2016-04-13T10:01:09-05:00 2015-05-31 KPMG LLP 60 South Street Boston MA 02111 990 2014-06-01 042300472 BERKLEE COLLEGE OF MUSIC INC % BRUCE M GREENBERG BERK 6177472287 1140 BOYLSTON STREET BOSTON MA 022153693 RICHARD HISEY SR VICE PRESIDENT/CFO 6177472287 2016-04-11 true TARA D'AGOSTINO P01245482 6179881000 2014 2016-08-17 19:52:53Z ROGER H BROWN 1140 BOYLSTON STREET BOSTON MA 022153693 323684907 false X WWW.BERKLEE.EDU X 1945 MA THE MISSION OF BERKLEE COLLEGE OF MUSIC IS TO EDUCATE, TRAIN, AND DEVELOP STUDENTS TO EXCEL IN MUSIC AS A CAREER. 36 35 3548 30 1592502 459568 16973380 20940141 213494107 228917086 19947644 7549647 2526085 2143603 252941216 259550477 37894232 40894910 0 0 119244453 126527944 0 0 6890495 68498116 79502088 225636801 246924942 27304415 12625535 615443166 634104159 368027653 370029476 247415513 264074683 X THE MISSION OF BERKLEE COLLEGE OF MUSIC IS TO EDUCATE, TRAIN, AND DEVELOP STUDENTS TO EXCEL IN MUSIC AS A CAREER. true false 177284342 40894910 189400674 EDUCATION AND INSTRUCTION: THE PROGRAM IS PROVIDED TO DEVELOP THE SKILLS AND KNOWLEDGE OF STUDENTS SEEKING DEGREES IN MUSIC. THE COLLEGE PROVIDES OUTSTANDING FACULTY AND TEACHING FACILITIES FOR OVER 4,300 STUDENTS FROM THE US AND 106 FOREIGN COUNTRIES. THE COLLEGE ALSO OFFERS A NEW WAY FOR MUSICIANS AROUND THE WORLD TO JOIN THE GLOBAL MUSIC COMMUNITY-AS PERFORMERS, AS PRACTITIONERS, AND AS LEADERS WITH THE COLLEGE'S FIRST INTERNATIONAL CAMPUS IN VALENCIA. 12953509 16112720 BERKLEE ONLINE: BERKLEE COLLEGE OF MUSIC OFFERS DEGREES AND ACCREDITED PROGRAMS IN THE AREAS OF PRODUCTION, GUITAR, SONG WRITING, THEORY, HARMONY AND EAR TRAINING, AND THE MUSIC BUSINESS. CURRENTLY MORE THAN 8,029 STUDENTS PARTICIPATE IN ONLINE LEARNING. 10428865 24671035 AUXILIARY SERVICES: THE COLLEGE HAS RESIDENCE HALL FACILITIES TO PROVIDE HOUSING FOR THOSE STUDENTS THAT CHOOSE TO LIVE AT THE COLLEGE. THE COLLEGE ALSO PROVIDES MEAL PLANS FOR BOTH STUDENTS IN HOUSING AND THOSE COMMUTER STUDENTS THAT CHOOSE THIS PLAN. 200666716 true true false false false false false true true true false false false true true false true true true true false false false true false false false true true true false false false false false false false false true false true false false false false true true true false false true 896 0 true 3548 true true true true SP false false false true true false false false false X 36 35 false false false false false false false true true false false true true true true true true true true true false CA MA X X BRUCE M GREENBERG 6177472287 1140 BOYLSTON STREET BOSTON MA 022153693 DAVID ABRAMS TRUSTEE 2.0 0.0 X 0 0 0 DAVID ALTARESCU TRUSTEE 2.0 0.0 X 0 0 0 LUIS