2018-07-05T15:46:03-05:00 2017-08-31 131655065 LUTZ AND CARR CPAS LLP 551 FIFTH AVENUE SUITE 400 NEW YORK NY 10176 990 2016-09-01 131275970 SCHOOL OF AMERICAN BALLET INC SCHO 2127696600 70 LINCOLN CENTER PLAZA NEW YORK NY 100236592 STEPHEN DEWHURST CHIEF FINANCIAL OFFICER 2127696600 2018-06-19 1 MARTIN BERKOWITZ P00154047 2126972299 2016 2022-09-23 18:48:47Z BARBARA VOGELSTEIN 70 LINCOLN CENTER PLAZA NEW YORK NY 10023 17289907 0 X WWW.SAB.ORG X 1934 NY IN FY 2017, THE SCHOOL OF AMERICAN BALLET PASSED KNOWLEDGE OF THE BALANCHINE BALLET TRADITION FROM 19 GIFTED FACULTY MEMBERS TO SOME 804 STUDENTS IN ITS NEW YORK WINTER TERM AND SUMMER COURSE. THOSE FACULTY MEMBERS WERE AUGMENTED BY 6 SELECTED NEW YORK CITY BALLET COMPANY MEMBERS WHO PARTICIPATED IN A TEACHER TRAINING PROGRAM AT SAB. AN ADDITIONAL 81 STUDENTS STUDIED WITH SAB TEACHERS IN THE SCHOOL'S TWO-WEEK AUGUST SATELLITE CALIFORNIA WORKSHOP PROGRAM. IN SEEKING VERY TALENTED STUDENTS, THE SCHOOL CONTINUED ITS LOCAL, NATIONAL AND INTERNATIONAL OUTREACH AND RECRUITMENT EFFORTS. 41 41 158 0 0 0 9288599 6856134 5294251 5595379 999648 942193 8730 13703 15591228 13407409 1971096 1907992 0 0 6731667 6155415 88367 76336 1949753 7431868 7273424 16222998 15413167 -631770 -2005758 90881230 95313722 11382025 11525173 79499205 83788549 X THE SCHOOL OF AMERICAN BALLET'S MISSION IS TO TRAIN STUDENTS FOR PROFESSIONAL CAREERS IN CLASSICAL BALLET. 0 0 6701814 1215770 3756621 TEACHING AND OTHER ARTISTIC PROGRAMTHE 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 2017, 570 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. 234 STUDENTS TOOK PART IN THE SUMMER PROGRAM DURING FY 2017, REPRESENTING 36 STATES AND 9 FOREIGN COUNTRIES. AN ADDITIONAL 81 STUDENTS ENROLLED IN THE SCHOOL'S TWO-WEEK SUMMER CA WORKSHOP WHERE THEY STUDIED WITH SAB TEACHERS FROM NEW YORK.THE SCHOOL PROVIDED $1.2 MILLION IN TUITION SCHOLARSHIP AND AWARDS DURING FY17. FOR THE WINTER TERM, 31% OF STUDENTS OTHER THAN THOSE ENROLLED IN THE TUITION-FREE BOYS PROGRAM RECEIVED TUITION FINANCIAL AID. 112 BOYS WERE ENROLLED IN THE TUITION-FREE BOYS PROGRAM. FOR NEW YORK SUMMER COURSE, 29% OF STUDENTS WERE AWARDED TUITION SCHOLARSHIPS. IN THE CA WORKSHOP, 12% OF STUDENTS 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. 4263147 502370 1697717 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 FY17, 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. THE SCHOOL AWARDED $502,371 IN ROOM AND BOARD FINANCIAL AID DURING FY17. 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, 9% OF STUDENTS LIVING IN THE RESIDENCE HALL RECEIVED ROOM AND BOARD SCHOLARSHIP SUPPORT. 265045 189852 ACADEMIC SUBSIDIES AND OTHER STUDENT AIDTHE SCHOOL PROVIDED $158,500 IN FINANCIAL SUPPORT FOR HIGH SCHOOL EDUCATION OF 11 ADVANCED STUDENTS. IN ADDITION TO THIS, THE SCHOOL SPENT $24,000 FOR ON-SITE ACADEMIC CLASSES AND 22 STUDENTS BENEFITED FROM THIS PROGRAM. STUDENTS ALSO RECEIVED TOE SHOES AT SUBSIDIZED PRICES. 155955 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. 