2012-03-12T07:25:02-05:00 2011-06-30 CLIFTONLARSONALLEN LLP 610 WGERMANTOWN PIKESTE 400 PLYMOUTH MTG PA 19462 990 2010-07-01 231352001 THE ACADEMY OF VOCAL ARTS ACAD 2157351685 1920 SPRUCE STREET PHILADEPHIA PA 19103 K JAMES MCDOWELL 2157351685 2012-03-02 1 A STEPHEN ROSA CPA 2156433900 2010 2016-02-24 21:20:13Z K JAMES MCDOWELL 1920 SPRUCE STREET PHILADEPHIA PA 19103 6533581 0 X WWW.AVAOPERA.ORG X 1939 PA TO PROVIDE VOCAL AND OPERA TRAINING TO YOUNG SINGERS AND PRESENT IN COMMUNITY PERFORMANCES. 39 39 32 0 -35924 -35924 1338320 1879709 466213 362744 1307524 1777908 24003 36065 3136060 4056426 132250 170891 0 0 1494172 1462058 0 0 201874 1329207 1452389 2955629 3085338 180431 971088 23020668 25776295 1986222 1951122 21034446 23825173 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 2451868 170891 390474 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 $75,000 PER YEAR. SEVERAL MERIT-BASED FELLOWSHIPS ARE AWARDED IN ADDITION TO HELP OFFSET COSTS OF ROOM AND BOARD.FOR THE 2010-2011 SEASON, THE AVA OPERA THEATER SUCCESSFULLY PRODUCED THREE FULLY-STAGED OPERA PRODUCTIONS: GARWOOD'S "THE SCARLET LETTER" (WORLD PREMIERE), R. STRAUSS' "ARABELLA", W.A. MOZART'S "DON GIOVANNI", AS WELL AS A CONCERT OF OPERATIC MASTERPIECES, RUSSIAN ROMANCES, AND ORATORIO AND SACRED MUSIC, AND SEVERAL RECITALS IN A SEASON THAT DREW OVER 11,000 PATRONS TO FIVE DIFFERENT VENUES IN GREATER PHILADELPHIA. TEN RECENT GRADUATES OF THE ACADEMY OF VOCAL ARTS RECEIVED CONTRACTS TO PERFORM WITH THE METROPOLITAN OPERA IN NEW YORK CITY. OTHERS WILL PERFORM WITH THE BERLIN OPERA, NEW YORK CITY OPERA, PARIS OPERA BASTILLE, DRESDEN OPERA, CENTRAL CITY OPERA, NEW JERSEY OPERA, 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, AND INCLUDING ATTENDANCE AT THE DRESS REHEARSAL OF THE NEW OPERA "THE SCARLET LETTER" AND ABRIDGED PERFORMANCES OF OTHER TWO OPERAS. 2451868 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 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 98 0 0 32 1 1 1 0 0 0 0 1 1 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 VALENTIN R FERNANDEZ 2157351685 1920 SPRUCE STREET PHILADELPHIA PA PHILADEPHIA PA 19103 EDITH A REINHARDT 2.00 X 0 0 0 LAREN PITCAIRN 2.00 X 0 0 0 BA MACLEAN JR 2.00 X X 0 0 0 MARTHA R HURT 2.00 X X 0 0 0 P JEFFREY WARDEN 2.00 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 ILYCE BENTON 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 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 NANCY FABIOLA HERRERA 2.00 X 0 0 0 ROSALIE BURNS GOLDBERG MD 2.00 X 0 0 0 ADELE S HEBB 2.00 X 0 0 0 MARTIN G JANOWIECKI 2.00 X 0 0 0 STEPHEN T JANICK 2.00 X 0 0 0 SUSAN E KANE 2.00 X X 0 0 0 LUCINDA S LANDRETH 2.00 X 0 0 0 CAROL LAWRENCE 2.00 X 0 0 0 JOSEPH MCGUIRE ESQ 2.00 X 0 0 0 JULES L MERRON 2.00 X 0 0 0 JIM MCCLELLAND 2.00 X 0 0 0 ELIZABETH A MURPHY 