2026-05-15T08:58:42-05:00 2025-06-30 420714325 RSM US LLP 30 South Wacker Dr Suite 3300 Chicago IL 606063392 990 2024-07-01 340714468 The Musical Arts Association MUSI 2162317300 11001 Euclid Avenue Cleveland OH 44106 James E Menger Chief Financial Officer 2162317300 2026-05-13 1 1 Rebekuh Eley P01247672 3126343400 2026-05-13 2024 2025-03-06 01:10:19Z The Cleveland Orchestra Andre Gremillet 11001 Euclid Avenue Cleveland OH 44106 99350504 0 X www.clevelandorchestra.com X 1925 OH The Cleveland Orchestra inspires and enriches lives by creating extraordinary musical experiences at the highest level of artistic excellence. 65 65 688 1060 9905 750 46861730 42030353 20328179 25076927 12239330 11882548 -16624 -166510 79412615 78823318 0 0 0 0 43684778 43057542 154850 107479 4216263 27928016 29194323 71767644 72359344 7644971 6463974 390655885 412782135 66346157 65826577 324309728 346955558 X The Cleveland Orchestra inspires and enriches lives by creating extraordinary musical experiences at the highest level of artistic excellence. 0 0 31040279 9670840 Severance Music Center, Northeast Ohio, and Digital InitiativesRegarded by many music-lovers as one of the world's most beautiful concert halls, Severance opened in 1931 as the home of The Cleveland Orchestra. Today, the main concert hall is known as the Jack, Joseph and Morton Mandel Concert Hall, in recognition of a historic $50 million grant from the Cleveland-based Jack, Joseph and Morton Mandel Foundation. Severance Music Center serves as the home of The Cleveland Orchestra for concerts, rehearsals, and administration. The building is also rented by a variety of local organizations and private citizens for performances, meetings, and gala events.Located in the University Circle district on the campus of Case Western Reserve University near the Cleveland Museum of Art, Severance Music Center has served as an integral arts and community hub for generations. Though its acclaimed concerts and recordings delight audiences worldwide, The Cleveland Orchestra is a proud ambassador of Northeast Ohio.The Cleveland Orchestra has a long and storied recording history and an expansive catalog of albums released across the past century. Having launched its own recording label in 2020 with The Cleveland Orchestra: A New Century, a collection of six musical works, the Orchestra has since released several ambitious recording projects. This history continued with the release of three new recordings by Music Director Franz Welser-Most: Anton Bruckner's Symphony No. 4, Hector Berlioz's Symphonie fantastique, and Julius Eastman's Symphony No. 2 and Pyotr Ilyich Tchaikovsky's Symphony No. 2. The Orchestra also launched a new partnership with WCLV/Ideastream Public Media and WFMT, Chicago's classical music station, that brought 13 Cleveland Orchestra concerts recorded at Severance Music Center to national and international listeners.These recordings are available for download and streaming on all major platforms. For more information, visit clevelandorchestra.com/discover/recordings/. The 2024-25 season was the first yearlong digital season on The Cleveland Orchestra's streaming platform, Adella.live. The season consisted of six Live from Severance concerts streamed in real time from Mandel Concert Hall at Severance Music Center and nine digital premieres, featuring recent digital concerts and exclusive behind-the-scenes features and interviews with guest artists and TCO musicians. 10000801 2777444 Touring and ResidenciesEach year, the Orchestra allocates several weeks of its performance schedule to residencies and touring activities beyond Northeast Ohio, nationally and internationally. These are designed to enhance both the artistic and financial strength of the organization and extend the Orchestra's worldwide reputation. The season started with the Orchestra's 80th international tour and the 22nd under the baton of Music Director Franz Welser-Most, with a concert recognizing the 200th anniversary of Anton Bruckner's birth in his home city of Ansfelden, Austria as part of a year-long celebration. The tour also marked The Cleveland Orchestra's return to Helsinki, Finland and Bratislava, Slovakia for the first time since 1965. The season also marked the 18th year of the Orchestra's Miami Residency and partnership with the Adrienne Arsht Center for the Performing Arts of Miami-Dade County. The Residency also included musician coaching sessions with students from Bethune-Cookman University, pre-concert performances by the Miami Music Project, and two days of free education concerts for Miami students. 