Juilliard School

“Collections of art, historical treasurers the school's collections comprise rare instruments and music manuscripts that are held for educational and curatorial purposes. Each of the items is catalogued, preserved and cared for, and activities verifying their existence and assessing their condition are performed continuously. The collections generally are subject to a policy that requires proceeds from their sales to be used to acquire other items for collections. The collections, which were acquired through purchases and contributions since the school's inception, are not recognized as assets in the balance sheets. Purchases of collection items are recorded as decreases in net assets without donor restrictions in the period in which the items are acquired, or as decreases in net assets with donor restrictions if the assets used to purchase the items are restricted by donors. Contributed collection items are not reflected in the financial statements. Proceeds from deaccesions or insurance recoveries are reflected as increases in the appropriate net asset classes. The value of the school's collections is periodically estimated for insurance purposes.”

“Description of organization's collection the school's collections include rare musical instruments and historic music manuscripts. Access to these collections provides exceptional educational opportunities to the students attending the school as they prepare for professional careers in the performing arts. Additionally, the collections are held for curatorial purposes, as their preservation and ongoing care is essential to ensuring access to them by future generations of students and scholars. On occasion in connection with a relevant performance, lecture, or presentation, the viewing area for the collection items is opened so visitors to the school may view the items.”

“Intended uses of endowment funds the school's endowment consists of approximately 650 individual funds established for a variety of purposes including scholarships and student aid, educational programs, and other purposes in support of the school's mission. Part ix, right-of-use assets the financial accounting standards board ("fasb") implemented a new lease accounting standard that became effective for juilliard school in the year ending june 30, 2021. This accounting standard was effectuated to improve the transparency surrounding key information pertaining to an exempt organization's leasing arrangements (and to ensure that all organizations were recording the transactions uniformly on their balance sheets).”

“Income taxes the school recognizes the effect of income tax positions only if those tax positions are more likely than not to be sustained. Income generated from activities unrelated to the school's exempt purpose is subject to tax under internal revenue code section 511. The school did not recognize any unrelated business income tax liability for the years ended june 30, 2021 and 2020. Section 4968 of the act imposes a tax on applicable educational institutions equivalent to 1.4% of the institution's net investment income for the year. The school determined that it meets the definition of an applicable educational institution and recorded approximately $5,603,000 and $321,000 of tax expense for the years ended june 30, 2021 and 2020, respectively, based on reasonable estimates under the regulatory guidance; approximately $10,000 of which is estimated to represent the current portion of the tax liability for the year ended june 30, 2021.”

“Change in value of split-interest agreements 1,505,931. Change in fair value of derivative instruments 19,073,569.”

“Financial aid grants 26,943,751. Juilliard store cost of sales -415,191. Accrued estimated excise tax on investments 5,603,284.”

“Financial aid grants 26,943,751. Juilliard store cost of sales -415,191. Accrued estimated excise tax on investments 5,603,284.”