2026-05-11T09:56:27-05:00 2025-06-30 420714325 RSM US LLP 80 CITY SQUARE BOSTON MA 02129 990 2024-07-01 237225104 NEW ENGLAND CONSERVATORY OF MUSIC NEWE 6175851725 290 HUNTINGTON AVENUE BOSTON MA 02115 ANDREA KALYN PRESIDENT 6175851725 2026-05-05 1 1 LYNNE JOHNSON P00757336 6179129000 2024 2025-03-06 01:10:19Z ANDREA KALYN 290 HUNTINGTON AVENUE BOSTON MA 02115 145896623 0 X WWW.NECMUSIC.EDU X 1867 MA NEW ENGLAND CONSERVATORY OF MUSIC (NEC) EDUCATES AND TRAINS MUSICIANS OF ALL AGES FROM AROUND THE WORLD. 30 30 1393 136 6146 0 20702255 19983361 55534691 61923676 4007951 8362998 -56292 -87981 80188605 90182054 19926061 22883863 0 0 35530829 38378144 0 0 3082939 24018307 25039630 79475197 86301637 713408 3880417 290282506 316498552 43214974 44045040 247067532 272453512 X NEW ENGLAND CONSERVATORY OF MUSIC (NEC) EDUCATES AND TRAINS MUSICIANS OF ALL AGES FROM AROUND THE WORLD. 0 0 43470401 22133555 48845013 HIGHER EDUCATION: COLLEGE - MUSIC SCHOOL WITH PROGRAMS LEADING TO BACHELOR'S DEGREES, MASTER'S DEGREES, DOCTORAL DEGREES, AND DIPLOMAS. NEC'S ENROLLMENT IS COMPRISED OF APPROXIMATELY HALF UNDERGRADUATES AND HALF GRADUATE STUDENTS. (952 STUDENTS) 14692389 0 5821931 STUDENT SERVICES PROGRAM, GENERAL/OTHER:RESIDENCE HALL/DINING - ALL FRESHMEN AND SOPHOMORES ARE HOUSED AND DINE IN THE NEC RESIDENCE HALL. THE CAFETERIA IS OPEN TO THE ENTIRE COMMUNITY. (230 STUDENTS)HEALTH SERVICES - ON-SITE STUDENT HEALTH CENTER PROVIDING ROUTINE AND URGENT CARE AND REFERRALS, STAFFED BY A PHYSICIAN AND NURSE PRACTITIONERS. SUPPORTED BY STUDENT MEDICAL FEES AND INSURANCE REIMBURSEMENTS.COUNSELING SERVICES - ON-SITE CENTER PROVIDING CONFIDENTIAL COUNSELING FOR STUDENTS, STAFFED BY A PSYCHIATRIST AND PROFESSIONAL COUNSELORS. 8821289 750308 5948570 PREPARATORY AND ADULT EDUCATION - MUSIC INSTRUCTION FOR CHILDREN AGES 0-18 AND ADULTS OFFERED YEAR-ROUND. NOT LEADING TO A SPECIFIC DEGREE, OFFERINGS INCLUDE PRIVATE LESSONS, ENSEMBLES, AND CLASSES. 6% FINANCIAL AID IS PROVIDED BASED ON NEED. (1,687 STUDENTS) 2766177 1308162 CONCERTS AND HALL RENTALS: OTHER PROGRAM SERVICES INCLUDE EXPENSES RELATED TO OVER 1,000 FREE NEC CONCERTS PERFORMED BY STUDENTS, FACULTY AND GUEST ARTISTS PER YEAR AND EXPENSES FOR CONCERTS AT NEC PERFORMED BY OUTSIDE ORGANIZATIONS. THESE OUTSIDE ORGANIZATIONS PAY NEC HALL RENTAL FEES AND OTHER ASSOCIATED RENTAL COSTS, SUCH AS SECURITY AND LIGHTING/TECHNICAL SERVICES, RELATED TO THEIR PERFORMANCES. 