ALVAREZ TRUSTEE 2.0 0.0 X 0 0 0 LES BAKER TRUSTEE 2.0 0.0 X 0 0 0 MICHAEL A BROWN TRUSTEE 2.0 0.0 X 0 0 0 DAVID CLEM TRUSTEE 2.0 0.0 X 0 0 0 MICHAEL R EISENSON TRUSTEE 2.0 0.0 X 0 0 0 MONICA GIRALDO TRUSTEE 2.0 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SOLOMONT TRUSTEE 2.0 0.0 X 0 0 0 JEFFREY C WALKER TRUSTEE 2.0 0.0 X 0 0 0 BILL WHELAN TRUSTEE 2.0 0.0 X 0 0 0 SUSAN WHITEHEAD TRUSTEE 2.0 0.0 X 0 0 0 ANN MARIE WILKINS TRUSTEE 2.0 0.0 X 0 0 0 LEWIS T WILLIAMS TRUSTEE 2.0 0.0 X 0 0 0 BARRY ZUBROW TRUSTEE 2.0 0.0 X 0 0 0 ROGER H BROWN PRESIDENT 35.0 0.0 X X 560075 0 55675 RICHARD HISEY SR VICE PRESIDENT/TREASURER 35.0 0.0 X 307194 0 53886 MELISSA HOWE SECRETARY 35.0 0.0 X 149266 0 16387 LAWRENCE J SIMPSON SENIOR VICE PRESIDENT 35.0 0.0 X 319599 0 36013 DAVID S MASH SENIOR VICE PRESIDENT 35.0 0.0 X 313520 0 42075 CYNTHIA LINK VICE PRESIDENT 35.0 0.0 X 285536 0 55068 WILLIAM WHITNEY VICE PRESIDENT 35.0 0.0 X 273079 0 45595 SANFORD KENNEDY VICE PRESIDENT 35.0 0.0 X 273466 0 40414 AMELIA S KOCH FORMER VP/TREASURER 35.0 0.0 X 219196 0 8789 LEE BERK FORMER PRESIDENT 0.0 0.0 X 332998 0 0 3033929 0 353902 224 true true false ARAMARK SERVICES INC 1057 SOLUTIONS CENTER CHICAGO IL 60677 FOOD SERVICES 5792945 ACME BUILDING SERVICES INC LAKESIDE OFFICE PARK DOOR 6 WAKEFIELD MA 01880 CUSTODIAL SERVICES 3666529 SECURITAS SECURITY SERVICES INC PO BOX 403412 ATLANTA GA 303843412 SECURITY SERVICES 2027137 WISE CONSTRUCTION CORPORATION 21 EAST STREET WINCHESTER MA 01890 CONSTRUCTION 1324686 MILLER DYER SPEARS INC 99 CHAUNCY STREET BOSTON MA 02111 ARCHITECTS 982563 51 2135602 926939 17877600 1009026 20940141 TUITION & FEES 611710 186072203 186072203 ROOM & BOARD 721310 24671034 24671034 BERKLEE ONLINE 611710 16112720 16112720 BOSTON CONSERVATORY DINING HALL 611710 1107796 58349 1049447 PERFORMANCE CENTER 611710 914393 914393 38940 38940 228917086 68 -110148 110216 0 0 1790468 0 2112067 -321599 0 -321599 -321599 65932515 0 58382936 7549579 0 7549579 653203 6896376 251434 2135602 617033 -365599 -365599 0 0 4289737 3022394 1267343 1267343 INSURANCE SETTLEMENT 900099 678372 678372 BERKLEE PRESS 900099 444209 444209 BOOKSTORE 451211 436299 436299 4578 4578 1563458 259550477 229134982 1592502 7882852 0 40894910 40894910 0 0 1042222 300095 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REFUNDABLE ADVANCES - U.S. GOV 3032319 3032319 X 278235214 6552717 6380526 12933243 265301971 -5751494 -5751494 259550477 262263015 15338073 15338073 246924942 246924942 ESCROW AND CUSTODIAL ARRANGEMENTS PART IV BERKLEE COLLEGE OF MUSIC IS 100% OWNER OF BERKLEE VALENCIA AND 50% OWNER OF AMP UP NYC LLC. THE COLLEGE MAINTAINS THE BOOKS AND RECORDS FOR THE