2020-07-10T13:05:21-05:00 2019-08-31 131655065 LUTZ AND CARR CPAS LLP 551 FIFTH AVENUE SUITE 400 NEW YORK NY 10176 990 2018-09-01 131275970 SCHOOL OF AMERICAN BALLET INC SCHO 2127696600 70 LINCOLN CENTER PLAZA NEW YORK NY 100236592 STEPHEN DEWHURST CHIEF FINANCIAL OFFICER 2127696600 2020-06-28 1 FREDERICK MARTENS P00298107 2126972299 38.142.140.186 2020-06-28 11:26:31 ED P 59DB2DCED2F0F031B1229EEE1E2D2F031B4345D1 03E3EECF7E65A1A7F99EA68D2AC92F3596A19EA3 2018 2021-01-29 14:40:06Z BARBARA VOGELSTEIN 70 LINCOLN CENTER PLAZA NEW YORK NY 10023 29441702 0 X WWW.SAB.ORG X 1934 NY IN FY 2019, THE SCHOOL OF AMERICAN BALLET PASSED KNOWLEDGE OF THE BALANCHINE BALLET TRADITION FROM 22 GIFTED FACULTY MEMBERS TO SOME 1,002 STUDENTS IN ITS PROGRAMS. THOSE FACULTY MEMBERS WERE AUGMENTED BY 4 SELECTED NEW YORK CITY BALLET COMPANY MEMBERS 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. 46 46 186 4 0 0 8037350 6564435 5830811 6659234 3879399 2274226 13186 1806 17760746 15499701 1903897 1941605 0 0 6880914 6652215 52941 4921 1939140 7415283 7992817 16253035 16591558 1507711 -1091857 98296112 95147526 12383148 12010004 85912964 83137522 X THE SCHOOL OF AMERICAN BALLET'S MISSION IS TO TRAIN STUDENTS FOR PROFESSIONAL CAREERS IN CLASSICAL BALLET. 0 0 7472589 1297278 4429091 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 19 HOURS PER WEEK. THE YOUNGEST STUDENTS MEET TWICE WEEKLY FOR AN HOUR FOR 34 WEEKS. DURING FY 2019, 567 STUDENTS WERE ENROLLED DURING WINTER TERM. DURING WINTER TERM 2018-2019 STUDENTS REPRESENTED 25 STATES AND 5 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. 238 STUDENTS TOOK PART IN THE SUMMER PROGRAM DURING FY 2019. AN ADDITIONAL 69 STUDENTS ENROLLED IN THE SCHOOL'S TWO-WEEK SUMMER CA WORKSHOP WHERE THEY STUDIED WITH SAB TEACHERS FROM NEW YORK. FY 2019 ALSO SAW THE SECOND YEAR OF A ONE-WEEK NEW YORK CITY JUNIOR PROGRAM THAT ENROLLED 128 STUDENTS.THE SCHOOL PROVIDED $1.3 MILLION IN TUITION SCHOLARSHIP AND AWARDS DURING FY19. FOR THE WINTER TERM, 30% OF STUDENTS OTHER THAN THOSE ENROLLED IN THE TUITION-FREE BOYS PROGRAM RECEIVED TUITION FINANCIAL AID. 115 BOYS WERE ENROLLED IN THE TUITION-FREE BOYS PROGRAM. FOR NEW YORK SUMMER COURSE, 34% OF STUDENTS WERE AWARDED TUITION SCHOLARSHIPS. IN THE CA WORKSHOP, 12% OF STUDENTS RECEIVED TUITION SCHOLARSHIPS. 15% OF STUDENTS IN THE NEW YORK JUNIOR PROGRAM RECEIVED TUITION SCHOLARSHIPS.THE SCHOOL EXTENDS ITS PROGRAM EFFORTS IN THE NEW YORK METROPOLITAN AREA BY CONDUCTING COMMUNITY LECTURE/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. 224026 138082 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 AND 208 DURING SUMMER COURSE). STAFF MEMBERS PROVIDE ON-GOING SUPERVISION, ALONG WITH SEMINARS AS WELL AS CULTURAL AND SOCIAL ACTIVITIES. IN FY19, 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 SUPPORT THROUGH ITS DIVERSITY AND INCLUSION INITIATIVE. THE SCHOOL AWARDED $506,245 IN ROOM AND BOARD FINANCIAL AID DURING FY19. FOR WINTER TERM, 46% OF STUDENTS LIVING IN THE SCHOOL'S RESIDENCE HALL RECEIVED ROOM AND BOARD FINANCIAL AID. FOR THE NEW YORK SUMMER COURSE, 34% OF STUDENTS LIVING IN THE RESIDENCE HALL RECEIVED ROOM AND BOARD SCHOLARSHIP SUPPORT. 4274933 506245 1878768 ACADEMIC SUBSIDIES AND OTHER STUDENT AIDTHE SCHOOL PROVIDED $109,400 IN FINANCIAL SUPPORT FOR HIGH SCHOOL EDUCATION OF 8 ADVANCED STUDENTS. IN ADDITION TO THIS, THE SCHOOL SPENT $25,500 FOR ON-SITE ACADEMIC CLASSES AND 20 STUDENTS BENEFITED FROM THIS PROGRAM. STUDENTS ALSO RECEIVED TOE SHOES AT SUBSIDIZED PRICES. 