2766177 1308162 69750256 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 1 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 1 287 0 1 1393 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 30 30 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 MA X KATHLEEN DONAHUE CONTROLLER 6175851725 290 HUNTINGTON AVENUE BOSTON MA 02115 ATHANASIOU NIKOLAOS BOARD TRUSTEE 2.00 0.00 X 0 0 0 BAILEY ALLISON S BOARD TRUSTEE 2.00 0.00 X 0 0 0 BARTLETT ANNE A BOARD TRUSTEE 2.00 0.00 X 0 0 0 BEAL ENID L BOARD TRUSTEE 2.00 0.00 X 0 0 0 BECTON HENRY BOARD TRUSTEE 2.00 0.00 X 0 0 0 BERMONT BECKY BOARD TRUSTEE 2.00 0.00 X 0 0 0 BURNES KENNETT BOARD TRUSTEE 2.00 0.00 X 0 0 0 CHEN MEI-ANN BOARD TRUSTEE (ON LEAVE) 2.00 0.00 X 0 0 0 ELFERS DEBORAH B BOARD TRUSTEE 2.00 0.00 X 0 0 0 ERLINGSSON UZOCHI N BOARD TRUSTEE 2.00 0.00 X 0 0 0 FULHAM TIMOTHY W BOARD TRUSTEE 2.00 0.00 X 0 0 0 GOLDENHEIM ANNA BOARD TRUSTEE 2.00 0.00 X 0 0 0 GRAVES JR EDWIN D BOARD TRUSTEE 2.00 0.00 X 0 0 0 GRAY ERIC A BOARD TRUSTEE 2.00 0.00 X 0 0 0 JONI SAJ-NICOLE A BOARD TRUSTEE 2.00 0.00 X 0 0 0 MCCASLIN KIMBERLY BOARD TRUSTEE 2.00 0.00 X 0 0 0 METCALFE MURRAY BOARD TRUSTEE 2.00 0.00 X 0 0 0 NICHOLS MARGARET H BOARD TRUSTEE 2.00 0.00 X 0 0 0 ROSIELLO ROBERT BOARD TRUSTEE 2.00 0.00 X 0 0 0 ROSS PETER BOARD TRUSTEE 2.00 0.00 X 0 0 0 RUBIN SALLY L BOARD TRUSTEE 2.00 0.00 X 0 0 0 SEKA PETER BOARD TRUSTEE 2.00 0.00 X 0 0 0 SMITH CHAD BOARD TRUSTEE 2.00 0.00 X 0 0 0 THONIS MICHAEL BOARD TRUSTEE 2.00 0.00 X 0 0 0 WILKINS THOMAS A BOARD TRUSTEE 2.00 0.00 X 0 0 0 WILMERDING FRANCES B BOARD TRUSTEE 2.00 0.00 X 0 0 0 BLUMENTHAL THOMAS W CHAIR OF THE BOARD OF TRUSTEES 2.00 0.00 X X 0 0 0 GLAUBER BARBARA W VICE CHAIR 2.00 0.00 X X 0 0 0 HENDRIX BLAIR E VICE CHAIR 2.00 0.00 X X 0 0 0 LODER JOHN M BOARD TRUSTEE, SECRETARY 2.00 0.00 X X 0 0 0 KALYN ANDREA PRESIDENT 40.00 0.00 X 469636 0 103874 BARNES EVELYN CFO/TREASURER 40.00 0.00 X 202472 0 20901 KELLY KATHLEEN EXECUTIVE VICE PRESIDENT 40.00 0.00 X 472201 0 25304 WOODS HEATHER VP & CHIEF INFORMATION OFFICER 40.00 0.00 X 241128 0 48279 BARTH COURTNEY VP & CHIEF OF STAFF 40.00 0.00 X 204665 0 50942 EAGLEN LYSON JANE COLLEGE FACULTY 40.00 0.00 X 238370 0 43403 WOLFF HUGH COLLEGE FACULTY 40.00 0.00 X 228839 0 35509 WEILERSTEIN DONALD COLLEGE FACULTY 40.00 0.00 X 226687 0 22322 SOSLAND BENJAMIN INTERIM DEAN AND CHIEF ARTISTIC OFFICER 40.00 0.00 X 218438 0 13634 KIM SOOVIN COLLEGE FACULTY 40.00 0.00 X 200738 0 43667 2703174 0 407835 78 0 1 0 CLIFTONLARSONALLEN LLP 220 S 6TH STREET SUITE 300 MINNEAPOLIS MN 55402 ACCOUNTING & ADVISORY SERVICES 318150 QUARTERDECK LLC 2 HOLLY LANE BARRINGTON RI 02806 WEBSITE DESIGN AND MAINTENANCE 247887 RSM US LLP 5155 PAYSPERE CIRCLE CHICAGO IL 60674 TAX & AUDIT SERVICES 171732 MINTZ LEVIN COHN FERRIS GLOVSKY & P ONE FINANCIAL CENTER BOSTON MA 02111 LEGAL SERVICES 141987 OMNIA GLOBAL PARTNERS 4563 EDEN BAY DRIVE ST AUGUSTINE FL 32084 PAYROLL CONSULTING SERVICES 132735 9 1124933 4896620 13961808 7659598 19983361 TUITION AND ACADEMIC F 611710 51812130 51812130 ROOM AND BOARD 721310 5220979 5220979 STUDENT HEALTH INSURAN 524114 1658020 1658020 HALL RENTALS 532000 999044 999044 