RELATED ENTITIES. ENDOWMENT FUNDS PART V, LINE 4 ENDOWMENT ASSETS ARE INTENDED TO PROVIDE INCOME FOR CURRENT OPERATIONS AND OPERATIONS AND SCHOLARSHIPS WITHIN LEGAL SPENDING LIMITS. PERMANENT RESTRICTED ASSETS MUST BE HELD IN PERPETUITY. TEMPORARY RESTRICTED ASSETS ARE HELD FOR DONOR SPECIFIED TIME OR PURPOSE. LIABILITY FOR UNCERTAIN TAX POSITIONS UNDER FIN 48 (ASC 740) PART X, LINE 2 THE COLLEGE IS A TAX-EXEMPT ORGANIZATION AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (THE CODE), AND IS GENERALLY EXEMPT FROM TAXES PURSUANT TO SECTION 501(A) OF THE CODE. THE COLLEGE BELIEVES IT HAS TAKEN NO SIGNIFICANT UNCERTAIN TAX POSITIONS. OTHER REVENUE INCLUDED IN FINANCIAL STATEMENTS NOT ON RETURN PART XI, LINE 2D BERKLEE VALENCIA REVENUE 8,899,608 PENSION OBLIGATION CHANGES OTHER THAN NET PERIODIC COSTS (2,519,082) TOTAL 6,380,526 REVENUE INCLUDED ON RETURN BUT NOT IN FINANCIAL STATEMENTS PART XI, LINE 4B RECLASS OF FUNDRAISING EXPENSE (617,033) RECLASS OF RENTAL EXPENSE (2,112,067) BERKLEE LAPTOP PROGRAM COSTS OF GOODS SOLD (3,022,394) TOTAL (5,751,494) OTHER EXPENSES INCLUDED IN FINANCIAL STATEMENTS BUT NOT ON RETURN PART XII, LINE 2D BERKLEE VALENCIA EXPENSES 9,586,579 BERKLEE LAPTOP PROGRAM COSTS OF GOODS SOLD 3,022,394 RECLASS OF RENTAL EXPENSE 2,112,067 RECLASS OF FUNDRAISING EXPENSE 617,033 TOTAL 15,338,073 true true true true true true true false false false false false false false false true false true PUBLICIZE NONDISCRIMINATORY POLICY LINE 3 THE COLLEGE'S POLICY OF NONDISCRIMINATION IS PUBLISHED IN ALL COLLEGE CATALOGUES AND BROCHURES, AS WELL AS ALL EMPLOYMENT ADVERTISEMENTS. FINANCIAL AID OR ASSISTANCE LINE 6A THE COLLEGE RECEIVES FEDERAL AND STATE STUDENT FINANCIAL AID IN THE FORM OF GRANTS, LOANS, AND WORK STUDY. Europe (Including Iceland and Greenland) 1 4 Program Services VALENCIA CAMPUS 9586579 Europe (Including Iceland and Greenland) Program Services STUDY ABROAD 95035 Central America and the Caribbean Investments 86086343 Central America and the Caribbean Program Services STUDY ABROAD 24084 South America Program Services STUDY ABROAD 73397 North America Program Services STUDY ABROAD 40686 1 4 1 4 95906124 95906124 true false true true true true PART I, LINE 3 THE ACTIVITY CONDUCTED IN SPAIN IS MANAGEMENT AND PROGRAM SERVICES, INCLUDING GRADUATE PROGRAMS, AND STUDY ABROAD FOR THE COLLEGE'S FIRST INTERNATIONAL CAMPUS. GALA 2097610 1904936 192674 306946 55054 102739 A R RAHMAN 224454 195096 29358 66837 42334 23679 2 64972 35570 29402 19444 2387036 2135602 251434 373783 97388 145862 617033 -365599 true INTERNAL SCHOLARSHIPS 2522 34760440 EXTERNAL SCHOLARSHIPS 241 5265778 MASS STATE SCHOLARSHIPS 137 227350 