2020-07-09T10:31:23-05:00 2019-06-30 GRANT THORNTON LLP 757 THIRD AVENUE 3RD FLOOR NEW YORK NY 100172013 990 2018-07-01 131624067 Juilliard School % CHRISTINE TODD JUIL 2127995000 60 Lincoln Center Plaza New York NY 10023 CHRISTINE TODD VP & CFO 2127995000 2020-07-08 true Daniel Romano P00504182 2125990100 2020-05-13 69.248.129.53 26377520201915000013 2020-07-09 P A87539D75D44546F9E81755E19BD8DC508F41D5E 8DDBE17DE0599195D17B7973BC5944EE8AD8D13D 2018 2020-09-23 17:36:50Z Damian Woetzel 60 Lincoln Center Plaza New York NY 10023 496081911 false X www.juilliard.edu X 1934 NY Provide the highest caliber of artistic education for gifted musicians, dancers, and actors from around the world. 29 28 2841 45 -904898 -1196213 38270781 28153160 60929120 64511264 45493322 39441980 2219156 359712 146912379 132466116 26855419 28256965 0 0 64094618 65448891 0 0 3729413 49359076 50136422 140309113 143842278 6603266 -11376162 1299831367 1294779346 247940996 261584576 1051890371 1033194770 X The mission of the Juilliard School is to provide the highest caliber of artistic education for gifted musicians, dancers, and actors from around the world so that they may achieve their fullest potential as artists, leaders, and global citizens. false false 66200518 0 43851482 Juilliards primary program service accomplishment is providing instruction in music, dance, and drama to approximately 1,200 students in its college and pre-college programs. The expenses associated with provided instruction include compensation (salaries and employment benefits) relating to the educational function of the School, occupancy costs allocable to instruction, teaching materials and services, and instrument maintenance and repair. 27942958 27942958 0 Providing financial assistance to students is a high priority of the School, so that financial circumstances will not be a barrier to entry for its talented musicians, actors, and dancers. Student assistance includes scholarships, fellowships, prizes, certain grants, and federal aid grants received and distributed to eligible students. Approximately 87% of the college population of the school (849 students in total) received student assistance during 2018-19. 7289353 314007 7032389 During 2018-19 the School supported its mission of higher education through program services indirectly related to the education of talented musicians, actors and dancers. Such indirect program services include support of student activities and programming, auxiliary services such as the Juilliard Store and the student residence hall, and employee benefit costs. 5915460 0 444813 Student Performing Arts Productions 5089919 0 14161463 International Education 11005379 0 14606276 112438208 true true false true false false false true false true true true false false true true false true true false true false false false true false false false true true true false false false false false false false false false false true true false false true true true true false false true 521 0 true 2841 true true true true CH false false false true true false false false false false true X 29 28 true false false false false false false true true false false true true true true true true true true false CA NY X CHRISTINE TODD 2127995000 60 LINCOLN CENTER PLAZA New York NY 10023 Bruce Kovner Chair 3.0 0.0 X X 0 0 0 Katheryn Patterson Vice Chair 2.0 0.0 X X 0 0 0 J Christopher Kojima Vice Chair 2.0 0.0 X X 0 0 0 Julie Choi Trustee 2.0 0.0 X 0 0 0 Kent Clark Trustee 2.0 0.0 X 0 0 0 Kenneth Davidson Trustee (thru 05/2019) 2.0 0.0 X 0 0 0 Barbara Fleischman Trustee 1.0 0.0 X 0 0 0 Keith Gollust Trustee (thru 05/2019) 2.0 0.0 X 0 0 0 Mary Graham Trustee 1.0 0.0 X 0 0 0 Joan Harris Trustee 1.0 0.0 X 0 0 0 Matthew Jacobson Trustee 1.0 0.0 X 0 0 0 Edward Johnson Jr Trustee 1.0 0.0 X 0 0 0 Karen Levy Trustee 1.0 0.0 X 0 0 0 Teresa Lindsay Trustee 1.0 0.0 X 0 0 0 Laura Linney Trustee 1.0 0.0 X 0 0 0 Michael Loeb Trustee 1.0 0.0 X 0 0 0 Vincent Mai Trustee 1.0 0.0 X 0 0 0 Ellen Marcus Trustee 1.0 0.0 X 0 0 0 Greg Margolies Trustee 1.0 0.0 X 0 0 0 Nancy Marks Trustee 1.0 0.0 X 0 0 0 Stephanie Palmer McClelland Trustee 1.0 0.0 X 0 0 0 Christina McInerney Trustee 1.0 0.0 X 0 0 0 Lester Morse Jr Trustee 1.0 0.0 X 0 0 0 Stephen Novick Trustee 1.0 0.0 X 0 0 0 Susan Rose Trustee 1.0 0.0 X 0 0 0 Jeffrey Seller Trustee (as of 10/2018) 1.0 0.0 X 0 0 0 Deborah Simon Trustee 1.0 0.0 X 0 0 0 Sarah Billinghurst Solomon Trustee 1.0 0.0 X 0 0 0 William Stricker Trustee 1.0 0.0 X 0 0 0 Yael Taqqu Trustee (as of 10/2018) 1.0 0.0 X 0 0 0 Damian Woetzel President 50.0 0.0 X X 422851 0 38270 JOSEPH W POLISI CHIEF CHINA OFFICER 50.0 0.0 X 1621691 0 150191 Ara Guzelimian Provost & Dean 50.0 0.0 X 402167 0 64961 Lesley Rosenthal AS OF 0718 CHIEF OPERATING OFFICER 50.0 0.0 X 237235 0 14613 Alexandra Wheeler as of 1218 VP Dev & Public Affairs 50.0 0.0 X 24519 0 0 Maurice Edelson VP Admin & Gen Counsel 50.0 0.0 X 415950 0 64961 Christine Todd VP & CFO 50.0 0.0 X 319772 0 44340 Joseph Mastrangelo VP Facilities Management 50.0 0.0 X 199334 0 43005 C Mossey THRU 0418 Sr Managing Dir, JGV 50.0 0.0 X 368409 0 17200 Joan Warren VP Enroll Mgmt & Student Dev 50.0 0.0 X 238339 0 40646 Carl Young Chief Information Officer 50.0 0.0 X 347699 0 23335 N Moessner THRU 0418 Managing Dir. of Finance, JGV 50.0 0.0 X 263518 0 7030 Yoheved Kaplinsky Artistic Director & Faculty 50.0 0.0 X 293981 0 35297 Myung Kang-Huneke Deputy General Counsel 50.0 0.0 X 268644 0 30428 Matti Raekallio Faculty Member 50.0 0.0 X 291149 0 47574 5715258 0 621851 107 false true false Investure LLC 126 Garrett Street Suite J CHARLOTTESVILLE VA 22902 Investment Mgmt 3535423 Bares Capital 12600 Hill Country Blvd R-230 BEE CAVE TX 78738 Investment Mgmt 535476 Q-BIRD PRODUCTIONS INC 338 WEST 72ND STREET NEW YORK NY 10023 PROFESSIONAL SVCS 331200 HARBOUR OFFSHORE III 8 WATERLOO PLACE LONDON 0 UK SWIY 4BE INVESTMENT MGMT 234802 KELLEY DRYE WARREN LLP 101 PARK AVENUE NEW YORK NY 10178 PROFESSIONAL SVCS 227352 19 3365076 813283 23974801 549936 28153160 TUITION & FEES 616000 43650984 43650984 RESIDENCE HALL 611710 5964208 5448753 515455 USER FEES, EDUCATION PROGRAM 611710 733108 733108 STUDENT LOAN INCOME 900099 1501 1501 INT'L PROGRAM DEV AND OPERATIONS 900099 14161463 14161463 64511264 2100519 -904898 3005417 137921 137921 0 0 0 0 398827481 45435 361669376 37158105 45435 37203540 37203540 173000 3365076 852544 -679544 -679544 0 0 0 1934837 1093875 840962 840962 VENDING MACHINE 900099 17502 17502 MISCELLANEOUS REVENUE 900099 180792 180792 198294 132466116 64974692 -904898 40243162 0 28256965 28256965 0 0 3821205 1215504 2081962 523739 0 47949330 38854914 7335002 1759414 3049549 2172975 764676 111898 5978435 4259972 1499095 219368 4650372 3125690 1333891 190791 0 1025561 502904 493224 29433 174840 174840 0 0 4971215 4971215 1885093 448996 1285379 150718 1196218 937525 51739 206954 1445589 1007813 406506 31270 2085330 2085330 0 8057926 7594256 408485 55185 1268854 1223066 32946 12842 0 181077 129609 4679 46789 8805741 7925167 792517 88057 0 9612171 8756686 770841 84644 1887957 1887957 PERFORMANCE PRODUCTION 1984981 1984981 AUXILIARY SERVICES 1793566 1793566 INSTRUMENT PURCH & MAINT 479439 479439 STDT ACTIVITIES & OUTREACH 385368 385368 2895496 