NON-ACADEMIC FEES 611710 928348 928348 1305155 1305155 61923676 1874560 -176002 2050562 2035 0 2035 2035 2035 61966730 55463086 15206 6503644 -15206 6488438 182148 6306290 65481 1124933 236277 -170796 -170796 9983 0 9983 9983 LAUNDRY FEE COMMISSION 900099 8983 8983 OTHER SPECIAL EVENTS 900099 7521 7521 PUBLICATIONS 900099 4405 4405 49888 49888 70797 90182054 61923676 6146 8268871 22883863 22883863 1775798 1278293 497505 29899189 25050384 3472350 1376455 1011533 799978 151711 59844 3527920 2749856 552464 225600 2163704 1711181 324514 128009 312947 11235 293596 8116 168411 168411 621059 621059 3619966 1388122 2102127 129717 516370 151494 65250 299626 2042826 1906105 126977 9744 112089 51406 60683 3971560 3112339 851372 7849 706471 358625 167269 180577 158314 51910 47063 59341 1012440 985664 24282 2494 6436680 5789313 611619 35748 STUDENT HEALTH & FOOD 3580976 1686109 1894867 PAYROLL PROCESSING 163407 163407 BAD DEBT 71669 71669 ATTRITION IN ENVIRONMEN 43858 43858 1500587 991003 447270 62314 86301637 69750256 13468442 3082939 1025985 4737739 22097424 14835351 954354 11371176 1218454 671458 312172 255053 165273051 78137957 96504430 87135094 20192399 25724928 144295282 169443084 3682006 2324669 290282506 316498552 3746513 6572639 1299188 1624534 28780104 27425765 6807675 6202610 2581494 2219492 43214974 44045040 X 68870288 75057222 178197244 197396290 247067532 272453512 290282506 316498552 X 3880417 21484005 21558 X 0 1 X 1 1 1 X 6176167 11070325 34615417 20702255 20148436 92712600 6176167 11070325 34615417 20702255 20148436 92712600 32562925 60149675 71189 -140382 743746 1252698 2052597 3979848 39531 281845 60438 381814 201495 579211 307146 132366 146261 1366479 98440741 262815380 0.61100 0.61530 X SCHEDULE A, PART 1: NEC IS BROADLY SUPPORTED IN NATURE AND IS DEEMED TO MEET THE 33 1/3% SUPPORT PUBLIC SUPPORT TEST UNDER CURRENT GUIDANCE. SINCE NEC USES THE SPECIAL RULE BASED ON MEETING THE 33 1/3% SUPPORT TEST ON SCHEDULE B, NEC IS REQUIRED TO DISCLOSE THE PART II, SUPPORT SCHEDULE FOR ORGANIZATIONS DESCRIBED IN SECTIONS 170(B)(1)(A)(IV) AND 170(B)(1)(A)(VI). RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X 1 164487681 14195847 23972484 3741240 3746760 195168012 150989507 4136504 16415312 3190091 3863551 164487681 138423418 13672533 5327245 2967807 3229193 236689 150989507 154798642 573343 -10914345 2906578 2845144 282500 138423418 119213753 822528 40587444 2805870 2755796 263417 154798642 0.12000 0.85000 0.03000 0 0 1269497 1269497 138738648 62302474 76436174 23566086 15835483 7730603 1698820 1698820 87135094 ALTERNATIVE INVESTMENT STRATEGIES 169443084 F 169443084 PERKINS LOAN REFUNDABLE ADVANCES 1256053 PLANNED GIVING LIABILITY 433785 FINANCE LEASE LIABILITY 529654 2219492 X 88375114 21484005 -23527222 -2043217 90418331 -236277 -236277 90182054 