10552895 4533662 Blossom Musical Festival and Blossom Music CenterThe 2024 Blossom Music Festival featured a wide range of concerts at The Cleveland Orchestra's summer home in the Cuyahoga Valley National Park. Cleveland Orchestra Music Director Franz Welser-Most returned to Blossom to conduct Tchaikovsky's Symphony No. 5, and pianist Vikingur Olafsson in Robert Schumann's Piano Concerto. The festival also welcomed conductors Domingo Hindoyan and Antonello Manacorda in their Cleveland Orchestra debuts and spotlighted two Cleveland Orchestra soloists: Principal Trumpet Michael Sachs in Arutiunian's Trumpet Concerto and Principal Cello Mark Kosower in Walton's Cello Concerto. Fresh off his latest Grammy Award wins, banjo player Bela Fleck joined The Cleveland Orchestra and conductor Brett Mitchell for Rhapsody in Blue. Tony and Grammy award-winning singer and actor Leslie Odom, Jr. made his Cleveland Orchestra debut following the annual Blossom Summer Soiree, a special event to benefit the Orchestra's summer home. 6828564 8094981 Digital Education and Community ResourcesThe Cleveland Orchestra continued serving Northeast Ohio over the course of the 2024-25 season. Ongoing programs in Severance Music Center such as Family Concerts, Education Concerts, and Music Explorers reached more than 20,000 students and thousands of children and families. In-School programs such as Crescendo and Music Mentors created access to instrumental music and expert instruction in Cleveland area schools. All Cleveland Orchestra educational programs are now free for schools. Weekly Concert Previews and Music in Depth webinars continued to serve Cleveland Orchestra lifelong learners.The Orchestra's performed Wild Symphony by New York Times best-selling author Dan Brown as part of its Family Concert series, intended for children ages 7 to 12. The concert brought to life nearly two dozen musical portraits drawn from the animal kingdom, with Brown narrating live. The Orchestra's returned to Cain Park in Cleveland Heights for the first time since 1957. This free community concert celebrated the rich tapestry of American music and was conducted by Anthony Parnther. Across a typical season, the Orchestra's education and community initiatives reach more than 100,000 people. For more information, visit clevelandorchestra.com/engage/community-programs/. The Cleveland Orchestra offers countless digital offerings to serve our local communities and schools. Children can learn the basics of orchestral music and the role of the conductor in video series such as What is an Orchestra? and can explore the instruments of the orchestra up close and personal with Choose Your Instrument. Young children and families can also enjoy Storytime with The Cleveland Orchestra. Each of these series feature tips and advice from Cleveland Orchestra musicians, fun animation, and world-class music. Children or educators can also engage students with The Cleveland Orchestra's Listening Maps interactive clips that bring listeners deeper into the music or dive into online Lesson Plans for grades Pre-K to 5. Each evergreen digital series has been viewed hundreds of thousands of times.Mandel Opera & Humanities FestivalThe third edition of the Jack, Joseph and Morton Mandel Opera and Humanities Festival took place in May 2025 and was anchored by three performances of Janacek's Jenufa, led by Music Director Franz Welser-Most and featuring The Cleveland Orchestra and Chorus. The festival, which centered around the theme of Reconciliation, also featured The Moth Mainstage: Live from Severance, The Women of Chicago's Black Renaissance with pianist Michelle Cann, Cuban pianist and composer Chucho Valdes, the free art exhibition Re-membering Community, and more events with Cleveland-based community and cultural partners. 