1382812 1294373 218311 143842278 112438208 27674657 3729413 8716239 7116731 0 0 16078206 11929600 6906101 14062464 0 0 0 0 662192 605306 1013388 978677 1488961 1223892 283790955 137174541 152651664 146616414 128071106 143898741 978197105 962407309 0 0 0 0 6046405 5940212 1299831367 1294779346 10333928 11060834 0 0 2911658 1856631 193576819 194185792 0 0 0 0 0 0 0 0 41118591 54481319 247940996 261584576 X 190619052 170436648 465705530 454451841 395565789 408306281 1051890371 1033194770 1299831367 1294779346 X -11376162 6187536 -13506975 X false true X true true true X 32416904 45929634 28809594 38270781 28153160 173580073 0 0 32416904 45929634 28809594 38270781 28153160 173580073 49866476 123713597 2902522 1043901 505848 1415470 2238440 8106181 0 2182071 2199446 2049306 3355149 2306131 12092103 193778357 281477744 0.63843 0.60044 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false false false true false SCHEDULE C THE JUILLIARD SCHOOL DOES NOT generally ENGAGE IN DIRECT LOBBYING. HOWEVER, AS AN EDUCATIONAL INSTITUTION THE SCHOOL IS A MEMBER OF VARIOUS INDUSTRY ASSOCIATIONS THAT MAY LOBBY ON BEHALF OF THE INDUSTRY. IN ADDITION, DURING FISCAL 2019, THE SCHOOL SIGNED A LETTER TO CONGRESSIONAL LEADERS, ALONG WITH OTHER EDUCATIONAL INSTITUTIONS, TO EXPRESS CONCERN WITH THE ENDOWMENT EXCISE TAX. WHILE THE JUILLIARD SCHOOL PAYS MEMBERSHIP DUES TO THESE ORGANIZATIONS, THE SCHOOL IS UNABLE TO DETERMINE THE MINIMAL AMOUNT THAT MAY BE ALLOCATED FOR THAT PURPOSE. X X X false 1095547708 11841106 39328571 18564103 35520645 1092632637 1035383858 22221804 89804040 17146361 34715633 1095547708 922956446 25794167 137320774 15617448 35070081 1035383858 988697264 18318818 -34644535 14956473 34458628 922956446 988905887 18936550 29711773 14009651 34847295 988697264 0.26300 0.73700 false false 2421438 2421438 33308239 28742887 4565352 212977331 86720826 126256505 31815075 21710828 10104247 3268872 3268872 146616414 GLOBAL EQUITY 304337720 F MULTI-STRATEGY 313933328 F PRIVATE EQUITY 216942288 F EMERGING MARKETS 109947853 F INFLATION HEDGES 9166104 F CREDIT 5323856 F OTHER INVESTMENTS 2756160 F 962407309 0 FAIR VALUE OF DERIVATIVE INSTRUMENT 50223924 LIABILITIES TO ANNUITANTS 3689955 FEDERAL LOAN CAPITAL ADVANCES 567440 54481319 X 95859552 6187536 -13506975 -7319439 103178991 4971215 24315910 29287125 132466116 114555153 114555153 4971215 24315910 29287125 143842278 FINANCIAL STATEMENT FOOTNOTE SCHEDULE D, PART III, LINE 1 THE SCHOOL'S COLLECTIONS COMPRISE RARE INSTRUMENTS AND MUSIC MANUSCRIPTS THAT ARE HELD FOR EDUCATIONAL AND CURATORIAL PURPOSES. EACH OF THE ITEMS IS CATALOGUED, PRESERVED AND CARED FOR, AND ACTIVITIES VERIFYING THEIR EXISTENCE AND ASSESSING THEIR CONDITION ARE PERFORMED CONTINUOUSLY. THE COLLECTIONS GENERALLY ARE SUBJECT TO A POLICY THAT REQUIRES PROCEEDS FROM THEIR SALES TO BE USED TO ACQUIRE OTHER ITEMS FOR COLLECTIONS. THE COLLECTIONS, WHICH WERE ACQUIRED THROUGH PURCHASES AND CONTRIBUTIONS SINCE THE SCHOOL'S INCEPTION, ARE NOT RECOGNIZED AS ASSETS IN THE BALANCE SHEETS. PURCHASES OF COLLECTION ITEMS ARE RECORDED AS DECREASES in net assets without donor restrictions IN THE PERIOD IN WHICH THE ITEMS ARE ACQUIRED, OR AS net assets with donor restrictions IF THE ASSETS USED TO PURCHASE THE ITEMS ARE RESTRICTED BY DONORS. CONTRIBUTED COLLECTION ITEMS ARE NOT REFLECTED IN THE FINANCIAL STATEMENTS. PROCEEDS FROM DEACCESIONS OR INSURANCE RECOVERIES ARE REFLECTED AS INCREASES IN THE APPROPRIATE NET ASSET CLASSES. THE VALUE OF THE SCHOOL'S COLLECTIONS IS PERIODICALLY ESTIMATED FOR INSURANCE PURPOSES. DESCRIPTION OF ORGANIZATION'S COLLECTION SCHEDULE D, PART