2019-07-01T17:04:33-05:00 2018-08-31 131655065 LUTZ AND CARR CPAS LLP 551 FIFTH AVENUE SUITE 400 NEW YORK NY 10176 990 2017-09-01 131275970 SCHOOL OF AMERICAN BALLET INC SCHO 2127696600 70 LINCOLN CENTER PLAZA NEW YORK NY 100236592 STEPHEN DEWHURST CHIEF FINANCIAL OFFICER 2127696600 2019-06-12 1 MARTIN BERKOWITZ P00154047 2126972299 38.142.140.186 2019-06-12 16:38:42 ED P 7EE24DDEAA34AFAE9DF92C3D2672F42BD3DA974D 96FB9905D49D557DC439409F2A27F61CBFD9A220 2017 2019-02-21 02:37:17Z BARBARA VOGELSTEIN 70 LINCOLN CENTER PLAZA NEW YORK NY 10023 37465584 0 X WWW.SAB.ORG X 1934 NY IN FY 2018, THE SCHOOL OF AMERICAN BALLET PASSED KNOWLEDGE OF THE BALANCHINE BALLET TRADITION FROM 24 GIFTED FACULTY MEMBERS TO SOME 987 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. IN SEEKING VERY TALENTED STUDENTS, THE SCHOOL CONTINUED ITS LOCAL, NATIONAL AND INTERNATIONAL OUTREACH AND RECRUITMENT EFFORTS. 45 45 165 4 0 30048 6856134 8037350 5595379 5830811 942193 3879399 13703 13186 13407409 17760746 1907992 1903897 0 0 6155415 6880914 76336 52941 1837499 7273424 7415283 15413167 16253035 -2005758 1507711 95313722 98296112 11525173 12383148 83788549 85912964 X THE SCHOOL OF AMERICAN BALLET'S MISSION IS TO TRAIN STUDENTS FOR PROFESSIONAL CAREERS IN CLASSICAL BALLET. 0 0 7372554 1277010 3974152 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 2018, 535 STUDENTS WERE ENROLLED DURING WINTER TERM. 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. 225 STUDENTS TOOK PART IN THE SUMMER PROGRAM DURING FY 2018, REPRESENTING 35 STATES AND 7 FOREIGN COUNTRIES. AN ADDITIONAL 94 STUDENTS ENROLLED IN THE SCHOOL'S TWO-WEEK SUMMER CA WORKSHOP WHERE THEY STUDIED WITH SAB TEACHERS FROM NEW YORK. FY 2018 ALSO SAW THE INTRODUCTION OF A ONE-WEEK NEW YORK CITY JUNIOR PROGRAM THAT ENROLLED 133 STUDENTS.THE SCHOOL PROVIDED $1.2 MILLION IN TUITION SCHOLARSHIP AND AWARDS DURING FY18. FOR THE WINTER TERM, 32% OF STUDENTS OTHER THAN THOSE ENROLLED IN THE TUITION-FREE BOYS PROGRAM RECEIVED TUITION FINANCIAL AID. 108 BOYS WERE ENROLLED IN THE TUITION-FREE BOYS PROGRAM. FOR NEW YORK SUMMER COURSE, 38% OF STUDENTS WERE AWARDED TUITION SCHOLARSHIPS. IN THE CA WORKSHOP, 9% OF STUDENTS RECEIVED TUITION SCHOLARSHIPS. 21% 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. 4297597 495838 1778648 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 FY18, THE SCHOOL CONTINUED TO DEVELOP 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 $495,838 IN ROOM AND BOARD FINANCIAL AID DURING FY18. FOR WINTER TERM, 59% OF STUDENTS LIVING IN THE SCHOOL'S RESIDENCE HALL RECEIVED ROOM AND BOARD FINANCIAL AID. FOR THE NEW YORK SUMMER COURSE, 15% OF STUDENTS LIVING IN THE RESIDENCE HALL RECEIVED ROOM AND BOARD SCHOLARSHIP SUPPORT. 209115 131049 ACADEMIC SUBSIDIES AND OTHER STUDENT AIDTHE SCHOOL PROVIDED $102,500 IN FINANCIAL SUPPORT FOR HIGH SCHOOL EDUCATION OF 8 ADVANCED STUDENTS. IN ADDITION TO THIS, THE SCHOOL SPENT $24,000 FOR ON-SITE ACADEMIC CLASSES AND 20 STUDENTS BENEFITED FROM THIS PROGRAM. STUDENTS ALSO RECEIVED TOE SHOES AT SUBSIDIZED PRICES. 95912 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. 