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      <Desc>ART INSTRUCTION - THE NEW YORK STUDIO SCHOOL IS WHERE DRAWING, PAINTING AND SCULPTURE ARE STUDIED IN DEPTH, DEBATED ENERGETICALLY AND CREATED WITH PASSION. OUR GOAL FOR YOUNG ARTISTS IS FOR THEM TO FIND THEIR OWN PERSONAL VISION THROUGH THE INVESTIGATION OF ART AND THE VISUAL WORLD AROUND US. ABSTRACTION AND FIGURATION RUB SHOULDERS AND OFTEN INTERCHANGE. PERCEPTUAL DEEDS AND CONCEPTUAL IDEAS COHABIT. WE ENCOURAGE THE DEVELOPMENT OF THAT UNIQUE VISION PUSHED TO AN EXTREME, FOUND SLOWLY AND WITHOUT GUILE.IN ORDER TO ASSIST IN THE MAKING OF ART, THE SCHOOL ENDEAVORS TO MAKE READABLE THE 'LANGUAGE' OF ART FROM THE FAR PAST TO THE RECENT PRESENT. KNOWLEDGE OF THAT LANGUAGE, WHEN ATTAINED, GIVES THE ARTIST THE ABILITY TO USE IT, TRANSFORM IT, REJECT OR DISCARD IT, OR RE-INVENT IT AT WILL.WE BELIEVE IN THE POWER OF THE SIMPLEST MEANS, AND ITS ABILITY TO CONTAIN AND CONVEY THE MOST PROFOUND AND COMPLEX IDEAS, FEELINGS AND MEANINGS. OUR ENTHUSIASM FOR PAINT, CHARCOAL, CLAY AND WOOD CONNECTS US WITH THE SYNERGIES OF THE FIRST SHAMAN WHO CRUSHED BERRIES INTO PIGMENT, THE FIRST PAINTER WHO USED OIL ON CANVAS, THE FIRST SCULPTOR WHO MOLDED CLAY INTO THE HUMAN FORM.FIRM BELIEVERS IN THE UNIQUENESS OF OUR OWN CONTEMPORARY TIME, WE ALSO RESEARCH THE COMPLEXITIES OF OUR OWN CENTURY'S DISCOVERIES. THOUGH WE CELEBRATE PAINTING AND SCULPTURE, WE ARE NOT NOSTALGIC FOR THE PAST. POWERFUL EXPRESSIONS WILL FIND THEIR OWN CONDUITS.WE STRONGLY BELIEVE IN DRAWING. IT IS THE MOST DIRECT MEANS OF DESCRIBING AN EXPERIENCE OR AN IDEA. DRAWING IS THE MOST CRUCIAL PATHWAY TO UNDERSTANDING IN ART, AND IS THE COMMON BOND BETWEEN THE DISCIPLINES OF PAINTING AND SCULPTURE. THERE ARE FEW PLACES WHERE DRAWING IS SO INTENSELY INVESTIGATED.IT IS DURING THEIR TIME AT THE SCHOOL THAT WE BELIEVE A STUDENT DEVELOPS THE ETHICS, PHILOSOPHY AND WORK HABITS THAT CONTINUE INTO LATER LIFE AS AN ARTIST. WE EXPECT OUR STUDENTS TO DISCOVER THAT THE DEDICATION OF THE ARTIST IS A LIFETIME'S COMMITMENT. SIGNIFICANT KNOWLEDGE GAINED EARLY ON AND ABSORBED CAN BE USED OVER A LIFESPAN. THE HUMILITY TO LEARN, COUPLED WITH AN AMBITION TO MAKE COMPELLING WORK ARE POWERFUL ATTRIBUTES FOR THE YOUNG ARTIST.THE SCHOOL IS NOT FOR THE FAINT-HEARTED. IT IS FOR THE STUDENT WITH A DEEP INVOLVEMENT IN THE DESIRE TO BE AN ARTIST, AN INTENSITY OF TEMPERAMENT AND VISION, AND AN INTEGRITY OF PURPOSE. IT IS FOR THOSE WHO LIKE TO WORK RIGOROUSLY, THINK SMART AND KEENLY, AND THOSE WHO ARE PREPARED TO LOOK HARD AND LONG IN ORDER TO SEE. A TRUE STUDENT IS ALWAYS 'LOOKING; A REAL ARTIST BEGINS TO SEE.WE URGE THOSE STUDENTS TO APPLY WHO GENUINELY WISH TO LEARN AND WHO ARE BOLD ENOUGH TO TAKE ON THE CHALLENGE OF PAINTING AND SCULPTURE IN THE TWENTY-FIRST CENTURY. WE OFFER THE CHANCE TO TRANSLATE THE METAMORPHOSIS OF LIFE INTO ART'S METAPHOR. THE NEW YORK STUDIO SCHOOL IS A PLACE WHERE THE POWER OF IMAGES IS STILL SEARCHED FOR, THE PHILOSOPHY OF DRAWING STILL PRESENT, AND THE QUEST FOR TANGIBLE FORM STILL ENGAGED. WE BELIEVE IN THE STRENGTH OF ART AND ITS ABILITY TO CHANGE ONE'S LIFE.</Desc>
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        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
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      <Form990PartVIISectionAGrp>
        <PersonNm>LUCY LAMPHERE</PersonNm>
        <TitleTxt>TRUSTEE</TitleTxt>
        <AverageHoursPerWeekRt>0.50</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>HON J WILLIAM MIDDENDORF II</PersonNm>
        <TitleTxt>TRUSTEE</TitleTxt>
        <AverageHoursPerWeekRt>0.10</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>ANNALU PONTI</PersonNm>
        <TitleTxt>TRUSTEE</TitleTxt>
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        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
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      <Form990PartVIISectionAGrp>
        <PersonNm>SUSAN SUSSMAN</PersonNm>
