2017-06-21T16:00:07-05:00 2016-08-31 131655065 LUTZ AND CARR CPAS LLP 551 FIFTH AVENUE SUITE 400 NEW YORK NY 10176 990 2015-09-01 131275970 SCHOOL OF AMERICAN BALLET INC SCHO 2127696600 70 LINCOLN CENTER PLAZA NEW YORK NY 100236592 STEPHEN DEWHURST CHIEF FINANCIAL OFFICER 2127696600 2017-06-15 1 MARTIN BERKOWITZ P00154047 2126972299 2015 2021-01-29 14:40:06Z BARBARA VOGELSTEIN 70 LINCOLN CENTER PLAZA NEW YORK NY 10023 20729952 0 X WWW.SAB.ORG X 1934 NY IN FY 2016, THE SCHOOL OF AMERICAN BALLET PASSED KNOWLEDGE OF THE BALANCHINE BALLET TRADITION FROM 18 GIFTED FACULTY MEMBERS TO SOME 799 STUDENTS IN ITS NEW YORK WINTER TERM AND SUMMER COURSE. THESE FACULTY MEMBERS WERE AUGMENTED BY 8 SELECTED NEW YORK CITY BALLET COMPANY MEMBERS WHO PARTICIPATED IN A TEACHER TRAINING PROGRAM AT SAB. AN ADDITIONAL 75 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. 40 40 178 4 0 0 16018427 9288599 5093818 5294251 5475048 999648 2296 8730 26589589 15591228 1934102 1971096 0 0 5991981 6731667 164953 88367 2067768 6770141 7431868 14861177 16222998 11728412 -631770 91736929 90881230 13484090 11382025 78252839 79499205 X THE SCHOOL OF AMERICAN BALLET'S MISSION IS TO TRAIN STUDENTS FOR PROFESSIONAL CAREERS IN CLASSICAL BALLET. 0 0 7115112 1240367 3483387 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 2016, 571 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. 228 STUDENTS TOOK PART IN THE SUMMER PROGRAM DURING FY 2016, REPRESENTING 37 STATES AND 6 FOREIGN COUNTRIES. AN ADDITIONAL 75 STUDENTS ENROLLED IN THE SCHOOL'S TWO-WEEK SUMMER CA WORKSHOP WHERE THEY STUDIED WITH SAB TEACHERS FROM NEW YORK.THE SCHOOL PROVIDED MORE THAN $1.2 MILLION IN TUITION SCHOLARSHIP AND AWARDS DURING FY16. FOR THE WINTER TERM, 47% OF STUDENTS RECEIVED TUITION FINANCIAL AID. FOR NEW YORK SUMMER COURSE, 21% OF STUDENTS WERE AWARDED TUITION SCHOLARSHIPS. IN THE CA WORKSHOP, 18% OF STUDENTS RECEIVED TUITION SCHOLARSHIP AWARD. 112 BOYS WERE ENROLLED IN THE TUITION-FREE BOYS PROGRAM. 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. 4197676 514485 1633670 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 FY15, THE SCHOOL STARTED ITS PROFESSIONAL PLACEMENT PROGRAM TO FURTHER ASSIST ADVANCED STUDENTS FOR PROFESSIONAL CAREERS. THE SCHOOL ENDEAVORS TO ENSURE THAT RACIALLY AND SOCIOECONOMICALLY DIVERSE POPULATION HAVE ACCESS TO THE SCHOOL'S PROGRAMS AND PROVIDES FINANCIAL AID AND THE SUPPORT THROUGH ITS DIVERSITY AND INCLUSION INITIATIVE. THE SCHOOL AWARDED $514,485 IN ROOM AND BOARD FINANCIAL AID DURING FY16. FOR WINTER TERM, 72% OF STUDENTS LIVING IN THE SCHOOL'S RESIDENCE HALL RECEIVED ROOM AND BOARD FINANCIAL AID. FOR THE NEW YORK SUMMER COURSE, 12% OF STUDENTS LIVING IN THE RESIDENCE HALL RECEIVED ROOM AND BOARD SCHOLARSHIP SUPPORT. 