2015-11-13T10:20:17-06:00 2015-06-30 410746749 CLIFTONLARSONALLEN LLP 610 W GERMANTOWN PIKE STE 400 PLYMOUTH MEETING PA 19462 990 2014-07-01 231352001 THE ACADEMY OF VOCAL ARTS ACAD 2157351685 1920 SPRUCE STREET PHILADEPHIA PA 19103 K JAMES MCDOWELL PRESIDENT 2157351685 2015-11-11 1 STEVE ROSA CPA P00079667 2156433900 2014 2016-02-25 16:41:14Z K JAMES MCDOWELL 1920 SPRUCE ST PHILADELPHIA PA 19103 6566019 0 X WWW.AVAOPERA.ORG X 1936 PA TO PROVIDE VOCAL AND OPERA TRAINING TO YOUNG SINGERS AND PRESENT IN COMMUNITY PERFORMANCES. 33 33 36 36 0 0 3787494 3296755 295865 316871 1840177 1718770 -15036 -138411 5908500 5193985 207786 248100 0 0 1618846 1743883 55190 0 351473 1679415 1741861 3561237 3733844 2347263 1460141 39407092 39727031 4199732 3985404 35207360 35741627 X THE MISSION OF THE ACADEMY OF VOCAL ARTS IS TO BE THE WORLD'S PREMIER INSTITUTION FOR TRAINING YOUNG ARTISTS AS INTERNATIONAL OPERA SINGERS. THROUGH RIGOROUS INSTRUCTION AND COACHING, AND BY PRESENTATIONS OF RESIDENT ARTISTS FROM AROUND THE WORLD IN FULLY STAGED PROFESSIONAL OPERA PRODUCTIONS, AS WELL AS CONCERTS, ORATORIOS, PUBLIC PROGRAMS, THE ACADEMY WILL TRAIN ARTISTS WITH THE HIGHEST POTENTIAL FOR CAREER SUCCESS WHILE ENRICHING LIVES IN PHILADELPHIA AND BEYOND. THE PERFORMING EXPERIENCE IS THE KEY COMPONENT IN AVA'S TRAINING OF OUTSTANDING SINGERS AND THAT WHICH DISTINGUISHES IT FROM OTHER MUSIC/OPERA TRAINING PROGRAMS. THE OPERAS ARE CHOSEN TO FIT THE SPECIFIC NEEDS OF THE RESIDENT ARTISTS, HELPING TO BUILD REPERTOIRE FOR A CAREER IN OPERA AND VOCAL PERFORMANCE AND PROVIDING TECHNICALLY CHALLENGING BUT ACHIEVABLE ARTISTIC GROWTH. 0 0 2795877 248100 316871 ADMISSION INTO AVA'S FOUR-YEAR PROGRAM IS DETERMINED BY HIGHLY COMPETITIVE ANNUAL AUDITIONS. THOSE WHO ARE ACCEPTED RECEIVE TUITION-FREE INTENSIVE TRAINING EQUIVALENT TO MORE THAN $100,000 PER YEAR. MERIT-BASED FELLOWSHIPS ARE AWARDED IN ADDITION TO HELP OFFSET COSTS OF ROOM AND BOARD.FOR ITS 80TH ANNIVERSARY 2014-2015 SEASON, THE AVA OPERA THEATRE SUCCESSFULLY PRODUCED THREE FULLY-STAGED OPERA PRODUCTIONS: ROSSINI'S L'ITALIANA IN ALGIERI, PUCCINI'S LA BOHEME AND GOUNOD'S FAUST, AS WELL AS JUBILATE, A CONCERT OF ORATORIO MASTERPIECES, AND SEVERAL VOCAL RECITALS IN A SEASON THAT DREW OVER 10,000 PATRONS TO ITS PERFORMANCES IN FIVE DIFFERENT VENUES IN GREATER PHILADELPHIA. A GALA CONCERT FEATURING MANY OF AVA'S PROMINENT ALUMNI CAPPED THE SEASON WITH BRAVA PHILADELPHIA AT THE KIMMEL CENTER.RECENT GRADUATES CONTINUE TO STAR IN PRODUCTIONS AT MAJOR INTERNATIONAL OPERA COMPANIES, INCLUDING THE FOLLOWING UPCOMING METROPOLITAN OPERA PRODUCTIONS : JAMES MORRIS IN TOSCA, TURANDOT AND OTELLO, STEPHEN COSTELLO IN ANNA BOLENA AND RIGOLETTO, TAYLOR STAYTON IN ANNA BOLENA AND IL BARBIERE DI SIVIGLIA, ANGELA MEADE IN IL TROVATORE, BRYAN HYMEL AND AILYN PEREZ IN IN LA BOHEME, JOYCE DIDONATO AND MICHELE ANGELINI IN LA DONNA DEL LAGO. MORE THAN 1,000 MIDDLE AND HIGH SCHOOL STUDENTS PARTICIPATED IN AVA'S OPERA OUTREACH EDUCATIONAL PROGRAM, RECEIVING WORKSHOPS INTRODUCING OPERA AND THE AVA RESIDENT ARTISTS, INCLUDING ATTENDANCE AT TWO OPERAS: LA BOHEME AND FAUST. 