2024-07-01T08:42:35-05:00 2023-08-31 131655065 LUTZ AND CARR CPAS LLP 551 FIFTH AVENUE SUITE 400 NEW YORK NY 10176 990 2022-09-01 131275970 SCHOOL OF AMERICAN BALLET INC SCHO 2127696600 70 LINCOLN CENTER PLAZA NEW YORK NY 100236592 NAZ KAMAL DIRECTOR OF FINANCE 2127696600 2024-06-26 1 NAZ KAMAL 999009999 0 FREDERICK MARTENS P00298107 2126972299 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z ZITA J EZPELETA 70 LINCOLN CENTER PLAZA NEW YORK NY 10023 47529525 0 X WWW.SAB.ORG X 1934 NY IN FY 2023, THE SCHOOL OF AMERICAN BALLET PASSED KNOWLEDGE OF THE BALANCHINE BALLET TRADITION FROM 22 GIFTED FACULTY MEMBERS TO SOME 780 STUDENTS IN ITS PROGRAMS. THESE FACULTY MEMBERS WERE AUGMENTED BY A SELECTED NEW YORK CITY BALLET COMPANY MEMBER WHO PARTICIPATED IN A TEACHER TRAINING PROGRAM AT SAB. THEY WERE ALSO JOINED BY A NUMBER OF NOTABLE GUEST FACULTY. IN SEEKING VERY TALENTED STUDENTS, THE SCHOOL CONTINUED ITS LOCAL, NATIONAL AND INTERNATIONAL OUTREACH AND RECRUITMENT EFFORTS. 45 45 196 50 0 0 7749229 7350534 5019896 5958329 2554958 -287675 24639 2980 15348722 13024168 1338310 1636369 0 0 7677225 8289519 0 95000 2100359 8112002 8318617 17127537 18339505 -1778815 -5315337 94813338 92721897 13939905 13248272 80873433 79473625 X THE SCHOOL OF AMERICAN BALLET'S MISSION IS TO TRAIN STUDENTS FOR PROFESSIONAL CAREERS IN CLASSICAL BALLET. 0 0 8023583 1092134 4000702 TEACHING AND OTHER ARTISTIC PROGRAMSTHE SCHOOL PROVIDES BALLET TRAINING TO STUDENTS AGES 6 TO 19, AT APPROPRIATE LEVELS OF CONCENTRATION. DURING THE WINTER TERM (SEPTEMBER - JUNE), ADVANCED STUDENTS HAVE 36 WEEKS OF CLASSES WITH UP TO 20.25 HOURS PER WEEK. THE YOUNGEST STUDENTS MEET TWICE WEEKLY FOR AN HOUR FOR 35 WEEKS. DURING FY 2023, 436 STUDENTS WERE ENROLLED DURING WINTER TERM. DURING WINTER TERM 2022-2023, STUDENTS REPRESENTED 25 STATES AND 2 FOREIGN COUNTRIES. WINTER TERM CURRICULUM ALSO INCLUDES ADDITIONAL OPPORTUNITIES, PARTICULARLY FOR ADVANCED STUDENTS, SUCH AS CHOREOGRAPHIC WORKSHOP AND YEAR END PERFORMANCE. THE SCHOOL ALSO OFFERS A 5-WEEK INTENSIVE SUMMER COURSE. 212 STUDENTS TOOK PART IN THE SUMMER PROGRAM DURING FY 2023. FY 2023 ALSO SAW THE SIXTH YEAR OF A ONE-WEEK NEW YORK CITY JUNIOR PROGRAM THAT ENROLLED 132 STUDENTS. THE SCHOOL PROVIDED $1,052K IN TUITION SCHOLARSHIP AND AWARDS DURING FY23. FOR WINTER TERM, 19% OF DAY STUDENTS OTHER THAN THOSE ENROLLED IN TUITION FREE BOYS PROGRAM RECEIVED TUITION FINANCIAL AID. 51 STUDENTS WERE ENROLLED IN THE TUITION FREE BOYS PROGRAM. FOR NEW YORK SUMMER COURSE, 31% OF STUDENTS WERE AWARDED TUITION SCHOLARSHIPS. IN NEW YORK JUNIOR PROGRAM, 16% STUDENTS RECEIVED TUITION SCHOLARSHIPS. THE SCHOOL EXTENDS ITS PROGRAM EFFORTS IN THE NEW YORK METROPOLITAN AREA BY CONDUCTING COMMUNITY LECTURES/DEMONSTRATIONS AND COMMUNITY AUDITIONS. 