III, LINE 4 The School's collections include rare musical instruments and historic music manuscripts. Access to these collections provides exceptional educational opportunities to the students attending the School as they prepare for professional careers in the performing arts. Additionally, the collections are held for curatorial purposes, as their preservation and ongoing care is essential to ensuring access to them by future generations of students and scholars. On occasion in connection with a relevant performance, lecture, or presentation, the viewing area for the collection items is opened so visitors to the School may view the items. INTENDED USES OF ENDOWMENT FUNDS SCHEDULE D, PART V, LINE 4 The School's endowment consists of approximately 650 individual funds established for a variety of purposes including scholarships and student aid, educational programs, and other purposes in support of the School's mission. INCOME TAXES SCHEDULE D, PART X, LINE 2 THE SCHOOL RECOGNIZES THE EFFECT OF INCOME TAX POSITIONS ONLY IF THOSE TAX POSITIONS ARE MORE LIKELY THAN NOT TO BE SUSTAINED. INCOME GENERATED FROM ACTIVITIES UNRELATED TO THE SCHOOL'S EXEMPT PURPOSE IS SUBJECT TO TAX UNDER INTERNAL REVENUE CODE SECTION 511. THE SCHOOL DID NOT RECOGNIZE ANY UNRELATED BUSINESS INCOME TAX LIABILITY FOR THE YEARS ENDED JUNE 30, 2019 AND 2018. THE TAX CUTS AND JOBS ACT (THE 'ACT') IMPOSES A 21% TAX ON QUALIFIED TRANSPORTATION FRINGE BENEFITS OFFERED BY THE SCHOOL. THE SCHOOL ESITMATES THE TAX TO BE APPROXIMATELY $98,000 FOR THE YEAR ENDED JUNE 30,2019. SECTION 4968 OF THE ACT IMPOSES A TAX ON APPLICABLE EDUCATIONAL INSTITUTIONS EQUIVALENT TO 1.4% OF THE INSTITUTION'S NET INVESTMENT INCOME FOR THE YEAR. THE SCHOOL DETERMINED THAT IT MEETS THE DEFINITION OF AN APPLICABLE EDUCATIONAL INSTITUTION AND RECORDED APPROXIMATELY $1,117,000 OF TAX EXPENSE BASED ON REASONABLE ESTIMATES UNDER THE CURRENTLY AVAILABLE REGULATORY GUIDANCE FOR THE YEAR ENDED JUNE 30,2019, APPROXIMATELY $250,000 OF WHICH IS ESTIMATED TO REPRESENT THE CURRENT PORTION OF THE TAX LIABILITY. RECONCILIATION OF REVENUE SCHEDULE D, PART XI LINE 2D CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS $ (97,101) CHANGE IN FAIR VALUE OF DERIVATIVE INSTRUMENTS $(13,409,874) ------------- TOTAL $(13,506,975) ============= LINE 4B FINANCIAL AID GRANTS $ 24,292,577 JUILLIARD STORE COST OF SALES $ (1,093,875) Accrued Estimated Excise TAX ON INVESTMENTs $ 1,117,208 ------------- TOTAL $ 24,315,910 ============= RECONCILIATION OF EXPENSES SCHEDULE D, PART XII LINE 4B FINANCIAL AID GRANTS $ 24,292,577 JUILLIARD STORE COST OF SALES $ (1,093,875) Accrued Estimated Excise TAX ON INVESTMENTs $ 1,117,208 ------------- TOTAL $ 24,315,910 ============= true true true true true true true false false false false false false false false true false true SCHEDULE E, PART I, LINE 3 UNDER REV PROC 75-50, 4.03(2)(B), THE SCHOOL WOULD SEEM TO BE EXEMPT IN THAT IT "CUSTOMARILY DRAWS A SUBSTANTIAL PERCENTAGE OF ITS STUDENTS NATIONWIDE OR WORLDWIDE FROM A LARGE GEOGRAPHIC SECTION OF THE U.S. AND FOLLOWS A RACIALLY NON-DISCRIMINATORY POLICY." HOWEVER, THE SCHOOL'S POLICY OF NON-DISCRIMINATION FOR ADMISSIONS AND FINANCIAL AID AWARDS IS CLEARLY STATED IN ADMISSIONS MATERIALS SENT TO ALL PROSPECTIVE STUDENTS. SCHEDULE E, PART I, LINE 6 THE SCHOOL PARTICIPATES IN THE FOLLOWING FEDERAL PROGRAMS: FWS, PELL GRANT, SEOG, FEDERAL DIRECT STUDENT LOANS, AND PERKINS LOANS. AT THE STATE LEVEL, IT HAS BEEN THE RECIPIENT OF NEW YORK AID TO NON-PUBLIC COLLEGES ("BUNDY FUNDS") AND LIBRARY GRANTS. Europe (Including Iceland and Greenland) Program Services