2017-02-07T15:09:23-06:00 2016-05-31 390758449 Wipfli LLP 2 West Baltimore Ave Suite 210 Media PA 19063 990 2015-06-01 231585611 THE CURTIS INSTITUTE OF MUSIC CURT 2157173134 1726 Locust Street Philadelphia PA 19103 LAWRENCE BOMBACK TREASURER 2157173134 2017-02-07 1 JOHN J NIHILL CPA P00844252 6105653930 2017-02-07 2015 2021-01-29 14:40:06Z ROBERTO DIAZ 1726 Locust Street Philadelphia PA 19103 94180096 0 X WWW.CURTIS.EDU X 1924 PA TUITION FREE SCHOOL THAT PROVIDES MUSIC EDUCATION TO AN AVERAGE OF 169 STUDENTS ANNUALLY. 54 50 458 75 -33782 -34827 18488053 60837378 2441794 2508989 5134740 5836755 -127198 -43837 25937389 69139285 856746 886554 0 0 9093510 9810453 0 188578 2337754 10278591 10709623 20228847 21595208 5708542 47544077 247888201 283988258 10435184 8730212 237453017 275258046 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. ATTENDANCE AVERAGES 169 STUDENTS. 0 0 15119172 886554 2508989 The Curtis Institute of Music was founded in 1924 to educate and train exceptionally gifted young musicians to engage a global community through music. The Organization is a tuition-free music conservatory for instrumentalists and opera vocalists, and produces a full season of orchestra, chamber music, and opera performances as part of its students' curriculum. 15119172 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 1 1 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 1 0 0 1 125 0 1 458 1 1 1 0 0 0 0 1 1 0 0 0 0 X 54 50 1 0 1 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 DAVID REINHARDT 2157173194 1726 LOCUST STREET PHILADELPHIA PA 19103 NINA BARONESS VON MALTZAHN 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 ROBERT H MUNDHEIM VICE CHAIR/TRUSTEE 1.00 0.00 X X 0 0 0 DEBORAH M FRETZ TREASURER/TRUSTEE 1.00 0.00 X X 0 0 0 BETTY H MATARESE SECRETARY/TRUSTEE 1.00 0.00 X X 0 0 0 ROBERTO DIAZ PRESIDENT/TRUSTEE 35.00 0.00 X X 453897 0 46884 NINA ALBERT TRUSTEE 1.00 0.00 X 0 0 0 FRANK S BAYLEY TRUSTEE 1.00 0.00 X 0 0 0 VICTORIA BOK TRUSTEE 1.00 0.50 X 0 0 0 MIA CHUNG TRUSTEE/MUSICAL STUDIES FACULTY 35.00 0.00 X 16762 0 61 ANTHONY B CREAMER III TRUSTEE 1.00 0.00 X 0 0 0 GORDON FOWLER TRUSTEE 1.00 0.00 X 0 0 0 BRUCE JAY GOULD MD TRUSTEE 1.00 0.00 X 0 0 0 JENNIFER HIGDON TRUSTEE/COMPOSITION FACULTY 35.00 0.00 X 13417 0 225 ALAN R HIRSIG TRUSTEE 1.00 0.00 X 0 0 0 MARSHA HUNTER ALUMNI COUNCIL TRUSTEE 1.00 0.00 X 0 0 0 LINDA E JOHNSON TRUSTEE 1.00 0.00 X 0 0 0 HARRY T LEE TRUSTEE 1.00 0.00 X 0 0 0 LISA LIEM TRUSTEE 1.00 0.00 X 0 0 0 SUEYUN P LOCKS TRUSTEE 1.00 0.00 X 0 0 0 DANIEL MATSUKAWA TRUSTEE/INSTRUMENTAL FACULTY 35.00 0.00 X 65005 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 LOWELL NOTEBOOM OVERSEERS TRUSTEE 1.00 0.00 X 0 0 0 WILLIAM H ROBERTS TRUSTEE 1.00 0.00 X 0 0 0 ROBERT H ROCK TRUSTEE 1.00 0.00 X 0 0 0 MARK E RUBENSTEIN TRUSTEE 1.00 0.00 X 0 0 0 BRETT RUBINSON TRUSTEE 1.00 0.00 X 0 0 0 CHIONA SCHWARTZ TRUSTEE 1.00 0.00 X 0 0 0 SAMUEL R SHIPLEY III TRUSTEE 1.00 0.50 X 0 0 0 MARK STEINBERGER FRIENDS OF CURTIS TRUSTEE 1.00 0.00 X 0 0 0 WILLIAM STENSRUD TRUSTEE 1.00 0.00 X 0 0 0 JAY H TOLSON