5205027 336525 1659460 STUDENT SERVICES AND RESIDENCETHE SCHOOL PROVIDES SUPPORT SERVICES FOCUSED ON STUDENTS' OVERALL HEALTH AND WELL-BEING, INCLUDING NURSING CARE, NUTRITIONAL COUNSELING, ACADEMIC TUTORING, PILATES TRAINING AND PHYSICAL THERAPY FOR STUDENTS LIVING IN THE RESIDENCE HALL (54 DURING WINTER TERM AND 188 DURING SUMMER COURSE). STAFF MEMBERS PROVIDE ON-GOING SUPERVISION, ALONG WITH SEMINARS AS WELL AS CULTURAL AND SOCIAL ACTIVITIES. IN FY23, THE SCHOOL FURTHER DEVELOPED ITS PROFESSIONAL PLACEMENT PROGRAM TO ASSIST ADVANCED STUDENTS FOR PROFESSIONAL CAREERS. THE SCHOOL ENDEAVORS TO ENSURE THAT RACIALLY AND SOCIOECONOMICALLY DIVERSE STUDENTS HAVE ACCESS TO THE SCHOOL'S PROGRAMS AND PROVIDES FINANCIAL AID AND THE SUPPORT THROUGH ITS DIVERSITY, EQUITY, AND INCLUSION INITIATIVE. THE SCHOOL PROVIDED $335K IN RESIDENTIAL FINANCIAL AID AND AWARDS DURING FY23. FOR WINTER TERM, 54% OF RESIDENTIAL STUDENTS RECEIVED ROOM AND BOARD FINANCIAL AID. FOR NEW YORK SUMMER COURSE, 9% OF RESIDENTIAL STUDENTS WERE AWARDED ROOM AND BOARD SCHOLARSHIPS. 260741 170560 ACADEMIC SUBSIDIES AND OTHER STUDENT AIDTHE SCHOOL PROVIDED $120K IN FINANCIAL SUPPORT FOR HIGH SCHOOL EDUCATION OF 6 ADVANCED STUDENTS. IN ADDITION TO THIS, THE SCHOOL SPENT $25,810 FOR ON-SITE ACADEMIC CLASSES AND 8 STUDENTS BENEFITED FROM THIS PROGRAM. STUDENTS ALSO RECEIVED TOE SHOES AT A SUBSIDIZED RATE. 25156 37150 301147 OTHER PROGRAM SERVICES REFLECTS ADDITIONAL EARNED INCOME. INCLUDED HERE ARE FEES FROM LICENSING A BALLET TO WHICH GEORGE BALANCHINE GAVE SAB RIGHTS; THIS INCOME IS ADDED TO ENDOWMENT. 25156 37150 301147 13514507 1 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 1 0 1 0 0 0 0 1 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 71 0 1 196 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 45 45 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NY X X NAZ KAMAL 2127696608 SCHOOL OF AMERICAN BALLET INC 70 NY NY 10023 KELLIE JOHNSON ABREU DIRECTOR, COMMITTEE CHAIR 2.00 X 0 0 0 ELISABETH M ARMSTRONG DIRECTOR, COMMITTEE CHAIR, SECRETARY 2.00 X X 0 0 0 ROSEMARY T BERKERY HAUSEN DIRECTOR, COMMITTEE CHAIR 2.00 X 0 0 0 JIM BRENNAN DIRECTOR 2.00 X 0 0 0 AMANDA BROTMAN-SCHETRITT DIRECTOR, COMMITTEE VICE CHAIR 2.00 X 0 0 0 JUDY BERNSTEIN BUNZL DIRECTOR 1.00 X 0 0 0 CATHERINE DOYLE CALLAWAY DIRECTOR 1.00 X 0 0 0 SHANNON G CASPERSEN DIRECTOR, COMMITTEE VICE CHAIR 2.00 X 0 0 0 NORM CHAMP DIRECTOR, COMMITTEE