40289 359247 40289 359247 12011837 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 76 0 1 186 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 46 46 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NY X X STEPHEN DEWHURST 2127696608 SCHOOL OF AMERICAN BALLET INC 70 NY NY 10023 KELLIE JOHNSON ABREU DIRECTOR 1.00 X 0 0 0 ELISABETH M ARMSTRONG DIRECTOR 1.00 X 0 0 0 NICOLE BECHER DIRECTOR (THROUGH 10/2018) 1.00 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, COMMITTEE CHAIR 2.00 X 0 0 0 SHANNON G CASPERSEN DIRECTOR 1.00 X 0 0 0 NORM CHAMP DIRECTOR 1.00 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, COMMITTEE CHAIR 2.00 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, COMMITTEE CHAIR 2.00 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, TREASURER 2.00 X X 0 0 0 MICHELLE M MILLER DIRECTOR 1.00 X 0 0 0 RICHARD A MILLER DIRECTOR 1.00 X 0 0 0 SUSAN F MILLSTEIN DIRECTOR 1.00 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 1.00 X 0 0 0 DAVID R PRUNER DIRECTOR 1.00 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 MERYL ROSOFSKY DIRECTOR (THROUGH 10/2018) 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 HOWARD SOLOMON DIRECTOR (THROUGH 10/2018) 1.00 X 0 0 0 BARBARA APPLE SULLIVAN DIRECTOR 1.00 X 0 0 0 ALYSSA COHEN TABLADA 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 354577 0 27889 F STEPHEN DEWHURST CFO 40.00 X 214590 0 28052 JONATHAN M STAFFORD ARTISTIC DIRECTOR 10.00 X 125000 0 6250 KAY MAZZO BELLAS CO-CHAIR OF FACULTY 40.00 X 219489 0 10974 KATRINA K KILLIAN TEACHER 25.00 X 223525 0 33288 SUSAN PILARRE TEACHER 16.50 X 161713 0 22130 BARBRA J SILVER SR. DIRECTOR OF SPECIAL EVENTS 40.00 X 134334 0 23266 KRISTEN L BARRETT DIRECTOR OF DEVELOPMENT 40.00 X 155001 0 20941 SUZANNE SCHORER TEACHER 12.00 X 147363 0 9968 1735592 0 182758 9 0 1 0 0 1987086 160100 4417249 464656 6564435 TUITION 611600 4356854 4356854 ROOM AND BOARD FEES 721000 1863177 1863177 CHOREO LICENSING-SYMPHONY IN C 611710 128304 128304 AUDITION REG. FEES 611710 116531 116531 WORKSHOP PERF. & OTHER FEES 611710 113521 113521 80847 80847 6659234 998990 6066 992924 14578648 210000 13513412 0 1065236 210000 1275236 1275236 428589 1987086 428589 0 OTHER REVENUE 900099 1806 1806 1806 15499701 6667106 0 2268160 1941605 1941605 1001370 545183 358989 97198 4530350 3216780 488531 825039 161261 115244 15332 30685 479045 337216 60625 81204 480189 327886 71847 80456 286302 286302 65687 65687 4921 4921 489478 489478 109362 94403 14959 62625 62625 177890 84461 26787 66642 61058 53657 7401 3092577 2703471 181581 207525 146876 129106 5540 12230 314956 314956 1222854 1039426 85600 97828 14897 14897 STUDENT RESIDENCE HALL 629025 629025 WORKSHOP PERFORMANCE 303545 303545 SPECIAL EVENTS 268702 268702 OTHER OPERATING EXPENSE 231614 158409 30847 42358 515369 364198 41778 109393 16591558 12011837 2640581 1939140 740588 1636773 3935671 2186063 5659047 4148535 24965 126158 183948 264245 47629487 30119513 18440158 17509974 54104284 57046765 15207451 12229013 98296112 95147526 2330221 2686161 1469461 725441 8583466 8598402 12383148 12010004 X 43850081 42666639 3480278 893191 38582605 39577692 85912964 83137522 98296112 95147526 -1091857 -1683585 0 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 68775652 2992412 -151952 3959315 67656797 66258776 2651589 