2795877 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 1 74 0 36 1 0 0 0 0 0 1 1 0 0 0 0 X 33 33 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 PA NJ X X SUSAN MOCK 2157351685 1920 SPRUCE STREET PHILADELPHIA PA 19103 BA MACLEAN JR CHAIRMAN 2.00 X X 0 0 0 SUSAN E KANE VICE CHAIRMAN 2.00 X X 0 0 0 LUCINDA S LANDRETH VICE CHAIRMAN 2.00 X X 0 0 0 MARTHA R HURT VICE PRESIDENT & SECRETARY 2.00 X X 0 0 0 HAROLD F PITCAIRN II TREASURER/VICE CHAIR 2.00 X X 0 0 0 R RANDOLPH APGAR DIRECTOR 2.00 X 0 0 0 DR CLAIRE BOASI DIRECTOR 2.00 X 0 0 0 ROBERT W BOGLE DIRECTOR 2.00 X 0 0 0 KAY D BOSSONE DIRECTOR 2.00 X 0 0 0 STEPHEN COSTELLO DIRECTOR 2.00 X 0 0 0 KRISTIN DAVIDSON DIRECTOR 2.00 X 0 0 0 BARBARA M DONNELLY BENTIVOGLIO DIRECTOR 2.00 X 0 0 0 KEVIN FROST DIRECTOR 2.00 X 0 0 0 NANCY FABIOLA HERRERA DIRECTOR 2.00 X 0 0 0 MARTIN G JANOWIECKI DIRECTOR 2.00 X 0 0 0 SANDY LEOPOLD DIRECTOR 2.00 X 0 0 0 JOSEPH MCGUIRE ESQ DIRECTOR 2.00 X 0 0 0 JOHN A NYHEIM DIRECTOR 2.00 X 0 0 0 THOMAS B O'ROURKE DIRECTOR 2.00 X 0 0 0 DR SCOTT RICHARD DIRECTOR 2.00 X 0 0 0 COREY SMITH DIRECTOR 2.00 X 0 0 0 ANN R STEPHENSON DIRECTOR 2.00 X 0 0 0 WALTER M STRINE JR ESQ DIRECTOR 2.00 X 0 0 0 RICHARD TROXELL II DIRECTOR 2.00 X 0 0 0 P JEFFREY WARDEN DIRECTOR 2.00 X 0 0 0 CHARLOTTE WATTS DIRECTOR 2.00 X 0 0 0 PETER GOULD DIRECTOR 2.00 X 0 0 0 I GAIL HOWARD DIRECTOR 2.00 X 0 0 0 LEON L LEVY DIRECTOR 2.00 X 0 0 0 MARIO MELE DIRECTOR 2.00 X 0 0 0 DR ROMEO ABELLA DIRECTOR 2.00 X 0 0 0 KENNETH E AHL ESQ DIRECTOR 2.00 X 0 0 0 JIM MCCLELLAND DIRECTOR 2.00 X 0 0 0 K JAMES MCDOWELL PRESIDENT 40.00 X 121667 0 37094 SUSAN MOCK CFO 40.00 X 99079 0 14786 CHRISTOFER MACATSORIS MUSIC DIRECTOR 40.00 X 131667 0 24714 352413 0 76594 2 0 1 0 0 328677 45508 2922570 108645 3296755 PERFORMANCE AND FEES 711110 316871 316871 316871 1357890 1357890 1453641 1092761 360880 360880 360880 140862 328677 279273 -138411 -138411 5193985 316871 0 1580359 248100 248100 287576 287576 1193500 873570 71166 248764 38735 30880 7855 113169 93583 19586 110903 67781 23820 19302 30166 30166 262655 218877 43778 93318 93318 22871 22871 76313 13952 53060 9301 25761 25761 149347 139544 9803 315003 315003 45656 38439 7217 OTHER PRODUCTION EXPENS 266174 266174 ORCHESTRA & CHORUS 262897 262897 UTILITIES 51998 42280 9718 OTHER FUNDRAISING EXPEN 46665 46665 93037 91479 1558 3733844 2795877 586494 351473 350523 328865 20907 2142 2221625 1381149 5776 18214 104373 32473 8822662 2914543 6019772 5908119 22857625 24422475 7798787 7609895 27704 23699 39407092 39727031 73173 55671 45186 7042 4009059 3863758 72314 58933 4199732 3985404 X 13877904 14795317 2251407 1453408 19078049 19492902 35207360 35741627 39407092 39727031 X 1460141 -736982 -188892 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 22721137 2088925 760022 288600 936000 24345484 16879734 3737656 3254997 233250 918000 22721137 14236322 1684118 1880019 187225 733500 16879734 14336158 430549 350035 180420 700000 14236322 11923185 683847 2504053 168289 585000 21638 14336158 0.51720 0.48280 0 0 7744911 2258741 5486170 22949 348 22601 859001 544595 314406 195801 110859 84942 5908119 BENEFICIAL INTEREST IN TRUSTS 7609895 F 7609895 DUE TO BENEFICIARIES- CURRENT PORTION 3723 DUE TO BENEFICIARIES- LONG TERM PORTION 