Meetings/performances 347649 South America Program Services Meetings/performances 3515 North America Program Services Meetings/performances 14612 East Asia and the Pacific Program Services Meetings/performances 772095 Middle East and North Africa Program Services Meetings/performances 46564 Central America and the Caribbean Investments 338268394 Europe (Including Iceland and Greenland) Investments 4807732 North America Investments 126102 344386663 344386663 true false true true true false PART IV THE JUILLIARD SCHOOL INVESTS IN DOMESTIC AND FOREIGN LIMITED PARTNERSHIPS THAT MAY OWN AN INTEREST IN A FOREIGN CORPORATION, PASSIVE FOREIGN INVESTMENT COMPANY, OR FOREIGN PARTNERSHIP. NEVERTHELESS, JUILLIARD'S INVESTMENT ACTIVITIES MAY NOT REACH THE THRESHOLDS REQUIRED FOR FILING THE FORMS 926, 5471, 8621, OR 8865. TO THE EXTENT SUCH A FORM WAS REQUIRED, IT HAS BEEN FILED WITH THE ORGANIZATION'S FORM 990-T. Fall Gala 1287968 1198968 89000 223762 82148 9210 76371 Spring Gala 2250108 2166108 84000 242592 171260 16850 30351 0 3538076 3365076 173000 466354 253408 26060 106722 852544 -679544 true STUDENT SCHOLARSHIPS 896 25896039 FEDERAL FINANCIAL GRANTS & ALLOCATIONS 256 823533 FELLOWSHIPS 232 734811 PRIZES & LIVING EXPENSE GRANTS 47 167095 CAREER AND OTHER GRANTS 230 635487 SCHEDULE I, PART I, LINE 2 AS FEDERALLY MANDATED, THE SCHOOL PREPARES ANNUALLY A STUDENT COST OF ATTENDANCE BUDGET, WHICH INCLUDES TUITION, ROOM AND BOARD, AND AN ESTIMATE FOR THE COST OF BOOKS, SUPPLIES, TRANSPORTATION, AND PERSONAL EXPENSES. THE SCHOOL THEN AWARDS FEDERAL, STATE AND INSTITUTIONAL AID BASED UPON THE COST OF ATTENDANCE AND THE FAMILY'S EXPECTED CONTRIBUTION, AS DETERMINED BY THE FEDERAL NEEDS ANALYSIS FORMULA. STUDENTS DO NOT RECEIVE FUNDING IN EXCESS OF THE COST OF ATTENDANCE, AND IN CASES WHERE OUTSIDE GRANTS ARE RECEIVED, STUDENT SELF-HELP AID (I.E. LOANS AND WORK-STUDY) IS REDUCED FIRST TO ENSURE THAT AID IS NOT OVER-AWARDED. STUDENTS MUST DOCUMENT ADDITIONAL EDUCATIONALLY-RELATED EXPENSES IN ORDER TO RECEIVE FUNDING ABOVE THEIR UNMET NEEDS. X X true true X X X X X X true true false false false false false true false Damian Woetzel President 420406 0 0 0 2445 0 25898 0 13636 0 462385 0 0 0 JOSEPH W POLISI CHIEF CHINA OFFICER 512987 1095929 12775 122955 29627 1774273 956157 Ara Guzelimian Provost & Dean 399587 0 0 0 2580 0 27500 0 39714 0 469381 0 0 0 Lesley Rosenthal AS OF 0718 CHIEF OPERATING OFFICER 236647 0 0 0 588 0 0 0 15579 0 252814 0 0 0 Maurice Edelson VP Admin & Gen Counsel 414060 0 0 0 1890 0 27500 0 39725 0 483175 0 0 0 Christine Todd VP & CFO 318482 0 0 0 1290 0 27500 0 19031 0 366303 0 0 0 Joseph Mastrangelo VP Facilities Management 196425 0 0 0 2909 0 20057 0 24263 0 243654 0 0 0 C Mossey THRU 0418 Sr Managing Dir, JGV 81837 0 28137 0 258435 0 8441 0 9307 0 386157 0 0 0 Joan Warren VP Enroll Mgmt & Student Dev 235413 0 0 0 2926 0 24166 0 18061 0 280566 0 0 0 Carl Young Chief Information Officer 337528 0 6361 0 3810 0 10304 0 15179 0 373182 0 0 0 N Moessner THRU 0418 Managing Dir. of Finance, JGV 84644 0 50625 0 128249 0 0 0 7605 0 271123 0 0 0 Yoheved Kaplinsky Artistic Director & Faculty 288151 0 0 0 5830 0 23110 0 13872 0 330963 0 0 0 Myung Kang-Huneke Deputy General Counsel 268033 0 0 0 611 0 27133 0 5039 0 300816 0 0 0 Matti Raekallio Faculty Member 289380 0 0 0 1769 0 22560 0 26648 0 340357 0 0 0 SCHEDULE J, PART I, LINE 1 THE SCHOOL ON EXTREMELY INFREQUENT OCCASIONS PROVIDES NON-COACH (GENERALLY BUSINESS-CLASS, ALTHOUGH FIRST-CLASS MAY BE USED IF BUSINESS-CLASS IS UNAVAILABLE) TRAVEL FOR ITS OFFICERS FOR TRAVEL TO INTERNATIONAL DESTINATIONS, IN ACCORDANCE