIONS OF $937,879 OF THE REMAINING 2021 GRANTS WHICH ARE RECORDED WITHIN GOVERNMENT GRANTS IN THE ACCOMPANYING STATEMENTS OF ACTIVITIES. EUROPE (INCLUDING ICELAND & GREENLAND) 0 1 PROGRAM SERVICES ACADEMIC ACTIVITIES 39000 NORTH AMERICA 0 2 PROGRAM SERVICES ACADEMIC ACTIVITIES 4794 CENTRAL AMERICA AND THE CARIBBEAN INVESTMENTS 20089478 0 3 0 0 0 3 20133272 0 20133272 1 0 1 1 1 0 PART III ACCOUNTING METHOD: GALA 1064784 988143 76641 130419 32605 41949 1064784 988143 76641 130419 32605 41949 204973 -128332 1 SCHOLARSHIP AND OTHER FINANCIAL AID 1012 18692046 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 1 0 KALYN ANDREA PRESIDENT 391369 0 50000 0 107091 0 4477 0 26416 0 579353 0 0 0 KELLY KATHLEEN SENIOR VP FOR STRATEGY & INSTITUTIONAL ADVANCE 348637 0 40000 0 3052 0 3294 0 11433 0 406416 0 0 0 NOVAK THOMAS VP & PROVOST (THRU 12/31/21) 226124 0 2000 0 16299 0 2833 0 16972 0 264228 0 0 0 WEILERSTEIN DONALD COLLEGE FACULTY 207749 0 2500 0 5270 0 3190 0 24308 0 243017 0 0 0 EAGLEN LYSON JANE COLLEGE FACULTY 182743 0 0 0 16921 0 4200 0 32348 0 236212 0 0 0 KIM SOOVIN COLLEGE FACULTY 152639 0 3000 0 14128 0 2455 0 42153 0 214375 0 0 0 WOODS HEATHER CHIEF INFORMATION OFFICER 175511 0 5000 0 539 0 1867 0 30149 0 213066 0 0 0 MARTIN KRISTINA ACTING VP FOR FINANCE & CONTROLLER 172857 0 5000 0 540 0 1867 0 30149 0 210413 0 0 0 KATZ PAUL COLLEGE FACULTY 173149 0 2500 0 0 0 2656 0 13545 0 191850 0 0 0 LESSER LAURENCE COLLEGE FACULTY 166023 0 2500 0 227 0 2419 0 15442 0 186611 0 0 0 SARRA MICHAEL FORMER VP FOR COMMUNICATIONS 88707 0 0 0 50280 0 0 0 7612 0 146599 0 0 0 PART I, LINE 1A A $96,549 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 SEVERANCE IN THE AMOUNT OF $42,308 WAS PROVIDED TO MICHAEL SARRA IN 2021. PART I, LINE 7 THERE IS A COMPENSATION COMMITTEE WHO OVERSEES SALARIES AND BONUSES. THERE WAS A BOARD BONUS GIVEN TO MOST OF THE EMPLOYEES ON CAMPUS DURING FY22. THE COMPENSATION COMMITTEE DETERMINED THE BONUSES FOR THE OFFICERS, AND THE SENIOR STAFF MADE RECOMMENDATIONS TO THE COMMITTEE FOR THE OTHER EMPLOYEES WHICH THE COMMITTEE PROVIDED FINAL APPROVAL. THESE BONUSES WERE ALL GIFTS BY BOARD MEMBERS TO THANK STAFF AND FACULTY AS THEY RETURNED FROM COVID. 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 5935000 23685000 23389001 295999 1 1 1 1 B 1989929 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. ON MARCH 1, 2021, THE SERIES 2014 BONDS AND THE SERIES 2015 BONDS (THE BONDS) WERE AMENDED TO ADJUST THE INTEREST RATE FROM 3.34% TO 2.34% EFFECTIVE MARCH 19, 2021. NO OTHER TERMS OF THE BONDS WERE MODIFIED. PRINCIPAL AND INTEREST ON THE BONDS IS PAYABLE MONTHLY. X 32 545349 FMV X 1 1520000 FMV X INSTRUMENTS 12 159258 FMV 5 1 1 1 PART I, COLUMN (B): PART I, COLUMN (B): NEC IS REPORTING A COMBINATION OF BOTH THE NUMBER OF CONTRIBUTIONS AND THE NUMBER OF ITEMS RECEIVED. PART I, LINE 9, SECURITIES PUBLICLY TRADED, COLUMN (B): THE NUMBER OF CONTRIBUTIONS ARE REPORTED. PART I, LINE 15, REAL ESTATE - RESIDENTIAL, COLUMN (B): THE NUMBER OF ITEMS ARE REPORTED. PART I, LINE 25, INSTRUMENTS, COLUMN (B): THE NUMBER OF ITEMS ARE REPORTED. PART I, LINE 30B: ALL NEW PERMANENTLY RESTRICTED GIFTS REQUIRE A HOLDING PERIOD OF THREE YEARS WITHIN THE ENDOWMENT BEFORE USE OF THE INCOME PRODUCED IS ALLOWED. 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 -583,894. 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 INVESTMENT MA NEW ENGLAND CONSERVATORY OF MUSIC 1 GIFT ANNUITIES (28) INVESTMENT MA NEW ENGLAND CONSERVATORY OF MUSIC 1 CHARITABLE LEAD ANNUITY TRUST 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