62989134 236277 236277 62752857 621059 22927721 23548780 86301637 PART III, LINE 1A: THE CONSERVATORY MAINTAINS COLLECTIONS OF HISTORICAL INSTRUMENTS, ART, VOCAL SCORES, RECORDINGS, AND LITERARY WORKS. THESE COLLECTIONS ARE PROTECTED AND PRESERVED FOR PUBLIC EXHIBITION, EDUCATION, RESEARCH, AND THE FURTHERANCE OF PUBLIC SERVICE. THEY ARE NEITHER DISPOSED OF FOR FINANCIAL GAIN NOR ENCUMBERED IN ANY MANNER. ACCORDINGLY, THESE COLLECTIONS ARE NOT CAPITALIZED FOR FINANCIAL STATEMENT PURPOSES. PROCEEDS FROM DEACCESSIONS OR INSURANCE RECOVERIES ARE REFLECTED AS INCREASES IN THE APPROPRIATE NET ASSET CLASS. PART III, LINE 4: NEC'S HISTORICAL INSTRUMENTS ARE EXHIBITED AS ART OBJECTS ON CAMPUS. NEC'S RARE BOOKS, RECORDINGS AND LETTERS ARE PART OF ITS LIBRARY HOLDINGS, AVAILABLE FOR RESEARCH BY NEC STUDENTS AND STAFF AS WELL AS OTHERS FROM THE COMMUNITY. PART V, LINE 4: ENDOWMENT REVENUE IS USED TO SUPPORT PROGRAM-RELATED ACTIVITIES. PART X, LINE 2: THE CONSERVATORY RECOGNIZES THE FINANCIAL STATEMENT BENEFIT OF A TAX POSITION ONLY AFTER DETERMINING THAT THE RELEVANT TAX AUTHORITY WOULD MORE LIKELY THAN NOT SUSTAIN THE POSITION FOLLOWING AN AUDIT. TAX POSITIONS FOR THE OPEN TAX YEARS AS OF JUNE 30, 2025, WERE REVIEWED, AND IT WAS DETERMINED THAT NO PROVISION FOR UNCERTAIN TAX POSITIONS WAS REQUIRED AS OF JUNE 30, 2025 OR 2024. MANAGEMENT BELIEVES THAT THE CONSERVATORY'S FEDERAL AND STATE RETURNS ARE GENERALLY OPEN FOR EXAMINATION FOR THREE YEARS FOLLOWING THE DATE FILED. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF PLANNED GIVING NET ASSETS 21,558. ATTRITION IN ENVIRONMENTAL LIABILITY -43,858. TUITION & DORM SCHOLARSHIP -22,883,863. INVESTMENT MANAGEMENT FEES INCLUDED IN INVESTMENT RETURNS -621,059. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EVENTS EXPENSES REPORTED ON FORM 990, PART VIII, LINE 8B -236,277. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENTS EXPENSES REPORTED ON FORM 990, PART VIII, LINE 8B 236,277. PART XII, LINE 4B - OTHER ADJUSTMENTS: TUITION & DORM SCHOLARSHIP 22,883,863. ATTRITION IN ENVIRONMENTAL LIABILITY 43,858. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 NEC INCLUDES ITS NONDISCRIMINATION POLICY IN BROCHURES, CATALOGUES, AND COMPARABLE MATERIALS RELATED TO STUDENT ADMISSIONS, PROGRAMS, AND SCHOLARSHIPS TO COMPLY WITH THE PUBLICITY REQUIREMENT. NEC STUDENTS COME FROM AROUND THE WORLD, AND, AS SUCH, FOLLOWS THIS NONDISCRIMINATION POLICY. SCHEDULE E, PART I, LINE 6 US DEPARTMENT OF EDUCATION STUDENT GRANTS AND LOANS $6,110,711, COLLEGE WORK STUDY PROGRAM $287,786, MASSACHUSETTS CULTURAL COUNCIL $127,000, FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT $121,997 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES ACADEMIC ACTIVITIES 13670 NORTH AMERICA 0 1 PROGRAM SERVICES ACADEMIC ACTIVITIES 