WITH THE SCHOOL'S POLICY. SUCH TRAVEL IS IN DIRECT SUPPORT OF THE SCHOOL'S EDUCATIONAL AND PERFORMANCE PROGRAMS (SUCH AS, FOR EXAMPLE, AN INTERNATIONAL PERFORMANCE TOUR OF THE STUDENT ORCHESTRA). ALSO, ON OCCASION THE SCHOOL PROVIDES TRANSPORTATION FOR THE SPOUSE OF THE PRESIDENT TO ATTEND, ON BEHALF OF THE SCHOOL, FUNCTIONS OR OTHER EVENTS TOGETHER WITH THE PRESIDENT IN DIRECT SUPPORT AND FURTHERANCE OF THE SCHOOL'S MISSION. SCHEDULE J, PART I, LINE 3 AN EMPLOYMENT CONTRACT IS EXECUTED BETWEEN THE SCHOOL AND ITS PRESIDENT, THE TERMS OF WHICH ARE SUBJECT TO REVIEW BY THE BOARD OF TRUSTEES. AT THE END OF THE CONTRACT'S TERM, WHEN DECIDING THE TERMS UNDER WHICH THE CONTRACT MAY BE RENEWED OR EXTENDED, THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES, WITH THE ASSISTANCE OF AN OUTSIDE COMPENSATION EXPERT, CONDUCTS RESEARCH AMONG PEER INSTITUTIONS AND DOCUMENTS THE FINDINGS AND DECISIONS REACHED. THE COMPENSATION OF OFFICERS AND OTHER KEY EMPLOYEES IS REVIEWED ANNUALLY BY THE COMPENSATION COMMITTEE PRIOR TO THE START OF EACH FISCAL YEAR, AND QUESTIONS, OBJECTIONS, AND THE RESOLUTION OF EACH IS DOCUMENTED. Schedule J, Part I, line 4a The school made severance payments to sr. managing director Christopher Mossey and managing director Nicholas Moessner for the calendar year 2018. These amount are reported in Schedule J, column (b)(iii). SCHEDULE J, PART I, LINE 4B CHIEF CHINA OFFICER JOSEPH POLISI EARNED DEFERRED COMPENSATION OF $95,455 IN ACCORDANCE WITH HIS EMPLOYMENT AGREEMENT IN HIS PRIOR CAPACITY AS PRESIDENT OF THE SCHOOL. The president Damian Woetzel EARNED ACCRUED DEFERRED COMPENSATION OF $25,898 IN ACCORDANCE WITH HIS EMPLOYMENT AGREEMENT. THese AMOUNTs are REPORTED ON SCHEDULE J, PART II, column c. SCHEDULE J, PART I, LINE 7 PRESIDENT EMERITUS AND CHIEF CHINA OFFICER JOSEPH POLISI WAS PAID DEFERRED COMPENSATION FOR AMOUNTS EARNED FROM 2015-2018. SR. MANAGING DIRECTOR CHRISTOPHER MOSSEY, MANAGING DIRECTOR NICHOLAS MOESSNER, AND CHIEF INFORMATION OFFICER CARL YOUNG WERE PAID BONUSES FOR THE CALENDAR YEAR 2018, WHICH ARE REPORTED ON FORM 990. A trust Cultural Resources NYC Ser 2009 911882413 649717PS8 2009-04-01 194247740 Renovation of School's Facility false false false B Trust for Cultural Resources NYC ser 2015a&b 911882413 2015-06-25 70000000 Refunding Rev. Bonds false false false C Trust Cultural Resources NYC Ser 2017A&B 911882413 2017-07-26 77145000 Refunding Rev. Bonds false false false D Trust Cultural Resources NYC Ser2018A 911882413 649717UF0 2018-11-15 42905000 Refunding Rev. Bonds false false false A 0 0 194295034 0 0 160000000 1904059 0 0 32390295 0 0 2010 true false true true B 0 0 70000000 0 0 70000000 0 0 0 0 0 0 2015 true false true true C 0 0 77145000 0 0 77145000 0 0 0 0 0 0 2018 true false true true D 0 0 48389236 0 0 47850000 528923 0 0 0 0 0 2018 true false true true A false false true true false 0.00500 0.00700 0.01200 false false false true B false false true true false 0.00500 0.00700 0.01200 false false false true C false false true true false 0.00500 0.00700 0.01200 false false false true D false false true true false 0.00500 0.00700 0.01200 false false false true A false false false true false false 0 false 0 false false B false false false true true false 0 false 0 false false C false false false true true false 0 false 0 false false D false false false true false false 0 false 0 false false A true B true C true D true SCHEDULE K, PART II, COL. A & Col. D, LINE 3 THE AMOUNT REPORTED ON COLUMN A, LINE 3 OF PART II IS GREATER THAN THE ISSUE PRICE IN PART I, LINE A DUE TO INVESTMENT EARNINGS ON THE PROCEEDS. SCHEDULE