2015-03-27T10:25:31-00:00 2014-05-31 990 2013-06-01 231585611 Curtis Institute of Music CURT 2157173134 1726 Locust Street Philadelphia PA 19103 Joseph Slater Sr Dir of Finance 3142015 2157173134 2015-03-14 false Joseph Slater 2015-03-14 2013 2016-02-25 16:41:14Z Same Roberto Diaz 1726 Locust Street Philadelphia PA 19103 53301998 false X www.curtis.edu X 1924 PA The Curtis Institute of Music is a tuition free School of Music that strives to educate and train exceptionally gifted musicians for performing careers on the highest professional level. Attendance averages 169 students. 50 45 478 0 21118883 17861856 1827154 2087258 4832279 6716916 -44408 -186262 27733908 26479768 852089 855504 0 7935233 8214994 0 1245277 8929171 9714467 17716493 18784965 10017415 7694803 229092252 242094914 11733707 10622827 217358545 231472087 The Curtis Institute of Music is a tuition free School of Music that strives to educate and train exceptionally gifted musicians for performing careers on the highest professional level. Attendance averages 169 students. false false 12731514 2087258 The Curtis Institute of Music is a tuition free School of Music that strives to educate and train exceptionally gifted musicians for performing careers on the highest professional level. Attendance averages 169 students. 12731514 true true false false false false false true false true true false false false true true true false true false true true true false true false false false false true false false false false false false false false false false false false false true false true false true 118 0 true 478 true false false false false false true true false false false false X 50 45 false false false false false false false true true false false true true true true true true true true false PA X X Joseph M Slater 2157173134 1726 Locust Street Philadelphia PA 19103 Mr HF Lenfest Chairman/Trustee 001.00 000.50 X X 0 0 0 Mr Edward A Montgomery Jr Vice Chairman/Trustee 001.00 X X 0 0 0 Mr Alan R Hirsig Secretary/Trustee 001.00 X X 0 0 0 Ms Deborah M Fretz Treasurer/Trustee 001.00 X X 0 0 0 Ms Nina Albert Trustee 001.00 X 0 0 0 Mr Frank S Bayley Trustee 001.00 X 0 0 0 Mr Peter A Benoliel Trustee Emeritus 001.00 X 0 0 0 Mrs Carey William Bok Honorary Trustee 001.00 000.50 X 0 0 0 Ms Victoria Bok Trustee 001.00 X 0 0 0 Mr Sheldon M Bonovitz Esquire Trustee 001.00 X 0 0 0 Dr Luther W Brady Trustee Emeritus 001.00 X 0 0 0 Mrs Carolyn S Burger Trustee Emerita 001.00 X 0 0 0 Mr Jonathan Coopersmith Trustee/ Musical Studies Faculty 035.00 X 104755 0 24615 Mr Anthony B Creamer III Trustee 001.00 X 0 0 0 Mr Roberto Diaz President/Trustee 035.00 X X 383837 0 57575 Mr Joseph M Field Trustee Emeritus 001.00 000.50 X 0 0 0 Mr Gordon B Fowler Trustee 001.00 X 0 0 0 Dr Bruce Jay Gould Trustee 001.00 X 0 0 0 Ms Marsha Hunter Alumni Trustee 001.00 X 0 0 0 Mr Scott M Jenkins Trustee Emeritus 001.00 X 0 0 0 Ms Ida Kavafian Trustee/Violin Faculty 035.00 X 139419 0 32765 Ms Bobby Ellen Kimbel Phd Trustee Emerita 001.00 X 0 0 0 Mr James R Ledwith Trustee Emeritus 001.00 000.50 X 0 0 0 Dr Bong S Lee Trustee Emeritus 001.00 X 0 0 0 Mrs Lisa Liem Trustee 001.00 X 0 0 0 Mrs Sueyun P Locks Trustee 001.00 X 0 0 0 Mrs Christina Weiss Lurie Trustee 001.00 X 0 0 0 Mrs Betty H Matarese Trustee 001.00 X 0 0 0 Mr Daniel Matsukawa Trustee/Musical Faculty 035.00 X 54660 0 12845 Mr John H McFadden Trustee 001.00 X 0 0 0 Mr Frank J Mechura Trustee 001.00 X 0 0 0 Mr John J Medveckis Trustee 001.00 X 0 0 0 Dr Christopher B Merritt Friends Trustee 001.00 X 0 0 0 Mr Thomas W Morris Overseers Trustee 001.00 X 0 0 0 Mr Robert H Mundheim Trustee 001.00 X 0 0 0 Mr John A Nyheim Trustee Emeritus 001.00 X 0 0 0 Mr Shaun F O'Malley Trustee 001.00 X 0 0 0 Mr Albert E Piscopo Trustee 001.00 X 0 0 0 Mr Robert Pollack Trustee 001.00 X 0 0 0 Mr William H Roberts Trustee 001.00 X 0 0 0 Dr Milton L Rock Honorary Trustee 001.00 000.50 X 0 0 0 Mr Robert H Rock Trustee 001.00 X 0 0 0 Mr Mark E Rubenstein Trustee 001.00 X 0 0 0 Mr Brett Rubinson Trustee 001.00 X 0 0 0 Samuel R Shipley Trustee 001.00 000.50 X 0 0 0 Mrs Amanda W Smoot