2023-06-26T13:34:04-05:00 2022-08-31 131655065 LUTZ AND CARR CPAS LLP 551 FIFTH AVENUE SUITE 400 NEW YORK NY 10176 990 2021-09-01 131275970 SCHOOL OF AMERICAN BALLET INC SCHO 2127696600 70 LINCOLN CENTER PLAZA NEW YORK NY 100236592 NAZ KAMAL DIRECTOR OF FINANCE 2127696600 2023-06-23 1 NAZ KAMAL 999009999 FREDERICK MARTENS P00298107 2126972299 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z ZITA J EZPELETA 70 LINCOLN CENTER PLAZA NEW YORK NY 10023 35147816 0 X WWW.SAB.ORG X 1934 NY IN FY 2022, THE SCHOOL OF AMERICAN BALLET PASSED KNOWLEDGE OF THE BALANCHINE BALLET TRADITION FROM 24 GIFTED FACULTY MEMBERS TO SOME 789 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. 42 42 148 47 0 0 8089061 7749229 4066127 5019896 8995367 2554958 54817 24639 21205372 15348722 1270235 1338310 0 0 7906996 7677225 1750 0 1893603 7041937 8112002 16220918 17127537 4984454 -1778815 111037435 94813338 13209809 13939905 97827626 80873433 X THE SCHOOL OF AMERICAN BALLET'S MISSION IS TO TRAIN STUDENTS FOR PROFESSIONAL CAREERS IN CLASSICAL BALLET. 0 0 7683751 810495 3108040 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 18.5 HOURS PER WEEK. THE YOUNGEST STUDENTS MEET TWICE WEEKLY FOR AN HOUR FOR 33 WEEKS. DURING FY 2022, 441 STUDENTS WERE ENROLLED DURING WINTER TERM. DURING WINTER TERM 2021-2022, STUDENTS REPRESENTED 26 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. 178 STUDENTS TOOK PART IN THE SUMMER PROGRAM DURING FY 2022. FY 2022 ALSO SAW THE FIFTH YEAR OF A ONE-WEEK NEW YORK CITY JUNIOR PROGRAM THAT ENROLLED 116 STUDENTS. THE SCHOOL PROVIDED $770K IN TUITION SCHOLARSHIP AND AWARDS DURING FY22. FOR WINTER TERM, 23% OF DAY STUDENTS OTHER THAN THOSE ENROLLED IN TUITION FREE BOYS PROGRAM RECEIVED TUITION FINANCIAL AID. 55 STUDENTS WERE ENROLLED IN THE TUITION FREE BOYS PROGRAM. FOR NEW YORK SUMMER COURSE, 35% OF STUDENTS WERE AWARDED TUITION SCHOLARSHIPS. IN NEW YORK JUNIOR PROGRAM, 14% STUDENTS RECEIVED TUITION SCHOLARSHIPS. THE SCHOOL EXTENDS ITS PROGRAM EFFORTS IN THE NEW YORK METROPOLITAN AREA BY CONDUCTING COMMUNITY LECTURES/DEMONSTRATIONS AND COMMUNITY AUDITIONS. 4603697 423215 1769054 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 (48 DURING WINTER TERM AND 155 DURING SUMMER COURSE). STAFF MEMBERS PROVIDE ON-GOING SUPERVISION, ALONG WITH SEMINARS AS WELL AS CULTURAL AND SOCIAL ACTIVITIES. IN FY22, 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 $423K IN RESIDENTIAL FINANCIAL AID AND AWARDS DURING FY22. FOR WINTER TERM, 50% OF RESIDENTIAL STUDENTS RECEIVED TUITION, ROOM AND BOARD FINANCIAL AID. FOR NEW YORK SUMMER COURSE, 8% OF STUDENTS WERE AWARDED ROOM AND BOARD SCHOLARSHIPS. 185132 104600 ACADEMIC SUBSIDIES AND OTHER STUDENT AIDTHE SCHOOL PROVIDED $78,500 IN FINANCIAL SUPPORT FOR HIGH SCHOOL EDUCATION OF 4 ADVANCED STUDENTS. IN ADDITION TO THIS, THE SCHOOL SPENT $25,500 FOR ON-SITE ACADEMIC CLASSES AND 8 STUDENTS BENEFITED FROM THIS PROGRAM. STUDENTS ALSO RECEIVED TOE SHOES AT A SUBSIDIZED RATE. 20764 167441 OTHER PROGRAM SERVICES REFLECTS ADDITIONAL EARNED INCOME. INCLUDED HERE ARE FEES FROM LICENSING A BALLET CHOREOGRAPHED BY GEORGE BALANCHINE TO WHICH JOHN TARAS GAVE SAB RIGHTS; THIS INCOME IS ADDED TO ENDOWMENT. IT ALSO INCLUDES SAB OPEN PROGRAM OFFERINGS - BALLET CONNOISSEURSHIP AND LITTLE DANCERS. 