3884586 4019299 68775652 59791538 3237436 6556072 3326270 66258776 58134556 2538833 2455326 3337177 59791538 62284439 2234794 -3553763 2830914 58134556 0.44330 0.55390 0.00280 0 0 2067047 2067047 42006405 27072414 14933991 3556035 3047099 508936 17509974 LONE SAVIN OFFSHORE LTD. 1483813 F METROPOLITAN REAL ESTATE PARTNERS GLOBAL V 393520 F SILVER CREEK LOW VOL STRATEGIES 11703 F WELLINGTON TRUST COMMODITIES 1818164 F DAVIDSON KEMPNER 4459077 F DL PARTNERS OPPORTUNITIES FUND LTD 1487502 F PENNANT WINDWARD FUND, LTD. 184058 F HENGISTBURY FUND LTD 501326 F GRAHAM CAPITAL MANAGEMENT 1889850 F 12229013 11563115 -1683585 -1683585 13246700 489478 1763523 2253001 15499701 14338557 0 14338557 489478 1763523 2253001 16591558 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 2019, 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 1,763,523. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 1,763,523. 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 2019, 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 NONDISCRIMINATION 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 CHARACTERISTIC IN ADMINISTRATION OF ITS EDUCATION POLICIES, ADMISSIONS POLICIES, SCHOLARSHIP PROGRAMS OR ANY OTHER SCHOOL-ADMINISTERED PROGRAMS. THIS STATEMENT WAS INCLUDED IN FULL IN THE FOLLOWING ADVERTISING AND PROMOTIONAL MATERIALS. --16-PAGE PROMOTIONAL BROCHURE DISTRIBUTED TO EVERY STUDENT IN THE US WHO ATTENDED AN AUDITION FOR SAB'S THREE SUMMER PROGRAMS (APPROXIMATELY 2800 DISTRIBUTED) --APPROXIMATELY 700 COPIES OF SPRING AUDITION HANDBOOK DISTRIBUTED TO APPLICANTS. --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 IS DISTRIBUTED TO ALL EMPLOYEES -- AND IN A FULL PAGE AD PROMOTING SAB'S COMMUNITY AUDITIONS WHICH RAN IN TWO APRIL ISSUES OF HARLEM COMMUNITY NEWS PUBLICATIONS (HARLEM NEWS, QUEENS NEWS, BRONX NEWS, BROOKLYN NEWS) THE BOARD REAFFIRMED ITS COMMITMENT TO NON DISCRIMINATION BY RESOLUTION PASSED IN APRIL 2015. WINTER BALL 1097532 937209 160323 36786 123537 WORKSHOP BENEFIT 886100 708974 177126 48097 129029 2 432043 340903 91140 30115 61025 2415675 1987086 428589 84883 282681 61025 428589 0 1 TUITION AND ROOM & BOARD SCHOLARSHIPS 367 1763523 BOOK FINANCIAL AID TRAVEL STIPENDS 8 3182 BOOK FINANCIAL AID ACADEMIC SCHOOL SCHOLARSHIPS 28 134900 BOOK FINANCIAL AID WIEN AWARDS FOR EXCELLENCE 4 40000 BOOK AWARD 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 354577 0 0 0 0 0 13750 0 14139 0 382466 0 0 0 F STEPHEN DEWHURST CFO 214590 0 0 0 0 0 10730 0 17322 0 242642 0 0 0 KAY MAZZO BELLAS CO-CHAIR OF FACULTY 219489 0 0 0 0 0 10974 0 0 0 230463 0 0 0 KATRINA K KILLIAN TEACHER 223525 0 0 0 0 0 11176 0 22112 0 256813 0 0 0 SUSAN PILARRE TEACHER 161713 0 0 0 0 0 8086 0 14044 0 183843 0 0 0 BARBRA J SILVER SR. DIRECTOR OF SPECIAL EVENTS 134334 0 0 0 0 0 6717 0 16549 0 157600 0 0 0 KRISTEN L BARRETT DIRECTOR OF DEVELOPMENT 155001 0 0 0 0 0 7750 0 13191 0 175942 0 0 0 SUZANNE SCHORER TEACHER 147363 0 0 0 0 0 7368 0 2600 0 157331 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 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 26 464656 FMV 0 0 1 0 FORM 990, PART VI, SECTION B, LINE 11B IN ADVANCE OF SUBMITTING THE SCHOOL'S FY 2019 FORM 990, IT WAS INITIALLY REVIEWED BY THE CHIEF FINANCIAL OFFICER AND EXECUTIVE DIRECTOR, BOTH OF WHOM ARE OFFICERS. 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, 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.