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 LYN BATASTINI VIZZI 2.00 X 0 0 0 FRANCA C WARDEN 2.00 X 0 0 0 PETER J WHATNELL 2.00 X X 0 0 0 STEPHEN COSTELLO 2.00 X 0 0 0 ANTHONY FABIANO 2.00 X 0 0 0 SANDY LEOPOLD 2.00 X 0 0 0 JOHN A NYHEIM 2.00 X 0 0 0 DR SCOTT RICHARD 2.00 X 0 0 0 WALTER M STRINE JR ESQ 2.00 X 0 0 0 RICHARD TROXELL II 2.00 X 0 0 0 CHARLOTTE WATTS 2.00 X 0 0 0 K JAMES MCDOWELL 40.00 X 114000 0 28557 CHRISTOFER MACATSORIS 40.00 X 115000 0 27442 229000 0 55999 2 0 0 0 0 122635 62998 1694076 1879709 BOX OFFICE RECEIPTS 711110 254057 254057 BUCKS COUNTY OPERA 711110 56945 56945 SOUTH JERSEY OPERA 711110 25936 25936 MAIN LINE OPERA 711110 25806 25806 362744 1064721 1064721 55800 91724 -35924 -35924 -35924 3018176 2304989 713187 713187 713187 119494 122635 80442 39052 39052 AUDITION FEES 611600 19930 19930 CONCERT BUREAU 711110 7800 7800 MISCELLANEOUS 711110 5207 5207 32937 4056426 390474 -35924 1822167 170891 170891 284999 142442 142557 896232 758081 23693 114458 32319 24638 4549 3132 165983 128789 22028 15166 82525 62914 11615 7996 36368 36368 575 575 29754 29754 116322 116322 49310 49310 44476 44476 18146 18146 121247 121247 77596 69388 8208 ORCHESTRA & CHORUS 277510 277510 SET DESIGN, CONSTRUCTIO 158698 158698 THEATRE & OPERA EXPENSE 126951 126951 OTHER PRODUCTION EXPENS 105268 105268 UTILITIES 56948 56948 233220 131781 58463 42976 3085338 2451868 431596 201874 196860 176173 239185 265254 298120 155329 19595 7485 50938 64742 5957080 2059153 4047095 3897927 12027066 14441384 6141809 6768001 23020668 25776295 44690 44221 27217 617 1860000 1860000 54315 46284 1986222 1951122 X 8908757 9856448 576924 422013 11548765 13546712 21034446 23825173 23020668 25776295 X 971088 1819639 X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 11923185 683847 2504053 168289 585000 21638 14336158 11545346 40550 1241102 69000 638000 196813 11923185 13494978 666985 -1920267 696350 11545346 0.52400 0.47600 0 0 5306761 1541159 3765602 559836 435462 124374 90483 82532 7951 3897927 BENEFICIAL INTEREST IN PERPETUAL TRUST 6768001 F 6768001 DUE TO BENEFICIARIES- CURRENT PORTION 5289 DUE TO BENEFICIARIES- LONG TERM PORTION 23379 CAPITAL LEASE OBLIGATION 17616 46284 4056426 3085338 971088 1193447 626192 1819639 2790727 6048231 1193447 798358 1991805 4056426 0 4056426 3257504 172166 172166 3085338 0 3085338 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 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 IMPLEMENTATION HAS NO EFFECT ON THE ACADEMY'S FINANCIAL STATEMENTS. THE ACADEMY HAS NOT BEEN AUDITED BY ANY TAXING AUTHORITY IN RECENT YEARS. THEREFORE, ALL YEARS ARE SUBJECT TO EXAMINATION BY THE IRS IN THE EVENT THAT THE ACADEMY'S TAX EXEMPT STATUS IS CHALLENGED. PART XI, LINE 8 - OTHER ADJUSTMENTS: CHARITABLE REMAINDER TRUST 4,093. CHANGE OF VALUE OF BENEFICIAL INTEREST 622,099. PART XII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENTS EXPENSE NETTED WITH REVENUE 80,442. RENTAL EXPENSES NETTED WITH REVENUE 91,724. CHANGE IN BENEFICIAL INTEREST 622,099. CHANGE IN CHARITABLE REMAINDER TRUST 4,093. PART XIII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENTS EXPENSE NETTED WITH REVENUE 80,442. RENTAL EXPENSES NETTED WITH REVENUE 91,724. 