355509 216244 ACADEMIC SUBSIDIES AND OTHER STUDENT AIDTHE SCHOOL PROVIDED $188,000 IN FINANCIAL SUPPORT FOR HIGH SCHOOL EDUCTION OF 13 ADVANCED STUDENTS. IN ADDITION TO THIS, THE SCHOOL SPENT $24,000 FOR ON-SITE ACEDEMIC CLASSES AND 16 STUDENTS BENEFITED FROM THIS PROGRAM. STUDENTS ALSO RECEIVED TOE SHOES AT A SUBSIDIZED RATE. 126305 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. 126305 11668297 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 56 0 1 178 1 0 0 0 0 0 1 1 0 0 0 0 X 40 40 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 JAMES H DUFFY 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 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 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 ELLEN L NEEDHAM DIRECTOR 1.00 X 0 0 0 STACEY C MORSE DIRECTOR, COMMITTEE CHAIR 2.00 X 0 0 0 DANIEL PACTHOD DIRECTOR 1.00 X 0 0 0 SUZANNE ALLEN REDPATH DIRECTOR 1.00 X 0 0 0 NAOMI SELIGMAN DIRECTOR, COMMITTEE CHAIR 2.00 X 0 0 0 MAX R SHULMAN DIRECTOR, CHAIRMAN 5.00 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, VICE CHAIRMAN 2.00 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 DIRECTOR, ARTISTIC DIR. 15.00 X 124063 0 6203 F STEPHEN DEWHURST CFO 40.00 X 206833 0 19295 MARJORIE L VAN DERCOOK DIRECTOR, EXECUTIVE DIR. 40.00 X 369772 0 22027 KAY MAZZO BELLAS CO-CHAIR OF FACULTY 40.00 X 218478 0 10923 KATRINA KILLIAN TEACHER 22.00 X 176846 0 17911 DARCI KISTLER TEACHER 23.00 X 174775 0 17515 SUSAN PILARRE TEACHER 15.00 X 152286 0 16512 JOCK SOTO TEACHER 18.00 X 161122 0 16833 CHERYL KOHN CHIEF DEVELOPMENT OFFICER 40.00 X 161746 0 12949 1745921 0 140168 16 0 1 0 0 2087751 148881 7051967 384075 9288599 TUITION 611600 3270216 3270216 ROOM AND BOARD FEES 721000 1619475 1619475 AUDITION REG. FEES 611710 101281 101281 CHOREO LICENSING-SYMPHONY IN C 611710 98371 98371 OTHER 611710 72852 72852 132056 132056 5294251 676621 148 676473 5077370 4754343 323027 323027 323027 384381 2087751 384381 0 OTHER REVENUE 900099 8730 8730 8730 15591228 5303129 0 999500 1971096 1971096 957165 476703 309618 170844 4643527 3524313 458613 660601 174210 134065 17877 22268 583898 382666 90401 110831 372867 277499 40711 54657 29679 29679 68529 68529 88367 88367 400254 400254 411073 33561 368802 8710 92899 40811 29825 22263 157735 109256 20096 28383 44979 22308 6390 16281 2472801 2168177 142158 162466 29255 17393 8876 2986 248991 248991 1144103 972487 80086 91530 18500 18500 ARTISTIC PROGRAMS 816434 811876 20 4538 STUDENT RESIDENCE HALL 645689 645661 28 CAPITAL CAMPAIGN EXPENS 276065 276065 SPECIAL EVENTS 252285 88 6 252191 322597 80337 147473 94787 16222998 11668297 2486933 2067768 356386 481941 6367825 2514242 8547406 8999589 108430 12564 135331 166021 45678931 26663136 19547692 19015795 40365708 42268560 16003633 17422518 304518 0 91736929 90881230 3532428 1596792 1213223 1231639 8600000 8553594 138439 0 13484090 11382025 X 43970570 42383505 933667 2045719 33348602 35069981 78252839 79499205 91736929 90881230 -631770 1878136 0 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 58134556 2538833 2455326 3337177 