20764 167441 12493344 1 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 77 0 1 148 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 42 42 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, SECRETARY 2.00 X X 0 0 0 ROSEMARY T BERKERY HAUSEN DIRECTOR, COMMITTEE CHAIR 2.00 X 0 0 0 OLIVIER BERNIER DIRECTOR 1.00 X 0 0 0 JIM BRENNAN DIRECTOR 1.00 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, 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, CHAIR OF BOARD 5.00 X X 0 0 0 FRANCES D FERGUSSON DIRECTOR 1.00 X 0 0 0 ANDREW C FINCH DIRECTOR, VICE CHAIRMAN OF BOARD 2.00 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 NANCY S MACMILLAN DIRECTOR, COMMITTEE VICE CHAIR 2.00 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 STACEY C MORSE DIRECTOR 1.00 X 0 0 0 ELLEN L NEEDHAM DIRECTOR 1.00 X 0 0 0 MICHAEL D PARK DIRECTOR, COMMITTEE CHAIR 2.00 X 0 0 0 DAVID R PRUNER DIRECTOR, COMMITTEE VICE CHAIR 2.00 X 0 0 0 SUSAN P READ DIRECTOR 1.00 X 0 0 0 SUZANNE ALLEN REDPATH DIRECTOR, COMMITTEE CHAIR 2.00 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 BARBARA SULLIVAN DIRECTOR 1.00 X 0 0 0 ALYSSA COHEN TABLADA 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 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 1.00 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 333532 0 22396 JONATHAN M STAFFORD ARTISTIC DIRECTOR 10.00 X 75459 0 19977 NAZ KAMAL DIRECTOR OF FINANCE (AS OF AUG 2022) 40.00 X 47219 0 24431 KAY MAZZO BELLAS CO-CHAIR OF FACULTY 40.00 X 229366 0 2076 KATRINA K KILLIAN TEACHER 25.50 X 228085 0 29886 SUSAN PILARRE TEACHER 16.50 X 145121 0 18681 KRISTEN L BARRETT DIRECTOR OF DEVELOPMENT 40.00 X 143022 0 35776 ALLEN PEIFFER TEACHER 40.00 X 164875 0 18818 BARBRA J SILVER SR. DIR. SPECIAL EVENTS & CORPORATE SPONSOR 40.00 X 129895 0 28764 F STEPHEN DEWHURST CHIEF FINANCIAL OFFICER(TO MAR 2021) 40.00 X 182895 0 22569 1679469 0 223374 21 1 1 0 0 1568198 1016570 5164461 251884 7749229 TUITION 611600 4197333 4197333 ROOM AND BOARD FEES 721000 539656 539656 WORKSHOP PERF. & OTHER FEES 611710 109227 109227 AUDITION REG. FEES 611710 79416 79416 ACTIVITY FEES 611710 46800 46800 47464 47464 5019896 819018 819018 20931047 19195107 1735940 1735940 1735940 603987 1568198 603987 0 OTHER REVENUE 900099 24639 24639 24639 15348722 5044535 0 2554958 1338310 1338310 1006202 610259 301553 94390 5425595 4000583 549704 875308 143911 102608 19117 22186 532548 394471 56232 81845 568969 408855 74169 85945 10570 10570 52966 52966 627628 627628 270443 244996 25447 76929 76929 190454 88496 35558 66400 76650 61605 15045 3387501 2951488 203473 232540 90586 76066 3929 10591 317502 317502 1182223 1004891 82754 94578 26847 26847 STUDENT RESIDENCE HALL 712780 635444 38668 38668 OTHER OPERATING EXPENSE 362062 278547 35038 48477 WORKSHOP PERFORMANCES 203990 203990 CATERING AND RENTALS 115920 35193 37320 43407 406951 225609 7521 173821 17127537 12493344 2740590 1893603 2817950 1547413 2590300 4806259 2485382 2074697 24339 904706 212054 275358 47915195 33707043 15247558 14208152 35904011 29335401 51755841 41661352 111037435 94813338 2390113 2908388 1014590 1211475 8628274 8643210 1176832 1176832 13209809 13939905 X 46352141 36129343 51475485 44744090 97827626 80873433 111037435 94813338 X -1778815 -15125378 -50000 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 85195250 2748403 -12594905 3676716 71672032 75779495 2151408 