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 203077 122635 80442 80442 FUNDRAISING 39052 39052 242129 122635 119494 80442 80442 39052 1 STUDENT GRANTS (FOREIGN LANGUAGE / CAREER DEVELOPMENT) 4 10001 FMV N/A STUDENT FELLOWSHIP AWARDS 28 160890 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. 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 FOR APPROVAL. UPON APPROVAL,THE CFO PROVIDES AN ELECTRONIC COPY TO THE BOARD OF DIRECTORS. 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 EXECUTIVE DIRECTOR'S PERFORMANCE AND SETS COMPENSATION. THIS IS DONE ON AN ANNUAL BASIS, ALTHOUGH THE CURRENT CONTRACT IS FOR A THREE YEAR PERIOD. ALTHOUGH, THE CONTRACT CALLED FOR A CERTAIN LEVEL OF COMPENSATION, THE EXECUTIVE DIRECTOR IMPOSED A 5% PAY CUT ON ALMOST ALL EMPLOYEES, INCLUDING HIS OWN SALARY. THIS COMMITTEE LAST MET ON SEPTEMBER 22, 2010. COMPENSATION FOR ALL OTHER EMPLOYEES IS THE RESPONSIBILITY OF THE EXECUTIVE DIRECTOR. IN HELPING TO SET OR CONFIRM APPROPRIATE LEVELS OF COMPENSATION, THE DELAWARE VALLEY NON PROFIT ASSOCIATION SALARY AND COMPENSATION REPORT HAS BEEN USED. THIS WAS LAST DONE IN 2005. THE REPORT SHOWED AVA SALARIES AT THAT TIME FOR THE FOLLOWING POSITIONS TO BE IN THE 50-75 PERCENTILE RANGE WHEN COMPARED TO NON-PROFIT PERFORMING ARTS ORGANIZATIONS (MUSIC, DANCE, DRAMA), AND WITH COMPARABLE BUDGETS TO AVA IN THE RANGE OF $ 1 MILLION TO $ 3 MILLION: EXECUTIVE DIRECTOR, MUSIC (OR ARTISTIC) DIRECTOR, MARKETING DIRECTOR, DEVELOPMENT DIRECTOR, BUSINESS MANAGER. SINCE THAT TIME SALARY INCREASES OVERALL HAVE BEEN IN THE 4-5% RANGE (MAXIMUM). THE SALARY DECISIONS OF THE EXECUTIVE DIRECTOR ARE REVIEWED AND APPROVED BY THE OVERVIEW COMMITTEE. IN 2005 AND 2007, THE BOARD ACTED ON CONCERNS THAT THE TOP ADMINISTRATIVE AND ARTISTIC SALARIES WERE NOT IN KEEPING WITH THOSE OF THE COMPETITION, AND RAISED THE SALARIES OF THE FOLLOWING POSITIONS: EXECUTIVE DIRECTOR, DEVELOPMENT DIRECTOR, MUSIC DIRECTOR, AND MASTER COACH (DESIGNATED TO ASSUME THE MUSIC DIRECTOR POSITION ON AN INTERIM BASIS IN THE EVENT OF THE LOSS OF THE ACTIVE MUSIC DIRECTOR.) FORM 990, PART VI, SECTION C, LINE 19 AUDITED FINANCIAL STATEMENTS ARE POSTED ON THE ORGANIZATION'S WEBSITE. OTHER DOCUMENTS ARE AVAILABLE UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 1,193,447. CHARITABLE REMAINDER TRUST 4,093. CHANGE OF VALUE OF BENEFICIAL INTEREST 622,099. TOTAL TO FORM 990, PART XI, LINE 5: 1,819,639.