2013-01-08T09:36:29-06:00 2012-06-30 410746749 CLIFTONLARSONALLEN LLP 610 WGERMANTOWN PIKESTE 400 PLYMOUTH MTG PA 19462 990 2011-07-01 231352001 THE ACADEMY OF VOCAL ARTS ACAD 2157351685 1920 SPRUCE STREET PHILADEPHIA PA 19103 K JAMES MCDOWELL 2157351685 2012-12-02 1 STEVE ROSA CPA P00079667 2156433900 2011 2016-03-07 17:11:31Z K JAMES MCDOWELL 1920 SPRUCE ST PHIALDELPHIA PA 19103 20000655 0 X WWW.AVAOPERA.ORG X 1939 PA TO PROVIDE VOCAL AND OPERA TRAINING TO YOUNG SINGERS AND PRESENT IN COMMUNITY PERFORMANCES. 39 39 30 0 -60444 -60444 1879709 4642250 362744 454753 1777822 3066878 36065 68905 4056340 8232786 170891 181924 0 0 1462058 1597442 0 0 231399 1452391 1314530 3085340 3093896 971000 5138890 25776295 28437156 1951122 2009596 23825173 26427560 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 2416159 181924 454753 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 THE 2011-2012 SEASON, THE AVA OPERA THEATER SUCCESSFULLY PRODUCED THREE FULLY-STAGED OPERA PRODUCTIONS: OFFENBACH'S LES CONTES D'HOFFMANN, DEBUSSY'S PELLEAS ET MELISANDE, DONIZETTI'S L'ELISIR D'AMORE, AS WELL AS AN ORCHESTRA CONCERT PRODUCTION OF VERDI'S OBERTO, RUSSIAN ROMANCES, AND JUBILATE, A CONCERT OF ORATORIO AND SACRED MUSIC, AND SEVERAL OTHER RECITALS IN A SEASON THAT DREW OVER 11,000 PATRONS TO FIVE DIFFERENT VENUES IN GREATER PHILADELPHIA. NINE RECENT GRADUATES OF THE ACADEMY OF VOCAL ARTS RECEIVED CONTRACTS TO PERFORM WITH THE METROPOLITAN OPERA IN NEW YORK CITY. OTHERS WILL PERFORM WITH HOUSTON GRAND OPERA, NASHVILLE OPERA, SAN FRANCISCO OPERA, TEATRO ALLA SCALA, NEW YORK CITY OPERA, CINCINNATI OPERA, DRESDEN OPERA, AND THE ROYAL OPERA HOUSE, AMONG OTHERS. 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 THE DRESS REHEARSAL OF PELLEAS ET MELISANDE AND ABRIDGED PERFORMANCES OF THE OTHER TWO OPERAS. 2416159 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 76 0 1 30 1 1 1 0 0 0 0 0 0 0 0 0 X 39 39 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 PA NJ X X SUSAN MOCK 2157351685 1920 SPRUCE STREET PHILADELPHIA PA 19103 BA MACLEAN JR 2.00 X X 0 0 0 SUSAN E KANE 2.00 X X 0 0 0 PETER J WHATNELL 2.00 X X 0 0 0 MARTHA R HURT 2.00 X X 0 0 0 HAROLD F PITCAIRN II 2.00 X X 0 0 0 R RANDOLPH APGAR 2.00 X 0 0 0 JOSEPH D BLAIR 2.00 X 0 0 0 DR CLAIRE BOASI 2.00 X 0 0 0 ROBERT W BOGLE 2.00 X 0 0 0 KAY D BOSSONE 2.00 X 0 0 0 STEPHEN COSTELLO 2.00 X 0 0 0 KRISTIN DAVIDSON 2.00 X 0 0 0 DAVID DEVAN 2.00 X 0 0 0 BARBARA M DONNELLY 2.00 X 0 0 0 ANTHONY FABIANO 2.00 X 0 0 0 KEVIN FROST 2.00 X 0 0 0 DRROSALIE BURNS GOLDBERG 2.00 X 0 0 0 ADELE S HEBB 2.00 X 0 0 0 NANCY FABIOLA HERRERA 2.00 X 0 0 0 MARTIN G JANOWIECKI 2.00 X 0 0 0 LUCINDA S LANDRETH 2.00 X 0 0 0 SANDY LEOPOLD 2.00 X 0 0 0 JIM MCCLELLAND 2.00 X 0 0 0 JOSEPH MCGUIRE ESQ 2.00 X 0 0 0 JULES L MERRON 2.00 X 0 0 0 ELIZABETH A MURPHY 2.00 