2016-06-30T13:11:35-05:00 2015-08-31 131655065 LUTZ AND CARR CPAS LLP 300 EAST 42ND STREET NEW YORK NY 10017 990 2014-09-01 131275970 SCHOOL OF AMERICAN BALLET INC SCHO 2127696600 70 LINCOLN CENTER PLAZA NEW YORK NY 100236592 STEPHEN DEWHURST CHIEF FINANCIAL OFFICER 2127696600 2016-06-21 1 MARTIN BERKOWITZ P00154047 2126972299 2014 2016-09-27 15:27:22Z MAX R SHULMAN 70 LINCOLN CENTER PLAZA NEW YORK NY 10023 45986009 0 X WWW.SAB.ORG X 1934 NY IN FY 2015, THE SCHOOL OF AMERICAN BALLET PASSED KNOWLEDGE OF THE BALANCHINE BALLET TRADITION FROM 17 GIFTED FACULTY MEMBERS TO SOME 781 STUDENTS IN ITS NEW YORK WINTER TERM AND SUMMER COURSE. THESE FACULTY MEMBERS WERE AUGMENTED BY 5 SELECTED NEW YORK CITY BALLET COMPANY MEMBERS WHO PARTICIPATED IN A TEACHER TRAINING PROGRAM AT SAB. AN ADDITIONAL 79 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. 38 38 178 4 0 0 5713641 16018427 5126472 5093818 8349357 5475048 1212 2296 19190682 26589589 1802581 1934102 0 0 5635442 5991981 142662 164953 1984378 6254721 6770141 13835406 14861177 5355276 11728412 86401426 91736929 10984843 13484090 75416583 78252839 X THE SCHOOL OF AMERICAN BALLET'S MISSION IS TO TRAIN STUDENTS FOR PROFESSIONAL CAREERS IN CLASSICAL BALLET. 0 0 6594933 1209880 3425917 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 2015, 575 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. 206 STUDENTS TOOK PART IN THE SUMMER PROGRAM DURING FY 2015, REPRESENTING 34 STATES AND 8 FOREIGN COUNTRIES. AN ADDITIONAL 79 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 FY15. FOR WINTER TERM, 44% OF STUDENTS RECEIVED TUITION FINANCIAL AID. FOR NEW YORK SUMMER PROGRAM, 47% OF STUDENTS WERE AWARDED TUITION SCHOLARSHIPS. IN THE CALIFORNIA WORKSHOP, 12% OF STUDENTS RECEIVED TUITION SCHOLARSHIP AWARD. 124 BOYS WERE ENROLLED IN THE TUITION-FREE BOYS PROGRAM.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. 3949479 568975 1539224 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 192 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 AWARDED $569,000 IN ROOM AND BOARD FINANCIAL AID DURING FY15. FOR WINTER TERM, 70% OF STUDENTS LIVING IN THE SCHOOL'S RESIDENCE HALL RECEIVED ROOM AND BOARD FINANCIAL AID. FOR THE NEW YORK SUMMER PROGRAM, 30% OF STUDENTS LIVING IN THE RESIDENCE HALL RECEIVED ROOM AND BOARD SCHOLARSHIP SUPPORT. 291703 155247 0 ACADEMIC SUBSIDIES AND OTHER STUDENT AID24 ADVANCED STUDENTS RECEIVED $148,100 IN FINANCIAL SUPPORT FOR HIGH SCHOOL EDUCATION. THE SCHOOL ALSO PROVIDED SUBSIDIZED TOE SHOES TO STUDENTS. 131056 OTHER PROGRAM SERVICES REFLECTS ADDITIONAL EARNED INCOME. INCLUDED HERE ARE FEES FROM LICENSING A BALLET TO WHICH GEORGE BALANCHINE GAVE SAB RIGHTS; THIS INCOME IS ADDED TO ENDOWMENT. 