6828564 8094981 58422539 1 1 0 1 0 0 0 0 0 1 1 1 0 0 0 1 1 0 0 0 1 0 0 1 1 0 0 0 0 1 1 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 1 247 0 1 688 1 1 1 1 AU 0 0 0 1 1 0 0 0 0 1 0 X 65 65 1 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 OH FL X James E Menger 2162317300 11001 Euclid Avenue Cleveland OH 44106 Richard K Smucker Chairman & Resident Trustee 13.00 X X 0 0 0 Dennis W LaBarre Immediate Past Chair & Resident Trustee 3.00 X X 0 0 0 Richard Kramer Vice Chair, Treasurer & Resident Trustee 3.00 X X 0 0 0 David J Hooker Secretary & Resident Trustee 3.00 X X 0 0 0 Beth E Mooney Treasurer until 11/24, Resident Trustee 3.00 X X 0 0 0 Hewitt B Shaw Secretary & Resident Trustee until 11/24 3.00 X X 0 0 0 Victor Alexander Resident Trustee 1.00 X 0 0 0 Robin Blossom Resident Trustee 1.00 X 0 0 0 Yuval Brisker Resident Trustee 1.00 X 0 0 0 Richard J Bogomolny Resident Trustee until 11/24 1.00 X 0 0 0 Helen Rankin Butler Resident Trustee 1.00 X 0 0 0 Nancy Slocum Callahan Resident Trustee 1.00 X 0 0 0 Irad Carmi Resident Trustee 1.00 X 0 0 0 Matthew V Crawford Resident Trustee 1.00 X 0 0 0 Dr Hiroyuki Fujita Resident Trustee 1.00 X 0 0 0 Michael Frank Resident Trustee 1.00 X 0 0 0 Robert Glick Resident Trustee 1.00 X 0 0 0 Arthur C Hall III Resident Trustee 1.00 X 0 0 0 Iris Harvie Resident Trustee 1.00 X 0 0 0 Dee Haslam Resident Trustee 1.00 X 0 0 0 Stephen H Hoffman Resident Trustee 1.00 X 0 0 0 Sarah Johnston Resident Trustee 1.00 X 0 0 0 Michelle Shan Jeschelnig Resident Trustee 1.00 X 0 0 0 Elizabeth B Juliano Resident Trustee 1.00 X 0 0 0 Nancy F Keithley Resident Trustee 1.00 X 0 0 0 Douglas A Kern Resident Trustee 1.00 X 0 0 0 John D Koch Jr Resident Trustee 1.00 X 0 0 0 Heather Lennox Resident Trustee 1.00 X 0 0 0 Cathy Lincoln Resident Trustee 1.00 X 0 0 0 Norma Lerner Resident Trustee until 11/24 1.00 X 0 0 0 Robert W Malone Resident Trustee 1.00 X 0 0 0 Milton S Maltz Resident Trustee until 11/24 1.00 X 0 0 0 Ben Mathews Resident Trustee 1.00 X 0 0 0 Nancy McCann Resident Trustee 1.00 X 0 0 0 Steven J McHale Resident Trustee 1.00 X 0 0 0 Scott C Mueller Resident Trustee 1.00 X 0 0 0 Thomas F McKee Resident Trustee until 11/24 1.00 X 0 0 0 Christine Myeroff Resident Trustee 1.00 X 0 0 0 Katherine T O'Neill Resident Trustee 1.00 X 0 0 0 Hyun Park Resident Trustee 1.00 X 0 0 0 Alfred M Rankin Jr Resident Trustee 1.00 X 0 0 0 Charles A Ratner Resident Trustee 1.00 X 0 0 0 Zoya Reyzis Resident Trustee 1.00 X 0 0 0 James C Spira Resident Trustee 1.00 X 0 0 0 R Thomas Stanton Resident Trustee 1.00 X 0 0 0 Richard Stovsky Resident Trustee 1.00 X 0 0 0 Dr Russell A Trusso Resident Trustee 1.00 X 0 0 0 Daniel P Walsh Resident Trustee 1.00 X 0 0 0 Thomas A Waltermire Resident Trustee 1.00 X 0 0 0 Jeffrey J Weaver Resident Trustee 1.00 X 0 0 0 Anya Weaving Resident Trustee 1.00 X 0 0 0 Meredith Smith Weil Resident Trustee 1.00 X 0 0 0 Paul E Westlake Jr Resident Trustee 1.00 X 0 0 0 David A Wolfort Resident Trustee 1.00 X 0 0 0 Anthony Wynshaw-Boris Resident Trustee 1.00 X 0 0 0 Wolfgang C Berndt International Trustee 1.00 X 0 0 0 Herbert Kloiber International Trustee 1.00 X 0 0 0 Virginia Nord Barbato National Trustee 1.00 X 0 0 0 Mary Jo Eaton National Trustee 1.00 X 0 0 0 Michael J Horvitz National Trustee 1.00 X 0 0 0 Thomas Lauria National Trustee 1.00 X 0 0 0 Loretta J Mester National Trustee 1.00 X 0 0 0 Benjamin Pyne National Trustee 1.00 X 0 0 0 Geraldine B Warner National Trustee 1.00 X 0 0 0 Tony White National Trustee 1.00 X 0 0 0 Todd Diacon Trustee Ex-Officio 1.00 X 0 0 0 Lisa Fedorovich Trustee Ex-Officio 1.00 X 0 0 0 Eric Kaler Trustee Ex-Officio 1.00 X 0 0 0 Judith E Matsko Trustee Ex-Officio 1.00 X 0 0 0 Beverly Schneider Trustee Ex-Officio 1.00 X 0 0 0 Andre Gremillet President & CEO 60.00 X 1080869 0 229063 James E Menger Asst. Treasurer, CFO 50.00 X 294718 0 29334 Amy Egle Asst. Secretary & Executive Asst. 40.00 X 83582 0 3025 Jane Hargraft CDO until 10/24 40.00 X 331261 0 43334 David Radzynski Musician until 9/24 40.00 X 333026 0 32393 Michael Sachs Musician 40.00 X 315098 0 52997 Joshua Smith Musician 40.00 X 309054 0 40094 Mark Kosower Musician 40.00 X 306082 0 37530 Afendi Yusuf Musician 40.00 X 352300 0 27567 3405990 0 495337 125 0 1 0 Franz Welser-Most 11001 Euclid Avenue Cleveland OH 44106 Music Director 1572793 Opus 3 Artists 348 West 57th St Suite 282 New York NY 10019 Artists 539000 Wasserman Music LLC 10900 Wilshire Blvd Suite 1200 Los Angeles CA 90024 Artists 515000 Allied Global Marketing 55 Cambridge Parkway Suite 200 Cambridge MA 02142 Marketing 378383 Digital River Media LLC 11153 Winding Brool Lane Chesterland OH 44026 Digital video services 222241 10 1265484 2557988 38206881 2071273 42030353 Concert Revenue 711130 23243746 23243746 Hall Income 711130 1628660 1628660 Broadcasting/Recording 