CHAIR, TREASURER 2.00 X X 0 0 0 CHELSEA V CLINTON DIRECTOR, COMMITTEE CO-CHAIR 2.00 X 0 0 0 ASHLY NIKKOLE DAVIS DIRECTOR 1.00 X 0 0 0 THOMAS R ELLIS DIRECTOR 1.00 X 0 0 0 ZITA J EZPELETA DIRECTOR, CHAIRMAN OF THE BOARD 5.00 X X 0 0 0 FRANCES D FERGUSSON DIRECTOR 1.00 X 0 0 0 ANDREW C FINCH DIRECTOR, VICE CHAIRMAN 2.00 X X 0 0 0 ALESSANDRA W GOULDNER DIRECTOR 1.00 X 0 0 0 HELEN HAJE DIRECTOR 1.00 X 0 0 0 CORINNE KOPELMAN DIRECTOR 1.00 X 0 0 0 IDA KRISTENSEN DIRECTOR 1.00 X 0 0 0 NANCY S MACMILLAN DIRECTOR, COMMITTEE VICE CHAIR 2.00 X 0 0 0 LYN M MCHUGH DIRECTOR 1.00 X 0 0 0 ELIZABETH R MILLER DIRECTOR 1.00 X 0 0 0 GARFIELD L MILLER III DIRECTOR 1.00 X 0 0 0 MICHELLE M MILLER DIRECTOR 1.00 X 0 0 0 SUSAN F MILLSTEIN DIRECTOR, COMMITTEE CHAIR 2.00 X 0 0 0 ELLEN L NEEDHAM DIRECTOR 1.00 X 0 0 0 MICHAEL D PARK DIRECTOR, COMMITTEE CO-CHAIR 2.00 X 0 0 0 DAVID R PRUNER DIRECTOR, COMMITTEE CHAIR 2.00 X 0 0 0 SUSAN P READ DIRECTOR 1.00 X 0 0 0 SUZANNE ALLEN REDPATH DIRECTOR 1.00 X 0 0 0 MORGAN P RICHARDSON DIRECTOR 1.00 X 0 0 0 NAOMI SELIGMAN DIRECTOR 1.00 X 0 0 0 STEPHANIE A SHARP DIRECTOR 1.00 X 0 0 0 ALYSSA COHEN TABLADA DIRECTOR 1.00 X 0 0 0 ERIC TAYLOR DIRECTOR 1.00 X 0 0 0 PHOEBE TUDOR DIRECTOR 1.00 X 0 0 0 MARJORIE L VAN DERCOOK DIRECTOR, COMMITTEE VICE CHAIR 2.00 X 0 0 0 GEORGE W VANDERPLOEG DIRECTOR, COMMITTEE CHAIR 2.00 X 0 0 0 ALICE VILMA DIRECTOR 1.00 X 0 0 0 BARBARA MANFREY VOGELSTEIN DIRECTOR, COMMITTEE CHAIR 2.00 X 0 0 0 MONICA B VOLDSTAD DIRECTOR 1.00 X 0 0 0 OLIVIA C WASSENAAR DIRECTOR, COMMITTEE VICE CHAIR 2.00 X 0 0 0 FELECIA A WEISS DIRECTOR 1.00 X 0 0 0 CAROLYN WRIGHT-LEWIS DIRECTOR, COMMITTEE CHAIR 2.00 X 0 0 0 LAURA ZECKENDORF DIRECTOR 1.00 X 0 0 0 CARRIE W HINRICHS EXECUTIVE DIRECTOR 40.00 X 358531 0 33962 JONATHAN M STAFFORD ARTISTIC DIRECTOR 10.00 X 101577 0 2492 NAZ KAMAL DIRECTOR OF FINANCE 40.00 X 174912 0 15320 KAY MAZZO BELLAS CHAIRMAN OF FACULTY (TO JUNE 2022) 40.00 X 298274 0 6637 KATRINA K KILLIAN TEACHER 24.00 X 232947 0 35394 SUSAN PILARRE TEACHER 15.00 X 156415 0 22380 KRISTEN L BARRETT DIRECTOR OF DEVELOPMENT 40.00 X 166676 0 32061 ALLEN PEIFFER TEACHER 20.00 X 171380 0 21561 SUSAN SCHORER TEACHER 12.00 X 149250 0 6454 1809962 0 176261 22 1 1 0 0 1264256 1350672 4735606 116521 7350534 TUITION 611600 3968309 3968309 ROOM AND BOARD FEES 721000 1644385 1644385 AUDITION REG. FEES 611710 128928 128928 WORKSHOP PERF. & OTHER FEES 611710 121538 121538 ACTIVITY FEES 611710 52855 52855 42314 42314 5958329 1390806 1390806 32172809 33851290 -1678481 -1678481 -1678481 654067 1264256 654067 0 OTHER REVENUE 900099 2980 2980 2980 13024168 