        <TitleTxt>TRUSTEE</TitleTxt>
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        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
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      <Form990PartVIISectionAGrp>
        <PersonNm>KEJIA WU</PersonNm>
        <TitleTxt>TRUSTEE</TitleTxt>
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        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
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      <Form990PartVIISectionAGrp>
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        <OfficerInd>X</OfficerInd>
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        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>4483</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <TotalReportableCompFromOrgAmt>187045</TotalReportableCompFromOrgAmt>
      <TotReportableCompRltdOrgAmt>0</TotReportableCompRltdOrgAmt>
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      <IndivRcvdGreaterThan100KCnt>1</IndivRcvdGreaterThan100KCnt>
      <FormerOfcrEmployeesListedInd>0</FormerOfcrEmployeesListedInd>
      <TotalCompGreaterThan150KInd>1</TotalCompGreaterThan150KInd>
      <CompensationFromOtherSrcsInd>0</CompensationFromOtherSrcsInd>
      <CntrctRcvdGreaterThan100KCnt>0</CntrctRcvdGreaterThan100KCnt>
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      <GovernmentGrantsAmt>245758</GovernmentGrantsAmt>
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      <ProgramServiceRevenueGrp>
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      <ProgramServiceRevenueGrp>
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        <BusinessCd>900099</BusinessCd>
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        <ExclusionAmt>107893</ExclusionAmt>
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      <ContriRptFundraisingEventAmt>384823</ContriRptFundraisingEventAmt>
      <FundraisingDirectExpensesAmt>99622</FundraisingDirectExpensesAmt>
      <NetIncmFromFundraisingEvtGrp>
        <TotalRevenueColumnAmt>-67347</TotalRevenueColumnAmt>
        <ExclusionAmt>-67347</ExclusionAmt>
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      <TotalRevenueGrp>
        <TotalRevenueColumnAmt>2857815</TotalRevenueColumnAmt>
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        <UnrelatedBusinessRevenueAmt>0</UnrelatedBusinessRevenueAmt>
        <ExclusionAmt>39829</ExclusionAmt>
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      <GrantsToDomesticIndividualsGrp>
        <TotalAmt>490049</TotalAmt>
        <ProgramServicesAmt>490049</ProgramServicesAmt>
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      <CompCurrentOfcrDirectorsGrp>
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        <FundraisingAmt>4217</FundraisingAmt>
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        <FundraisingAmt>4514</FundraisingAmt>
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      <FeesForServicesAccountingGrp>
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        <ManagementAndGeneralAmt>44000</ManagementAndGeneralAmt>
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      <FeesForServicesProfFundraising>
        <TotalAmt>70406</TotalAmt>
        <FundraisingAmt>70406</FundraisingAmt>
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        <TotalAmt>33512</TotalAmt>
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        <ProgramServicesAmt>18967</ProgramServicesAmt>
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        <TotalAmt>49387</TotalAmt>
        <ProgramServicesAmt>29632</ProgramServicesAmt>
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        <FundraisingAmt>13289</FundraisingAmt>
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        <TotalAmt>1858</TotalAmt>
        <FundraisingAmt>1858</FundraisingAmt>
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      <OccupancyGrp>
        <TotalAmt>7652</TotalAmt>
        <ProgramServicesAmt>7652</ProgramServicesAmt>