131056 10836115 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 1 1 0 0 0 1 1 1 1 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 38 38 0 0 1 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 NEW YORK NY 10023 KELLIE JOHNSON ABREU DIRECTOR 1.00 X 0 0 0 ELISABETH M ARMSTRONG DIRECTOR 1.00 X 0 0 0 ROSEMARY T BERKERY HAUSEN DIRECTOR 1.00 X 0 0 0 PETER BOAL DIRECTOR 1.00 X 0 0 0 NELL KLEINSCHMIDT DIRECTOR 1.00 X 0 0 0 JUDY BERNSTEIN BUNZL DIRECTOR 2.00 X 0 0 0 CHELSEA V CLINTON DIRECTOR 1.00 X 0 0 0 OLIVIER BERNIER DIRECTOR 1.00 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 2.00 X 0 0 0 ZITA EZPELETA DIRECTOR 2.00 X 0 0 0 FRANCES D FERGUSSON DIRECTOR (RES. 06/ 2015) 1.00 X 0 0 0 ROBERT FRIBOURG DIRECTOR 2.00 X 0 0 0 HELEN HAJE DIRECTOR, SECRETARY 2.00 X X 0 0 0 KAREN T HUGHES DIRECTOR 2.00 X 0 0 0 JOYCE C GIUFFRA DIRECTOR 2.00 X 0 0 0 SUSANNAH SMETANA KAGAN DIRECTOR 2.00 X 0 0 0 JULIA F KOCH DIRECTOR 2.00 X 0 0 0 CORINNE KOPELMAN DIRECTOR, VICE PRESIDENT 2.00 X 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 ARTHUR MITCHELL DIRECTOR 1.00 X 0 0 0 STACEY C MORSE DIRECTOR 2.00 X 0 0 0 ELLEN L NEEDHAM DIRECTOR 1.00 X 0 0 0 DANIEL PACTHOD DIRECTOR 1.00 X 0 0 0 WILLIAM A PERLMUTH DIRECTOR (RES. 06/ 2015) 1.00 X 0 0 0 SUZANNE ALLEN REDPATH DIRECTOR 1.00 X 0 0 0 NAOMI SELIGMAN DIRECTOR 2.00 X 0 0 0 MAX R SHULMAN DIRECTOR, CHAIRMAN 5.00 X X 0 0 0 LEE SLAUGHTER DIRECTOR (RES. 06/ 2015) 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 DAVID H TAYLOR DIRECTOR 1.00 X 0 0 0 HELGI TOMASSON DIRECTOR 1.00 X 0 0 0 EDWARD VILLELLA DIRECTOR 1.00 X 0 0 0 BARBARA MANFREY VOGELSTEIN DIRECTOR 2.00 X 0 0 0 JACK T WATTERS DIRECTOR, (PASSED AWAY FY15) 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 119292 0 5964 F STEPHEN DEWHURST CFO 40.00 X 190821 0 17985 MARJORIE L VAN DERCOOK EXECUTIVE DIRECTOR 40.00 X 306420 0 21494 KAY MAZZO BELLAS CO-CHAIR OF FACULTY 40.00 X 209400 0 10400 ANDREI KRAMAREVSKY TEACHER 15.00 X 131063 0 14997 KATRINA KILLIAN TEACHER 22.00 X 156521 0 16270 DARCI KISTLER TEACHER 18.50 X 140496 0 13489 SUSAN PILARRE TEACHER 15.00 X 139480 0 15418 JOCK SOTO TEACHER 18.00 X 147543 0 15821 1541036 0 131838 13 0 1 0 0 2422699 729062 12866666 403171 16018427 TUITION 611600 3182668 3182668 ROOM AND BOARD FEES 721000 1523213 1523213 AUDITION REG. FEES 611710 108284 108284 FASHION WEEK INCOME 711190 72816 72816 OTHER 611710 67923 67923 138914 138914 5093818 769732 83 769649 23724600 19019284 4705316 4705316 4705316 377136 2422699 377136 0 OTHER REVENUE 900099 2296 2296 2296 26589589 5096197 0 5474965 1934102 1934102 893987 500486 312396 81105 4060566 3009238 402514 648814 144489 114299 9560 20630 551648 312474 143142 96032 341291 250618 40237 50436 122 122 59027 59027 164953 164953 334939 334939 189617 3002 177449 9166 100584 60859 13015 26710 180430 133787 23481 23162 114135 58291 24216 31628 2416965 2116584 140178 160203 27740 15654 