SEOG FIN AID AWARDS 251 352990 COLLEGE WORK STUDY 259 288352 ORGANIZATION'S PROCEDURE FOR MONITORING THE USE OF GRANT FUNDS PART I, LINE 2 THE COLLEGE'S OFFICE OF FINANCIAL AID IS RESPONSIBLE FOR AWARDING AND MONITORING ALL FEDERAL AND STATE GRANT ASSISTANCE. STUDENTS APPLY FOR FINANCIAL AID BY COMPLETING A FAFSA FORM WHICH CAPTURES THE DATA REQUIRED DETERMINING ELIGIBILITY BASED ON FEDERAL AND/OR STATE REGULATIONS. DOCUMENTATION TO SUPPORT ELIGIBILITY IS KEPT FOR EACH INDIVIDUAL STUDENT ON FILE IN THE FINANCIAL AID OFFICE. WHEN FUNDS ARE AWARDED, STUDENT ELIGIBILITY IS MONITORED THROUGH THE COLLEGE'S OPERATIONAL SYSTEM AID MODULE TO ENSURE THERE ARE NO CHANGES IN STATUS THAT MIGHT AFFECT THEIR ONGOING ELIGIBILITY. TOTAL GRANT FUNDS AWARDED ARE TRACKED TO ENSURE COMPLIANCE WITH AUTHORIZED AMOUNTS FROM THE FUNDING AGENCY. THE COLLEGE ALSO IS REQUIRED TO SUBMIT AN ANNUAL INDEPENDENT A-133 AUDIT TO ENSURE COMPLIANCE WITH ALL FEDERAL REGULATIONS FOR GRANT ASSISTANCE. THE SCHOLARSHIP OFFICE IS RESPONSIBLE FOR AWARDING AND MONITORING ALL INSTITUTIONAL SCHOLARSHIP ASSISTANCE. CONTINUING STUDENTS APPLY FOR SCHOLARSHIP AID BY COMPLETING A SCHOLARSHIP APPLICATION FORM WHICH CAPTURES THE DATA REQUIRED TO DETERMINE ELIGIBILITY BASED ON INSTITUTIONAL GUIDELINES. ENTERING STUDENTS ARE AUTOMATICALLY CONSIDERED FOR SCHOLARSHIP BASED ON THE COLLEGE'S AUDITION AND INTERVIEW PROCESS. DOCUMENTATION TO SUPPORT ELIGIBILITY IS KEPT FOR EACH INDIVIDUAL STUDENT ON FILE IN THE SCHOLARSHIP OFFICE. WHEN FUNDS ARE AWARDED, STUDENT ELIGIBILITY IS MONITORED THROUGH THE COLLEGE'S OPERATIONAL SYSTEM SCHOLARSHIP MODULE TO ENSURE THERE ARE NO CHANGES IN STATUS THAT MIGHT AFFECT THEIR ONGOING ELIGIBILITY. TOTAL SCHOLARSHIP FUNDS AWARDED ARE TRACKED TO ENSURE COMPLIANCE WITH BUDGETED AMOUNTS. THE SCHOLARSHIP OFFICE REVIEWS ALL AWARDS EACH SEMESTER TO DETERMINE THAT THE STUDENT IS STILL ELIGIBLE FOR THE SCHOLARSHIP. X X true true X X X X X X false true false false false false false true false ROGER H BROWN PRESIDENT 418648 0 88440 0 52987 0 23400 0 32275 0 615750 0 0 0 RICHARD HISEY SR VICE PRESIDENT/TREASURER 255958 0 28350 0 22886 0 23400 0 30486 0 361080 0 0 0 MELISSA HOWE SECRETARY 141200 0 5800 0 2266 0 13251 0 3136 0 165653 0 0 0 LAWRENCE J SIMPSON SENIOR VICE PRESIDENT 261235 0 27910 0 30454 0 23400 0 12613 0 355612 0 0 0 DAVID S MASH SENIOR VICE PRESIDENT 282744 0 23060 0 7716 0 23400 0 18675 0 355595 0 0 0 CYNTHIA LINK VICE PRESIDENT 239134 0 21170 0 25232 0 23400 0 31668 0 340604 0 0 0 WILLIAM WHITNEY VICE PRESIDENT 201302 0 23020 0 48757 0 21562 0 24033 0 318674 0 0 0 SANFORD KENNEDY VICE PRESIDENT 166341 0 6520 0 100605 0 17077 0 23337 0 313880 0 