155955 11230006 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 59 0 1 158 1 0 0 0 0 0 1 1 0 0 0 0 X 41 41 0 0 0 0 0 0 0 1 0 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 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 1.00 X 0 0 0 NELL KLEINSCHMIDT DIRECTOR 1.00 X 0 0 0 NORM CHAMP DIRECTOR 1.00 X 0 0 0 CHELSEA V CLINTON DIRECTOR 1.00 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 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 2.00 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, COMMITTEE CHAIR 1.00 X 0 0 0 JULIA F KOCH DIRECTOR, COMMITTEE CHAIR 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 ELLEN L NEEDHAM DIRECTOR 1.00 X 0 0 0 STACEY C MORSE DIRECTOR 1.00 X 0 0 0 SUZANNE ALLEN REDPATH DIRECTOR, VICE CHAIRMAN OF BOARD 2.00 X 0 0 0 NAOMI SELIGMAN DIRECTOR, COMMITTEE CHAIR 2.00 X 0 0 0 MAX R SHULMAN DIRECTOR 1.00 X X 0 0 0 HOWARD SOLOMON DIRECTOR 1.00 X 0 0 0 BARBARA APPLE SULLIVAN DIRECTOR 1.00 X 0 0 0 DAVID H TAYLOR DIRECTOR 1.00 X 0 0 0 BARBARA MANFREY VOGELSTEIN DIRECTOR, CHAIRMAN OF BOARD 5.00 X X 0 0 0 CLARA XING-WANG 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 PETER MARTINS ARTISTIC DIRECTOR 15.00 X 127748 0 6388 F STEPHEN DEWHURST CFO 40.00 X 204415 0 20108 MARJORIE L VAN DERCOOK EXECUTIVE DIRECTOR 40.00 X 364347 0 23137 KAY MAZZO BELLAS CO-CHAIR OF FACULTY 40.00 X 206905 0 10345 KATRINA KILLIAN TEACHER 22.00 X 183513 0 19063 DARCI KISTLER TEACHER 14.00 X 163505 0 15719 ANDREI KRAMAREVSKY TEACHER 15.00 X 135809 0 16677 SUSAN PILARRE TEACHER 15.00 X 150598 0 17417 BARBARA SILVER SR. DIRECTOR OF SPECIAL EVENTS 40.00 X 125674 0 16171 1662514 0 145025 9 0 1 0 0 2011638 134261 4710235 365693 6856134 TUITION 611600 3529991 3529991 ROOM AND BOARD FEES 721000 1681703 1681703 CHOREO LICENSING-SYMPHONY IN C 611710 120481 120481 AUDITION REG. FEES 611710 106530 106530 OTHER 611710 78536 78536 78138 78138 5595379 781367 1211 780156 3648254 3487428 160826 160826 160826 395070 2011638 395070 0 OTHER REVENUE 900099 13703 13703 13703 13407409 5610293 0 940982 1907992 1907992 966579 485506 309901 171172 4123162 3107873 409828 605461 144077 115744 10221 18112 548730 312936 142059 93735 372867 277499 40711 54657 6372 6372 59350 59350 76336 76336 414121 414121 234552 23198 194600 16754 20312 8314 11998 217991 134312 24058 59621 77389 39039 12210 26140 2681408 2355280 152193 173935 24855 13171 9664 2020 279487 279487 1148285 976042 80380 91863 18188 18188 STUDENT RESIDENCE HALL 664424 664424 ARTISTIC PROGRAMS 528412 523376 5036 CAPITAL CAMPAIGN EXPENS 267233 267233 SPECIAL EVENTS 229769 229769 401276 285300 70065 45911 15413167 11230006 2233408 1949753 481941 612817 2514242 4479591 8999589 7302509 12564 21726 166021 173550 45928154 27762273 19015795 18165881 42268560 47826855 17422518 16730793 90881230 95313722 1596792 1697392 1231639 1259251 8553594 8568530 11382025 11525173 X 42383505 43860110 2045719 2975843 35069981 36952596 79499205 83788549 90881230 95313722 -2005758 6295102 0 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 59791538 3237436 6556072 3326270 66258776 58134556 2538833 2455326 3337177 59791538 62284439 2234794 -3553763 2830914 58134556 57572505 626649 6871995 2786710 62284439 55601158 707163 4128797 2864613 57572505 0.47880 0.48960 0.03160 0 0 2067047 2067047 40492802 24925514 15567288 3368305 2836759 531546 18165881 GREENLIGHT CAPITAL 1967677 F LONE SAVIN OFFSHORE 1374756 F METROPOLITAN REAL ESTATE PARTNERS III 93123 F METROPOLITAN REAL ESTATE PARTNERS GLOBAL V 585159 F