Civic Intelligence

The Boston Conservatory Realty Corporation

EIN 26-3644206 • 501(c)3 • Boston, MA

Profile

To acquire, finance, develop and lease a performing arts center to The Boston Conservatory.

8 The FenwayBoston, MA 02215

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

97th percentile

1.20x

Higher debt load relative to assets than 97% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2015

Liabilities / Revenue

99th percentile

68.64x

Higher debt load relative to revenue than 99% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2015

Net Margin

2nd percentile

-207%

Higher net margin than 2% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2015

Top Officer Pay

78th percentile

$436,100

Higher top officer pay than 78% of similar nonprofits.

Top officer pay equals 92.8% of source-year revenue.

501(c)3 • $25M-$50M nonprofits • Source year 2015

Asset Growth

17th percentile

-3.9%

Faster asset growth than 17% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Annualized from 2014 to 2015

Revenue Growth

83rd percentile

41%

Faster revenue growth than 83% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Annualized from 2014 to 2015

Assets

Down

$26,933,827

Down $1,094,524 (-3.9%) from 2014

Liabilities

Down

$32,262,339

Down $122,164 (-0.4%) from 2014

Net Assets

Down

-$5,328,512

Down $972,360 (-22%) from 2014

Revenue

Up

$470,000

Up $136,667 (+41%) from 2014

Expenses

Up

$1,442,360

Up $117,265 (+8.8%) from 2014

Net Income

Up

-$972,360

Up $19,402 (+2.0%) from 2014

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$40M$30M$20M$10M$0-$10MAssets 2011: $32,265,986Liabilities 2011: $33,406,091Net Assets 2011: -$1,140,1052011Assets 2012: $30,315,800Liabilities 2012: $32,519,218Net Assets 2012: -$2,203,4182012Assets 2013: $29,020,438Liabilities 2013: $32,384,828Net Assets 2013: -$3,364,3902013Assets 2014: $28,028,351Liabilities 2014: $32,384,503Net Assets 2014: -$4,356,1522014Assets 2015: $26,933,827Liabilities 2015: $32,262,339Net Assets 2015: -$5,328,5122015

Highlighted filing

2015

Assets$26,933,827
Liabilities$32,262,339
Net Assets-$5,328,512

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$2.0M$1.0M$0-$1.0MExpenses 2011: $1,366,9692011Expenses 2012: $1,431,9062012Expenses 2013: $1,480,9972013Revenue 2014: $333,333Expenses 2014: $1,325,095Net Income 2014: -$991,7622014Revenue 2015: $470,000Expenses 2015: $1,442,360Net Income 2015: -$972,3602015

Highlighted filing

2015

Revenue$470,000
Expenses$1,442,360
Net Income-$972,360

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
Mar 17, 2016
Return Version
2014v6.0
Gross Receipts
$470,000
Mission and Program Overview

Mission

To acquire, finance, develop and lease a performing arts center to The Boston Conservatory.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$26,851,798$25,798,670▼ $1,053,128
Intangible Assets$1,168,708$1,135,157▼ $33,551
Prepaid Expenses and Deferred Charges$7,845$0▼ $7,845
Total Assets$28,028,351$26,933,827▼ $1,094,524
Liabilities
Mortgage Notes Payable Secured by Investment Property$29,250,000$29,250,000→ $0
Other Liabilities$2,634,503$2,512,339▼ $122,164
Accounts Payable and Accrued Expenses$500,000$500,000→ $0
Total Liabilities$32,384,503$32,262,339▼ $122,164
Net Assets / Fund Balance
Unrestricted Net Assets$-4,356,152$-5,328,512▼ $972,360
Total Net Assets Fund Balance$-4,356,152$-5,328,512▼ $972,360
Total Liabilities and Net Assets / Fund Balance$28,028,351$26,933,827▼ $1,094,524

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$24,470,972$3,308,050$27,779,022
Equipment$384,539$1,899,939$2,284,478
Land$851,453-$851,453
Other Land Buildings$91,706$51,318$143,024
Compensation and Service Providers

Board Members and Trustees

NameTitle
David Scott Sloan EsqChairman
Richard OrtnerPresident
Laura D KunkemuellerVice Chair
Eric NormanSecretary
Gregory BulgerTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$470,000
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$-972,360
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,442,360
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$1,142,017--$1,142,017
Interest$292,500--$292,500
Other Expenses$7,843--$7,843
Total Functional Expenses$1,442,360$0$0$1,442,360
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Conservatory Loan Payable$2,512,339
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, line 6

The Boston Conservatory Realty Corporation's sole member is The Boston Conservatory.

Form 990, Part VI, Section A, line 7A

The governing body of The Boston Conservatory Realty Corporation consists of the Chairman, Vice Chairman, Treasurer, & President of The Boston Conservatory.

Form 990, Part VI, Section A, line 8B

All business is transacted by the governing body. There are no subcommittees with authority to act on behalf of the governing body.

Form 990, Part VI, Section B, line 11

The Boston Conservatory Realty Corporation's Form 990 is reviewed in detail by both management and the Audit Committee. The return is approved by the Board of Trustees upon recommendation by the Audit Committee. All Trustees receive a copy prior to filing.

Form 990, Part VI, Section B, line 12C

The conflict of interest policy was reviewed and approved by the Board of Trustees. The policy also applies to all Trustees and Senior Executives of The Boston Conservatory Realty Corporation. Each year all Trustees and Senior Executives complete a conflict of interest form, which requests information about personal and professional conflict-related activities. The Executive Assistant to the President reviews all completed forms and presents any potential conflicts to the Board Chair and President. To date, there have been no potential conflicts of interest. Therefore, no restrictions have been imposed on any Trustees and Senior Executives.