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      <TravelGrp>
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        <ProgramServicesAmt>7707</ProgramServicesAmt>
        <ManagementAndGeneralAmt>90</ManagementAndGeneralAmt>
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      <ConferencesMeetingsGrp>
        <TotalAmt>857</TotalAmt>
        <ProgramServicesAmt>110</ProgramServicesAmt>
        <ManagementAndGeneralAmt>223</ManagementAndGeneralAmt>
        <FundraisingAmt>524</FundraisingAmt>
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      <InterestGrp>
        <TotalAmt>46450</TotalAmt>
        <ManagementAndGeneralAmt>46450</ManagementAndGeneralAmt>
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      <DepreciationDepletionGrp>
        <TotalAmt>71303</TotalAmt>
        <ProgramServicesAmt>53477</ProgramServicesAmt>
        <ManagementAndGeneralAmt>14061</ManagementAndGeneralAmt>
        <FundraisingAmt>3765</FundraisingAmt>
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      <InsuranceGrp>
        <TotalAmt>56990</TotalAmt>
        <ManagementAndGeneralAmt>56990</ManagementAndGeneralAmt>
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      <OtherExpensesGrp>
        <Desc>MODELS</Desc>
        <TotalAmt>81732</TotalAmt>
        <ProgramServicesAmt>81732</ProgramServicesAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>BENEFITS</Desc>
        <TotalAmt>60200</TotalAmt>
        <FundraisingAmt>60200</FundraisingAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>ELECTRIC</Desc>
        <TotalAmt>56484</TotalAmt>
        <ProgramServicesAmt>42363</ProgramServicesAmt>
        <ManagementAndGeneralAmt>11139</ManagementAndGeneralAmt>
        <FundraisingAmt>2982</FundraisingAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>LECTURERS &amp; SEMINARS</Desc>
        <TotalAmt>54609</TotalAmt>
        <ProgramServicesAmt>54609</ProgramServicesAmt>
      </OtherExpensesGrp>
      <AllOtherExpensesGrp>
        <TotalAmt>201521</TotalAmt>
        <ProgramServicesAmt>99872</ProgramServicesAmt>
        <ManagementAndGeneralAmt>95889</ManagementAndGeneralAmt>
        <FundraisingAmt>5760</FundraisingAmt>
      </AllOtherExpensesGrp>
      <TotalFunctionalExpensesGrp>
        <TotalAmt>2610376</TotalAmt>
        <ProgramServicesAmt>1763005</ProgramServicesAmt>
        <ManagementAndGeneralAmt>599572</ManagementAndGeneralAmt>
        <FundraisingAmt>247799</FundraisingAmt>
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      <CashNonInterestBearingGrp>
        <BOYAmt>73520</BOYAmt>
        <EOYAmt>28795</EOYAmt>
      </CashNonInterestBearingGrp>
      <SavingsAndTempCashInvstGrp>
        <BOYAmt>488212</BOYAmt>
        <EOYAmt>286770</EOYAmt>
      </SavingsAndTempCashInvstGrp>
      <PledgesAndGrantsReceivableGrp>
        <BOYAmt>123147</BOYAmt>
        <EOYAmt>390566</EOYAmt>
      </PledgesAndGrantsReceivableGrp>
      <AccountsReceivableGrp>
        <BOYAmt>1709</BOYAmt>
        <EOYAmt>1160</EOYAmt>
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      <InventoriesForSaleOrUseGrp>
        <BOYAmt>136565</BOYAmt>
        <EOYAmt>161990</EOYAmt>
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      <PrepaidExpensesDefrdChargesGrp>
        <BOYAmt>40235</BOYAmt>
        <EOYAmt>24306</EOYAmt>
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      <LandBldgEquipCostOrOtherBssAmt>3149435</LandBldgEquipCostOrOtherBssAmt>
      <LandBldgEquipAccumDeprecAmt>826708</LandBldgEquipAccumDeprecAmt>
      <LandBldgEquipBasisNetGrp>
        <BOYAmt>1699406</BOYAmt>
        <EOYAmt>2322727</EOYAmt>
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      <InvestmentsPubTradedSecGrp>
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        <EOYAmt>1957480</EOYAmt>
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        <BOYAmt>221000</BOYAmt>
        <EOYAmt>81465</EOYAmt>
      </OtherAssetsTotalGrp>
      <TotalAssetsGrp>