5961309 0 -287675 27250 27250 1609119 1609119 1159476 740134 316953 102389 5757514 4142354 681521 933639 110617 79388 14974 16255 672545 485240 83665 103640 589367 416920 83973 88474 4295 4295 68836 68836 95000 95000 507372 507372 381666 149582 199476 32608 77700 77700 151306 89021 21502 40783 137921 98852 9180 29889 3606709 3157860 209462 239387 159204 135500 8416 15288 318533 318533 1198551 1018768 83899 95884 26841 26841 STUDENT RESIDENCE HALL 657673 657371 151 151 WORKSHOP PERFORMANCES 209120 209120 OTHER OPERATING EXPENSE 202481 138419 41037 23025 CATERING AND RENTALS 200910 57845 47039 96026 409499 219769 1809 187921 18339505 13514507 2724639 2100359 1547413 605006 4806259 4094625 2074697 1837087 904706 45692 275358 458625 48089551 34905594 14208152 13183957 29335401 33694873 41661352 38802032 94813338 92721897 2908388 3150219 1211475 1439907 8643210 8658146 1176832 0 13939905 13248272 X 36129343 34195513 44744090 45278112 80873433 79473625 94813338 92721897 X -5315337 3989029 -73500 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 71672032 3086220 3082604 3982744 73858112 85195250 2748403 -12594905 3676716 71672032 75779495 2151408 11014454 3750107 85195250 67656797 1733035 9461380 3071717 75779495 68775652 2992412 -151952 3959315 67656797 0.40590 0.59410 0.00000 0 0 2067047 2067047 42108799 31474618 10634181 3913705 3430976 482729 13183957 ARES PATHFINDER 1542485 F BH FEEDER (BREVAN HOWARD FUND) 3226807 F BLACKSTONE LIFE SCIENCES V ACCESS FUND 222874 F BLACKSTONE REAL ESTATE INCOME TRUST 983408 F FX STRATEGY 1752982 F GOLUB 1235805 F HOLOCENE 2404703 F INSIGHT PARTNERS FUND XII CAYMAN 324158 F INSIGHT PARTNERS OPPORTUNITIES I CAYMAN 528375 F INSOLVE GLOBAL CREDIT FEEDER FUND V 1711027 F KLINE HILL 596055 F LANCASTER EUROPEAN EQUITY 2519369 F LASKER FUND 3169009 F METROPOLITAN REAL ESTATE PARTNERS GLOBAL V 314641 F MW EUREKA 3642653 F SEG PARTNERS 3993653 F SENATOR GLOBAL OPPORTUNITY OFFSHORE FUND 3496669 F WASHINGTON HARBOR CAPITAL 147682 F WELLINGTON DURABLE COMPANIES 3651624 F WHALE ROCK 2000166 F WOODSON CAPITAL OFFSHORE 1337887 F 38802032 15043666 3989029 3989029 11054637 507372 1462159 1969531 13024168 16443474 0 16443474 507372 1388659 1896031 18339505 PART V, LINE 4: INCOME FROM THE SCHOOL'S ENDOWMENT FUNDS IS APPLIED TO ACTIVITIES SUPPORTING ITS MISSION AS A BALLET ACADEMY. CERTAIN FUNDS ARE DESIGNATED TO SUPPORT SPECIFIC PURPOSES AS PER DONOR INTENT, MOST SIGNIFICANTLY SCHOLARSHIP AND FACULTY SALARIES. DURING FY 2023, THE SCHOOL USED A DRAW RATE OF 5% FROM THE ENDOWMENT FUNDS BASED ON THE MARKET VALUES OF ROLLING 20 QUARTERS. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 1,388,659. REVERSAL OF PLEDGE 73,500. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 1,388,659. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 SEE PART II SCHEDULE E, PART I, LINE 6 DURING FY 2023, THE SCHOOL HAD GRANTS TO SUPPORT PROGRAM ACTIVITIES FROM THE NEW YORK STATE COUNCIL ON THE ARTS AND NEW YORK CITY DEPARTMENT OF CULTURAL AFFAIRS. LINE 3 - SAB'S NON-DISCRIMINATION POLICY STATEMENT THE SCHOOL OF AMERICAN BALLET HAS A NON-DISCRIMINATION POLICY WITH RESPECT TO ALL THE RIGHTS, PRIVILEGES, PROGRAMS AND ACTIVITIES GENERALLY ACCORDED OR MADE AVAILABLE TO STUDENTS AT THE SCHOOL. IT DOES NOT DISCRIMINATE ON THE BASIS OF SEX, RACE, COLOR, SEXUAL ORIENTATION, NATIONAL ORIGIN OR ANY OTHER PROTECTED CHARACTERISTICS IN ADMINISTRATION OF ITS EDUCATION POLICIES, ADMISSION POLICIES, SCHOLARSHIP PROGRAMS OR ANY OTHER SCHOOL ADMINISTERED PROGRAMS. THIS STATEMENT WAS INCLUDED IN FULL IN THE FOLLOWING ADVERTISING AND PROMOTIONAL MATERIALS. --SCHOOL YEAR HANDBOOK DISTRIBUTED TO THE ENTIRE WINTER TERM STUDENT BODY --SAB'S WEBSITE (SAB.ORG) ADMISSIONS SECTION --THE SCHOOL'S EMPLOYEE HANDBOOK DISTRIBUTED TO ALL EMPLOYEES --TWO, FULL PAGE, PAID ADVERTISEMENTS IN "HARLEM NEWS" PUBLICATION (FREE DISTRIBUTION IN NEW YORK CITY BOROUGHS) PROMOTING 2023 SPRING AUDITIONS FOR 6-10 YEAR OLDS --SAB DIGITAL BROCHURE/SCHOOL PROSPECTUS DISTRIBUTED TO APPROXIMATELY 2,500 U.S. AND INTERNATIONAL SUMMER PROGRAM APPLICANTS THE BOARD REAFFIRMED ITS COMMITMENT TO NON-DISCRIMINATION BY RESOLUTION PASSED IN APRIL 2015. X X X X X X X 1 COMMUNITY COUNSELLING SERVICE CO LLC 527 MADISON AVENUE - 5TH FLOOR NEW YORK NY 10022 FEASIBILITY STUDY 0 0 95000 0 95000 NY WINTER BALL 714642 427435 287207 171013 105700 10494 WORKSHOP BENEFIT 737765 508790 228975 124995 101480 2500 0 1 465916 328031 137885 14841 34855 88189 0 1918323 1264256 654067 310849 242035 101183 654067 0 1 INSPIRO LLC 702 DONALDSON AVE 208 SAN ANTONIO TX 78201 814953821 7250 0 AWARD TO DANCE STUDIOS - NATIONAL VISITING FELLOWS 0 1 TUITION AND ROOM & BOARD SCHOLARSHIPS 281 0 1388659 BOOK FINANCIAL AID ACADEMIC SCHOOL SCHOLARSHIPS 14 145640 0 WIEN AWARDS FOR EXCELLENCE 4 40000 0 STUDENT STIPENDS 6 12300 0 PHYSICAL THERAPY ASSISTANCE 1 2730 0 STUDENT HOUSING ASSISTANCE 1 9850 0 TRAVEL STIPENDS 1 40 0 VISITING FELLOWS AND ALUMNI ADVISORY COMMITTEE STIPENDS 8 9900 0 PART I, LINE 2: GRANT FUNDS ARE SOLELY FOR THE PURPOSE OF PROVIDING FINANCIAL ASSISTANCE TO STUDENTS ENROLLED AT THE SCHOOL OF AMERICAN BALLET. FINANCIAL ASSISTANCE IS LARGELY DIRECTED TO AID WITH COSTS OF TUITION AND ROOM & BOARD. FINANCIAL AID GRANTS FOR TUITION AND ROOM & BOARD ARE CREDITED DIRECTLY TO STUDENTS' ACCOUNTS; THERE IS NO CASH DISTRIBUTION. MODEST TRAVEL STIPENDS ARE PAID AS REIMBURSEMENTS UPON RECEIPT OF EXPENSE DOCUMENTATION. ACADEMIC SCHOLARSHIPS WERE REMITTED DIRECTLY TO LOCAL SCHOOLS. WIEN AWARDS ARE GIVEN TO SELECTED STUDENTS FOR THEIR OUTSTANDING PROMISE AND A FACULTY MEMBER FOR DISTINGUISHED SERVICE. X X X X 1 0 0 0 0 0 0 0 0 CARRIE W HINRICHS EXECUTIVE DIRECTOR 358531 0 0 0 0 0 7250 0 26712 0 392493 0 0 0 NAZ KAMAL DIRECTOR OF FINANCE 174912 0 0 0 0 0 0 0 15320 0 190232 0 0 0 KAY MAZZO BELLAS CHAIRMAN OF FACULTY (TO JUNE 2022) 168589 0 0 0 129685 0 6637 0 0 0 304911 0 0 0 KATRINA K KILLIAN TEACHER 232947 0 0 0 0 0 6233 0 29161 0 268341 0 0 0 SUSAN PILARRE TEACHER 156415 0 0 0 0 0 4178 0 18202 0 178795 0 0 0 KRISTEN L BARRETT DIRECTOR OF DEVELOPMENT 166676 0 0 0 0 0 4461 0 27600 0 198737 0 0 0 ALLEN PEIFFER TEACHER 171380 0 0 0 0 0 4432 0 17129 0 192941 0 0 0 SUSAN SCHORER TEACHER 149250 0 0 0 0 0 3671 0 2783 0 155704 0 0 0 LINE 4A ACCORDING TO AN EMPLOYMENT AGREEMENT DATED OCTOBER 2018, KAY MAZZO BELLAS WAS ENTITLED TO RECEIVE 24 MONTHS OF SEVERANCE UPON HER RETIREMENT ON JUNE 11, 2022. AS A RESULT, SHE WAS PAID $129,685 DURING 2022. A THE TRUST FOR CULTURAL RESOURCES OF NYC 911882413 2016-03-03 8845000 REFUNDING OF A PRIOR ISSUE 0 0 0 A 8845000 175775 8669225 1 0 1 1 A 0 1 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 1 1 0 0 0 0 1 A 1 SCHEDULE K - PART I (F) PART I(F): THE BONDS REFUND THE BORROWER'S SERIES 2006 (DATED 08/08/2006). PART III, LINE 7 - AS PROVIDED IN TREASURY REGULATION SECTION 1.141-4(C)(2)(1)(B), THE AMOUNT OF PRIVATE PAYMENTS TAKEN INTO ACCOUNT UNDER THE PRIVATE PAYMENT TEST MAY NOT EXCEED THE AMOUNT OF PRIVATE BUSINESS USE AND/OR UNRELATED TRADE OR BUSINESS USE. ACCORDINGLY, THE AMOUNT OF PRIVATE PAYMENTS FOR THE REPORTING PERIOD DOES NOT EXCEED THE AMOUNT STATED IN PART III, LINE 6. THE ORGANIZATION HAS NOT UNDERTAKEN AN ANALYSIS OF THE PRIVATE SECURITY TEST WITH RESPECT TO THE BONDS, AS THE LEVEL OF PRIVATE BUSINESS USE AND/OR UNRELATED TRADE OR BUSINESS REPORTED IN PART III, LINE 6, IS NOT IN EXCESS OF AMOUNTS PERMITTED UNDER SECTION 145 OF THE CODE. PART IV, LINE 2(B): THE BONDS HAVE MET THE 6-MONTH EXPENDITURE EXCEPTION TO REBATE. PART IV, LINE 2 (C): AN OPINION BY ORRICK WAS DELIVERED ON MAY 12, 2021 STATING THAT NO REBATE IS DUE BECAUSE THE BONDS MET THE 6-MONTH EXPENDITURE EXCEPTION TO REBATE. X 11 116521 FAIR MARKET VALUE 0 0 1 0 FORM 990, PART VI, SECTION B, LINE 11B IN ADVANCE OF SUBMITTING THE SCHOOL'S FY 