104845 EUROPE (INCLUDING ICELAND & GREENLAND 0 1 PROGRAM SERVICES ACADEMIC ACTIVITIES 233723 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 42253052 EAST ASIA AND THE PACIFIC 0 2 FUNDRAISING 45233 0 4 0 0 0 4 42650523 0 42650523 1 0 1 1 1 0 GALA 1190414 1124933 65481 102387 74531 59359 1190414 1124933 65481 102387 74531 59359 236277 -170796 1 SCHOLARSHIP AND OTHER FINANCIAL AID 942 22883863 0 PART I, LINE 2: THE AWARDING OF STUDENT FINANCIAL AID GRANTS UNDER THE U.S. DEPARTMENT OF EDUCATION'S STUDENT FINANCIAL ASSISTANCE PROGRAM IS MONITORED BY NEC'S FINANCIAL AID OFFICE, WHICH ENSURES THAT NEC MEETS THE COMPLIANCE REQUIREMENTS OF TITLE 2 U.S. CODE OF FEDERAL REGULATIONS (CFR) PART 200. NEC'S FINANCIAL AID OFFICE AND BUSINESS OFFICE ARE RESPONSIBLE FOR ESTABLISHING AND MAINTAINING EFFECTIVE INTERNAL CONTROLS OVER COMPLIANCE WITH THE REQUIREMENTS OF LAWS, REGULATIONS, CONTRACTS, AND GRANTS APPLICABLE TO FEDERAL PROGRAMS. ONLY CURRENT NEC STUDENTS IN GOOD STANDING ARE PROVIDED SCHOLARSHIP GRANTS OR OTHER FINANCIAL ASSISTANCE. GRANTS AND ASSISTANCE TO NEC COLLEGE STUDENTS ARE IN THE FORM OF INSTITUTIONAL SCHOLARSHIPS. ALL COLLEGE SCHOLARSHIPS ARE ADMINISTERED THROUGH NEC'S FINANCIAL AID SYSTEM. INSTITUTIONAL SCHOLARSHIPS ARE CREDITED TO THE STUDENT'S INTERNAL TUITION ACCOUNT AND REPRESENT AN OFFSET TO TUITION AND OTHER FEES ASSESSED BY NEC. PREPARATORY PROGRAM, CONTINUING EDUCATION PROGRAM AND SUMMER SESSION SCHOLARSHIPS ARE TRACKED SEPARATELY AND ADMINISTERED THROUGH NEC'S STUDENT BILLING SYSTEM. PREPARATORY PROGRAM, CONTINUING EDUCATION PROGRAM AND SUMMER SESSION SCHOLARSHIPS ARE CREDITED TO THE STUDENT'S INTERNAL TUITION ACCOUNT AND REPRESENT AN OFFSET TO TUITION AND OTHER FEES ASSESSED BY NEC. GRANTS AND ASSISTANCE TO NEC STAFF AND THEIR ELIGIBLE SPOUSES AND DEPENDENTS ARE IN THE FORM OF STAFF TUITION WAIVERS, PURSUANT TO A WRITTEN BENEFITS PLAN. STAFF TUITION WAIVERS ARE ADMINISTERED THROUGH THE CONSERVATORY'S BENEFITS SYSTEM AND, LIKE INSTITUTIONAL SCHOLARSHIPS FOR STUDENTS, ARE CREDITED TO THE INDIVIDUAL'S INTERNAL ACCOUNT TO OFFSET TUITION CHARGES. ALL STUDENTS RECEIVING SCHOLARSHIPS AND FELLOWSHIPS ARE JUDGED WORTHY BY THE INSTITUTION'S ASSESSMENT ON THE BASIS OF ACADEMIC ACHIEVEMENT, FINANCIAL NEED AND OTHER SIMILAR STANDARDS. X 1 0 X X X 0 0 0 0 0 0 0 1 0 KALYN ANDREA PRESIDENT 468844 0 0 0 792 0 22634 0 81240 0 573510 0 0 0 KELLY KATHLEEN EXECUTIVE VICE PRESIDENT 446914 0 25000 0 287 0 19077 0 6227 0 497505 0 0 0 WOODS HEATHER VP & CHIEF INFORMATION OFFICER 240948 0 0 0 180 0 11538 0 36741 0 289407 0 0 0 EAGLEN LYSON JANE COLLEGE FACULTY 227578 0 0 0 10792 0 10989 0 32414 0 281773 0 0 0 WOLFF HUGH COLLEGE FACULTY 226960 0 0 0 1879 0 9687 0 25822 0 264348 0 0 0 BARTH COURTNEY VP & CHIEF OF STAFF 204169 0 0 0 496 0 9952 0 40990 0 