        <BOYAmt>4907629</BOYAmt>
        <EOYAmt>5255259</EOYAmt>
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      <AccountsPayableAccrExpnssGrp>
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        <EOYAmt>189062</EOYAmt>
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      <DeferredRevenueGrp>
        <BOYAmt>218436</BOYAmt>
        <EOYAmt>91413</EOYAmt>
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      <MortgNotesPyblScrdInvstPropGrp>
        <BOYAmt>750240</BOYAmt>
        <EOYAmt>1011447</EOYAmt>
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      <OtherLiabilitiesGrp>
        <BOYAmt>3100</BOYAmt>
        <EOYAmt>1200</EOYAmt>
      </OtherLiabilitiesGrp>
      <TotalLiabilitiesGrp>
        <BOYAmt>1064087</BOYAmt>
        <EOYAmt>1293122</EOYAmt>
      </TotalLiabilitiesGrp>
      <OrganizationFollowsSFAS117Ind>X</OrganizationFollowsSFAS117Ind>
      <UnrestrictedNetAssetsGrp>
        <BOYAmt>1613750</BOYAmt>
        <EOYAmt>1622291</EOYAmt>
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      <TemporarilyRstrNetAssetsGrp>
        <BOYAmt>528939</BOYAmt>
        <EOYAmt>695652</EOYAmt>
      </TemporarilyRstrNetAssetsGrp>
      <PermanentlyRstrNetAssetsGrp>
        <BOYAmt>1700853</BOYAmt>
        <EOYAmt>1644194</EOYAmt>
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      <TotalNetAssetsFundBalanceGrp>
        <BOYAmt>3843542</BOYAmt>
        <EOYAmt>3962137</EOYAmt>
      </TotalNetAssetsFundBalanceGrp>
      <TotLiabNetAssetsFundBalanceGrp>
        <BOYAmt>4907629</BOYAmt>
        <EOYAmt>5255259</EOYAmt>
      </TotLiabNetAssetsFundBalanceGrp>
      <InfoInScheduleOPartXIInd>X</InfoInScheduleOPartXIInd>
      <ReconcilationRevenueExpnssAmt>247439</ReconcilationRevenueExpnssAmt>
      <NetUnrlzdGainsLossesInvstAmt>-82333</NetUnrlzdGainsLossesInvstAmt>
      <DonatedServicesAndUseFcltsAmt>-47988</DonatedServicesAndUseFcltsAmt>
      <OtherChangesInNetAssetsAmt>1477</OtherChangesInNetAssetsAmt>
      <InfoInScheduleOPartXIIInd>X</InfoInScheduleOPartXIIInd>
      <MethodOfAccountingAccrualInd>X</MethodOfAccountingAccrualInd>
      <AccountantCompileOrReviewInd>0</AccountantCompileOrReviewInd>
      <FSAuditedInd>1</FSAuditedInd>
      <FSAuditedBasisGrp>
        <SeparateBasisFinclStmtInd>X</SeparateBasisFinclStmtInd>
      </FSAuditedBasisGrp>
      <AuditCommitteeInd>1</AuditCommitteeInd>
      <FederalGrantAuditRequiredInd>0</FederalGrantAuditRequiredInd>
    </IRS990>
    <IRS990ScheduleA documentId="RetDoc1039100001">
      <SchoolInd>X</SchoolInd>
    </IRS990ScheduleA>
    <IRS990ScheduleB documentId="RetDoc1234500001">
      <ContributorInformationGrp>
        <ContributorNum>RESTRICTED</ContributorNum>
        <ContributorBusinessName>
          <BusinessNameLine1>RESTRICTED</BusinessNameLine1>
        </ContributorBusinessName>
        <ContributorUSAddress>
          <AddressLine1>RESTRICTED</AddressLine1>
          <AddressLine2>RESTRICTED</AddressLine2>
          <City>RESTRICTED</City>
          <State>RESTRICTED</State>
          <ZIPCode>RESTRICTED</ZIPCode>
        </ContributorUSAddress>
        <TotalContributionsAmt>RESTRICTED</TotalContributionsAmt>
      </ContributorInformationGrp>
    </IRS990ScheduleB>
    <IRS990ScheduleD documentId="RetDoc1039900001">
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        <RevenuesIncludedAmt>27000</RevenuesIncludedAmt>
        <AssetsIncludedAmt>161990</AssetsIncludedAmt>
      </HeldWorksArtGrp>
      <CollectionUsedPubExhibitionInd>X</CollectionUsedPubExhibitionInd>
      <CollUsedScholarlyRsrchInd>X</CollUsedScholarlyRsrchInd>
      <CollectionUsedPreservationInd>X</CollectionUsedPreservationInd>
      <CollectionUsedOtherPurposesGrp>
        <CollectionUsedOtherPurposesInd>X</CollectionUsedOtherPurposesInd>
        <OtherPurposesDesc>HELD FOR SALE</OtherPurposesDesc>
      </CollectionUsedOtherPurposesGrp>
      <SolicitedAssetsSaleInd>1</SolicitedAssetsSaleInd>
      <CYEndwmtFundGrp>