2023 FORM 990, IT WAS INITIALLY REVIEWED BY THE DIRECTOR OF FINANCE AND EXECUTIVE DIRECTOR. ONCE FINALIZED, THE NEXT STEP IN THE REVIEW PROCESS WAS DISTRIBUTION TO THE SCHOOL'S BUDGET, AUDIT AND COMPENSATION COMMITTEE, CHAIRMAN OF THE BOARD, AND TREASURER WHO WERE ALL INVITED TO COMMENT. THE FINAL STEP WAS DISTRIBUTION TO ALL MEMBERS OF THE SCHOOL'S BOARD OF DIRECTORS WHO ALSO HAD TIME TO OFFER COMMENTS PRIOR TO SUBMISSION OF THE FORM 990. FORM 990, PART VI, SECTION B, LINE 12C THE SCHOOL REQUIRES DISCLOSURE AT THE TIME THAT A TRANSACTION IS BEING CONSIDERED OF ANY INTEREST THAT A DIRECTOR, OFFICER OR EMPLOYEE MAY HAVE IN THE TRANSACTION. SHOULD A TRANSACTION INVOLVE BOARD APPROVAL, ANY INTERESTED PARTY IS REQUIRED TO RETIRE FROM THE MEETING DURING THE DECISION MAKING OF THE MATTER UNDER CONSIDERATION. FUTHERMORE, THE SCHOOL HAS A DETAILED CONFLICT OF INTEREST QUESTIONNAIRE THAT IS REQUIRED OF ALL DIRECTORS, OFFICERS AND KEY EMPLOYEES ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 THE SCHOOL REVIEWS COMPENSATION OF KEY EMPLOYEES ANNUALLY. THESE REVIEWS UTILIZE COMPARABILITY DATA FROM A NUMBER OF SIMILAR ORGANIZATIONS. THE INDEPENDENT REVIEW OF THIS INFORMATION IS DONE BY THE EXECUTIVE COMMITTEE IN THE CASE OF THE EXECUTIVE DIRECTOR AND THE ARTISTIC DIRECTOR AND BY THE BUDGET, AUDIT AND COMPENSATION COMMITTEE FOR OTHER KEY EMPLOYEES, SPECIFICALLY CHAIRMAN OF FACULTY, DIRECTOR OF FINANCE, DIRECTOR OF DEVELOPMENT, DIRECTOR OF PUBLIC RELATIONS, AND DEAN OF STUDENTS. THESE REVIEWS ARE DONE IN EXECUTIVE SESSION OF THE RESPECTIVE COMMITTEES DURING THE BUDGET PROCESS AND, DUE TO THE CONFIDENTIAL NATURE OF THE INFORMATION, ARE NOT DOCUMENTED IN MEETING MINUTES. IN 2020, THE BOARD COMMITTEE EXTENDED THE EXECUTIVE DIRECTOR'S CONTRACT FOR 5 YEARS. THE EXECUTIVE DIRECTOR'S SALARY WAS REVIEWED AND APPROVED WITH COMPARABILITY INFORMATION COVERING 09/04/2020 - 09/03/2025. FORM 990, PART VI, SECTION C, LINE 19 THE SCHOOL MAKES ITS FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC BY POSTING THEM ON ITS WEBSITE; HARD COPIES ARE ALSO AVAILABLE UPON REQUEST. COPIES OF THE SCHOOL'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE PROVIDED TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: REVERSAL OF A PRIOR YEAR PLEDGE -73,500. SCHEDULE B, SCHEDULE OF CONTRIBUTORS CONTRIBUTIONS ON SCHEDULE B WHICH RELATE TO UNCONDITIONAL PROMISES TO GIVE (RECEIVABLES) ARE REFLECTED GROSS OF DISCOUNTS TO PRESENT VALUE. ACCORDINGLY, THE TOTAL OF THE CONTRIBUTIONS REFLECTED ON SCHEDULE B MAY BE GREATER THAN THE AMOUNT OF CONTRIBUTIONS REFLECTED ON PAGE 9, PART VIII, LINE 1H.