X 0 0 0 JOHN A NYHEIM 2.00 X 0 0 0 LAREN PITCAIRN 2.00 X 0 0 0 EDITH A REINHARDT 2.00 X 0 0 0 DR SCOTT RICHARD 2.00 X 0 0 0 COREY SMITH 2.00 X 0 0 0 ANN R STEPHENSON 2.00 X 0 0 0 SUSAN E SHERMAN 2.00 X 0 0 0 WALTER M STRINE JR ESQ 2.00 X 0 0 0 FRANCA C WARDEN 2.00 X 0 0 0 RICHARD TROXELL II 2.00 X 0 0 0 P JEFFREY WARDEN 2.00 X 0 0 0 CHARLOTTE WATTS 2.00 X 0 0 0 K JAMES MCDOWELL 40.00 X 115500 0 31755 CHRISTOFER MACATSORIS 40.00 X 118333 0 30594 233833 0 62349 2 0 0 0 0 47836 4594414 4642250 PERFORMANCE AND FEES 711110 454753 454753 454753 1144076 1144076 51500 111944 -60444 -60444 -60444 13479711 11556909 1922802 1922802 1922802 228365 99016 129349 129349 8232786 454753 -60444 3196227 181924 181924 296182 148927 147255 1058590 834707 102500 121383 28357 24314 505 3538 121371 103144 2443 15784 92942 68536 15677 8729 56150 56150 5546 450 5096 108594 13279 86462 8853 115277 115277 69480 62259 7221 ORCHESTRA & CHORUS 296200 296200 OTHER PRODUCTION EXPENS 186413 186413 SET DESIGN, CONSTRUCTIO 118897 118897 THEATRE & OPERA EXPENSE 73680 73680 284293 188602 27675 68016 3093896 2416159 446338 231399 176173 716760 265254 109929 155329 2596891 7485 18955 64742 141438 5961488 2211297 3897927 3750191 14441384 14490296 6768001 6612696 25776295 28437156 44221 85784 617 31582 1860000 1860000 46284 32230 1951122 2009596 X 9856448 9738014 422013 3375619 13546712 13313927 23825173 26427560 25776295 28437156 X 5138890 -2536503 X X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 14336158 430549 350035 180420 700000 14236322 11923185 683847 2504053 168289 585000 21638 14336158 11545346 40550 1241102 69000 638000 196813 11923185 13494978 666985 -1920267 696350 11545346 0.52550 0.47390 0.00060 0 0 5306761 1672139 3634622 564244 454976 109268 90483 84182 6301 3750191 BENEFICIAL INTEREST IN PERPETUAL TRUST 6612696 F 6612696 DUE TO BENEFICIARIES- CURRENT PORTION 5289 DUE TO BENEFICIARIES- LONG TERM PORTION 17792 CAPITAL LEASE OBLIGATION 9149 32230 8232786 3093896 5138890 -2381198 -155305 -2536503 2602387 5907243 -2381198 -56289 -2437487 8344730 -111944 -111944 8232786 3304856 210960 210960 3093896 0 3093896 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: 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. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE ACADEMY ADOPTED THE INCOME TAX STANDARD FOR UNCERTAIN TAX POSITIONS ON JULY 1, 2009. THIS IMPLEMENTATION HAD NO EFFECT ON THE ACADEMY'S FINANCIAL STATEMENTS. THE ACADEMY'S 2008, 2009, 2010 AND 2011 FISCAL YEAR TAX RETURNS ARE OPEN FOR EXAMINATION BY THE IRS SHOULD THE TAX-EXEMPT STATUS BE CHALLENGED IN THE FUTURE. PART XI, LINE 8 - OTHER ADJUSTMENTS: CHANGE OF VALUE OF BENEFICIAL INTEREST -155,305. PART XII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENTS EXPENSE NETTED WITH REVENUE 99,016. CHANGE IN BENEFICIAL INTEREST -155,305. PART XII, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES NETTED AGAINST REVENUE -111,944. PART XIII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENTS EXPENSE NETTED WITH REVENUE 99,016. RENTAL EXPENSES NETTED WITH REVENUE 111,944. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION 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. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 THE ACADEMY OF VOCAL ARTS RECEIVED GRANTS FROM QUASI-GOVERNMENTAL ORGANIZATIONS, THE PENNSYLVANIA COUNCIL OF THE ARTS AND THE PHILADELPHIA CULTURAL FUND. THE TOTAL OF THESE GRANTS FOR THE FISCAL YEAR TOTALED $62,998. GALA 228365 228365 99016 228365 228365 99016 99016 129349 1 STUDENT AID- EMERGENCY ASSISTANCE 1 1500 FMV N/A STUDENT FELLOWSHIP AWARDS 26 180424 FMV N/A PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: MERIT-BASED FELLOWSHIPS WERE GRANTED. A BUDGET FOR STUDENT LIVING EXPENSES IS POSTED IN THE AVA WEB SITE. X 15 FMV ON DATE OF GIFT 0 0 0 FORM 990, PART VI, SECTION A, LINE 2 FRANCA WARDEN IS THE MOTHER OF P. JEFFREY WARDEN. FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 IS PRESENTED TO THE FINANCE COMMITTEE, WHICH IN TURN SUBMITS IT TO THE BOARD OF DIRECTORS AFTER REVIEWING THE DOCUMENT. FORM 990, PART VI, SECTION B, LINE 12C ANY MATERIAL FACTS AS TO SUCH FINANCIAL INTEREST SHALL BE DISCLOSED BY SUCH DIRECTOR OR OFFICER TO THE BOARD OR COMMITTEE ENTITLED TO VOTE ON SUCH CONTRACT OR TRANSACTION. THE DIRECTOR OR OFFICER HAVING SUCH FINANCIAL INTEREST ON ANY MATTER SHALL NOT VOTE OR USE ANY PERSONAL INFLUENCE IN REGARD TO THE MATTER (EXCEPT THAT THE DIRECTOR OR OFFICER MAY STATE A POSITION ON THE MATTER AND RESPOND TO QUESTIONS ABOUT IT); HOWEVER, SUCH DIRECTOR OR OFFICER MAY BE COUNTED IN DETERMINING THE QUORUM FOR THE MEETING AT WHICH THE MATTER IS VOTED UPON. THE MINUTES OF THE MEETING SHALL REFLECT THAT THE DISCLOSURE WAS MADE AND THAT SUCH DIRECTOR OR OFFICER ABSTAINED FROM VOTING. NO CONTRACT OR TRANSACTION IN WHICH A DIRECTOR OR OFFICER HAS A FINANCIAL INTEREST SHALL BE KNOWINGLY ENTERED INTO BY THE CORPORATION UNLESS IT HAS BEEN AUTHORIZED IN GOOD FAITH BY BOARD PURSUANT TO SECTION 5728 OR THE NONPROFIT CORPORATION LAW OF 1988, AS AMENDED. FORM 990, PART VI, SECTION B, LINE 15 AN OVERVIEW COMMITTEE OF THE BOARD OF DIRECTORS REVIEWS THE PRESIDENT'S PERFORMANCE AND SETS THE PRESIDENT'S COMPENSATION, WHICH IS MEMORIALIZED BY A CONTRACT. COMPENSATION FOR ALL OTHER EMPLOYEES IS THE RESPONSIBILITY OF THE PRESIDENT. FORM 990, PART VI, SECTION C, LINE 19 AVAILABLE UPON REQUEST CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -2,381,198. CHANGE OF VALUE OF BENEFICIAL INTEREST -155,305. TOTAL TO FORM 990, PART XI, LINE 5: -2,536,503. THE PROCESS FOR REVIEWING AND APPROVING THE 990 HAS NOT CHANGED FROM LAST YEAR'S PROCESS.