        <BeginningYearBalanceAmt>2094730</BeginningYearBalanceAmt>
        <ContributionsAmt>5844</ContributionsAmt>
        <InvestmentEarningsOrLossesAmt>-58933</InvestmentEarningsOrLossesAmt>
        <OtherExpendituresAmt>108974</OtherExpendituresAmt>
        <EndYearBalanceAmt>1932667</EndYearBalanceAmt>
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      <CYMinus1YrEndwmtFundGrp>
        <BeginningYearBalanceAmt>1921121</BeginningYearBalanceAmt>
        <ContributionsAmt>254903</ContributionsAmt>
        <InvestmentEarningsOrLossesAmt>75813</InvestmentEarningsOrLossesAmt>
        <OtherExpendituresAmt>157107</OtherExpendituresAmt>
        <EndYearBalanceAmt>2094730</EndYearBalanceAmt>
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      <CYMinus2YrEndwmtFundGrp>
        <BeginningYearBalanceAmt>2023570</BeginningYearBalanceAmt>
        <ContributionsAmt>18229</ContributionsAmt>
        <InvestmentEarningsOrLossesAmt>-115719</InvestmentEarningsOrLossesAmt>
        <OtherExpendituresAmt>4959</OtherExpendituresAmt>
        <EndYearBalanceAmt>1921121</EndYearBalanceAmt>
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        <ContributionsAmt>100057</ContributionsAmt>
        <InvestmentEarningsOrLossesAmt>92433</InvestmentEarningsOrLossesAmt>
        <GrantsOrScholarshipsAmt>4673</GrantsOrScholarshipsAmt>
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        <EndYearBalanceAmt>2023570</EndYearBalanceAmt>
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        <BeginningYearBalanceAmt>2397253</BeginningYearBalanceAmt>
        <ContributionsAmt>36035</ContributionsAmt>
        <InvestmentEarningsOrLossesAmt>-30131</InvestmentEarningsOrLossesAmt>
        <GrantsOrScholarshipsAmt>3958</GrantsOrScholarshipsAmt>
        <OtherExpendituresAmt>258911</OtherExpendituresAmt>
        <EndYearBalanceAmt>2140288</EndYearBalanceAmt>
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      <BoardDesignatedBalanceEOYPct>0.17780</BoardDesignatedBalanceEOYPct>
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      <EndowmentsHeldUnrelatedOrgInd>0</EndowmentsHeldUnrelatedOrgInd>
      <EndowmentsHeldRelatedOrgInd>0</EndowmentsHeldRelatedOrgInd>
      <LandGrp>
        <OtherCostOrOtherBasisAmt>655112</OtherCostOrOtherBasisAmt>
        <BookValueAmt>655112</BookValueAmt>
      </LandGrp>
      <LeaseholdImprovementsGrp>
        <OtherCostOrOtherBasisAmt>2194260</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>687012</DepreciationAmt>
        <BookValueAmt>1507248</BookValueAmt>
      </LeaseholdImprovementsGrp>
      <EquipmentGrp>
        <OtherCostOrOtherBasisAmt>55624</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>41792</DepreciationAmt>
        <BookValueAmt>13832</BookValueAmt>
      </EquipmentGrp>
      <OtherLandBuildingsGrp>
        <OtherCostOrOtherBasisAmt>244439</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>97904</DepreciationAmt>
        <BookValueAmt>146535</BookValueAmt>
      </OtherLandBuildingsGrp>
      <TotalBookValueLandBuildingsAmt>2322727</TotalBookValueLandBuildingsAmt>
      <OtherLiabilitiesOrgGrp>
        <Desc>REFUNDABLE ADVANCES</Desc>
        <Amt>1200</Amt>
      </OtherLiabilitiesOrgGrp>
      <TotalLiabilityAmt>1200</TotalLiabilityAmt>
      <TotalRevEtcAuditedFinclStmtAmt>2386677</TotalRevEtcAuditedFinclStmtAmt>
      <NetUnrealizedGainsInvstAmt>-82333</NetUnrealizedGainsInvstAmt>
      <OtherRevenueAmt>-488427</OtherRevenueAmt>
      <RevenueNotReportedAmt>-570760</RevenueNotReportedAmt>
      <RevenueSubtotalAmt>2957437</RevenueSubtotalAmt>
      <OtherRevenuesNotIncludedAmt>-99622</OtherRevenuesNotIncludedAmt>
      <RevenueNotReportedFinclStmtAmt>-99622</RevenueNotReportedFinclStmtAmt>
      <TotalRevenuePerForm990Amt>2857815</TotalRevenuePerForm990Amt>
      <TotExpnsEtcAuditedFinclStmtAmt>2268082</TotExpnsEtcAuditedFinclStmtAmt>
      <DonatedServicesUseFcltsAmt>47988</DonatedServicesUseFcltsAmt>
