2021-06-24T14:57:27-05:00 2020-08-31 131655065 LUTZ AND CARR CPAS LLP 551 FIFTH AVENUE SUITE 400 NEW YORK NY 10176 990 2019-09-01 131275970 SCHOOL OF AMERICAN BALLET INC SCHO 2127696600 70 LINCOLN CENTER PLAZA NEW YORK NY 100236592 CARRIE HINRICHS EXECUTIVE DIRECTOR 2127696600 2021-06-24 1 FREDERICK MARTENS P00298107 2126972299 2019 2022-09-23 18:48:47Z BARBARA VOGELSTEIN 70 LINCOLN CENTER PLAZA NEW YORK NY 10023 64778693 0 X WWW.SAB.ORG X 1934 NY SEE SCHEDULE OIN FY 2020, THE SCHOOL OF AMERICAN BALLET PASSED KNOWLEDGE OF THE BALANCHINE BALLET TRADITION FROM 25 GIFTED FACULTY MEMBERS TO SOME 887 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 45 189 4 0 0 6564435 6404479 6659234 4908929 2274226 1667533 1806 2654 15499701 12983595 1941605 1516966 0 0 6652215 7056004 4921 11722 1882677 7992817 6558328 16591558 15143020 -1091857 -2159425 95147526 101749266 12010004 12178113 83137522 89571153 X THE SCHOOL OF AMERICAN BALLET'S MISSION IS TO TRAIN STUDENTS FOR PROFESSIONAL CAREERS IN CLASSICAL BALLET. 0 0 6542805 905705 3300216 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 38 WEEKS OF CLASSES WITH UP TO 18.5 HOURS PER WEEK. THE YOUNGEST STUDENTS MEET TWICE WEEKLY FOR AN HOUR FOR 35 WEEKS. DURING FY 2020, 596 STUDENTS WERE ENROLLED DURING WINTER TERM. DURING WINTER TERM 2019-2020, STUDENTS REPRESENTED 27 STATES AND 1 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. 150 STUDENTS TOOK PART IN THE VIRTUAL SUMMER PROGRAM DURING FY 2020. AN ADDITIONAL 44 STUDENTS ENROLLED IN THE SCHOOL'S VIRTUAL TWO-WEEK SUMMER CA WORKSHOP WHERE THEY STUDIED WITH SAB TEACHERS FROM NEW YORK. FY 2020 ALSO SAW THE THIRD YEAR OF A ONE-WEEK VIRTUAL NEW YORK CITY JUNIOR PROGRAM THAT ENROLLED 97 STUDENTS. THE SCHOOL PROVIDED $1.3 MILLION IN TUITION SCHOLARSHIP AND AWARDS DURING FY20. FOR WINTER TERM, 30% OF DAY STUDENTS OTHER THAN THOSE ENROLLED IN TUITION FREE BOYS PROGRAM RECEIVED TUITION FINANCIAL AID. 83 STUDENTS WERE ENROLLED IN THE TUITION FREE BOYS PROGRAM. FOR NEW YORK SUMMER COURSE, 33% OF STUDENTS WERE AWARDED TUITION SCHOLARSHIPS. IN THE CA WORKSHOP, 14% OF STUDENTS RECEIVED TUITION SCHOLARSHIP AWARD. 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. THE SCHOOL'S DIVERSITY PROGRAM IS FOCUSED ON EXPANDING ACCESS TO THE SCHOOL FOR STUDENTS FROM GROUPS TRADITIONALLY UNDERREPRESENTED IN BALLET. 3993209 461161 1224641 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 (64 DURING WINTER TERM). STAFF MEMBERS PROVIDE ON-GOING SUPERVISION, ALONG WITH SEMINARS AS WELL AS CULTURAL AND SOCIAL ACTIVITIES. IN FY20, 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. 226736 150100 ACADEMIC SUBSIDIES AND OTHER STUDENT AIDTHE SCHOOL PROVIDED $122,850 IN FINANCIAL SUPPORT FOR HIGH SCHOOL EDUCATION OF 7 ADVANCED STUDENTS. IN ADDITION TO THIS, THE SCHOOL SPENT $25,500 FOR ON-SITE ACADEMIC CLASSES AND 25 STUDENTS BENEFITED FROM THIS PROGRAM. STUDENTS ALSO RECEIVED TOE SHOES AT A SUBSIDIZED RATE. 47565 389168 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, WHICH WERE LAUNCHED IN 2019. 