Juilliard School

“The organization the outbreak of covid-19 has caused domestic and global disruption in operations for institutions of higher education. While the future impacts of covid-19 cannot be quantified at this time, it has negatively impacted the financial markets and may continue to materially affect the return on and value of the school's investments. Other adverse consequences of covid-19 may be a negative effect on the school's revenue streams. Business relationships form 990, part vi, line 2 bruce kovner, chair & greg margolies, trustee - business relationship j. Christopher kojima, vice chair & kent clark, trustee business relationship”

“FORM 990, PART VI, SECTION B, LINE 11B Following completion of a draft form 990 by management and review by an outside accounting firm, the school provides a draft copy of its form 990 to the audit committee and subsequently to the board of trustees prior to filing. It solicits questions and comments from the governing board, and any matters raised in this review process are addressed prior to filing the form 990.”

“Form 990, part vi, section b, line 12c each year, all trustees, officers, and members of senior management complete conflict of interest declarations. The declarations are submitted to the assistant general counsel who reviews the declarations and maintains them. Additionally, if trustees are elected during the year, each completes a conflict of interest declaration upon election. Any conflicts or potential conflicts are reviewed by the audit committee, and if the committee determines that a potential conflict of interest exists, the matter is referred to the board for resolution as applicable based on the circumstances of the matter at hand. The trustee affected by the potential conflict may not be present nor participate in the discussion of the matter and may not vote on the issue. The school may enter into the proposed transaction or relationship only if the board approves it in accordance with the procedures described above.”

“FORM 990, PART VI, SECTION B, LINES 15A & 15B AN EMPLOYMENT CONTRACT IS EXECUTED BETWEEN THE SCHOOL AND ITS PRESIDENT, THE TERMS OF WHICH ARE SUBJECT TO REVIEW BY THE BOARD OF TRUSTEES. AT THE END OF THE CONTRACTS TERM, WHEN DECIDING THE TERMS UNDER WHICH THE CONTRACT MAY BE RENEWED OR EXTENDED, THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES, WITH THE ASSISTANCE OF AN OUTSIDE COMPENSATION EXPERT, CONDUCTS RESEARCH AMONG PEER INSTITUTIONS AND DOCUMENTS THE FINDINGS AND DECISIONS REACHED. THE COMPENSATION OF OTHER OFFICERS AND KEY EMPLOYEES IS REVIEWED ANNUALLY BY THE COMPENSATION COMMITTEE PRIOR TO THE START OF EACH FISCAL YEAR, AND QUESTIONS, OBJECTIONS, AND THE RESOLUTION OF EACH IS DOCUMENTED. COMPENSATION OF THE FOLLOWING OFFICERS and key employees WAS LAST REVIEWED for fiscal year 2019-20: PRESIDENT, PROVOST/DEAN, VP FOR DEVELOPMENT, VP FOR PUBLIC AFFAIRS, VP/GENERAL COUNSEL, VP AND CFO, VP FOR ENROLLMENT MANAGEMENT/STUDENT DEVELOPMENT, AND Chief Operating Officer.”

“Form 990, part vi, section c, line 19 all policies of the school applicable to employees are disclosed in the staff and faculty handbooks and accompanying statements, all of which are posted on the school's website for staff and faculty members and anyone else to review. The school makes its annual audited financial statements available upon request to any interested parties. The conflict of interest policy applicable to trustees is discussed in part vi, section b, but it is not published on the website.”

“Form 990, part xi, line 9 change in value of split-interest agreements $ 28,756 change in fair value of derivative instruments $(22,866,254) ------------- total $(22,837,498) =============”