Form 990, Part VI, Section C, line 19

The Boston Conservatory Realty Corporation's governing documents, conflict of interest policy and financial statements are made available to the public upon request.

Form 990, Part VI, Section B, Line 15:

The Boston Conservatory Realty Corporation has no employees. Officers and Directors receive no compensation from The Boston Conservatory Realty Corporation. Any compensation is paid by The Boston Conservatory.

Filing and Contact Details

Filer

Filer Name
The Boston Conservatory Realty Corporation
EIN
26-3644206
Phone
6175366340
Address
8 The Fenway, Boston, MA 02215

Signing Officer

Name
Richard Ortner
Title
President
Phone
6175366340
Signed
2016-03-17
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Richard Ortner
Formed
2008
Legal Domicile
Ma
Voting Board Members
4
Independent Board Members
3
Employees
0
Volunteers
3

Preparer

Firm
Berry Dunn McNeil & Parker LLC
Address
PO Box 1100, Portland, ME 04104-1100
Preparer
Barbara J McGuan CPA
Phone
2077752387
Supplemental Narrative

Additional Explanations

Form 990, Part X, Line 10: Land, Buildings, and Equipment

Section 1.263(a)-3(n) Election: The Boston Conservatory Realty Corporation 8 The Fenway Boston, MA 02215 EIN 26-3644206 The Boston Conservatory Realty Corporation is electing to capitalize repair and maintenance costs under Regulation Section 1.263(a)-3(n).

Financial Statement Notes

Part X, Line 2:

U.S. GAAP requires the Organization to report any uncertain tax positions and to adjust their consolidated financial statements for the impact thereof. As of June 30, 2015 and 2014, the Organization determined that it had no tax positions that did not meet the "more-likely-than-not" threshold of being sustained by the applicable tax authority. The Organization files tax and information returns in the United States (Federal) and Massachusetts (State) jurisdictions. These returns are generally subject to examination by tax authorities for the last three years.

Raw XML AppendixShowing 400 of 435 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0Richard Ortner
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1Eric Norman
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0President
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1Secretary
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IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt0The Boston Conservatory Realty Corporation has no employees. Officers and Directors receive no compensation from The Boston Conservatory Realty Corporation. Any compensation is paid by The Boston Conservatory.
IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule J, Part II:
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The Boston Conservatory Realty Corporation's sole member is The Boston Conservatory.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The governing body of The Boston Conservatory Realty Corporation consists of the Chairman, Vice Chairman, Treasurer, & President of The Boston Conservatory.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2All business is transacted by the governing body. There are no subcommittees with authority to act on behalf of the governing body.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The Boston Conservatory Realty Corporation's Form 990 is reviewed in detail by both management and the Audit Committee. The return is approved by the Board of Trustees upon recommendation by the Audit Committee. All Trustees receive a copy prior to filing.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4The conflict of interest policy was reviewed and approved by the Board of Trustees. The policy also applies to all Trustees and Senior Executives of The Boston Conservatory Realty Corporation. Each year all Trustees and Senior Executives complete a conflict of interest form, which requests information about personal and professional conflict-related activities. The Executive Assistant to the President reviews all completed forms and presents any potential conflicts to the Board Chair and President. To date, there have been no potential conflicts of interest. Therefore, no restrictions have been imposed on any Trustees and Senior Executives.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5The Boston Conservatory Realty Corporation's governing documents, conflict of interest policy and financial statements are made available to the public upon request.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6Section 1.263(a)-3(n) Election: The Boston Conservatory Realty Corporation 8 The Fenway Boston, MA 02215 EIN 26-3644206 The Boston Conservatory Realty Corporation is electing to capitalize repair and maintenance costs under Regulation Section 1.263(a)-3(n).
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7The Boston Conservatory Realty Corporation has no employees. Officers and Directors receive no compensation from The Boston Conservatory Realty Corporation. Any compensation is paid by The Boston Conservatory.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section A, line 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section A, line 7a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section A, line 8b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section B, line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Section B, line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part VI, Section C, line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Form 990, Part X, Line 10: Land, Buildings, and Equipment
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7Form 990, Part VI, Section B, Line 15:
IRS990ScheduleR/AssetExchangeInd00
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IRS990ScheduleR/AssetSaleToOtherOrgInd00
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IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd10
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingEntityName/BusinessNameLine1Txt0The Boston Conservatory
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd0N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0The Boston Conservatory
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt1The Boston Conservatory Ipswich Realty Corporation
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0042126597
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN1454795446
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt1501(c)(3)
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd1MA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0Education
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt1Hold and Manage Real Estate
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt0Line 2
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt1Line 11a, I
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt08 The Fenway
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt18 The Fenway
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0Boston
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm1Boston
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd1MA
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IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
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IRS990/StatesWhereCopyOfReturnIsFldCd0MA
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IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt028028351
IRS990/TotalAssetsEOYAmt026933827
IRS990/TotalAssetsGrp/BOYAmt028028351
IRS990/TotalAssetsGrp/EOYAmt026933827
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IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01442360
IRS990/TotalFunctionalExpensesGrp/TotalAmt01442360
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt032384503
IRS990/TotalLiabilitiesEOYAmt032262339
IRS990/TotalLiabilitiesGrp/BOYAmt032384503
IRS990/TotalLiabilitiesGrp/EOYAmt032262339
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-4356152
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-5328512
IRS990/TotalOtherCompensationAmt069444
IRS990/TotalProgramServiceExpensesAmt01442360
IRS990/TotalProgramServiceRevenueAmt0470000
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IRS990/TotalRevenueGrp/ExclusionAmt00
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IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0470000
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt03
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt028028351
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IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
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IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt08 The Fenway

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