711130 204521 204521 25076927 8704626 8704626 23200187 20022265 3177922 3177922 3177922 226550 1265484 444777 -218227 -218227 101956 60144 41812 41812 Partnerships 721000 9905 9905 9905 78823318 25076927 9905 11706133 1263252 1263252 33062254 28328881 2487167 2246206 2975416 2421598 439301 114517 3475197 2822110 390050 263037 2281423 1891458 232771 157194 754553 464663 266300 23590 112344 12410 99934 95975 95975 78128 78128 107479 107479 1194412 1194412 5798921 5798921 2625144 2625144 992276 643910 118971 229395 712049 712049 199048 199048 1592624 1580656 11968 3252317 3153022 92434 6861 133992 29417 3592 100983 1223821 1223821 3797668 3038134 379767 379767 160466 5832 154634 Direct Concert Expenses 4553474 4478798 65639 9037 Other Admin. Expenses 1790869 928537 284135 578197 126242 126242 72359344 58422539 9720542 4216263 64033 208203 3608926 4431499 35157872 28589212 3692830 248038 48125 30625 196675 154220 262500 252194 5202646 5627707 106605462 61138071 47797361 45467391 248542802 276712331 46082115 51060715 390655885 412782135 22720601 20036641 9538880 11752008 34086676 34037928 66346157 65826577 X 31545000 40467000 292764728 306488558 324309728 346955558 390655885 412782135 X 6463974 14410261 1771595 X 0 1 X 1 0 X 62397896 44006075 50110758 46861730 42030353 245406812 62397896 44006075 50110758 46861730 42030353 245406812 21388013 224018799 4861244 5719490 6783072 8397588 8704626 34466020 0 0 578 0 750 1328 30160 30160 279904320 76345986 0.80030 0.81850 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 0 0 1 100 0 0 1 528 0 1 77500 78128 0 Part II-B, Line 1: All activities regarding lobbying activities concentrated on legislative matters only. Direct contact with legislators, their staffs, government officials, or legislative bodies by The Musical Arts Association volunteers, employees, trustees, legislative or legal counsel occurred via telephone or occasional virtual and in-person meetings. 296013625 20074653 26286208 12983410 329391076 267095290 9430784 32085972 12598421 296013625 235833969 18285920 24848401 11873000 267095290 260953999 20457691 -34544238 11033483 235833969 209669356 3820533 57435574 9971464 260953999 0.21000 0.77000 0.02000 1 0 14812121 14812121 75513174 51446236 24066938 16280167 9691835 6588332 45467391 Absolute Return Equity Fund 27463728 F Hedged Equity Fund 17521941 F Charitable Perpetual Trusts 6075046 F 51060715 X 92568743 14410261 14410261 78158482 1179662 -514826 664836 78823318 69922913 504921 504921 69417992 1179662 1761690 2941352 72359344 Part V, Line 4: Unrestricted endowment assets consist of funds which have been designated by the Board of Trustees to function as endowment and for which the use of income is not governed by donor-imposed restrictions. Term or temporarily restricted endowments are subject to donor-imposed restrictions that will be met by actions of The Musical Arts Association and/or passage of time. Permanent endowments are subject to donor-imposed restrictions that require the assets be maintained in perpetuity. The use of income and any related appreciation may be subject to restriction by the donor. Part X, Line 2: The Association has been recognized by the Internal Revenue Service as an organization exempt from federal taxation under Section 501(c)(3) of the Internal Revenue Code. The Association is a public charity by reason of being described in Internal Revenue Code Section 170(b)(1)(A)(vi). The Association is exempt from federal income taxes except to the extent of income derived from unrelated business activities. Unrelated business income is not material to the financial statements. The Association completed an analysis of its tax positions, in accordance with Accounting Standards Codification (ASC) 740, Income Taxes, and determined that no amounts were required to be recognized in the financial statements at June 30, 2025 and 2024. Part XI, Line 4b - Other Adjustments: Cost of goods sold netted against revenue -60,144. Fundraising expenses netted against revenue -444,777. Partnership Income -9,905. Part XII, Line 2d - Other Adjustments: Cost of goods sold netted against revenue 60,144. Fundraising expenses netted against revenue 444,777. Part XII, Line 4b - Other Adjustments: Pension Plan Liability Adjustment 1,761,690. Central America and the Caribbean 0 0 Investments 41259084 Europe (Including Iceland & Greenland) 0 0 Program Services Foreign Tour 1961991 Europe (Including Iceland & Greenland) 0 0 Fundraising 0 0 0 0 0 0 43221075 0 43221075 1 0 1 1 0 0 Part I, line 3: Foreign tour expenses are recorded on the accrual basis of accounting in The Musical Arts Association's financial books. X X X X X X X 1 Bennet Direct 324 E Winconsin Ave 1220 Milwaukee WI 53202 Telefunding 0 373894 100267 273627 Artsmarketing Services 260 E King St Toronto Ontario CA M5A 4L5 Telefunding 0 14035 7212 6823 387929 107479 280450 FL OH Severance Gala 1139490 1051240 88250 25234 64203 39222 143606 Blossom Soiree 225124 124324 100800 2422 106686 2 127420 89920 37500 2254 5000 56150 1492034 1265484 226550 25234 68879 44222 306442 444777 -218227 Schedule G, Part I, Line 2b, Column (v) The Professional fundraising agreement with Artsmarketing Services, Inc. stipulates that payments made are for professional fundraising services ($7,212) based upon the agreed upon revenue rate. The Professional fundraising agreement with Bennet Direct stipulates that payments made are for professional fundraising services ($100,267) based upon the agreed upon revenue rate. Total Fundraising Expenses For the year ending June 30, 2025, the Musical Arts Association incurred total fundraising expenses of $4,216,262 (reported on Form 990, Part IX, line 25, column (D)), which represented 10% of contributions and grants revenue of $42,096,147 (reported on Part VIII, line 1h). X X 1 1 X X X 1 1 0 0 0 0 0 0 0 Andre Gremillet President & CEO 894482 0 0 0 186387 0 186931 0 42132 0 1309932 0 177696 0 Afendi Yusuf Musician 352192 0 0 0 108 0 12385 0 15182 0 379867 0 0 0 Jane Hargraft CDO until 10/24 252109 0 0 0 79152 0 9235 0 34099 0 374595 0 0 0 Michael Sachs Musician 313929 0 0 0 1169 0 19307 0 33690 0 368095 0 0 0 David Radzynski Musician until 9/24 332955 0 0 0 71 0 8035 0 24358 0 365419 0 0 0 Joshua Smith Musician 308538 0 0 0 516 0 14743 0 25351 0 349148 0 0 0 Mark Kosower Musician 305902 0 0 0 180 0 12179 0 25351 0 343612 0 0 0 James E Menger Asst. Treasurer, CFO 265335 0 0 0 29383 0 13853 0 15481 0 324052 0 0 0 Part I, Line 1a Charter Travel: The Cleveland Orchestra, on occasion, travels via charter flights when necessary to fulfill foreign or domestic tour concert scheduling requirements. Charter travel is not included in taxable compensation because commercial flights are not always available for domestic and international travel. Travel for Companions: The President & CEO'S spouse occasionally travels with him attending concerts and other tour specific functions at the expense of the Musical Arts Association. Companion travel is for business purposes and therefore not included in taxable compensation of the President & CEO per IRS regulations. Part I, Lines 4a-b Part I, Line 4a: The following individual received severance payments in 2024. These payments are reported as taxable compensation on Part II, Column b(iii): Jane Hargraft - $68,247 Part I, Line 4b: Andre Gremillet, President & CEO, participates in a supplemental non-qualified retirement plan. In 2024, he vested in $180,000 of that plan's benefit, of which $177,696 had previously been reported as retirement and other deferred compensation. As a result, the total new compensation and benefits reported for the period is $1,132,236. Part II Compensation & Fringe Benefits: The compensation and fringe benefits listed for James E. Menger are attributable to his status as a full-time employee of the Musical Arts Association. A County of Cuyahoga Ohio 346000817 232263KR3 2019-06-13 35657985 See Sch K, Part VI 0 0 0 A 35657985 506865 28150000 7001120 2004 1 0 0 1 A 0 0 1 1 0 0.03100 0.03100 0 0 1 A 0 0 1 0 0 0 0 0 1 A 1 Schedule K, Part I, Column (F) - Description of Purpose of Bonds Proceeds from the County of Cuyahoga, Ohio economic development revenue bonds, series 2019 bonds (series 2019 bonds) with maturity dates ranging from January 1, 2029 through January 1, 2041, were used to (i) refund the $28,150,000 series 2003 bonds, which were due December 1, 2028, and (ii) pay costs of issuance, and will be used to (iii) pay costs of certain capital improvements at Severance Music Center, the Musical Arts Association's Concert Hall and Principal Offices. The proceeds from the series 2003 bonds were used to redeem county of Cuyahoga, Ohio Economic Development Revenue bonds, series 1998, which were due April 1, 2028. The proceeds from the series 1998 issuance funded certain costs associated with the