47565 389168 10810315 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 88 0 1 189 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 JANKI DAVE 2127696657 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 1.00 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 LINDA S DAINES DIRECTOR 1.00 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, COMMITTEE CHAIR 2.00 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 JOYCE C GIUFFRA DIRECTOR 1.00 X 0 0 0 PERRY BARBARA GRANOFF DIRECTOR 1.00 X 0 0 0 HELEN HAJE DIRECTOR, SECRETARY 2.00 X X 0 0 0 KAREN T HUGHES DIRECTOR, COMMITTEE CHAIR 2.00 X 0 0 0 SUSANNAH A KAGAN DIRECTOR 1.00 X 0 0 0 CORINNE KOPELMAN DIRECTOR 1.00 X 0 0 0 NANCY S MACMILLAN DIRECTOR 1.00 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, COMMITTEE CHAIR 2.00 X 0 0 0 MICHELLE M MILLER DIRECTOR 1.00 X 0 0 0 RICHARD A MILLER DIRECTOR, COMMITTEE CHAIR 2.00 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 CHAIR 2.00 X 0 0 0 SUSAN P READ DIRECTOR 1.00 X 0 0 0 SUZANNE ALLEN REDPATH DIRECTOR, VICE CHAIRMAN OF BOARD 2.00 X 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 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 1.00 X 0 0 0 BARBARA MANFREY VOGELSTEIN DIRECTOR, CHAIRMAN OF BOARD 5.00 X X 0 0 0 MONICA B VOLDSTAD DIRECTOR 1.00 X 0 0 0 FELECIA 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 364000 0 24299 F STEPHEN DEWHURST CHIEF FINANCIAL OFFICER 40.00 X 223174 0 46456 JONATHAN M STAFFORD ARTISTIC DIRECTOR 10.00 X 104596 0 24479 KAY MAZZO BELLAS CO-CHAIR OF FACULTY 40.00 X 245728 0 12167 KATRINA K KILLIAN TEACHER 25.00 X 249256 0 20128 SUSAN PILARRE TEACHER 16.50 X 174885 0 17895 BARBRA J SILVER SNR. DIRECTOR OF SPECIAL EVENTS 40.00 X 139957 0 24279 KRISTEN L BARRETT DIRECTOR OF DEVELOPMENT 40.00 X 164470 0 34808 SUZANNE SCHORER TEACHER 12.00 X 158433 0 6667 1824499 0 211178 19 0 1 0 0 1664527 106210 4633742 400911 6404479 TUITION 611600 4704045 4704045 AUDITION REG. FEES 611710 114294 114294 WORKSHOP PERF. & OTHER FEES 611710 29855 29855 CHOREO LICENSING-SYMPHONY IN C 611710 24099 24099 ACTIVITY FEES 611710 21035 21035 15601 15601 4908929 590823 2442 588381 52619422 51542712 1076710 1076710 1076710 252386 1664527 252386 0 OTHER REVENUE 900099 2654 2654 2654 12983595 4914025 0 1665091 1516966 1516966 1010344 545682 367483 97179 4887866 3466093 539869 881904 183647 131170 18306 34171 460095 323677 58804 77614 514052 350977 77357 85718 20269 20269 66402 66402 11722 11722 507327 507327 100714 83542 17172 75014 72423 2591 148549 80077 23202 45270 53278 47793 5485 2630540 2277197 164893 188450 92087 82931 3590 5566 318358 318358 1223390 1039882 85637 97871 15130 15130 STUDENT RESIDENCE HALL 455595 450093 2751 2751 SPECIAL EVENTS 224385 224385 OTHER OPERATING EXPENSE 198693 138278 19681 40734 CATERING AND RENTALS 125866 37628 62189 26049 302731 249448 9753 43530 15143020 10810315 2450028 1882677 1636773 1792119 2186063 2714590 4148535 3740992 126158 84543 264245 199841 47687161 31342903 17509974 16344258 57046765 31741305 12229013 45131618 95147526 101749266 2686161 1719519 725441 655556 8598402 8613338 1189700 12010004 12178113 X 42666639 43942143 40470883 45629010 83137522 89571153 95147526 101749266 -2159425 8593056 0 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 67656797 1733035 9461380 3071717 75779495 68775652 2992412 -151952 3959315 67656797 66258776 2651589 3884586 4019299 68775652 59791538 3237436 6556072 3326270 66258776 58134556 2538833 2455326 