95912 11879266 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 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 69 0 1 165 1 1 1 0 0 0 0 1 1 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 STEPHEN DEWHURST 2127696608 SCHOOL OF AMERICAN BALLET INC 70 NY NY 10023 KELLIE JOHNSON ABREU DIRECTOR 1.00 X 0 0 0 CHRISTOPHER ALTCHEK DIRECTOR (THROUGH 6/2018) 1.00 X 0 0 0 ELISABETH M ARMSTRONG DIRECTOR 1.00 X 0 0 0 NICOLE BECHER DIRECTOR 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 THOMAS R ELLIS DIRECTOR, COMMITTEE CHAIR 2.00 X 0 0 0 ZITA EZPELETA DIRECTOR, COMMITTEE CHAIR 2.00 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, SECRETARY 2.00 X X 0 0 0 KAREN T HUGHES 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 SUSANNAH SMETANA KAGAN DIRECTOR 1.00 X 0 0 0 JULIA F KOCH DIRECTOR (THROUGH 8/2018) 2.00 X 0 0 0 CORINNE KOPELMAN DIRECTOR, COMMITTEE CHAIR 2.00 X 0 0 0 NANCY MACMILLAN 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 RICHARD A MILLER DIRECTOR 1.00 X 0 0 0 SUSAN 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 1.00 X 0 0 0 NAOMI SELIGMAN DIRECTOR, COMMITTEE CHAIR 2.00 X 0 0 0 MAX R SHULMAN DIRECTOR (THROUGH 8/2018) 1.00 X 0 0 0 HOWARD SOLOMON DIRECTOR 1.00 X 0 0 0 BARBARA APPLE SULLIVAN DIRECTOR 1.00 X 0 0 0 ALYSSA TABLADA DIRECTOR 1.00 X 0 0 0 DAVID H TAYLOR DIRECTOR 1.00 X 0 0 0 GEORGE VANDERPLOEG DIRECTOR 1.00 X 0 0 0 BARBARA MANFREY VOGELSTEIN DIRECTOR, CHAIRMAN OF BOARD 5.00 X X 0 0 0 CAROLYN WRIGHT-LEWIS DIRECTOR 1.00 X 0 0 0 CLARA XING-WANG DIRECTOR (THROUGH 6/2018) 1.00 X 0 0 0 LAURA ZECKENDORF DIRECTOR 1.00 X 0 0 0 PETER MARTINS THROUGH 118 ARTISTIC DIRECTOR/CHAIRMAN OF FACULTY 15.00 X 128386 0 5887 F STEPHEN DEWHURST CFO 40.00 X 205051 0 24270 CARRIE W HINRICHS EXECUTIVE DIRECTOR 40.00 X 114423 0 8228 KAY MAZZO BELLAS CO-CHAIR OF FACULTY 40.00 X 208655 0 12225 KATRINA KILLIAN TEACHER 25.00 X 190646 0 28468 SUSAN PILARRE TEACHER 16.50 X 153215 0 20219 BARBRA SILVER SR. DIRECTOR OF SPECIAL EVENTS 40.00 X 126025 0 21581 KRISTEN L BARRETT DIRECTOR OF DEVELOPMENT 40.00 X 147462 0 19379 SUZANNE SCHORER TEACHER 12.00 X 128082 0 19529 1401945 0 159786 9 0 1 0 0 1797945 186300 6053105 342922 8037350 TUITION 611600 3735354 3735354 ROOM AND BOARD FEES 721000 1763120 1763120 AUDITION REG. FEES 611710 116717 116717 WORKSHOP PERF. & OTHER FEES 611710 85850 85850 ACTIVITY FEES 611710 54241 54241 75529 75529 5830811 819880 4715 815165 22380964 19321445 3059519 3059519 3059519 383393 1797945 383393 0 OTHER REVENUE 900099 13186 13186 13186 17760746 5848712 0 3874684 1903897 1903897 957554 517162 346014 94378 4754881 3579277 425417 750187 177648 135589 13429 28630 475998 353084 51826 71088 514833 370804 67664 76365 205521 205521 68369 68369 52941 52941 454521 454521 238395 26449 200876 11070 44561 44561 157833 109517 18522 29794 2766547 2423709 159991 182847 139155 121195 6491 11469 279487 279487 1134386 964228 79407 90751 15779 15779 STUDENT RESIDENCE HALL 623659 623659 WORKSHOP PERFORMANCE 294678 294678 CATERING AND RENTALS 156625 55259 53616 47750 SPECIAL EVENTS 155172 155172 680595 356198 89340 235057 16253035 11879266 2536270 1837499 612817 740588 4479591 3935671 7302509 5659047 21726 24965 173550 183948 47336817 28896659 18165881 