Trustee Emerita 001.00 X 0 0 0 Mr Jay H Tolson Trustee 001.00 X 0 0 0 Mr William R Towcimak Crescendo Club Trustee 001.00 X 0 0 0 Mrs Elizabeth Vale Trustee 001.00 X 0 0 0 Nina Baroness von Maltzahn Trustee 001.00 X 0 0 0 Mrs Penelope P Watkins Trustee 001.00 X 0 0 0 Ms Elizabeth B Warshawer Executive Vice President 035.00 X 342022 0 51305 Paul J Bryan Dean of Faculty and Students 035.00 X 139612 0 32810 David A Ludwig Chair of Performance Studies/Dean of Artistic Programs 035.00 X 131484 0 30890 Charles Sterne Director of Principal Gifts and Planned Giving 035.00 X 129818 0 30510 Joseph M Slater Senior Director of Finance 035.00 X 115618 0 27170 Elizabeth L Racheva Vice President of External Affairs 035.00 X 112380 0 26410 John R Mangan Dean X 61059 0 0 1714664 326895 12 true true false Intech Construction Inc 3001 Market Street Philadelphia PA 19104 Construction Contractor 1963591 Parkhurst Dining Services 285 East Waterfront Drive Homestead PA 15120 Cafeteria Services 766753 Allied Barton Security Services 161 Washington Street Suite 600 Conshohocken PA 19428 Security Services 449946 City Cleaning Company Inc 2318-26 Aramingo Avenue Philadelphia PA 191253610 Custodial Services 273799 Elliott Lewis Corporation 2900 Black Lake Place Philadelphia PA 19154 Maintenance Services 273441 14 845799 4336007 156038 12524012 416992 17861856 Student fees 678396 678396 Concert income 521829 521829 Dormitory revenue 887033 887033 2087258 1990319 1990319 31362565 26635968 4726597 4726597 845799 186262 -186262 26479768 2087258 1990319 0 855504 855504 0 0 0 0 6715661 4412373 1679634 623654 482157 308580 125361 48216 565292 361787 146976 56529 451884 289206 117490 45188 0 72398 72398 84766 84766 0 0 0 235481 235481 237310 40635 192258 4417 420859 106539 314320 0 1310813 883937 387350 39526 461222 384716 76506 0 0 0 0 2498602 1149357 1224315 124930 275606 163553 101678 10375 Fundraising expenses 315736 23294 292442 Instructional expenses 2656186 2629839 26347 Dormitory expenses 1145488 1145488 0 18784965 12731514 4808174 1245277 1403890 227178 3454478 1440238 22855744 24175131 16059 76609 369233 459287 130889 184732 108375605 17606196 90027977 90769409 108797008 122669065 2036974 2093265 229092252 242094914 1547134 1453581 409208 486625 7025509 6047002 465579 465579 2286277 2170040 11733707 10622827 X 131436857 131776287 25627850 30229155 60293838 69466645 217358545 231472087 229092252 242094914 X 7694803 6418739 X false true X true false X 0.00000 0.00000 0.00000 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 3650207 false 108797008 6035970 13135655 5299568 122669065 90928866 8038336 14866431 5036625 108797008 89917874 9259467 -3792323 4456152 90928866 79660757 1525749 12845892 4114524 89917874 64874558 9759120 8937577 255410 3655088 79660757 0.56000 0.30000 0.14000 false true true 13848261 13848261 79105993 10285264 68820729 11771144 7320932 4450212 3650207 3650207 90769409 Financial derivatives and other financial products Closely-held equity interests Federal income taxes Split Interest Liabilities 2110908 Mary Louise Curtis Bok Foundation 59132 The Institute records assets, liabilities and revenue related to gifts donated in the form of split interest agreements for which it serves as trustee. The types of split interest agreements include gift annuities, pooled income funds and charitable remainder unitrusts. The assets received are recorded at their fair value at the time of receipt as restricted support in accordance with donor imposed restrictions until a stipulated time restriction ends or specified condition is met. Liabilities represent the net present value of expected future payments of income earned or a fixed percentage of the assets owed to the beneficiaries designated by the donors on the basis of their estimated life expectancies. Contribution revenues are recognized at the amount of the difference of assets received and expected future payments. Over the term of the agreements, amortization of the discount on the liability and effects of changes in the life expectance of the beneficiary are recorded as adjustments to the liability and amortization of discount and change in actuarial assumptions on split interest agreements. The discount rate for the gift received during the year ended May 31, 2014 is 6. Discount rates ranged from 1.6 to 9.0 for gifts received through May 31, 2014. Contribution revenue recognized on these arrangements totaled approximately 12,000 and 840,000 for the years ended May 31, 2014 and 2013, respectively. 