renovation, expansion, and restoration of Severance Music Center. James E Menger CFO See Pt V - Retention for multi-year period X 61250 30625 0 1 1 30625 X 69 2071273 Cost/Selling price 0 0 1 0 Part I, Column (b): The organization is reporting the number of contributions made. Form 990, Part VI, Section A, line 2 The following Board members have family relationships: Alfred M. Rankin, Jr. and Helen Rankin Butler Charles A. Ratner and Audrey Gilbert Ratner The following Board members have business relationships: Dennis LaBarre and Alfred M. Rankin, Jr. Richard Stovsky and Daniel P. Walsh Richard Stovsky and David A. Wolfort Yuval Brisker and Irad Carmi Form 990, Part VI, Section A, line 6 The Members of the Association shall consist of the individuals who from time to time are serving as the Trustees of the Association. Form 990, Part VI, Section A, line 7a The Members shall exercise all the rights and privileges and shall have all the responsibilities of members under Ohio nonprofit corporate law. Only Members shall be counted as members for voting and quorum purposes. Form 990, Part VI, Section A, line 7b The Board of Trustees shall have general supervision and charge of the property, affairs and finances of the Association. The Board of Trustees may exercise all such powers and do all such things as may be exercised or done by the Association, subject to the provision of law, the articles of incorporation and the code of regulations. Without limiting the generality of the foregoing, the Board of Trustees shall have the following powers: (A) To purchase or otherwise acquire for the Association any property, rights or privileges that the Association is authorized to acquire, at such prices, on such terms and conditions, and for such consideration as it shall see fit, (B) To appoint, remove or suspend, such officers, agents, and employees as it shall see fit, either permanently or temporarily, to terminate the duties of such officers, agents and employees, to change the salaries or emoluments of such officers, agents and employees, (C) To appoint any person or persons to accept or hold in trust for the Association any property belonging to the Association or in which the Association is interested, or for any other purpose, and to execute and do all such duties and things as may be required in relation to any such trust, (D) To determine who shall be authorized to sign, on the Association's behalf, bills, notes, receipts, acceptances, endorsements, checks, leases, releases, mortgages, contracts and other documents, and (E) To present or cause to be presented to each annual meeting and to any special meeting, when required by any resolution thereof, a full and clear statement of the affairs and conditions of the Association. Form 990, Part VI, Section B, line 11b MAA Finance Department supplies all of the information necessary for RSM US LLP to prepare a draft Form 990. The Form 990 is then updated for any agreed upon revisions. The updated Form 990 is circulated to the Audit Committee, with any suggested revisions that weren't agreed upon so noted. At the same time, the Musical Arts Association Trustees are notified that the draft Form 990, in public disclosure form, is available for their review. Trustees are invited to submit any comments they have on the draft Form 990 to Finance Department staff, who will summarize and distribute them to the Audit Committee. The Audit Committee then meets and reviews and discusses the draft Form 990, including the complete Schedule of Contributors (Schedule B), with Management and RSM US LLP. Once final, the Form 990, in public disclosure form, is made available to Musical Arts Association Trustees, and then it is filed with the Internal Revenue Service. Form 990, Part VI, Section B, line 12c Trustees, officers, and senior management of The Musical Arts Association (Association) are covered under the conflict of interest policy. Documented procedures are in place for handling potential conflicts of interest (1) when a transaction or arrangement is considered by the Board or a committee and (2) when a transaction or arrangement is considered by an officer or senior manager. Also, procedures are in place for identification of potential conflicts of interest in connection with Musical Arts Association transactions or arrangements with trustees, officers, or senior managers (i.e. parties-in-interest) where the