0 0 AMELIA S KOCH FORMER VP/TREASURER 210589 0 3150 0 5457 0 6427 0 2362 0 227985 0 0 0 LEE BERK FORMER PRESIDENT 0 0 0 0 332998 0 0 0 0 0 332998 0 0 0 BENEFITS PART I, LINE 1A TRAVEL FOR COMPANIONS IS PROVIDED ONLY TO THE PRESIDENT AND IS INCLUDED AS TAXABLE COMPENSATION ON HIS FORM W-2. HEALTH CLUB DUES ARE REIMBURSED TO MEMBERS OF THE PRESIDENT'S COUNCIL UNDER AN EXECUTIVE WELLNESS REIMBURSEMENT PROGRAM. THIS INCLUDES THE SENIOR VICE PRESIDENTS AND VICE PRESIDENTS REPORTED IN FORM 990 PART VII. THE AMOUNTS ARE INCLUDED AS TAXABLE COMPENSATION IN EACH INDIVIDUALS FORM W-2. SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN PART I, LINE 4B ROGER BROWN, DAVID MASH AND AMELIA KOCH PARTICIPATE IN A FROZEN NONQUALIFIED SUPPLEMENTAL RETIREMENT PLAN. SANFORD KENNEDY AND WILLIAM WHITNEY RECEIVED PAYMENTS OF $84,597 AND $19,721, RESPECTIVELY, FROM A NONQUALIFIED SUPPLEMENTAL RETIREMENT PLAN IN CY 2014. NON-FIXED PAYMENTS PART I, LINE 7 FORMER PRESIDENT LEE BERK RECEIVED PAYMENT OF $300,000 PURSUANT TO HIS TERMINATION OF HIS COLLEGE-FUNDED SPLIT DOLLAR INSURANCE ARRANGEMENT. THE AMOUNT OF THIS PAYMENT WAS DETERMINED BY THE SOLE DISCRETION OF THE COLLEGE. A MHEFA REVENUE BOND SERIES 2007A 042456011 57586CE27 2007-08-08 178014966 BUILDING, EQUIP, RENO, REFINANCE false false false B MDFA REVENUE BONDS SERIES 2011 043431814 57583UJE9 2011-09-22 95437831 PURCHASE LAND, BUILDING, EQUIPMENT false false false C MDFA REVENUE BONDS SERIES 2013 043431814 2013-08-01 15000000 BUILDINGS, STRUCTURES & EQUIPMENT false false false A 22706297 0 183964049 0 0 0 1232844 0 0 110120341 72610864 0 2012 true false true true B 5023148 0 97849624 0 0 0 840781 0 0 97008843 0 0 2014 false false true true C 2625000 0 15002118 0 0 0 164500 0 0 9407103 0 5430515 2016 false false false true A false true true true false 0.01600 0.01600 false false false true B false false true true false 0.02100 0.02100 false false false true C false false true true false 0.00300 0.00300 false false false true A false false false true false false 0 false false true TRANSAMERICA 2. true false true B false false false true false false 0 false false false 0 false true C false false false true false false 0 false false false 0 false true A true B true C true PROCEEDS OF BOND ISSUE SCHEDULE K, PART II, LINE 3 THE DIFFERENCE BETWEEN THE ISSUE PRICE AND TOTAL PROCEEDS FOR BOND ISSUES A, B, AND C IS INVESTMENT EARNINGS OF $5,949,083, $2,411,793, AND $2,118, RESPECTIVELY. REBATE COMPUTATION DATE SCHEDULE K, PART IV, LINE 2C, BOND ISSUES A-C NO REBATE IS DUE ON THE BOND ISSUES. THE COMPUTATION DATE WAS JUNE 30, 2015. WRITTEN PROCEDURES THE COLLEGE'S WRITTEN BOND PROCEDURES HAVE BEEN