59791538 62284439 2234794 -3553763 2830914 58134556 57572505 626649 6871995 2786710 62284439 55601158 707163 4128797 2864613 57572505 55536829 749180 2553114 3237965 55601158 0.49930 0.48770 0.01300 0 0 2067047 2067047 40515089 24185666 16329423 3096795 2477470 619325 19015795 GREENLIGHT CAPITAL 1942664 F LONE SAVIN OFFSHORE 1146846 F METROPOLITAN REAL ESTATE PARTNERS III 228836 F METROPOLITAN REAL ESTATE PARTNERS GLOBAL V 653236 F SILVER CREEK LOW VOL STRATEGIES 1069344 F WELLINGTON TRUST COMMODITIES 1246696 F DAVIDSON KEMPNER 3809675 F DL PARTNERS 1679150 F TBC OFFSHORES 993888 F PENNANT 1806203 F HENIGSBURY 1145495 F MASON CAPITAL 4672 F GRAHAM CAPITAL MANAGEMENT 1695823 F 17422528 17069110 1878136 1878136 15190974 400254 400254 15591228 15822744 0 15822744 400254 400254 16222998 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 2016, 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 2016, 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 THE MARCH 24 AND MARCH 31 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 FEASIBILITY STUDY 0 0 88367 0 88367 WINTER BALL 1188120 1058366 129754 129754 WORKSHOP BENEFIT 885974 715061 170913 170913 2 398038 314324 83714 33394 50320 2472132 2087751 384381 334061 50320 384381 0 1 TUTION AND ROOM & BOARD SCHOLARSHIPS 362 1714852 BOOK FINANCIAL AID TRAVEL STIPENDS 15 4244 BOOK FINANCIAL AID ACADEMIC SCHOOL SCHOLARSHIPS 29 212000 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. ACEDEMIC 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 206833 0 0 0 0 0 10518 0 8777 0 226128 0 0 0 MARJORIE L VAN DERCOOK DIRECTOR, EXECUTIVE DIR. 369772 0 0 0 0 0 13250 0 8777 0 391799 0 0 0 KAY MAZZO BELLAS CO-CHAIR OF FACULTY 218478 0 0 0 0 0 10923 0 0 0 229401 0 0 0 KATRINA KILLIAN TEACHER 176846 0 0 0 0 0 9134 0 8777 0 194757 0 0 0 DARCI KISTLER TEACHER 174775 0 0 0 0 0 8738 0 8777 0 192290 0 0 0 SUSAN PILARRE TEACHER 152286 0 0 0 0 0 7735 0 8777 0 168798 0 0 0 JOCK SOTO TEACHER 161122 0 0 0 0 0 8056 0 8777 0 177955 0 0 0 CHERYL KOHN CHIEF DEVELOPMENT OFFICER 161746 0 0 0 0 0 8087 0 4862 0 174695 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 36 398106 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 11 IN ADVANCE OF SUBMITTING THE SCHOOL'S FY 2016 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. COMPENSATION 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 HER RENEWAL, HER SALARY WAS REVIEWED AND ADJUSTED. THE CONTRACT HAS PROVISION FOR SUBSEQUENT AUTOMATIC ANNUAL RENEWALS FOLLOWING THE INITIAL THREE YEARS. 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 X, LINES 15 AND 19 OTHER ASSETS- DEFERRED FINANCING COSTS AND TAX EXEMPT BOND LIABILITIES WERE SHOWN SEPARATELY FOR 2014. THE AMOUNTS WERE NETTED IN 2015 DUE TO A NEW ACCOUNTING PRONOUNCEMENT ISSUED BY THE FASB IN APRIL 2015 EFFECTIVE FOR FISCAL YEARS BEGINNING AFTER DECEMBER 15, 2015. 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.