following relationships exist (1) Parties-in-interest are employed by or have a compensation relationship with the person or entity with which the Association has or is negotiating a transaction or arrangement, (2) Parties-in-interest serve in the capacity of Director, Trustee, Officer, Member, Manager, Committee member, Partner, or other similar position of influence with a for-profit person or entity with which the Association has or is negotiating a transaction or arrangement, and (3) Parties-in-interest have an actual or potential ownership or investment interest in a person or entity with which the Association has or is negotiating a transaction or arrangement. Parties-in-interest are required to submit to the Association an annual statement acknowledging receipt and review of the conflict of interest policy and disclosure of potential conflicts of interest. When a Trustee, Officer, or Senior Manager is participating in the consideration of a transaction or other arrangement of the Association by the Board of Trustees or a Board committee, and a potential conflict of interest exists, with respect to such transaction or other arrangement, the Trustee, Officer, or Senior Manager (1) shall disclose to the Trustees or Committee thereof considering the transaction or other arrangement his or her potential conflict of interest, (2) shall present any relevant information to the Trustees or Committee thereof and answer any questions posed by them, and (3) shall excuse himself or herself from the meeting for the discussion and vote by the disinterested trustees or committee members on the transaction or arrangement and all matters related thereto. When an officer or a Senior Manager is handling a transaction or other arrangement of the Association that will not be placed before the Board or a Board Committee, and the Officer or senior Manager has a potential conflict of interest, the Officer or Senior Manager (1) shall disclose the potential conflict of interest to the Association's President & CEO, in the case of a Senior Manager, or to the Executive Committee, in the case of an Officer, (2) shall present any relevant information to, and answer any questions posed by, the President & CEO or the Executive Committee, and (3) shall not authorize or approve such transaction or other arrangement, and the authorization or approval shall be undertaken by the President & CEO or the Executive Committee. When the Senior Manager with the potential conflict is the President & CEO, the foregoing procedures shall be followed except that the Association's Board Chair shall assume the oversight, authorization, and approval of the transaction or arrangement. Form 990, Part VI, Section B, line 15 The compensation subcommittee functions as a subcommittee of the personnel committee and shall evaluate annually and recommend periodically the compensation of the Association's President & CEO and Music Director. Responsibilities include evaluating the President & CEO'S and Music Director's performance annually, recommending the annual goals and objectives for the President & CEO, setting the President & CEO'S and Music Director's compensation and any bonus, and relying upon appropriate data as to comparability (including compensation levels paid by similarly situated organizations for functionally comparable positions) prior to making its compensation determination. This process was last undertaken in 2025. The compensation subcommittee reviews the overall compensation program for the Senior Management of the Association established and recommended by the President & CEO. Compensation and any bonuses are set relying upon appropriate data based on comparability (including compensation levels paid by similarly situated organizations for functionally comparable positions). This process was last undertaken in 2025. Form 990, Part VI, Section C, line 19 The Association's audited financial statements are made public upon request, for the same period of time as set forth in the Internal Revenue Code section 6104(d), to grant-making institutions as part of the grant application request process. Additionally, summary financial information is included in the annual report. The Musical Arts Association's articles of incorporation are on file with the Secretary of State in Ohio. Form 990, Part XI, line 9: Pension Plan Liability Adjustment 1,761,690. Partnership Income 9,905.