ENHANCED TO PROVIDE FURTHER DETAILS THAT IT WILL ENSURE THAT ALL NONQUALIFIED BONDS OF THE ISSUE ARE REMEDIATED IN ACCORDANCE WITH THE REQUIREMENTS UNDER REGULATIONS SECTION 1.141-12 AND 1.145-2 AND THAT IT WILL ALSO ENSURE THAT VIOLATIONS OF FEDERAL TAX REQUIREMENTS ARE TIMELY IDENTIFIED AND CORRECTED THROUGH THE VOLUNTARY CLOSING AGREEMENT PROGRAM (VCAP) IF SELF-REMEDIATION IS NOT AVAILABLE. THESE REVISIONS WERE MADE AFTER THE FISCAL YEAR ENDED 5/31/15, BUT BEFORE FILING THE RETURN WITH THE INTERNAL REVENUE SERVICE. BRUNO RABERG SPOUSE - M. HOWE, OFFICER 98397 EMPLOYMENT - FAMILY MEMBER false X SOFTWARE 4 914605 FMV X MUSICAL INSTRUMENTS 5 56780 FMV X EVENT TICKETS 6 12340 FMV X GIFT CARDS 5 225 FMV X LEARNING MATERIALS 2 19500 FMV X OTHER 3 5576 FMV false true false ORGANIZATION'S MISSION Part III, Line 1 THE MISSION OF BERKLEE COLLEGE OF MUSIC IS TO EDUCATE, TRAIN, AND DEVELOP STUDENTS TO EXCEL IN MUSIC AS A CAREER. DEVELOPING THE MUSICIANSHIP OF OUR STUDENTS IS THE FOUNDATION OF OUR CURRICULUM. WE BELIEVE THAT THE LESSONS AND QUALITIES DERIVED FROM THAT WORK -THE SELF DISCIPLINE NEEDED FOR EXCELLENCE, THE EMPATHY REQUIRED OF MUSIC-MAKING, AND THE OPENNESS AND INQUISITIVENESS ESSENTIAL TO CREATIVITY -ARE CRITICAL TO ACHIEVEMENT IN ANY PURSUIT, MUSICAL OR OTHERWISE; AND THAT MUSIC IS A POWERFUL CATALYST FOR PERSONAL GROWTH, WHICH IS CENTRAL TO ANY COLLEGIATE EXPERIENCE. FOUNDED ON JAZZ AND POPULAR MUSIC ROOTED IN THE AFRICAN CULTURE DIASPORA, OUR COMPREHENSIVE CURRICULUM IS DISTINCTLY CONTEMPORARY IN ITS CONTENT AND APPROACH, AND EMBRACES THE PRINCIPAL MUSICAL MOVEMENTS OF OUR TIME. THROUGH A COURSE OF SCHOLARLY AND PRACTICAL LEARNING EXPERIENCES INTEGRATING PERFORMANCE AND WRITING, OUR CURRICULUM COVERS THE VARIETY OF STYLES, RELEVANT TECHNOLOGIES, AND CAREER OPPORTUNITIES OPEN TO TODAY'S MUSIC PROFESSIONAL. PROGRAM SERVICES PART III, LINE 2 EFFECTIVE FALL OF 2014, BERKLEE ONLINE NOW OFFERS 120-CREDIT BACHELOR OF PROFESSIONAL STUDIES DEGREES IN MUSIC BUSINESS AND MUSIC PRODUCTION. FORM 990 REVIEW PROCESS Part VI, Line 11a THE FORM 990 IS PREPARED AND REVIEWED BY THE CONTROLLER'S DEPARTMENT AND REVIEWED BY THE COLLEGE'S TAX ADVISORS. UPON COMPLETION, THE DRAFT FORM 990 IS DISTRIBUTED TO THE MEMBERS OF THE AUDIT & FISCAL CONTROLS COMMITTEE FOR THEIR REVIEW AND COMMENTS. ONCE THE DRAFT HAS BEEN REVIEWED BY THE COMMITTEE, THE FINAL FORM 990 IS DISTRIBUTED TO THE FULL BOARD PRIOR TO FILING WITH THE IRS. CONFLICT OF INTEREST POLICY Part VI, Line 12c THE PURPOSE OF THE CONFLICTS OF INTEREST POLICY IS TO PROTECT THE COLLEGE'S INTEREST WHEN IT IS ENTERING INTO A TRANSACTION OR ARRANGEMENT THAT MIGHT BENEFIT THE PRIVATE INTEREST