9989 2097 213507 213507 959351 815448 67155 76748 18359 18359 ARTISTIC PROGRAMS 706604 706604 STUDENT RESIDENCE HALL 692171 692171 SPECIAL EVENTS 269553 269553 CAPITAL CAMPAIGN EXPENS 235923 235923 251114 112498 51398 87218 14861177 10836115 2040684 1984378 452996 356386 3195966 6367825 2038522 8547406 81859 108430 253119 135331 45104732 25557040 16697818 19547692 42829278 40365708 20543082 16003633 308786 304518 86401426 91736929 1002674 3532428 1202336 1213223 8600000 8600000 179833 138439 10984843 13484090 X 47738384 43030516 596799 1873721 27081400 33348602 75416583 78252839 86401426 91736929 11728412 -8892156 0 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 62753210 2234794 -4022534 2830914 58134556 57572505 626649 7340766 2786710 62753210 55601158 707163 4128797 2864613 57572505 55536829 749180 3820336 2179664 55601158 54091560 717018 5109007 4380756 55536829 0.52070 0.46320 0.01620 0 0 2067047 2067047 26808048 13753074 13054974 2992143 2613020 379123 13237494 9190946 4046548 19547692 DAVIDSON KEMPNER 2742831 F FORESTER DIVERSIFIED 537519 F GREENLIGHT CAPITAL 1642193 F LONE SAVIN OFFSHORE 1150744 F MASON CAPITAL 48225 F METROPOLITAN REAL ESTATE PARTNERS III 343683 F METROPOLITAN REAL ESTATE PARTNERS GLOBAL V 658198 F SILVER CREEK LOW VOL STRATEGIES 1447212 F HENIGSBURY 1126282 F PENNANT 2041174 F TBC OFFSHORE 992843 F WELLINGTON TRUST COMMODITIES 1339803 F DL PARTNERS 1932926 F 16003633 INTEREST RATE SWAP OBLIGATION 138439 138439 X 17362494 -8892156 -8892156 26254650 334939 334939 26589589 14526238 0 14526238 334939 334939 14861177 PART V, LINE 4: INCOME FROM THE SCHOOL'S ENDOWMENT FUNDS ARE 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 2015, THE SCHOOL USED A DRAW RATE OF 5% FROM THE ENDOWMENT FUNDS BASED ON THE MARKET VALUES OF ROLLING 20 QUARTERS. PART X, LINE 2: MANAGEMENT HAS EVALUATED ALL INCOME TAX POSITIONS, INCLUDING THE POSITION THAT THE SCHOOL IS EXEMPT FROM INCOME TAXES OR NOT SUBJECT TO INCOME TAXES ON UNRELATED BUSINESS INCOME AND CONCLUDED THAT NO DISCLOSURES RELATING TO UNCERTAIN TAX POSITIONS ARE REQUIRED IN THE FINANCIAL STATEMENTS. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 SAB'S NON-DISCRIMINATION POLICY STATEMENT IS AS FOLLOWS: 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 DISTRIBUTED TO ALL FULL AND PART-TIME EMPLOYEES. SCHEDULE E, PART I, LINE 6 DURING FY 2015, THE SCHOOL WAS AWARDED GRANTS FROM THE NEW YORK STATE COUNCIL ON THE ARTS, NATIONAL ENDOWMENT FOR THE ARTS, NEW YORK CITY DEPARTMENT OF CULTURAL AFFAIRS, NEW YORK CITY ECONOMIC DEVELOPMENT CORP., AND NEW YORK CITY DEPARTMENT OF YOUTH AND COMMUNITY DEVELOPMENT TO SUPPORT PROGRAM ACTIVITIES. X X X X X X 1 CAROL O'BRIEN 3211 SHANNON RD SUITE 100 DURHAM NC 27707 FUNDRAISING CONSULTANT 0 0 164953 0 164953 WINTER BALL 1423557 1292832 130725 130725 