3337177 59791538 0.43400 0.52640 0.03960 0 0 2067047 2067047 42021679 28183471 13838208 3598435 3159432 439003 16344258 BARINGS GLOBAL LOAN FUND 1094796 F BH FEEDER (BREVAN HOWARD FUND) 2019711 F BLACKSTONE LIFE SCIENCES V ACCESS FUND 44346 F DAVIDSON KEMPNER 4620353 F FUNDSMITH EQUITY FUND 6301797 F FX STRATEGY 847880 F HENGISTBURY FUND LTD 1210216 F KLINE HILL 663112 F LASKER FUND 3809371 F LONE SAVIN OFFSHORE LTD. 1873060 F METROPOLITAN REAL ESTATE PARTNERS GLOBAL V 340972 F MW EUREKA 3240228 F PELHAM LONG SHORT 1018509 F PENNANT WINDWARD FUND, LTD. 166055 F SEG PARTNERS 4302132 F TORONADO 2591996 F WELLINGTON TRUST COMMODITIES 3341703 F WHALE ROCK 4943606 F WOODSON CAPITAL OFFSHORE 2701775 F 45131618 19732458 8593056 8593056 11139402 507327 1336866 1844193 12983595 13298827 0 13298827 507327 1336866 1844193 15143020 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 2020, 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 1,336,866. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 1,336,866. 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 2020, THE SCHOOL HAD A GRANT TO SUPPORT PROGRAM ACTIVITIES FROM THE 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. --24-PAGE PROMOTIONAL BROCHURE DISTRIBUTED TO EVERY STUDENT IN THE US WHO ATTENDED AN AUDITION FOR SAB'S THREE SUMMER PROGRAMS (APPROXIMATELY 2500 DISTRIBUTED) --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 1038179 879793 158386 25990 132396 WORKSHOP BENEFIT 427484 427484 2 451250 357250 94000 63210 30790 1916913 1664527 252386 25990 195606 30790 252386 0 1 TUITION AND ROOM & BOARD SCHOLARSHIPS 306 1336866 BOOK FINANCIAL AID TRAVEL STIPENDS 7 1750 ACADEMIC SCHOOL SCHOLARSHIPS 32 148350 WIEN AWARDS FOR EXCELLENCE 3 30000 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 364000 0 0 0 0 0 14000 0 10299 0 388299 0 0 0 F STEPHEN DEWHURST CHIEF FINANCIAL OFFICER 223174 0 0 0 0 0 36162 0 10294 0 269630 0 0 0 KAY MAZZO BELLAS CO-CHAIR OF FACULTY 245728 0 0 0 0 0 12167 0 0 0 257895 0 0 0 KATRINA K KILLIAN TEACHER 249256 0 0 0 0 0 10333 0 9795 0 269384 0 0 0 SUSAN PILARRE TEACHER 174885 0 0 0 0 0 7600 0 10295 0 192780 0 0 0 BARBRA J SILVER SNR. DIRECTOR OF SPECIAL EVENTS 139957 0 0 0 0 0 13985 0 10294 0 164236 0 0 0 KRISTEN L BARRETT DIRECTOR OF DEVELOPMENT 164470 0 0 0 0 0 24509 0 10299 0 199278 0 0 0 SUZANNE SCHORER TEACHER 158433 0 0 0 0 0 6667 0 0 0 165100 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 1 1 0 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. X 19 400911 FAIR MARKET VALUE 0 0 1 0 FORM 990, PART VI, SECTION B, LINE 11B IN ADVANCE OF SUBMITTING THE SCHOOL'S FY 2020 FORM 990, IT WAS INITIALLY REVIEWED BY THE SR. MGR. BUDGET AND FINANCIAL ANALYSIS 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, CHIEF FINANCIAL OFFICER AND 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 2017, FOLLOWING A SEARCH PROCESS LED BY A BOARD COMMITTEE WITH OUTSIDE SEARCH FIRM COUNSEL, THE BOARD HIRED A NEW EXECUTIVE DIRECTOR. AT THE TIME OF HER HIRING, HER SALARY WAS REVIEWED AND APPROVED WITH COMPARABILITY INFORMATION AND A THREE-YEAR CONTRACT COVERING 09/04/2017 - 09/03/2020 WAS ENTERED INTO. 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. 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.