18440158 47826855 54104284 16730793 15207451 95313722 98296112 1697392 2330221 1259251 1469461 8568530 8583466 11525173 12383148 X 43860110 43850081 2975843 3480278 36952596 38582605 83788549 85912964 95313722 98296112 1507711 616704 0 X 0 1 X 1 0 X 66258776 2651589 3884586 4019299 68775652 59791538 3237436 6556072 3326270 66258776 58134556 2538833 2455326 3337177 59791538 62284439 2234794 -3553763 2830914 58134556 57572505 626649 6871995 2786710 62284439 0.45150 0.51200 0.03650 0 0 2067047 2067047 41896036 25956415 15939621 3373734 2940244 433490 18440158 GREENLIGHT CAPITAL 274720 F LONE SAVIN OFFSHORE LTD. 1328645 F METROPOLITAN REAL ESTATE PARTNERS III 45095 F METROPOLITAN REAL ESTATE PARTNERS GLOBAL V 475989 F SILVER CREEK LOW VOL STRATEGIES 547728 F WELLINGTON TRUST COMMODITIES 1877465 F DAVIDSON KEMPNER 4285223 F DL PARTNERS OPPORTUNITIES FUND LTD 1937010 F TBC OFFSHORE LTD. 971802 F PENNANT WINDWARD FUND, LTD. 189725 F HENGISTBURY FUND LTD 1443916 F MASON CAPITAL LTD. 4672 F GRAHAM CAPITAL MANAGEMENT 1760292 F KLINE HILL PARTNERS OFFSHORE FUND 65169 F 15207451 16644602 616704 616704 16027898 1732848 1732848 17760746 14520187 0 14520187 1732848 1732848 16253035 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 2018, 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 1,732,848. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 1,732,848. 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 2018, 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 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) --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. X X X X X X 1 CAROL O'BRIEN 3211 SHANNON RD SUITE 100 DURHAM NC 27707 FUNDRAISING CONSULTANT 0 0 52941 0 52941 WINTER BALL 922994 802082 120912 31796 89116 WORKSHOP BENEFIT 897660 714602 183058 74479 108579 1 360684 281261 79423 6464 20734 52225 2181338 1797945 383393 112739 218429 52225 383393 0 1 TUITION AND ROOM & BOARD SCHOLARSHIPS 382 0 1732848 BOOK FINANCIAL AID TRAVEL STIPENDS 16 4549 BOOK FINANCIAL AID ACADEMIC SCHOOL SCHOLARSHIPS 30 126500 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 1 0 0 0 0 0 0 0 0 F STEPHEN DEWHURST CFO 205051 0 0 0 0 0 10252 0 14018 0 229321 0 0 0 KAY MAZZO BELLAS CO-CHAIR OF FACULTY 208655 0 0 0 0 0 10345 0 1880 0 220880 0 0 0 KATRINA KILLIAN TEACHER 190646 0 0 0 0 0 10012 0 18456 0 219114 0 0 0 SUSAN PILARRE TEACHER 153215 0 0 0 0 0 7703 0 12516 0 173434 0 0 0 KRISTEN L BARRETT DIRECTOR OF DEVELOPMENT 147462 0 0 0 0 0 7586 0 11793 0 166841 0 0 0 SCHEDULE J, PART I, LINE 4A PETER MARTINS $86,867 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 29 342922 FMV 0 1 0 FORM 990 - PART I, LINE 7B UNRELATED BUSINESS TAXABLE INCOME FROM FORM 990-T THE AMOUNT REPORTED ON PART I, LINE 7B INCLUDES CERTAIN FRINGE BENEFIT EXPENSES SUBJECT TO UNRELATED BUSINESS TAXABLE INCOME UNDER IRC SECTION 512(A)(7) AMOUNTS THAT ARE NOT CLASSIFIED AS REVENUE AND, THEREFORE, NOT REPORTED AS SUCH ON FORM 990, PART VIII FORM 990, PART VI, SECTION B, LINE 11B IN ADVANCE OF SUBMITTING THE SCHOOL'S FY 2018 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 CO-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 11, PART VIII, LINE 1H.