K, PART II THE SERIES 2009A BONDS WERE REFUNDED ON JANUARY 1, 2019 WITH PROCEEDS FROM THE SERIES 2018A BONDS, WHICH WERE BORROWED THROUGH TAX-EXEMPT BONDS ISSUED BY THE TRUST FOR CULTURAL RESOURCES OF THE CITY OF NEW YORK ON NOVEMBER 15, 2018. AMOUNTS RELATING TO THE 2009A BOND REFUNDING IN THE AMOUNT OF $47,850,000 ARE INCLUDED ON PART II LINES 6 AND 7. THE SERIES 2009B BONDS WERE REFUNDED ON JULY 26, 2017 WITH PROCEEDS FROM THE SERIES 2017A AND SERIES 2017B BONDS, WHICH WERE DIRECTLY PLACED WITH TWO FINANCIAL INSTITUTIONS THROUGH BOND PURCHASE AND PLACEMENT AGREEMENTS ON THAT DATE. AMOUNTS RELATING TO THE 2009B BOND REFUNDING IN THE AMOUNT OF $77,145,000 ARE INCLUDED ON PART II LINES 6 AND 10. THE SERIES 2009C BONDS WERE REFUNDED ON JUNE 25, 2015 WITH PROCEEDS FROM THE SERIES 2015A AND SERIES 2015B BONDS, WHICH WERE DIRECTLY PLACED WITH TWO FINANCIAL INSTITUTIONS THROUGH BOND PURCHASE AND PLACEMENT AGREEMENTS ON THAT DATE. AMOUNTS RELATING TO THE 2009C BOND REFUNDING IN THE AMOUNT OF $70,000,000 ARE INCLUDED ON PART II LINES 6 AND 10. SCHEDULE K, PART IV, LINE 2C AN ARBITRAGE REBATE CALCULATION for the 2009 bonds is not needed since the bonds were paid off in January 2019. The next calculation is due in FY24 for the bonds issued in FY19. SCHEDULE K, PART IV, LINE 7 JUILLIARD HAS NOT ESTABLISHED FORMAL WRITTEN PROCEDURES TO MONITOR THE REQUIREMENTS OF SECTION 148, HOWEVER, THE ORGANIZATION DOES HAVE INFORMAL PROCEDURES IN PLACE TO MONITOR SECTION 148 ARBITRAGE REQUIREMENTS. SCHEDULE K, PART V JUILLIARD ENGAGED A FIRM TO DO THE ARBITRAGE CALCULATION THAT IS NECESSARY TO DETERMINE WHETHER IT HAS MET THE PRIVATE SECURITY OR PAYMENT TEST. JUILLIARD DOES NOT MEET THE PRIVATE SECURITY OR PAYMENT TEST. X 51 539606 mean trading price X Musical instruments & materials 2 10330 expert opinion 1 false true false BUSINESS RELATIONSHIPS FORM 990, PART VI, LINE 2 BRUCE KOVNER, CHAIR & KEITH GOLLUST, TRUSTEE - BUSINESS RELATIONSHIP BRUCE KOVNER, CHAIR & GREG MARGOLIES, TRUSTEE - BUSINESS RELATIONSHIP J. CHRISTOPHER KOJIMA, VICE CHAIR & KENT CLARK, TRUSTEE BUSINESS RELATIONSHIP CAMILLE ZAMORA, TRUSTEE & DAMIAM WOETZEL, PRESIDENT BUSINESS RELATIONSHIP FORM 990 REVIEW PROCESS FORM 990, PART VI, SECTION B, LINE 11B Following completion of a draft form 990 by management and review by an outside accounting firm, the school provides a draft copy of its form 990 to the audit committee and subsequently to the board of trustees prior to filing. It solicits questions and comments from the governing board, and any matters raised in this review process are addressed prior to filing the form 990. CONFLICT OF INTEREST POLICY MONITORING & ENFORCEMENT FORM 990, PART VI, SECTION B, LINE 12C IN DECEMBER OF EACH YEAR, ALL TRUSTEES, OFFICERS, AND MEMBERS OF SENIOR MANAGEMENT COMPLETE CONFLICT OF INTEREST DECLARATIONS. THE DECLARATIONS ARE SUBMITTED TO THE ASSISTANT SECRETARY (THE SCHOOL'S DEPUTY GENERAL COUNSEL) WHO REVIEWS THE DECLARATIONS AND MAINTAINS THEM. Additionally, if trustees are elected during the year, each completes a conflict of interest declaration upon election. Any conflicts or potential conflicts are reviewed by the audit committee, and if the committee determines that a potential conflict of interest exists, the matter is referred to the board for resolution as applicable based on the circumstances of the matter at hand. The trustee affected by the potential conflict may not be present nor participate in the discussion of the matter and may not vote on the issue. The school may enter into the proposed transaction or relationship only if the board approves it in accordance