TRUSTEE 1.00 0.00 X 0 0 0 ELIZABETH VALE TRUSTEE 1.00 0.00 X 0 0 0 DEAN VETSIKAS CRESCENDO CLUB TRUSTEE 1.00 0.00 X 0 0 0 PENELOPE P WATKINS TRUSTEE 1.00 0.00 X 0 0 0 A MARGARET BOK HONORARY TRUSTEE 1.00 0.50 X 0 0 0 MILTON L ROCK PHD HONORARY TRUSTEE 1.00 0.50 X 0 0 0 H F GERRY LENFEST CHAIRMAN EMERITUS 1.00 0.50 X 0 0 0 PETER A BENOLIEL TRUSTEE EMERITUS 1.00 0.00 X 0 0 0 SHELDON M BONOVITZ TRUSTEE EMERITUS 1.00 0.00 X 0 0 0 LUTHER W BRADY MD TRUSTEE EMERITUS 1.00 0.00 X 0 0 0 CAROLYN S BURGER TRUSTEE EMERITA 1.00 0.00 X 0 0 0 JOSEPH M FIELD TRUSTEE EMERITUS 1.00 0.50 X 0 0 0 SCOTT M JENKINS TRUSTEE EMERITUS 1.00 0.50 X 0 0 0 BOBBY ELLEN KIMBEL PHD TRUSTEE EMERITA 1.00 0.00 X 0 0 0 JAMES R LEDWITH TRUSTEE EMERITUS 1.00 0.50 X 0 0 0 BONG S LEE MD TRUSTEE EMERITUS 1.00 0.00 X 0 0 0 CHRISTINA WEISS LURIE TRUSTEE EMERITA 1.00 0.00 X 0 0 0 JOHN A NYHEIM TRUSTEE EMERITUS 1.00 0.00 X 0 0 0 ALBERT PISCOPO TRUSTEE EMERITUS 1.00 0.00 X 0 0 0 ROBERT POLLACK TRUSTEE EMERITUS 1.00 0.00 X 0 0 0 AMANDA W SMOOT TRUSTEE EMERITA 1.00 0.00 X 0 0 0 KRISTEN B LODEN SENIOR VICE PRESIDENT OF DEVELOPMENT 35.00 0.00 X 243758 0 50338 PAUL J BRYAN DEANOF FACULTY AND STUDENTS 35.00 0.00 X 156239 0 27082 CHARLES STERNE DIRECTOR OF PRINCIPAL GIFTS AND PLANNED GIVING 35.00 0.00 X 137787 0 22827 JOSEPH M SLATER SENIOR DIRECTOR OF FINANCE 35.00 0.00 X 137841 0 34429 DAVID A LUDWIG DEANOF ARTISTIC PROGRAMS AND PERFORMANCES 35.00 0.00 X 129997 0 22321 1354703 0 204167 6 0 1 0 PARKHURST DINING SERVICS 285 EAST WATERFRONT DRIVE HOMESTEAD PA 15120 CAFETERIA SERVICES 789378 ALLIED BARTON SECURITY SERVICES 161 WASHINGTON STREET SUITE 600 CONSHOHOCKEN PA 19428 SECURITY SERVICES 531467 KIMMEL CENTER INC 1500 WALNUT ST FLOOR 17 PHILADELPHIA PA 19102 VENUE RENTAL AND LABOR 348185 PHILADELPHIA ORCHESTRA ASSOCIATION 1 SOUTH BROAD ST 14TH FLOOR PHILADELPHIA PA 19107 IT SERVICES 318488 ELLIOT LEWIS CORPORATION 2900 BLACK LAKE PLACE PHILADELPHIA PA 19154 MAINTENANCE SERVICES 280512 9 463550 4617914 87471 55668443 2816030 60837378 DORMITORY REVENUE 611710 1419829 1419829 STUDENT FEES 611710 731870 731870 CONCERT INCOME 711130 357290 357290 2508989 3299005 3299005 2321 2321 87708 78952 8756 8756 -33782 42538 27365915 24828165 2537750 2537750 2537750 36450 463550 133694 -97244 -97244 ADMINISTRATIVE FEE MLCB 561000 42000 42000 VENDING MACHINE INCOME 900099 330 330 42330 69139285 2508989 -33782 5826700 886554 886554 1650354 1056226 363078 231050 6545614 3757916 1583292 1204406 459730 294227 101141 64362 554840 355097 122065 77678 599915 383945 131982 83988 55881 55881 60999 60999 188578 188578 568909 568909 538762 456441 72024 10297 281633 281633 181199 81263 95475 4461 515384 90159 425225 306344 294309 5349 6686 440606 366305 74301 102380 93166 4095 5119 2304865 2111961 85735 107169 299266 278238 9346 11682 INSTRUCTIONAL EXPENSES 2807241 2733185 74056 SCHOOL OPERATION AND MA 2169405 1902208 23696 243501 CAPITAL CAMPAIGN EXPENS 98777 98777 ubi rental expense allo -22028 -22028 21595208 15119172 4138282 2337754 1492055 387823 1442771 1461216 23886818 57428105 383178 41836 