      <OtherExpensesIncludedAmt>99767</OtherExpensesIncludedAmt>
      <ExpensesNotReportedAmt>147755</ExpensesNotReportedAmt>
      <ExpensesSubtotalAmt>2120327</ExpensesSubtotalAmt>
      <OtherExpensesNotIncludedAmt>490049</OtherExpensesNotIncludedAmt>
      <ExpensesNotRptFinclStmtAmt>490049</ExpensesNotRptFinclStmtAmt>
      <TotalExpensesPerForm990Amt>2610376</TotalExpensesPerForm990Amt>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART III, LINE 4:</FormAndLineReferenceDesc>
        <ExplanationTxt>THE SCHOOL'S COLLECTION IS MADE UP OF DONATED ARTWORK. THE COLLECTION FURTHERS THE ORGANIZATION'S EXEMPT PURPOSE AS IT IS USED FOR ART EDUCATION, WHICH IS THE SCHOOL'S MISSION.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART V, LINE 4:</FormAndLineReferenceDesc>
        <ExplanationTxt>TO GENERATE INVESTMENT INCOME TO BE USED FOR SCHOLARSHIPS, FACULTY SALARIES AND TO FUND GENERAL OPERATIONS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART XI, LINE 2D - OTHER ADJUSTMENTS:</FormAndLineReferenceDesc>
        <ExplanationTxt>FINANCIAL AID NETTED VS. TUITION ON FINANCIAL STATEMENTS DONATED MATERIALS PROMISE OF DONATED FACILITIES</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART XI, LINE 4B - OTHER ADJUSTMENTS:</FormAndLineReferenceDesc>
        <ExplanationTxt>DIRECT EXPENSES OF FUNDRAISING EVENTS</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART XII, LINE 2D - OTHER ADJUSTMENTS:</FormAndLineReferenceDesc>
        <ExplanationTxt>DONATED MATERIALS DIRECT EXPENSES OF FUNDRAISING EVENTS</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART XII, LINE 4B - OTHER ADJUSTMENTS:</FormAndLineReferenceDesc>
        <ExplanationTxt>FINANCIAL AID</ExplanationTxt>
      </SupplementalInformationDetail>
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    <IRS990ScheduleE documentId="RetDoc1040400001">
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      <PolicyStmtInBrochuresEtcInd>1</PolicyStmtInBrochuresEtcInd>
      <PlcyPblczdViaBroadcastMediaInd>0</PlcyPblczdViaBroadcastMediaInd>
      <MaintainRacialCompRecsInd>1</MaintainRacialCompRecsInd>
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      <MaintainCpyOfBrochuresEtcInd>1</MaintainCpyOfBrochuresEtcInd>
      <MaintainCpyOfAllSolInd>1</MaintainCpyOfAllSolInd>
      <DiscriminateRaceStdntsRghtsInd>0</DiscriminateRaceStdntsRghtsInd>
      <DiscriminateRaceAdmissPlcyInd>0</DiscriminateRaceAdmissPlcyInd>
      <DiscriminateRaceEmplmFcultyInd>0</DiscriminateRaceEmplmFcultyInd>
      <DiscriminateRaceSchsInd>0</DiscriminateRaceSchsInd>
      <DiscriminateRaceEducPlcyInd>0</DiscriminateRaceEducPlcyInd>
      <DiscriminateRaceUseOfFcltsInd>0</DiscriminateRaceUseOfFcltsInd>
      <DiscriminateRaceAthltProgInd>0</DiscriminateRaceAthltProgInd>
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      <GovernmentFinancialAidRvkdInd>0</GovernmentFinancialAidRvkdInd>
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        <FormAndLineReferenceDesc>SCHEDULE E, PART I, LINE 3</FormAndLineReferenceDesc>
        <ExplanationTxt>THE SCHOOL DOES NOT CURRENTLY ADVERTISE THROUGH NEWSPAPER OR BROADCAST MEDIA. THE SCHOOL'S RACIALLY NONDISCRIMINATORY POLICY IS PUBLISHED IN ITS COURSE CATALOG AND ON ITS WEBSITE.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SCHEDULE E, PART I, LINE 6</FormAndLineReferenceDesc>
        <ExplanationTxt>THE SCHOOL RECEIVED A $35,800 GRANT, TOWARDS ITS GALLERY AND LECTURE SERIES, FROM THE NEW YORK CITY DEPARTMENT OF CULTURAL AFFAIRS. IN ADDITION, THE SCHOOL RECEIVED A $6,000 GRANT TOWARDS THE PRESERVATION AND DIGITALIZATION OF ITS LIBRARY FROM THE NATIONAL ENDOWMENT FOR THE HUMANITIES. THE SCHOOL ALSO RECEIVED A $203,958 GRANT TOWARDS ITS FACADE RESTORATION FROM THE NEW YORK STATE OFFICE OF PARKS, RECREATION AND HISTORIC PRESERVATION.</ExplanationTxt>
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    <IRS990ScheduleG documentId="RetDoc1041200001">
      <MailSolicitationsInd>X</MailSolicitationsInd>
