Berklee College Of Music Inc
- Assets
- $854.6m
- Revenue
- $384.6m
- Investments
- $0.0
- Employees
- 4,037
- Location
- Boston, MA
- Founding
- 01/1967
- Data as of
- 05/2022
- EIN
- 04-2300472
Organization Overview
Berklee College Of Music Inc is located in Boston, MA. The organization was established in 1967. According to its NTEE Classification (B42) the organization is classified as: Undergraduate Colleges, under the broad grouping of Education and related organizations. As of 05/2022, Berklee College Of Music Inc employed 4,037 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Berklee College Of Music Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 05/2022, Berklee College Of Music Inc generated $384.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.8% each year. All expenses for the organization totaled $379.2m during the year ending 05/2022. While expenses have increased by 5.8% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF BERKLEE COLLEGE OF MUSIC IS TO EDUCATE, TRAIN, AND DEVELOP STUDENTS TO EXCEL IN THE PERFORMING ARTS.
Describe the Organization's Program Activity:
EDUCATION AND INSTRUCTION: THE PROGRAM IS PROVIDED TO DEVELOP THE SKILLS AND KNOWLEDGE OF STUDENTS SEEKING DEGREES IN MUSIC, THEATER, AND DANCE. THE COLLEGE PROVIDES OUTSTANDING FACULTY AND TEACHING FACILITIES FOR OVER 10,000 STUDENTS FROM THE US AND 97 FOREIGN COUNTRIES. THE COLLEGE ALSO OFFERS A NEW WAY FOR ARTISTS AROUND THE WORLD TO JOIN THE GLOBAL MUSIC COMMUNITY-AS PERFORMERS, AS PRACTITIONERS, AND AS LEADERS WITH THE COLLEGE'S FIRST INTERNATIONAL CAMPUS IN VALENCIA.
BERKLEE ONLINE: BERKLEE COLLEGE OF MUSIC OFFERS DEGREES AND ACCREDITED PROGRAMS IN THE AREAS OF PRODUCTION, GUITAR, SONG WRITING, THEORY, HARMONY AND EAR TRAINING, AND THE MUSIC BUSINESS. CURRENTLY MORE THAN 4,000 STUDENTS PARTICIPATE IN ONLINE LEARNING.
AUXILIARY SERVICES: THE COLLEGE HAS RESIDENCE HALL FACILITIES TO PROVIDE HOUSING FOR THOSE STUDENTS THAT CHOOSE TO LIVE AT THE COLLEGE. THE COLLEGE ALSO PROVIDES MEAL PLANS FOR BOTH STUDENTS IN HOUSING AND THOSE COMMUTER STUDENTS THAT CHOOSE THIS PLAN.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard Hisey Sr Vice President/treasurer | Officer | 35 | $410,344 |
Erica Muhl President (begin 07/21) | OfficerTrustee | 35 | $362,675 |
Deborah Cavalier Senior Vice President | Officer | 35 | $346,732 |
Roger H Brown President (end 7/21) | OfficerTrustee | 35 | $340,265 |
Lawrence J Simpson Senior Vice President | Officer | 35 | $337,949 |
Elizabeth Newman Senior Vice President | 35 | $323,231 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Acme Building Services Custodial Services | 5/30/22 | $5,978,332 |
Meta Platforms Inc Marketing | 5/30/22 | $2,777,425 |
Yorke Constructions Corp Construction | 5/30/22 | $1,842,991 |
Google Inc Marketing | 5/30/22 | $5,343,404 |
Aramark Services Inc Food Services | 5/30/22 | $5,209,437 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $1,227,121 |
| Related organizations | $0 |
| Government grants | $5,343,193 |
| All other contributions, gifts, grants, and similar amounts not included above | $14,515,946 |
| Noncash contributions included in lines 1a–1f | $102,329 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $21,086,260 |
| Total Program Service Revenue | $355,720,389 |
| Investment income | $329,237 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $2,505,443 |
| Net Gain/Loss on Asset Sales | $2,894,424 |
| Net Income from Fundraising Events | -$296,508 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $1,506,975 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $384,612,408 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $90,755,931 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,343,332 |
| Compensation of current officers, directors, key employees. | $648,165 |
| Compensation to disqualified persons | $135,479 |
| Other salaries and wages | $147,389,376 |
| Pension plan accruals and contributions | $4,928,389 |
| Other employee benefits | $19,254,428 |
| Payroll taxes | $9,691,155 |
| Fees for services: Management | $720,619 |
| Fees for services: Legal | $433,943 |
| Fees for services: Accounting | $463,969 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $236,870 |
| Fees for services: Other | $24,417,803 |
| Advertising and promotion | $9,311,067 |
| Office expenses | $4,405,454 |
| Information technology | $7,951,550 |
| Royalties | $2,743,577 |
| Occupancy | $11,967,505 |
| Travel | $1,359,665 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $335,730 |
| Interest | $7,998,705 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $15,607,341 |
| Insurance | $118,383 |
| All other expenses | $4,412,876 |
| Total functional expenses | $379,163,719 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $111,053,874 |
| Pledges and grants receivable | $8,442,485 |
| Accounts receivable, net | $453,046 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $933,485 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $292,896,080 |
| Investments—publicly traded securities | $406,592,352 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $34,186,725 |
| Total assets | $854,558,047 |
| Accounts payable and accrued expenses | $99,030,568 |
| Grants payable | $0 |
| Deferred revenue | $39,071,486 |
| Tax-exempt bond liabilities | $244,655,337 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,763,956 |
| Total liabilities | $386,521,347 |
| Net assets without donor restrictions | $331,315,221 |
| Net assets with donor restrictions | $136,721,479 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $854,558,047 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Berklee College Of Music Inc has recieved totaling $15,000.
| Awarding Organization | Amount |
|---|---|
Johnston-Fix Foundation Spokane, WA PURPOSE: CHARITABLE DISTRIBUTION. | $12,000 |
Sims-Maes Foundation Inc Boston, MA PURPOSE: GENERAL PURPOSES | $3,000 |
Endowment Analysis
| Beg. Balance | $446,633,116 |
| Earnings | -$41,093,737 |
| Net Contributions | $4,366,019 |
| Other Expense | $487,085 |
| Grants | $2,825,961 |
| Ending Balance | $406,592,352 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Berklee College Of Music Inc Boston, MA | $854,558,047 | $384,612,408 |
Ithaca College Ithaca, NY | $834,703,732 | $365,679,639 |
Trustees Of Amherst College Amherst, MA | $4,260,760,426 | $407,702,412 |
Wellesley College Wellsley, MA | $4,125,529,097 | $515,515,442 |
Touro University New York, NY | $558,489,117 | $321,976,604 |
Williams College Williamstown, MA | $5,589,417,372 | $397,351,793 |
Providence College Providence, RI | $748,292,244 | $299,300,711 |
Wesleyan University Middletown, CT | $1,706,429,000 | $326,592,000 |
Emerson College Boston, MA | $1,139,244,716 | $275,696,398 |
Colgate University Treasurers Office Hamilton, NY | $1,984,946,016 | $378,114,548 |
Trustees Of The College Of The Holy Cross Worcester, MA | $1,320,181,892 | $265,241,305 |
Babson College Babson Park, MA | $1,084,295,364 | $304,101,925 |