664654 767962 275372 223547 111827452 22380412 88872154 89447040 115701888 97435269 13026019 34613604 2143292 2181856 247888201 283988258 2085432 1057280 698286 866718 5058617 4063970 465579 465579 2127270 2276665 10435184 8730212 X 134851713 127238759 28815422 23230674 73785882 124788613 237453017 275258046 247888201 283988258 47544077 -9739048 0 X 0 1 X 0 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 6025735 X X X MUSICAL EDUCATION OF STUDENTS 0 128727907 13843929 -4475823 0 6047140 0 132048873 122669065 6239500 5407128 0 5587786 0 128727907 108797008 6035970 13135655 0 5299568 0 122669065 90928866 8038336 14866431 0 5036625 0 108797008 89917874 9259467 -3792323 0 4456152 0 90928866 0.35000 0.58000 0.07000 0 0 13848261 13848261 79381136 14088629 65292507 12572320 8291783 4280537 6025735 6025735 89447040 VANGUARD INSTITUTIONAL INDEX 21945661 F VANGUARD TOTAL BONF MARKET INDEX 12667943 F 34613604 SPLIT-INTEREST LIABILITIES 2062724 TERI STUDENT LOAN RESERVE 189900 OTHER LIABILITIES 8661 DUE TO THE MARY LOUISE CURTIS BOK FOUNDATION 15380 2276665 X 59001975 -9739047 212646 -9526401 68528376 568909 42000 610909 69139285 21196945 0 21196945 568909 -170646 398263 21595208 Part III, Line 4: THE INSTITUTE'S COLLECTIONS CONSIST OF FINE ART AND FINE MUSICAL INSTRUMENTS WHICH ARE USED FOR PUBLIC EXHIBITION AND/OR THE MUSICAL EDUCATION OF THE INSTITUTE'S STUDENTS. Part V, Line 4: EARNINGS FROM THE ENDOWMENT ARE USED TO FUND OPERATING EXPENSES AND CAPITAL EXPENDITURES FOR THE CURTIS INSTITUTE OF MUSIC TO ENABLE THE SCHOOL TO CONTINUE ITS POLICY OF AWARDING MERIT BASED FULL TUITION SCHOLARSHIPS TO ALL OF ITS STUDENTS. THE USES OF THE INSTITUTE'S ENDOWMENT FUNDS ARE DETERMINED BY DONOR INSTRUCTIONS IN THE EVENT THERE ARE RESTRICTIONS ON THE ENDOWMENT GIFT. Part X, Line 2: THE INSTITUTE IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. TAX FILINGS FOR FISCAL 2013, 2014 AND 2015 ARE SUBJECT TO EXAMINATION, GENERALLY FOR THREE YEARS AFTER THEY WERE FILED. Part XI, Line 2d - Other Adjustments: ubi rental expense 78,952. fundraising expense 133,694. Part XI, Line 4b - Other Adjustments: miscellaneous 42,000. Part XII, Line 4b - Other Adjustments: fundraising event expenses -133,694. miscellaneous 42,000. ubi rental expense -78,952. 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 DOES NOT ACTIVELY RECRUIT STUDENTS. THE SCHOOL'S NONDISCRIMINATION POLICY IS POSTED ON ITS WEBSITE IN THE INFORMATION FOR ADMISSION 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. X X X X X X X 1 GRENZEBACH GLIER AND ASSOCIATES 401 N MICHIGAN AVENUE CHICAGO IL 60611 PROVIDES FUNDRAISING ANALYSTICS 0 0 39185 0 KARMA AGENCY 230 SOUTH BROAD ST SUITE 1500 PHILADELPHIA PA 19102 PROVIDES CAMPAIGN-RELATED RESOURCES 0 0 149393 0 188578 AL AK AR CA CO CT FL GA HI IL KS KY LA ME MD MA MI MN MO MS NH NJ NM NY NC ND OH OK OR PA RI SC TN UT VA WA WV WI ANNUAL GALA EVENT 500000 463550 36450 10341 48583 74770 500000 463550 36450 10341 48583 74770 133694 -97244 Schedule G, Part I, Line 2b, Column (v) GRENZEBACH GLIER AND ASSOCIATES performs advisory services in relation to our ongoing fundraising campaign, with respect to global prospect development and constituent asset profiles. Karma Agency provides a creation of deliverables in relation to campaign-related engagements and fundraising materials. 