SILVER CREEK LOW VOL STRATEGIES 759875 F WELLINGTON TRUST COMMODITIES 1812580 F DAVIDSON KEMPNER 4098697 F DL PARTNERS 1899982 F TBC OFFSHORES 1004960 F PENNANT 129433 F HENIGSBURY 1307867 F MASON CAPITAL 4672 F GRAHAM CAPITAL MANAGEMENT 1692012 F 16730793 19288390 6295102 6295102 12993288 414121 414121 13407409 14999046 0 14999046 414121 414121 15413167 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 2017, THE SCHOOL USED A DRAW RATE OF 5% FROM THE ENDOWMENT FUNDS BASED ON THE MARKET VALUES OF ROLLING 20 QUARTERS. 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 2017, THE SCHOOL WAS AWARDED GRANTS FROM THE NATIONAL ENDOWMENT FOR THE ARTS, AND NEW YORK CITY DEPARTMENT OF CULTURAL AFFAIRS TO SUPPORT PROGRAM ACTIVITIES. LINE 3 - SAB'S NON-DISCRIMINATION POLICY STATEMENT THE SCHOOL ADMITS STUDENTS OF ANY RACE, COLOR, SEXUAL ORIENTATION, NATIONAL AND ETHNIC ORIGIN 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 RACE, COLOR, SEXUAL ORIENTATION, NATIONAL AND ETHNIC ORIGIN 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. --18-PAGE PROMOTIONAL BROCHURE DISTRIBUTED TO EVERY STUDENT IN THE US WHO ATTENDED AN AUDITION FOR SAB'S 5-WEEK SUMMER COURSE (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 IS DISTRIBUTED TO ALL EMPLOYEES -- AND IN A FULL PAGE AD PROMOTING SAB'S COMMUNITY AUDITIONS WHICH RAN IN TWO MARCH 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 76336 0 76336 WINTER BALL 1063956 939238 124718 124718 WORKSHOP BENEFIT 980338 787164 193174 56954 136220 1 362414 285236 77178 25901 51277 2406708 2011638 395070 56954 286839 51277 395070 0 1 TUTION AND ROOM & BOARD SCHOLARSHIPS 345 1678140 BOOK FINANCIAL AID TRAVEL STIPENDS 16 7352 BOOK FINANCIAL AID ACADEMIC SCHOOL SCHOLARSHIPS 28 182500 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 F STEPHEN DEWHURST CFO 204415 0 0 0 0 0 10221 0 9887 0 224523 0 0 0 MARJORIE L VAN DERCOOK EXECUTIVE DIRECTOR 364347 0 0 0 0 0 13250 0 9887 0 387484 0 0 0 KAY MAZZO BELLAS CO-CHAIR OF FACULTY 206905 0 0 0 0 0 10345 0 0 0 217250 0 0 0 KATRINA KILLIAN TEACHER 183513 0 0 0 0 0 9176 0 9887 0 202576 0 0 0 DARCI KISTLER TEACHER 163505 0 0 0 0 0 8175 0 7544 0 179224 0 0 0 ANDREI KRAMAREVSKY TEACHER 135809 0 0 0 0 0 6790 0 9887 0 152486 0 0 0 SUSAN PILARRE TEACHER 150598 0 0 0 0 0 7530 0 9887 0 168015 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 0 1 A 0 1 0 0 0 0 1 A 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)(I)(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 40 456822 FMV 0 1 0 FORM 990, PART VI, SECTION A, LINE 8B COMMITTEES ARE BEING INSTRUCTED TO KEEP CONTEMPORANEOUS RECORDS. FORM 990, PART VI, SECTION B, LINE 11B IN ADVANCE OF SUBMITTING THE SCHOOL'S FY 2017 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 CHAIRMAN OF FACULTY AND BY THE BUDGET, AUDIT AND COMPENSATION COMMITTEE FOR OTHER KEY EMPLOYEES, SPECIFICALLY CO-CHAIR OF FACULTY, CHIEF FINANCIAL OFFICER AND DIRECTORS OF DEVELOPMENT, PUBLIC RELATIONS AND STUDENT LIFE. 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 NOVEMBER 2014, THE BOARD RENEWED THE EXECUTIVE DIRECTOR'S CONTRACT FOR THREE YEARS FROM 09/01/2014 TO 08/31/2017. AT THE TIME OF THE RENEWAL, HER SALARY WAS REVIEWED AND ADJUSTED. 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.