OF AN INTERESTED PERSON. AN INTERESTED PERSON IS DEFINED AS ANY PERSON WHO IS OR WAS DURING THE PREVIOUS FIVE YEARS IN A POSITION TO EXERCISE SUBSTANTIAL INFLUENCE OVER THE COLLEGE'S AFFAIRS, INCLUDING ANY TRUSTEE, OFFICER, KEY EMPLOYEE OR MEMBER OF A COMMITTEE WITH BOARD-DELEGATED POWERS (EACH A FIDUCIARY). IN CONNECTION WITH ANY ACTUAL OR POSSIBLE CONFLICTS OF INTEREST, A FIDUCIARY WILL DISCLOSE ALL MATERIAL FACTS TO THE PRESIDENT OR CHAIR AT THE EARLIEST POSSIBLE TIME AFTER THE CONFLICT OF INTEREST BECOMES KNOWN TO THE FIDUCIARY. ANY CONFLICT WILL BE MADE A MATTER OF RECORD THROUGH ANNUAL OR OTHER REPORTING AND CERTIFICATION PROCEDURE AS THE TRUSTEES REQUIRE FROM TIME TO TIME. AFTER DISCLOSURE OF THE CONFLICT OF INTEREST AND AFTER ANY DISCUSSION WITH THE RELEVANT FIDUCIARY, THE TRUSTEES SHALL FINALLY DETERMINE WHETHER ANY CONFLICT OF INTEREST EXISTS. IF A CONFLICT OF INTEREST IS DETERMINED TO EXIST, THE TRUSTEES MAY TAKE ACTIONS AS DEFINED IN THE BYLAWS OF THE COLLEGE. COMPENSATION POLICY Part VI, Line 15a THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES, SITTING AS THE COMPENSATION COMMITTEE, HAS THE AUTHORITY TO ESTABLISH FAIR AND APPROPRIATE COMPENSATION PACKAGES TO BE AWARDED TO THE PRESIDENT AND OTHER HIGHLY COMPENSATED ADMINISTRATORS OF THE COLLEGE. IN DETERMINING THE EXECUTIVE COMPENSATION PACKAGES, THE EXECUTIVE COMMITTEE CONSIDERS COMPARATIVE DATA, OBTAINED FROM PUBLISHED SOURCES OR A COMPENSATION CONSULTANT, REFLECTING THE COMPENSATION LEVELS AWARDED TO EQUIVALENTLY SITUATED INDIVIDUALS EMPLOYED BY COMPARABLE INSTITUTIONS. THE EXECUTIVE COMMITTEE REPORTS THE PROCESS AND AWARDING OF COMPENSATION PACKAGES TO THE BOARD OF TRUSTEES. WHEN THE COMPENSATION COMMITTEE IS MEETING, THE PRESIDENT DOES NOT PARTICIPATE. THE PROCESS FOR DETERMINING THE COMPENSATION OF BERKLEE COLLEGE OF MUSIC'S TOP MANAGEMENT OFFICIALS, INCLUDING THE PRESIDENT AND OTHER HIGHLY COMPENSATED ADMINISTRATORS OF THE COLLEGE, MEETS THE THREE REQUIREMENTS OF THE REBUTTABLE PRESUMPTION PROVISIONS UNDER TREAS. REG. 53.4958-6. JOINT VENTURES Part VI, Line 16b BERKLEE COLLEGE OF MUSIC REVIEWS ITS PARTICIPATION IN JOINT VENTURE ARRANGEMENTS TO SAFEGUARD AND PROTECT ITS EXEMPT STATUS AND RETAINS LEGAL AND TAX ADVISORS AS NECESSARY. PUBLIC DISCLOSURE Part VI, Line 19 THE COLLEGE MAKES THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE UPON WRITTEN REQUEST. THE COLLEGE'S FORM 990 IS ALSO AVAILABLE ONLINE AT WWW.GUIDESTAR.ORG AND ON THE MASSACHUSETTS ATTORNEY GENERAL WEBSITE. OTHER CHANGES IN NET ASSETS Part XI, Line 9 PENSION OBLIGATION CHANGES OTHER THAN NET PERIODIC COSTS (2,519,082). 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