      <EmailSolicitationsInd>X</EmailSolicitationsInd>
      <PhoneSolicitationsInd>X</PhoneSolicitationsInd>
      <InPersonSolicitationsInd>X</InPersonSolicitationsInd>
      <SolicitationOfNonGovtGrantsInd>X</SolicitationOfNonGovtGrantsInd>
      <SolicitationOfGovtGrantsInd>X</SolicitationOfGovtGrantsInd>
      <SpecialFundraisingEventsInd>X</SpecialFundraisingEventsInd>
      <AgrmtProfFundraisingActyInd>1</AgrmtProfFundraisingActyInd>
      <FundraiserActivityInfoGrp>
        <OrganizationBusinessName>
          <BusinessNameLine1Txt>MARNI CORBETT CONSULTING</BusinessNameLine1Txt>
        </OrganizationBusinessName>
        <USAddress>
          <AddressLine1Txt>30 OCEAN PARKWAY</AddressLine1Txt>
          <CityNm>BROOKLYN</CityNm>
          <StateAbbreviationCd>NY</StateAbbreviationCd>
          <ZIPCd>11218</ZIPCd>
        </USAddress>
        <ActivityTxt>FUNDRAISING CONSULTANT</ActivityTxt>
        <FundraiserControlOfFundsInd>0</FundraiserControlOfFundsInd>
        <GrossReceiptsAmt>387000</GrossReceiptsAmt>
        <RetainedByContractorAmt>70406</RetainedByContractorAmt>
        <NetToOrganizationAmt>316594</NetToOrganizationAmt>
      </FundraiserActivityInfoGrp>
      <TotalGrossReceiptsAmt>387000</TotalGrossReceiptsAmt>
      <TotalRetainedByContractorsAmt>70406</TotalRetainedByContractorsAmt>
      <TotalNetToOrganizationAmt>316594</TotalNetToOrganizationAmt>
      <FundraisingEventInformationGrp>
        <Event1Nm>FALL BENEFIT</Event1Nm>
        <GrossReceiptsEvent1Amt>417098</GrossReceiptsEvent1Amt>
        <CharitableContriEvent1Amt>384823</CharitableContriEvent1Amt>
        <GrossRevenueEvent1Amt>32275</GrossRevenueEvent1Amt>
        <RentFacilityCostsEvent1Amt>13075</RentFacilityCostsEvent1Amt>
        <FoodAndBeverageEvent1Amt>59821</FoodAndBeverageEvent1Amt>
        <OtherDirectExpensesEvent1Amt>26726</OtherDirectExpensesEvent1Amt>
        <GrossReceiptsTotalAmt>417098</GrossReceiptsTotalAmt>
        <CharitableContributionsTotAmt>384823</CharitableContributionsTotAmt>
        <GrossRevenueTotalEventsAmt>32275</GrossRevenueTotalEventsAmt>
        <RentFcltyCostsTotalEventsAmt>13075</RentFcltyCostsTotalEventsAmt>
        <FoodAndBeverageTotalEventsAmt>59821</FoodAndBeverageTotalEventsAmt>
        <OthDirectExpnssTotalEventsAmt>26726</OthDirectExpnssTotalEventsAmt>
        <DirectExpenseSummaryEventsAmt>99622</DirectExpenseSummaryEventsAmt>
        <NetIncomeSummaryAmt>-67347</NetIncomeSummaryAmt>
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    <IRS990ScheduleI documentId="RetDoc1041900001">
      <GrantRecordsMaintainedInd>1</GrantRecordsMaintainedInd>
      <GrantsOtherAsstToIndivInUSGrp>
        <GrantTypeTxt>SCHOLARSHIPS FOR STUDENTS ATTENDING THE SCHOOL</GrantTypeTxt>
        <RecipientCnt>79</RecipientCnt>
        <NonCashAssistanceAmt>420018</NonCashAssistanceAmt>
        <ValuationMethodUsedDesc>FAIR MARKET VALUE</ValuationMethodUsedDesc>
        <NonCashAssistanceDesc>CREDIT AGAINST TUITION</NonCashAssistanceDesc>
      </GrantsOtherAsstToIndivInUSGrp>
      <GrantsOtherAsstToIndivInUSGrp>
        <GrantTypeTxt>WORK STUDY - TUITION CREDITS FOR HOURS WORKED AT THE SCHOOL</GrantTypeTxt>
        <RecipientCnt>42</RecipientCnt>
        <NonCashAssistanceAmt>70031</NonCashAssistanceAmt>
        <ValuationMethodUsedDesc>FAIR MARKET VALUE</ValuationMethodUsedDesc>
        <NonCashAssistanceDesc>CREDIT AGAINST TUITION</NonCashAssistanceDesc>
      </GrantsOtherAsstToIndivInUSGrp>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART I, LINE 2:</FormAndLineReferenceDesc>
        <ExplanationTxt>USE OF FUNDS GRANTED FOR STUDENT SCHOLARSHIPS ARE MONITORED BY THE REVIEW OF ATTENDANCE RECORDS. USE OF FUNDS GRANTED FOR STUDENT WORKSTUDY ARE MONITORED BY THE EXAMINATION OF STUDENT TIMESHEETS FOR HOURS WORKED.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleI>
    <IRS990ScheduleJ documentId="RetDoc1042400001">
      <CompensationCommitteeInd>X</CompensationCommitteeInd>
