Curtis Institute of Music

“The executive committee may act with the authority of the board of trustees in the management of the business of the corporation between meetings of the board of trustees, except it does not have the power to do the following: add or remove trustees; adopt, amend, or repeal the corporation's bylaws; amend or repeal active resolutions of the board of trustees; take action on matters committed exclusively to another committee of the board; take action on any matter or real property; approve the corporation's annual operating and/or capital budgets. Only members of the board of trustees are permitted to serve on this committee.”

“Vincent ford, key employee, and michael andrew lane, key employee, have a family relationship.”

“The form 990 is prepared by an independent accounting firm and presented to the audit committee by management. After approval by the audit committee, the form 990 (without schedule b - schedule of contributors) is provided to the full board for review prior to filing with the internal revenue service.”

“Annually, curtis institute of music board members are asked to review their conflicts of interest and disclose any new conflicts or potential conflicts. Conflicts are submitted to the chair of the governance committee for review and discussion with the governance committee. The committee decides if each disclosed potential conflict 1) represents a real conflict, 2) if a conflict exists, is it permissible or impermissible. All potential and real conflicts (permissible and impermissible) are reported to the board of trustees with a report of any committee-level discussion surrounding said conflicts. For permissible conflicts, the board is tasked with approving remedies. Officers and key employees must disclose actual or potential conflicts by completing a conflict of interest statement and disclosure form when commencing service for curtis, on an annual basis thereafter, and as any new activities or relationships arise. An officer or key employee who discovers that he/she has an actual or potential conflict shall disclose the conflict immediately to the senior vice president of administration, and shall abstain from discussions related to transactions or arrangements that involve, or may involve, the actual or potential conflict until a determination can be made by the president and ceo as to whether the conflict is serious enough to warrant action; or if it is determined that no conflict exists.”

“Form 990, part vi, section b, line 15b: the board of trustees has established a human resources committee of independent trustees that have no personal interest in the proposed compensation arrangements. The committee reviews the proposed gross compensation for all employees, including key employees and excluding the president and ceo, during the preparation of the organization's annual budget. When key employees are hired, their compensation is determined based on market data as provided by the search firms connected with the job placement. An executive committee comprised of independent trustees that have no personal interest in the proposed compensation arrangements reviews and recommends a compensation package for the president and ceo, which is subject to approval of the full board. The proposed compensation is determined along with collected peer school data and consultant-provided comparable salaries. The organization also has a full-time human resources department and business office that supports this function and uses compensation data as a member of the national association of college and university business offices. Deliberations and decisions regarding compensation are timely documented. The process described here was last completed in 2025.”

“Governing documents, conflict of interest policy and financial statements of the institute are available to the public upon request.”

“The amount of contributions reported on form 990, part viii, line 1h, column (a) is less than the total contributions reported on schedule b due to discounts and write-offs netted against contribution revenue during the tax year.”

“Change in split-interest agreements -47,172.”