2170040 X 32898507 6418739 6418739 26479768 26479768 18784965 18784965 18784965 V 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 Institutes endowment funds are determined by donor instructions in the event there are restrictions on the endowment gift. X 2 The Institute is exempt from federal income taxes under section 501c3 of the Internal Revenue Code. Effective June 1, 2009 management adopted the accounting standard, Accounting for Uncertainty in Income Taxes. This standard clarifies the accounting and reporting for uncertainties in income tax positions taken or expected to be taken in filing with taxing juristictions using minimum recognition and measurement thresholds. X 2 Management has reviewed tax positions taken in filings with federal jurisdictions and believes those positions would be sustained should the filings be examined by the relevant taxing authority. Those tax filings for 2011, 2012 and 2013 are subject to examination, generally for three years after they are filed. X 2 Should settlement of an examination or other event result in a change in Managements evaluation of a tax position taken or expected to be taken in filings that have not been closed by statute or examination, any interest and penalties related to the unrecognized tax benefit as a result of the uncertain tax position would be included in interest and administrative expenses, respectively. true true false true true true true false false false false false false false false true false true 6a Students at the Institute receive federal aid in the form of Pell Grants and Stafford Loans. Central America and the Caribbean Investment 1814029 Central America and the Caribbean Investment 20601919 22415948 22415948 true false false false false false Season Gala Event 845799 845799 13144 81798 91320 845799 845799 13144 81798 91320 186262 -186262 Need based assistance to students 121 265330 590174 Book Dormitory and cafeteria privileges X X X true false false false false false false false false Mr Roberto Diaz President/Trustee 383837 57575 441412 Ms Ida Kavafian Trustee/Violin Faculty 139419 32765 172184 Ms Elizabeth B Warshawer Executive Vice President 342022 51305 393327 Paul J Bryan Dean of Faculty and Students 139612 32810 172422 David A Ludwig Chair of Performance Studies/Dean of Artistic Programs 131484 30890 162374 Charles Sterne Director of Principal Gifts and Planned Giving 129818 30510 160328 John R Mangan Dean 61059 61059 Form 990, Part VI, Section B, Line 11A The form 990 was discussed by the Finance Committee of the Board of Trustees of the Institute at its bi-monthly meeting. Form 990, Part VI, Section B, Line 12c Conflict of interest statements are submitted by the members of the Institutes Board of Trustees annually. Form 990, Part VI, Section B, Line 15a Compensation for officers and key employees of the Institute is reviewed by the Human Resources Committee and approved by the Board of Trustees. Form 990, Part VI, Section B, Line 15b Compensation for officers and key employees of the Institute is reviewed by the Human Resources Committee and approved by the Board of Trustees. 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. Form 990, Part XI, Line 5 Change in unrealized gains losses for the year. Form 990, Part I, Section E, Line Lines 6a and 6b Students at the Institute receive federal aid in the form of Pell Grants and Stafford Loans. Mary Louise Curtis Bok Foundation 1726 Locust Street Philadelphia PA 19103 236000615 Foundation PA 501c3 Public N/A false false false true false false false false false false false false true false false false false true false false Mary Louise Curtis Bok Foundation c 4336007 Endowment Draw