2022-06-10T12:21:02-05:00 2021-08-31 131655065 LUTZ AND CARR CPAS LLP 551 FIFTH AVENUE SUITE 400 NEW YORK NY 10176 990 2020-09-01 131275970 SCHOOL OF AMERICAN BALLET INC SCHO 2127696600 70 LINCOLN CENTER PLAZA NEW YORK NY 100236592 NAZ KAMAL DIRECTOR OF FINANCE 2127696600 2022-06-10 1 NAZ KAMAL 999009999 FREDERICK MARTENS P00298107 2126972299 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z BARBARA VOGELSTEIN 70 LINCOLN CENTER PLAZA NEW YORK NY 10023 53767432 0 X WWW.SAB.ORG X 1934 NY IN FY 2021, THE SCHOOL OF AMERICAN BALLET PASSED KNOWLEDGE OF THE BALANCHINE BALLET TRADITION FROM 24 GIFTED FACULTY MEMBERS TO SOME 737 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. 44 44 201 48 0 0 6404479 8089061 4908929 4066127 1667533 8995367 2654 54817 12983595 21205372 1516966 1270235 0 0 7056004 7906996 11722 1750 1714071 6558328 7041937 15143020 16220918 -2159425 4984454 101749266 111037435 12178113 13209809 89571153 97827626 X THE SCHOOL OF AMERICAN BALLET'S MISSION IS TO TRAIN STUDENTS FOR PROFESSIONAL CAREERS IN CLASSICAL BALLET. 0 0 7823676 823089 3063186 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 35 WEEKS OF CLASSES WITH UP TO 18 HOURS PER WEEK. THE YOUNGEST STUDENTS MEET TWICE WEEKLY FOR AN HOUR FOR 32 WEEKS. DURING FY 2021, 433 STUDENTS WERE ENROLLED DURING WINTER TERM. DURING WINTER TERM 2020-2021, STUDENTS REPRESENTED 25 STATES AND 2 FOREIGN COUNTRY. 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. 138 STUDENTS TOOK PART IN THE SUMMER PROGRAM DURING FY 2021. AN ADDITIONAL 46 STUDENTS ENROLLED IN THE SCHOOL'S VIRTUAL YOUNG DANCERS WORKSHOP PROGRAM, A NEW PROGRAM. FY 2021 ALSO SAW THE FOURTH YEAR OF A ONE-WEEK VIRTUAL NEW YORK CITY JUNIOR PROGRAM THAT ENROLLED 120 STUDENTS. THE SCHOOL PROVIDED $1.1 MILLION IN TUITION SCHOLARSHIP AND AWARDS DURING FY21. FOR WINTER TERM, 25% 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, 46% OF STUDENTS WERE AWARDED TUITION SCHOLARSHIPS. IN THE VIRTUAL YOUNG DANCERS WORKSHOP PROGRAM, 4% OF STUDENTS RECEIVED TUITION SCHOLARSHIP AWARD. IN NEW YORK JUNIOR PROGRAM, 7% STUDENTS RECEIVED TUITION SCHOLARSHIPS. THE SCHOOL EXTENDS ITS PROGRAM EFFORTS IN THE NEW YORK METROPOLITAN AREA BY CONDUCTING COMMUNITY LECTURES/DEMONSTRATIONS AND COMMUNITY AUDITIONS. THE SCHOOL'S DIVERSITY PROGRAM IS FOCUSED ON EXPANDING ACCESS TO THE SCHOOL FOR STUDENTS FROM GROUPS TRADITIONALLY UNDERREPRESENTED IN BALLET. 3664688 315860 887245 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 (39 DURING WINTER TERM). STAFF MEMBERS PROVIDE ON-GOING SUPERVISION, ALONG WITH SEMINARS AS WELL AS CULTURAL AND SOCIAL ACTIVITIES. IN FY21, 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 AND INCLUSION INITIATIVE. 189938 131286 ACADEMIC SUBSIDIES AND OTHER STUDENT AIDTHE SCHOOL PROVIDED $113,668 IN FINANCIAL SUPPORT FOR HIGH SCHOOL EDUCATION OF 6 ADVANCED STUDENTS. IN ADDITION TO THIS, THE SCHOOL SPENT $17,000 FOR ON-SITE ACADEMIC CLASSES AND 16 STUDENTS BENEFITED FROM THIS PROGRAM. STUDENTS ALSO RECEIVED TOE SHOES AT A SUBSIDIZED RATE. 24756 170513 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. 