WORKSHOP BENEFIT 895714 752770 142944 142944 2 480564 377097 103467 42003 61464 2799835 2422699 377136 315672 61464 377136 0 1 TUTION AND ROOM & BOARD SCHOLARSHIPS 364 1738855 BOOK FINANCIAL AID TRAVEL STIPENDS 25 7147 BOOK FINANCIAL AID ACADEMIC SCHOOL SCHOLARSHIPS 24 148100 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. X X X X 0 0 0 0 0 0 0 0 0 F STEPHEN DEWHURST CFO 190821 0 0 0 0 0 9541 0 8444 0 208806 0 0 0 MARJORIE L VAN DERCOOK EXECUTIVE DIRECTOR 306420 0 0 0 0 0 13050 0 8444 0 327914 0 0 0 KAY MAZZO BELLAS CO-CHAIR OF FACULTY 209400 0 0 0 0 0 10400 0 0 0 219800 0 0 0 KATRINA KILLIAN TEACHER 156521 0 0 0 0 0 7826 0 8444 0 172791 0 0 0 DARCI KISTLER TEACHER 140496 0 0 0 0 0 7025 0 6464 0 153985 0 0 0 SUSAN PILARRE TEACHER 139480 0 0 0 0 0 6974 0 8444 0 154898 0 0 0 JOCK SOTO TEACHER 147543 0 0 0 0 0 7377 0 8444 0 163364 0 0 0 A THE TRUST FOR CULTURAL RESOURCES OF NYC 911882413 898328AF6 2006-08-08 8600000 IMPROVEMENTS ON SAB BUILDING 0 0 0 A 8746230 653175 172000 64064 7887864 2010 0 0 1 1 A 0 1 0 0 0 0 1 A 1 1 0 NA 0 0 0 1 1 A 1 PART II, PART III AND PART IV PART II, LINE 3 - DIFFERENCE BETWEEN PART I (E) AND PART II (3) IS DUE TO INTEREST EARNINGS ON BOND PROCEEDS AND THE SUBTRACTION OF THE PRIOR CUMULATIVE REBATE LIABILITY AS OF AUGUST 31, 2010 (THE YEAR OF PROJECT COMPLETION). 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. X 32 403171 FMV 0 1 0 FORM 990, PART VI, SECTION A, LINE 4 SAB'S BY-LAWS WERE REVISED AND SUBSEQUENTLY APPROVED BY THE BOARD OF DIRECTORS DURING FY 2015. AMONG THE SUBSTANTIVE CHANGES WAS THE SPECIFIC PROVISION FOR AN EXECUTIVE COMMITTEE AND A BUDGET, FINANCE AND COMPENSATION COMMITTEE (BAC). THOUGH THE SCHOOL HAS LONG HAD THESE BOARD COMMITTEES, THEIR INCLUSION IN THE BY-LAWS SPECIFICALLY ADDRESSES A REQUIREMENT IN THE 2013 AMENDMENTS TO THE NEW YORK NOT-FOR-PROFIT CORPORATION LAW THAT THERE BE A COMMITTEE WITH OVERSIGHT OF THE AUDIT (BAC). THE NEW BY-LAWS ALSO PROVIDE FOR THE CREATION OF SEPARATE EMERITUS BOARD AND ARTISTIC COUNCIL. OTHER CHANGES IN THE BY-LAWS ARE LARGELY MINISTERIAL. IN ADDITION, THE BY-LAWS REVIEW RESULTED IN STRONGER CONFLICT OF INTEREST AND WHISTLEBLOWER POLICIES AS THEY APPLY TO BOTH DIRECTORS AND STAFF. NEW POLICIES ADDRESSING DISCRIMINATION & HARASSMENT, INAPPROPRIATE INTERACTION, AND DRUG & ALCOHOL WERE ALSO REVISED DURING THIS EFFORT. FORM 990, PART VI, SECTION B, LINE 11 IN ADVANCE OF SUBMITTING THE SCHOOL'S FY 2015 FORM 990, IT WAS INITIALLY REVIEWED BY THE CHIEF FINANCIAL OFFICER AND THE 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. FURTHERMORE, 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. 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. SCHEDULE E, PART 1, LINE 3 THE BOARD REAFFIRMED ITS COMMITMENT TO NON-DISCRIMINATION BY RESOLUTION PASSED IN APRIL 2015.