New England Conservatory Of Music
- Assets
- $281.9m
- Revenue
- $51.6m
- Investments
- $102.6m
- Employees
- 1,199
- Location
- Boston, MA
- Founding
- 11/1941
- Data as of
- 06/2021
- 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 06/2022, New England Conservatory Of Music employed 1,199 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 06/2021, New England Conservatory Of Music generated $51.6m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (4.4%) each year. All expenses for the organization totaled $64.2m during the year ending 06/2021. 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
2021
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. (807 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.
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. (1,475 STUDENTS)
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Athanasiou Nikolaos Board Trustee | Trustee | 2 | $0 |
Bailey Allison Board Trustee | Trustee | 2 | $0 |
Bartlett Anne A Board Trustee | Trustee | 2 | $0 |
Beal Enid L Board Trustee | Trustee | 2 | $0 |
Becton Henry Board Trustee | Trustee | 2 | $0 |
Burnes Kennett F Board Trustee | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Rebecca's Cafe In Food Services | 6/29/22 | $1,469,747 |
Guardian Security & Protection Llc Security Services | 6/29/22 | $1,010,922 |
Clinical Research Sequencing Platform L Medical Laboratories | 6/29/22 | $562,500 |
Ernst & Young Management Consulting | 6/29/22 | $642,200 |
Emcor Services Northeast Inc Engineering | 6/29/22 | $374,850 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,176,167 |
| Investment income | $38,594 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $15,000 |
| Net Gain/Loss on Asset Sales | $5,360,770 |
| Net Income from Fundraising Events | -$93,334 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $51,589,059 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $15,952,529 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,842,527 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $22,714,112 |
| Pension plan accruals and contributions | $5,326 |
| Other employee benefits | $2,916,111 |
| Payroll taxes | $1,698,332 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $336,707 |
| Fees for services: Accounting | $106,705 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $263,417 |
| Fees for services: Other | $2,137,459 |
| Advertising and promotion | $80,234 |
| Office expenses | $1,646,493 |
| Information technology | $1,774,236 |
| Royalties | $0 |
| Occupancy | $2,792,210 |
| Travel | $218,250 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $79,727 |
| Interest | $1,168,907 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,197,043 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $64,221,762 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $11,277,150 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $4,163,625 |
| Accounts receivable, net | $402,713 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,666,662 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $841,553 |
| Investments—publicly traded securities | $52,192,439 |
| Investments—other securities | $102,606,344 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $140,414 |
| Total assets | $281,873,511 |
| Accounts payable and accrued expenses | $4,887,974 |
| Grants payable | $0 |
| Deferred revenue | $734,300 |
| Tax-exempt bond liabilities | $32,619,734 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $6,659,320 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,201,327 |
| Total liabilities | $48,102,655 |
| 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 | $233,770,856 |