24756 170513 11703058 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 42 0 1 201 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 44 44 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 1.00 X 0 0 0 ELISABETH M ARMSTRONG DIRECTOR, COMMITTEE CHAIR 2.00 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 AMANDA BROTMAN-SCHETRITT DIRECTOR, COMMITTEE VICE CHAIR 2.00 X 0 0 0 JUDY BERNSTEIN BUNZL DIRECTOR 1.00 X 0 0 0 SHANNON G CASPERSEN DIRECTOR 1.00 X 0 0 0 NORM CHAMP DIRECTOR, COMMITTEE CHAIR 2.00 X 0 0 0 CHELSEA V CLINTON DIRECTOR, COMMITTEE CHAIR 2.00 X 0 0 0 ASHLY NIKKOLE DAVIS DIRECTOR 1.00 X 0 0 0 THOMAS R ELLIS DIRECTOR, TREASURER 2.00 X X 0 0 0 ZITA J EZPELETA DIRECTOR, SECRETARY 2.00 X X 0 0 0 FRANCES D FERGUSSON DIRECTOR 1.00 X 0 0 0 ANDREW C FINCH DIRECTOR 1.00 X 0 0 0 ROBERT FRIBOURG DIRECTOR, COMMITTEE CHAIR 2.00 X 0 0 0 HELEN HAJE DIRECTOR 2.00 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 TIM MAIN DIRECTOR 1.00 X 0 0 0 ELIZABETH PEAY MCCREERY 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 VICE 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, VICE CHAIR OF BOARD 2.00 X X 0 0 0 MORGAN P RICHARDSON DIRECTOR 1.00 X 0 0 0 NAOMI SELIGMAN DIRECTOR, COMMITTEE CHAIR 2.00 X 0 0 0 STEPHANIE A SHARP DIRECTOR 1.00 X 0 0 0 BARBARA APPLE SULLIVAN DIRECTOR, COMMITTEE VICE CHAIR 2.00 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 1.00 X 0 0 0 GEORGE W VANDERPLOEG DIRECTOR, COMMITTEE CHAIR 2.00 X 0 0 0 BARBARA MANFREY VOGELSTEIN DIRECTOR, CHAIR OF BOARD 5.00 X 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 1.00 X 0 0 0 LAURA ZECKENDORF DIRECTOR 1.00 X 0 0 0 CARRIE W HINRICHS EXECUTIVE DIRECTOR 40.00 X 345725 0 32206 F STEPHEN DEWHURST CHIEF FINANCIAL OFFICER 40.00 X 188259 0 54258 JONATHAN M STAFFORD ARTISTIC DIRECTOR 10.00 X 79205 0 23167 NAZ KAMAL DIRECTOR OF FINANCE (AS OF AUG 2021) 40.00 X 0 0 0 KAY MAZZO BELLAS CO-CHAIR OF FACULTY 40.00 X 243626 0 0 KATRINA K KILLIAN TEACHER 29.50 X 230861 0 36136 SUSAN PILARRE TEACHER 16.50 X 161187 0 23559 KRISTEN L BARRETT DIRECTOR OF DEVELOPMENT 40.00 X 150154 0 38166 ALLEN PEIFFER TEACHER 26.50 X 144889 0 30518 SUZANNE SCHORER TEACHER 12.00 X 143391 0 8620 1687297 0 246630 19 0 1 0 0 1369042 1341600 5378419 347724 8089061 TUITION 611600 3770054 3770054 ROOM AND BOARD FEES 721000 171250 171250 AUDITION REG. FEES 611710 89763 89763 ACTIVITY FEES 611710 21180 21180 CHOREO LICENSING-SYMPHONY IN C 611710 11929 11929 1951 1951 4066127 476816 476816 40952345 32433794 8518551 8518551 8518551 128266 1369042 128266 0 OTHER REVENUE 900099 54817 54817 54817 21205372 4120944 0 8995367 1270235 1270235 1431567 952666 392559 86342 5452124 4137527 443254 871343 491795 376120 49123 66552 531510 393927 63772 73811 7687 7687 66493 66493 1750 1750 912452 912452 158350 152607 5743 45241 42241 3000 129783 55883 23206 50694 64244 58443 5801 2659095 2308519 163602 186974 11363 6517 2247 2599 319555 319555 1181917 1004631 82733 94553 21615 21615 STUDENT RESIDENCE HALL 551036 537485 3038 10513 OTHER OPERATING EXPENSE 405757 206164 76089 123504 WORKSHOP PERFORMANCES 200885 200885 SPECIAL EVENTS 86903 86903 219561 151815 17956 49790 16220918 11703058 2803789 1714071 1792119 2817950 2714590 2590300 3740992 2485382 84543 24339 199841 212054 47772378 32524820 16344258 15247558 31741305 35904011 45131618 51755841 