with the procedures described above. PROCESS FOR DETERMINING COMPENSATION FORM 990, PART VI, SECTION B, LINES 15A & 15B AN EMPLOYMENT CONTRACT IS EXECUTED BETWEEN THE SCHOOL AND ITS PRESIDENT, THE TERMS OF WHICH ARE SUBJECT TO REVIEW BY THE BOARD OF TRUSTEES. AT THE END OF THE CONTRACTS TERM, WHEN DECIDING THE TERMS UNDER WHICH THE CONTRACT MAY BE RENEWED OR EXTENDED, THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES, WITH THE ASSISTANCE OF AN OUTSIDE COMPENSATION EXPERT, CONDUCTS RESEARCH AMONG PEER INSTITUTIONS AND DOCUMENTS THE FINDINGS AND DECISIONS REACHED. THE COMPENSATION OF OTHER OFFICERS AND KEY EMPLOYEES IS REVIEWED ANNUALLY BY THE COMPENSATION COMMITTEE PRIOR TO THE START OF EACH FISCAL YEAR, AND QUESTIONS, OBJECTIONS, AND THE RESOLUTION OF EACH IS DOCUMENTED. COMPENSATION OF THE FOLLOWING OFFICERS and key employees WAS LAST REVIEWED for fiscal year 2018-19: PRESIDENT, PROVOST/DEAN, VP FOR DEVELOPMENT/PUBLIC AFFAIRS, VP/GENERAL COUNSEL, VP AND CFO, VP FOR FACILITIES MANAGEMENT, VP FOR ENROLLMENT MANAGEMENT/STUDENT DEVELOPMENT, AND Chief Operating Officer. PUBLIC DISCLOSURE OF DOCUMENTS FORM 990, PART VI, SECTION C, LINE 19 ALL POLICIES OF THE SCHOOL APPLICABLE TO EMPLOYEES ARE DISCLOSED IN THE STAFF AND FACULTY HANDBOOKS AND ACCOMPANYING STATEMENTS, ALL OF WHICH ARE POSTED ON THE SCHOOL'S WEBSITE FOR STAFF AND FACULTY MEMBERS AND ANYONE ELSE TO REVIEW. THE SCHOOL MAKES ITS ANNUAL AUDITED FINANCIAL STATEMENTS AVAILABLE UPON REQUEST TO ANY INTERESTED PARTIES. THE CONFLICT OF INTEREST POLICY APPLICABLE TO TRUSTEES IS DISCUSSED IN PART VI, SECTION B, BUT IT IS NOT PUBLISHED ON THE WEBSITE. RECONCILIATION OF NET ASSETS FORM 990, PART XI, LINE 9 CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS $ (97,101) CHANGE IN FAIR VALUE OF DERIVATIVE INSTRUMENTS $(13,409,874) ------------- TOTAL $(13,506,975) ============= Scherzo LLC 60 Lincoln Center Plaza New York NY 10023 811344522 Support NY 0 0 Juilliard Institute of Musical Art 60 Lincoln Center Plaza New York NY 10023 136162648 Support NY 501(C)(3) 12a Juilliard true Allegro (Tianjin) Education Consulting Bao Yuan Bldg 9th Fl SECTION C 8 Tianjin Free Trade Experimental 3699 Xinhua Road, CH 300450 Mgmt Company CH scherzo llc C Corp 0 0 1.00000 true true false false false false false false false false false false true false true false false false false true Institute of Musical Art a 153324 FMV SCHEDULE R, PART V UNDER AN ARRANGEMENT BETWEEN THE TRUSTEES OF THE INSTITUTE OF MUSICAL ART OF THE CITY OF NEW YORK ("THE IMA") AND THE JUILLIARD SCHOOL ("THE SCHOOL"), THE INCOME FROM ALL INVESTMENTS OF THE IMA IS USED TO SUPPORT THE SCHOOL'S OPERATIONS. CERTAIN TRUSTEES AND EMPLOYEES OF THE SCHOOL SERVE AS TRUSTEES OF THE IMA, AND CERTAIN PAID EMPLOYEES OF THE SCHOOL PROVIDE ADMINISTRATIVE AND RECORDKEEPING SERVICES FOR THE IMA. THERE ARE NO REIMBURSEMENTS OR CASH TRANSFERS BETWEEN THE IMA AND THE SCHOOL FOR THESE SERVICES. IN 2002, THE TRUSTEES OF THE IMA DELEGATED INVESTMENT MANAGEMENT AUTHORITY OVER THE IMA'S ASSETS (AN INVESTMENT PORTFOLIO) TO THE SCHOOL, AND THE IMA TRANSFERRED ITS ASSETS (IN CASH) TO THE SCHOOL. THESE FUNDS WERE COMMINGLED WITH THE SCHOOL'S INVESTMENT PORTFOLIO, ALTHOUGH THE IMA REMAINS A SEPARATE LEGAL ENTITY AND SEPARATE FUND RECORDS ARE MAINTAINED TO RECORD IMA ACTIVITIES. THE MANAGEMENT OF THE IMA'S INVESTMENT PORTFOLIO AND THE METHOD USED TO DETERMINE INVESTMENT RETURNS AVAILABLE FOR SPENDING ARE IDENTICAL TO THOSE OF THE SCHOOL. THE VALUE OF THE IMA'S ASSETS AT JUNE 30, 2019 WAS $10,939,065. THE IMA'S NET OF INVESTMENT RETURNS WAS $153,324 FOR THE YEAR ENDED JUNE 30, 2019.