1 NEED BASED ASSISTANCE TO STUDENTS 127 408638 477916 BOOK VALUE DORMITORY AND CAFETERIA PRIVELEGES 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's 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's 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 0 0 X X X 0 0 0 0 0 0 0 0 0 ROBERTO DIAZ PRESIDENT/TRUSTEE 453897 0 0 0 0 0 19047 0 27837 0 500781 0 0 0 KRISTEN B LODEN SENIOR VICE PRESIDENT OF DEVELOPMENT 243758 0 0 0 0 0 50068 0 270 0 294096 0 0 0 PAUL J BRYAN DEANOF FACULTY AND STUDENTS 156239 0 0 0 0 0 11311 0 15771 0 183321 0 0 0 CHARLES STERNE DIRECTOR OF PRINCIPAL GIFTS AND PLAN 137787 0 0 0 0 0 11160 0 11667 0 160614 0 0 0 JOSEPH M SLATER SENIOR DIRECTOR OF FINANCE 137841 0 0 0 0 0 11656 0 22773 0 172270 0 0 0 DAVID A LUDWIG DEANOF ARTISTIC PROGRAMS AND PERFORM 129997 0 0 0 0 0 12760 0 9561 0 152318 0 0 0 X 1 APPRAISED VALUE X 26 389250 MARKET VALUE X 6 2426779 APPRAISED VALUE 0 0 1 0 Part I, Column (b): THE CURTIS INSTITUTE OF MUSIC RECEIVED TWENTY-SIX SEPARATE CONTRIBUTIONS OF SECURITIES-PUBLICALLY TRADED STOCKS DURING THE YEAR. THE STOCKS HAD A MARKET VALUE OF 389,250. 29.00 SHS - Automatic Data Processing Inc. 735.00 SHS - Abbvie Inc. 1,438.00 SHS - VISA Inc 152.00 SHS - PepsiCo Inc 23.00 SHS - General Mills Inc 18.00 SHS - Crown Castle Intl Corp 43.00 SHS - RPM Intl 95.00 SHS - Visa 50.00 SHS - Coca Cola 8.00 SHS - Chubb Corp 50.00 SHS - SPDR ETF SBI Cons Stpls 177.00 SHS - Altria Group 353.00 SHS - Ishares Russell 1000 GR 72.00 SHS - Accenture PLC Cl A 1,160.00 SHS - Express Scripts Hldg 3.00 SHS - Alphabet Inc 5.00 SHS - Microsoft 12.00 SHS - Dolby Laboratories INC Cl A 26.00 SHS - Bristol Myers Squibb 131.00 SHS - Deere & Co 141.00 SHS - Hasbro Inc 228.00 SHS - Microsoft Corp 27.00 SHS - The Hershey Co 24.00 SHS - Starbucks Corp 31.00 SHS - Covanta Holding Group 5.00 SHS - Priceline Group Inc THE CURTIS INSTITUTE OF MUSIC RECEIVED SIX SEPARATE CONTRIBUTIONS OF MUSICAL INSTRUMENTS DURING THE YEAR. THE FINE MUSICAL INSTRUMENTS HAD AN APPRAISED VALUE OF 2,426,779. AND CONSISTED OF FOUR STEINWAY PIANOS, FOUR VIOLINS AND SIX VIOLIN BOWS. Form 990, Part VI, Section A, line 2 FAMILY RELATIONSHIP - MILTON ROCK ROBERT ROCK Form 990, Part VI, Section A, line 4 The organization restated the corporate bylaws, which were ratified by the Board of Trustees on December 8, 2016. Form 990, Part VI, Section B, line 11 Prior to its filing, the 990 is reviewed by the Audit Committee with management. Once approved, the 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. MARY LOUISE CURTIS BOK FOUNDATION 1726 LOCUST STREET PHILADELPHIA PA 19103 236000615 FOUNDATION TO SUPPORT CURTIS INSTITUTE OF MUSIC PA 501(c)(3) Line 11d, III-O THE CURTIS INSTITUTE OF MUSIC 1 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 THE MARY LOUISE CURTIS BOK FOUNDATION C 4617914 CASH