12565 CAPITAL LEASE OBLIGATION-LT 30357 CAPITAL LEASE OBLIGATION-CURRENT 12288 58933 X 4517218 -736982 -188892 -925874 5443092 30166 -279273 -249107 5193985 3982951 279273 279273 3703678 30166 30166 3733844 PART V, LINE 4: THE PRIMARY OBJECTIVE OF THE INVESTMENT MANAGEMENT OF THE ENDOWMENT IS TO PRESERVE OR INCREASE ITS REAL PURCHASING POWER OVER TIME WHILE PROVIDING A RELATIVELY STABLE AND CONSTANT STREAM OF CASH DISTRIBUTIONS FOR USE IN THE CURRENT OPERATIONS OF THE ACADEMY. PART X, LINE 2: THE ACADEMY IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE ACADEMY FOLLOWS THE INCOME TAX STANDARD FOR UNCERTAIN TAX POSITIONS. THIS APPLICATION OF THE STANDARD HAS NO EFFECT ON THE ACADEMY'S FINANCIAL STATEMENTS. THE ACADEMY HAS NOT BEEN AUDITED BY ANY TAXING AUTHORITY IN RECENT YEARS. THE TAX RETURNS FOR THE YEARS 2012 TO 2014 ARE OPEN TO EXAMINATION BY THE IRS AND STATE AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN BENEFICIAL INTEREST -188,892. PART XI, LINE 4B - OTHER ADJUSTMENTS: SPECIAL EVENTS EXPENSE NETTED WITH EXPENSE -279,273. PART XII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENTS EXPENSE NETTED WITH REVENUE 279,273. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE NON-DISCRIMINATION POLICIES ARE PUBLISHED IN THE ACADEMY'S STUDENT GUIDELINES, CONTAINED IN THE PUBLISHED BROCHURE AND ON THE WEB SITE. SCHEDULE E, PART I, LINE 6 THE ACADEMY OF VOCAL ARTS RECEIVED GRANTS FROM QUASI-GOVERNMENTAL ORGANIZATIONS, THE PENNSYLVANIA COUNCIL ON THE ARTS AND THE PHILADELPHIA CULTURAL FUND. THE TOTAL OF THESE GRANTS FOR THE FISCAL YEAR TOTALED $45,508. GALA AND FUNDRAISING EVENTS 469539 328677 140862 279273 469539 328677 140862 279273 279273 -138411 1 STUDENT AID- EMERGENCY ASSISTANCE 3 7000 FMV N/A STUDENT FELLOWSHIP AWARDS 28 241100 FMV N/A PART I, LINE 2: MERIT-BASED FELLOWSHIPS WERE GRANTED. A BUDGET FOR STUDENT LIVING EXPENSES IS POSTED IN THE AVA WEB SITE. X 0 0 0 0 0 0 0 0 0 K JAMES MCDOWELL PRESIDENT 121667 0 0 0 0 0 6083 0 31011 0 158761 0 0 0 CHRISTOFER MACATSORIS MUSIC DIRECTOR 131667 0 0 0 0 0 6583 0 18131 0 156381 0 0 0 X 1 11000 FMV ON DATE OF GIFT X 8 45145 FMV ON DATE OF GIFT X PIANO 2 52500 FMV ON DATE OF GIFT 0 0 0 FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 IS REVIEWED IN DETAIL BY THE CFO AND THEN SUBMITTED TO THE FINANCE COMMITTEE FOR REVIEW. UPON APPROVAL BY THE FINANCE COMMITTEE, THE FORM 990 IS SUBMITTED TO THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 12C EACH YEAR AT THE SEPTEMBER BOARD MEETING, A CONFLICT OF INTEREST STATEMENT IS DISTRIBUTED TO EACH BOARD MEMBER TO COMPLETE AND SIGN. THE SIGNED DOCUMENTS ARE SUBMITTED TO THE DIRECTOR OF INSTITUTIONAL ADVANCEMENT, WHO MAINTAINS THE DOCUMENTS AND ENSURES COMPLETION BY EACH BOARD MEMBER. ANY ABSENT BOARD MEMBER RECEIVES THE FORM VIA EMAIL. FORM 990, PART VI, SECTION B, LINE 15A AN OVERVIEW COMMITTEE OF THE BOARD OF DIRECTORS REVIEWS THE PRESIDENT'S PERFORMANCE AND SETS THE PRESIDENT'S COMPENSATION. COMPENSATION FOR ALL OTHER EMPLOYEES IS THE RESPONSIBILITY OF THE PRESIDENT. FORM 990, PART VI, SECTION C, LINE 19 AVAILABLE UPON REQUEST FORM 990, PART XI, LINE 9: CHANGE OF VALUE OF BENEFICIAL INTEREST -188,892.