11014454 3750107 85195250 67656797 1733035 9461380 3071717 75779495 68775652 2992412 -151952 3959315 67656797 66258776 2651589 3884586 4019299 68775652 0.40000 0.60000 0.00000 0 0 2067047 2067047 42057198 30375400 11681798 3790950 3331643 459307 14208152 ARES PATHFINDER 1040700 F BH FEEDER (BREVAN HOWARD FUND) 3341173 F BLACKSTONE LIFE SCIENCES V ACCESS FUND 136213 F FUNDSMITH EQUITY FUND 3038013 F FX STRATEGY 1758853 F HOLOCENE 2152180 F INSOLVE GLOBAL CREDIT FEEDER FUND V 1646380 F KLINE HILL 821715 F LASKER FUND 2722850 F METROPOLITAN REAL ESTATE PARTNERS GLOBAL V 327462 F MW EUREKA 4000184 F PENNANT WINDWARD FUND, LTD. 204590 F SEG PARTNERS 3879765 F SENATOR GLOBAL OPPORTUNITY OFFSHORE FUND 3331111 F TORONADO 2444196 F WASHINGTON HARBOR CAPITAL 152006 F WHALE ROCK 1829022 F WOODSON CAPITAL OFFSHORE 1205438 F WELLINGTON DURABLE COMPANIES 3665438 F GOLUB 1045497 F HAIDAR JUPITER 1106067 F BLACKSTONE REAL ESTATE INCOME TRUST 1103960 F INSIGHT PARTNERS OPPORTUNITIES I CAYMAN 416204 F INSIGHT PARTNERS FUND XII CAYMAN 292335 F 41661352 -1647994 -15125378 -15125378 13477384 627628 1243710 1871338 15348722 15306199 0 15306199 627628 1193710 1821338 17127537 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 2022, THE SCHOOL USED A DRAW RATE OF 5.5% FROM THE ENDOWMENT FUNDS BASED ON THE MARKET VALUES OF ROLLING 20 QUARTERS. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 1,193,710. REVERSAL OF PLEDGE 50,000. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 1,193,710. 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 2022, THE SCHOOL HAD GRANTS TO SUPPORT PROGRAM ACTIVITIES FROM THE NATIONAL ENDOWMENT FOR THE ARTS, 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 THE BOARD REAFFIRMED ITS COMMITMENT TO NON-DISCRIMINATION BY RESOLUTION PASSED IN APRIL 2015. WINTER BALL 1090200 786062 304138 66310 237828 WORKSHOP BENEFIT 793565 570833 222732 46354 176378 2 288420 211303 77117 77117 2172185 1568198 603987 112664 491323 603987 0 1 TUITION AND ROOM & BOARD SCHOLARSHIPS 250 0 1193710 BOOK FINANCIAL AID TRAVEL STIPENDS 2 600 ACADEMIC SCHOOL SCHOLARSHIPS 12 104000 WIEN AWARDS FOR EXCELLENCE 4 40000 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 1 0 0 0 0 0 0 0 CARRIE W HINRICHS EXECUTIVE DIRECTOR 333532 0 0 0 0 0 342 0 22054 0 355928 0 0 0 KAY MAZZO BELLAS CO-CHAIR OF FACULTY 229366 0 0 0 0 0 2076 0 0 0 231442 0 0 0 KATRINA K KILLIAN TEACHER 228085 0 0 0 0 0 1949 0 27937 0 257971 0 0 0 SUSAN PILARRE TEACHER 145121 0 0 0 0 0 1189 0 17492 0 163802 0 0 0 KRISTEN L BARRETT DIRECTOR OF DEVELOPMENT 143022 0 0 0 0 0 17898 0 17878 0 178798 0 0 0 ALLEN PEIFFER TEACHER 164875 0 0 0 0 0 1322 0 17496 0 183693 0 0 0 BARBRA J SILVER SR. DIR. SPECIAL EVENTS & CORPORATE 129895 0 0 0 0 0 8714 0 20050 0 158659 0 0 0 F STEPHEN DEWHURST CHIEF FINANCIAL OFFICER(TO MAR 2021) 40145 0 0 0 142750 0 17437 0 5132 0 205464 0 0 0 PART I, LINES 4A-B F. STEPHEN DEWHURST RECEIVED $142,750 IN SEVERANCE PURSUANT TO A SEPARATION AGREEMENT. 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 21 251884 FAIR MARKET VALUE 0 0 1 0 FORM 990, PART VI, SECTION B, LINE 11B IN ADVANCE OF SUBMITTING THE SCHOOL'S FY 2022 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 AND DIRECTORS 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 -50,000. 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.