New England Conservatory Of Music
- Assets
- $251.4m
- Revenue
- $68.7m
- Investments
- $70.5m
- Employees
- 1,280
- Location
- Boston, MA
- Founding
- 11/1941
- Data as of
- 06/2020
- EIN
- 23-7225104
Organization Overview
New England Conservatory Of Music is located in Boston, MA. The organization was established in 1941. According to its NTEE Classification (B43) the organization is classified as: Universities, under the broad grouping of Education and related organizations. As of 06/2021, New England Conservatory Of Music employed 1,280 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New England Conservatory Of Music 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 06/2020, New England Conservatory Of Music generated $68.7m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (0.5%) each year. All expenses for the organization totaled $69.4m during the year ending 06/2020. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2020
Describe the Organization's Mission:
Part 3 - Line 1
NEW ENGLAND CONSERVATORY OF MUSIC (NEC) EDUCATES AND TRAINS MUSICIANS OF ALL AGES FROM AROUND THE WORLD.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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. (700 STUDENTS)
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.
PREPARATORY AND CONTINUING EDUCATION PROGRAMS: SCHOOL OF PREPARATORY AND CONTINUING EDUCATION - MUSIC INSTRUCTION FOR CHILDREN AGES 4-18 AND ADULTS NOT LEADING TO A SPECIFIC DEGREE. PRIVATE STUDIO LESSONS ARE OFFERED AS WELL AS ENSEMBLES AND CLASSES. 6.14% FINANCIAL AID IS PROVIDED BASED PRIMARILY ON NEED. (1,590 STUDENTS)
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kalyn Andrea President | Officer | 40 | $565,572 |
Kelly Kathleen Senior Vp For Strategy & Institutional Advancement | Officer | 40 | $352,444 |
Dionne Elizabeth Vp Finance Admin/treasurer (thru 3/25/2021) | Officer | 40 | $252,480 |
Novak Thomas VP & Provost | OfficerTrustee | 40 | $234,231 |
Weilerstein Donald College Faculty | 35 | $213,665 | |
Rainer Kairyn Former VP Of Administration | 0 | $198,900 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Guardian Security & Protection Llc Security Service | 6/29/21 | $905,884 |
Audio Visual Innovations Inc Audio/visual Services | 6/29/21 | $645,839 |
Clinical Research Sequencing Platform L Medical Laboratories | 6/29/21 | $562,500 |
Rutter Networking Technologies Inc Retail/it Services | 6/29/21 | $644,555 |
Rebecca's Cafe Inc Food Services | 6/29/21 | $491,874 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $10,073,887 |
| Investment income | $91,439 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $25,174 |
| Net Gain/Loss on Asset Sales | $5,073,859 |
| Net Income from Fundraising Events | -$73,766 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $68,675,147 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $17,499,538 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,817,549 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $24,532,946 |
| Pension plan accruals and contributions | $775,036 |
| Other employee benefits | $3,457,363 |
| Payroll taxes | $1,834,799 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $480,581 |
| Fees for services: Accounting | $111,391 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $239,954 |
| Fees for services: Other | $1,922,018 |
| Advertising and promotion | $73,550 |
| Office expenses | $1,381,388 |
| Information technology | $1,407,639 |
| Royalties | $0 |
| Occupancy | $3,023,233 |
| Travel | $934,528 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $89,073 |
| Interest | $1,220,171 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,175,300 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $69,357,384 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,063,539 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $3,515,056 |
| Accounts receivable, net | $627,527 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,025,566 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $593,580 |
| Investments—publicly traded securities | $48,344,095 |
| Investments—other securities | $70,503,202 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $177,211 |
| Total assets | $251,412,598 |
| Accounts payable and accrued expenses | $3,079,638 |
| Grants payable | $0 |
| Deferred revenue | $662,211 |
| Tax-exempt bond liabilities | $33,790,569 |
| 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 | $3,604,793 |
| Total liabilities | $41,137,211 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $210,275,387 |
Grants Recieved
Over the last fiscal year, we have identified 5 grants that New England Conservatory Of Music has recieved totaling $5,856.
| Awarding Organization | Amount |
|---|---|
Becton Family Foundation Tr Homosassa, FL PURPOSE: CONTRIBUTION FOR ANNUAL SUPPORT | $2,500 |
Max & Sophie Mydans Foundation Dallas, TX PURPOSE: UNRESTRICTED GENERAL | $1,056 |
Sims-Maes Foundation Inc Boston, MA PURPOSE: GENERAL PURPOSES | $1,000 |
Alchemy Foundation Cambridge, MA PURPOSE: GENERAL SUPPORT | $1,000 |
The Ulf B Heide And Elizabeth C Heide Foundation Charitable Trust Weston, MA PURPOSE: GENERAL CHARITABLE | $300 |
Endowment Analysis
| Beg. Balance | $119,213,753 |
| Earnings | $40,587,444 |
| Admin Expense | $263,417 |
| Net Contributions | $822,528 |
| Other Expense | $2,755,796 |
| Grants | $2,805,870 |
| Ending Balance | $154,798,642 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Salve Regina University Newport, RI | $216,016,613 | $125,875,129 |
Wagner College Staten Island, NY | $223,315,881 | $116,300,889 |
Canisius College Buffalo, NY | $289,486,779 | $104,179,636 |
Lesley University Cambridge, MA | $459,682,175 | $126,944,351 |
Alfred University Alfred, NY | $321,880,003 | $125,818,572 |
Saint Michaels College Colchester, VT | $214,854,575 | $111,425,492 |
Emmanuel College Boston, MA | $475,098,162 | $117,188,309 |
St Bonaventure University Business Office - Hopkins Hall St Bonaventure, NY | $195,397,858 | $107,496,250 |
Dyouville College Buffalo, NY | $237,922,794 | $97,566,880 |
University Of Saint Joseph West Hartford, CT | $138,052,246 | $93,452,182 |
Mount Saint Mary College Newburgh, NY | $218,302,494 | $87,358,285 |
American International College Springfield, MA | $97,977,130 | $85,156,875 |