101749266 111037435 1719519 2390113 655556 1014590 8613338 8628274 1189700 1176832 12178113 13209809 X 43942143 46352141 45629010 51475485 89571153 97827626 101749266 111037435 X 4984454 3345299 -73280 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 75779495 2151408 11014454 3750107 85195250 67656797 1733035 9461380 3071717 75779495 68775652 2992412 -151952 3959315 67656797 66258776 2651589 3884586 4019299 68775652 59791538 3237436 6556072 3326270 66258776 0.42250 0.50430 0.07320 0 0 2067047 2067047 42039504 29279255 12760249 3665827 3245565 420262 15247558 ARES PATHFINDER 392161 F BH FEEDER (BREVAN HOWARD FUND) 2081316 F BLACKSTONE LIFE SCIENCES V ACCESS FUND 99208 F FUNDSMITH EQUITY FUND 6868157 F FX STRATEGY 792816 F HENGISTBURY FUND LTD 1386361 F HOLOCENE 2081005 F INSIGHT PARTNERS 297500 F INSOLVE GLOBAL CREDIT FEEDER FUND V 185932 F KLINE HILL 879028 F LASKER FUND 3770113 F LONE SAVIN OFFSHORE LTD. 2064444 F METROPOLITAN REAL ESTATE PARTNERS GLOBAL V 335873 F MW EUREKA 3805734 F PELHAM LONG SHORT 2816057 F PENNANT WINDWARD FUND, LTD. 184123 F SEG PARTNERS 5244234 F SENATOR GLOBAL OPPORTUNITY OFFSHORE FUND 4489348 F TORONADO 2323865 F WASHINGTON HARBOR CAPITAL 602160 F WELLINGTON TRUST COMMODITIES 4133707 F WHALE ROCK 4034906 F WOODSON CAPITAL OFFSHORE 2887793 F 51755841 22465990 3345299 3345299 19120691 912452 1172229 2084681 21205372 14209517 0 14209517 912452 1098949 2011401 16220918 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 2021, THE SCHOOL USED A DRAW RATE OF 6% FROM THE ENDOWMENT FUNDS BASED ON THE MARKET VALUES OF ROLLING 20 QUARTERS. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 1,098,949. REVERSAL OF PLEDGE 73,280. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 1,098,949. 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 2021, 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 SCHEDULE/CALENDAR AND 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 672853 622507 50346 25000 20346 5000 WORKSHOP BENEFIT 690682 621159 69523 18023 51500 1 133773 125376 8397 6182 2215 1497308 1369042 128266 43023 78028 7215 128266 0 1 TUITION AND ROOM & BOARD SCHOLARSHIPS 247 1098949 BOOK FINANCIAL AID TRAVEL STIPENDS 1 618 ACADEMIC SCHOOL SCHOLARSHIPS 22 130668 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 0 0 0 0 0 0 0 0 0 CARRIE W HINRICHS EXECUTIVE DIRECTOR 345725 0 0 0 0 0 12133 0 20073 0 377931 0 0 0 F STEPHEN DEWHURST CHIEF FINANCIAL OFFICER 188259 0 0 0 0 0 34591 0 19667 0 242517 0 0 0 KAY MAZZO BELLAS CO-CHAIR OF FACULTY 243626 0 0 0 0 0 0 0 0 0 243626 0 0 0 KATRINA K KILLIAN TEACHER 230861 0 0 0 0 0 9695 0 26441 0 266997 0 0 0 SUSAN PILARRE TEACHER 161187 0 0 0 0 0 6734 0 16825 0 184746 0 0 0 KRISTEN L BARRETT DIRECTOR OF DEVELOPMENT 150154 0 0 0 0 0 23672 0 14494 0 188320 0 0 0 ALLEN PEIFFER TEACHER 144889 0 0 0 0 0 14116 0 16402 0 175407 0 0 0 SUZANNE SCHORER TEACHER 143391 0 0 0 0 0 5903 0 2717 0 152011 0 0 0 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 25 347724 FAIR MARKET VALUE 0 0 1 0 FORM 990, PART VI, SECTION B, LINE 11B IN ADVANCE OF SUBMITTING THE SCHOOL'S FY 2021 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 -73,280. 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.