255607 0 0 0 WEILERSTEIN DONALD COLLEGE FACULTY 226069 0 0 0 618 0 10043 0 12279 0 249009 0 0 0 KIM SOOVIN COLLEGE FACULTY 188058 0 2500 0 10180 0 9181 0 34486 0 244405 0 0 0 SOSLAND BENJAMIN INTERIM DEAN AND CHIEF ARTISTIC OFFICER 218171 0 0 0 267 0 8906 0 4728 0 232072 0 0 0 BARNES EVELYN CFO/TREASURER 201475 0 0 0 997 0 10298 0 10603 0 223373 0 0 0 PART I, LINE 1A A $63,605 HOUSING BENEFIT WAS PROVIDED TO PRESIDENT, ANDREA KALYN. A $10,000 ANNUAL HOUSING ALLOWANCE WAS PROVIDED TO FACULTY MEMBER, JANE LYSON. A $10,000 ANNUAL HOUSING ALLOWANCE WAS PROVIDED TO FACULTY MEMBER, SOOVIN KIM. THE HOUSING ALLOWANCES WERE REPORTED AS TAXABLE COMPENSATION. PART I, LINE 7 KATHLEEN KELLY'S BONUS IS CONTINGENT ON MEETING CERTAIN GOALS AS DETERMINED BY THE BOARD OF TRUSTEES. SOOVIN KIM RECIEVED A ONE TIME BONUS IN LIEU OF IMPLEMENTING BASE SALARY INCREASES. A MASS DEVELOPMENT FINANCE AGENCY 043431814 2014-06-30 23685000 REFUNDING SERIES 2008 BONDS 0 0 0 B MASS DEVELOPMENT FINANCE AGENCY 043431814 2015-11-17 16050000 CAPITAL EXPENDITURES 0 0 0 A 8570000 23685000 23389001 295999 1 1 1 1 B 3401649 16050000 699869 285794 15024817 39520 2017 0 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 1 0.11540 1 1 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 1 0 0 0 0 0 0 1 B 0 1 0 0 0 0 0 0 1 A 1 B 1 PART III, LINE 8: ON MARCH 9, 2016, $2,595,000 OF THE SERIES 2014 BONDS WERE REMEDIATED IN CONNECTION WITH THE SALE OF 295 HUNTINGTON AVENUE (THE REMEDIATED BONDS). THE REMEDIATED BONDS WERE REPURPOSED TO FUND THE STUDENT LIFE AND PERFORMANCE CENTER PROJECT. ALL OTHER TERMS OF THE REMEDIATED BONDS REMAIN THE SAME AS THOSE FOR THE SERIES 2014 BONDS. THE SERIES 2014 BONDS AND THE SERIES 2015 BONDS (THE BONDS) BEAR INTEREST AT A FIXED RATE OF 2.34%. PRINCIPAL AND INTEREST ON THE BONDS IS PAYABLE MONTHLY. X 63 7620098 FMV X INSTRUMENTS 4 39500 FMV 3 0 1 1 PART I, COLUMN (B): NEC IS REPORTING A COMBINATION OF BOTH THE NUMBER OF CONTRIBUTIONS AND THE NUMBER OF ITEMS RECEIVED. LINE 9, SECURITIES PUBLICLY TRADED: THE NUMBER OF CONTRIBUTIONS ARE REPORTED. LINE 25, INSTRUMENTS: THE NUMBER OF ITEMS ARE REPORTED. PART I, LINE 32B: UBS IS THE STOCK BROKER TO WHICH NEC DIRECTS DONORS WHO WOULD LIKE TO MAKE STOCK GIFTS TO THE ORGANIZATION. UBS ACCEPTS AND LIQUIDATES EACH STOCK GIFT AND SENDS THE PROCEEDS TO NEC. CAR PROGRAM INC. IS USED BY NEC TO BROKER VEHICLE DONATIONS. HOWEVER, NO VEHICLE DONATIONS WERE RECEIVED IN THE CURRENT TAX YEAR. FORM 990, PART VI, SECTION B, LINE 11B NEC'S BOARD OF TRUSTEES VOTED TO DELEGATE REVIEW AND APPROVAL OF THE FORM 990 TO THE AUDIT, RISK, AND COMPLIANCE COMMITTEE. THE COMMITTEE RECEIVES A COPY OF THE DRAFT FORM 990 (WITH NAMES REDACTED ON SCHEDULE B) PRIOR TO THE MEETING DURING WHICH THEY REVIEW THE FORM 990. AT THE MEETING, MEMBERS OF THE COMMITTEE RECEIVE A PRESENTATION ON THE FORM 990 FROM MANAGEMENT AND PROVIDE INPUT TO THE FORM 990. IN ADDITION, NEC HAS TAX ADVISORS FROM A NATIONAL ACCOUNTING FIRM REVIEW THE FORM 990. A FINAL COPY OF THE FORM 990 (WITHOUT SCHEDULE B) IS PROVIDED TO ALL TRUSTEES PRIOR TO ELECTRONICALLY FILING THE RETURN. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY AND DISCLOSURE STATEMENT IS DISTRIBUTED TO OFFICERS, TRUSTEES AND KEY EMPLOYEES ANNUALLY. ALL OF THESE INDIVIDUALS ARE ASKED TO COMPLETE THE STATEMENT FOR THE PAST FISCAL YEAR AND DISCLOSE ANY CONFLICTS OF INTEREST IN WRITING. THE POLICY ALSO INDICATES THAT OFFICERS, TRUSTEES AND KEY EMPLOYEES ARE REQUIRED TO MAKE CONFLICT OF INTEREST DISCLOSURES AT ANY TIME DURING THE YEAR THAT THEY BECOME AWARE OF A CONFLICT OF INTEREST. THESE CONFLICTS ARE REVIEWED BY THE CFO AS WELL AS THE AUDIT, RISK, AND COMPLIANCE COMMITTEE AND DISCLOSED WITHIN THE ANNUAL FINANCIAL REPORT IF MATERIAL AND ON FORM 990 IF THEY MEET THE STATED IRS THRESHOLDS. INDIVIDUALS WHO HAVE CONFLICTS OF INTEREST OR ARE OTHERWISE NOT INDEPENDENT FROM NEC DUE TO A BUSINESS RELATIONSHIP OR RECEIVING COMPENSATION FROM NEC RECUSE THEMSELVES FROM BOARD OF TRUSTEES VOTES ON MATTERS HAVING TO DO WITH THEIR TRANSACTIONS OR COMPENSATION. FORM 990, PART VI, SECTION B, LINE 15 OFFICER AND KEY EMPLOYEE COMPENSATION IS REVIEWED BY THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES, WHICH HIRES AN INDEPENDENT COMPENSATION CONSULTANT PERIODICALLY TO COMPARE OFFICER AND KEY EMPLOYEE COMPENSATION AGAINST INDUSTRY DATA FOR SIMILARLY QUALIFIED PEOPLE, IN FUNCTIONALLY COMPARABLE POSITIONS AT SIMILAR ORGANIZATIONS. OFFICERS AND KEY EMPLOYEES' COMPENSATION PACKAGES ARE ALSO APPROVED BY THE BOARD OF TRUSTEES' COMPENSATION COMMITTEE, WHICH IS COMPRISED OF INDIVIDUALS WITHOUT ANY CONFLICTS OF INTEREST WITH RESPECT TO THE COMPENSATION, AND THE DELIBERATIONS AND DECISIONS ARE DOCUMENTED CONTEMPORANEOUSLY AS PART OF THE COMMITTEE'S MEETINGS. FORM 990, PART VI, SECTION C, LINE 19 NEC'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND PUBLIC DISCLOSURE COPY OF THE FORM 990 ARE AVAILABLE TO THE PUBLIC UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). NEC'S FINANCIAL STATEMENTS ARE AVAILABLE ON THE INSTITUTION'S WEBSITE. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF PLANNED GIVING NET ASSETS 21,558. MEASURE FOR MEASURE LLC 1209 ORANGE STREET WILMINGTON DE 19801 237325104 TO ACQUIRE & SELL DONATED ASSETS ON BEHALF OF NEC. DE 0 0 NEW ENGLAND CONSERVATORY OF MUSIC CHARITABLE LEAD ANNUITY (1) INVESTMENT MA NEW ENGLAND CONSERVATORY OF MUSIC 1 GIFT ANNUITIES (31) INVESTMENT MA NEW ENGLAND CONSERVATORY OF MUSIC 1 CHARITABLE REMAINDER TRUSTS (5) INVESTMENT MA NEW ENGLAND CONSERVATORY OF MUSIC 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1