      <IndependentConsultantInd>X</IndependentConsultantInd>
      <WrittenEmploymentContractInd>X</WrittenEmploymentContractInd>
      <BoardOrCommitteeApprovalInd>X</BoardOrCommitteeApprovalInd>
      <SeverancePaymentInd>0</SeverancePaymentInd>
      <SupplementalNonqualRtrPlanInd>0</SupplementalNonqualRtrPlanInd>
      <EquityBasedCompArrngmInd>0</EquityBasedCompArrngmInd>
      <CompBasedOnRevenueOfFlngOrgInd>0</CompBasedOnRevenueOfFlngOrgInd>
      <CompBsdOnRevRelatedOrgsInd>0</CompBsdOnRevRelatedOrgsInd>
      <CompBsdNetEarnsFlngOrgInd>0</CompBsdNetEarnsFlngOrgInd>
      <CompBsdNetEarnsRltdOrgsInd>0</CompBsdNetEarnsRltdOrgsInd>
      <AnyNonFixedPaymentsInd>0</AnyNonFixedPaymentsInd>
      <InitialContractExceptionInd>0</InitialContractExceptionInd>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>GRAHAM NICKSON</PersonNm>
        <TitleTxt>DEAN</TitleTxt>
        <BaseCompensationFilingOrgAmt>153518</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>0</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>0</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>0</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>0</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>12110</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>165628</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
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    <IRS990ScheduleM documentId="RetDoc1042900001">
      <WorksOfArtGrp>
        <NonCashCheckboxInd>X</NonCashCheckboxInd>
        <ContributionCnt>68</ContributionCnt>
        <NoncashContributionsRptF990Amt>220645</NoncashContributionsRptF990Amt>
        <MethodOfDeterminingRevenuesTxt>SELLING PRICE</MethodOfDeterminingRevenuesTxt>
      </WorksOfArtGrp>
      <SecuritiesPubliclyTradedGrp>
        <NonCashCheckboxInd>X</NonCashCheckboxInd>
        <ContributionCnt>2</ContributionCnt>
        <NoncashContributionsRptF990Amt>150909</NoncashContributionsRptF990Amt>
        <MethodOfDeterminingRevenuesTxt>FAIR MARKET VALUE</MethodOfDeterminingRevenuesTxt>
      </SecuritiesPubliclyTradedGrp>
      <AnyPropertyThatMustBeHeldInd>0</AnyPropertyThatMustBeHeldInd>
      <ReviewProcessUnusualNCGiftsInd>0</ReviewProcessUnusualNCGiftsInd>
      <ThirdPartiesUsedInd>0</ThirdPartiesUsedInd>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART I, COLUMN (B):</FormAndLineReferenceDesc>
        <ExplanationTxt>THE SCHOOL RECEIVED NUMEROUS PIECES OF ARTWORK FROM VARIOUS ARTISTS TO BE USED IN AUCTIONS. THE AUCTIONS GENERATED $193,645 OF SALES. THESE SALES WERE GENERATED FROM 68 INDIVIDUAL PIECES, THAT WERE DONATED BY 68 INDIVIDUAL CONTRIBUTORS. ITEMS THAT WERE DONATED THAT DID NOT SELL, WERE NOT CONSIDERED TO HAVE ANY SUBSTANTIAL VALUE AND WERE NOT RECORDED AS INVENTORY AND REVENUE.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleM>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 2</FormAndLineReferenceDesc>
        <ExplanationTxt>THE SCHOOL'S DEAN, GRAHAM NICKSON, IS MARRIED TO DITA AMORY, A MEMBER OF THE BOARD OF TRUSTEES. IN ADDITION, BOARD TRUSTEES, GEOFFREY R. HOGUET &amp; ANNALU PONTI ARE ALSO MARRIED.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 11</FormAndLineReferenceDesc>
        <ExplanationTxt>FORM 990 IS REVIEWED AND APPROVED BY THE FINANCE COMMITTEE.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 12</FormAndLineReferenceDesc>
        <ExplanationTxt>THE BOARD CONSULTS WITH THE SCHOOL'S DEAN TO INSURE COMPLIANCE WITH THE POLICY. ANY POTENTIAL CONFLICTS, IDENTIFIED BY THE DEAN, ARE ADDRESSED BY THE BOARD ON A CASE BY CASE BASIS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 15</FormAndLineReferenceDesc>
        <ExplanationTxt>THE DEAN'S SALARY WAS ESTABLISHED WITHIN THE GUIDELINES OF OUTSIDE INDEPENDENT ADVISORS AND MANAGEMENT CONSULTANTS AS WELL AS THE BOARD OF TRUSTEES CHAIRMAN, TREASURER AND FINANCE COMMITTEE. THE SALARY IS IN KEEPING WITH SIMILAR INSTITUTIONS GIVEN THE QUALIFICATIONS, ATTRIBUTES, FUNDRAISING ABILITIES AND RESPONSIBILITIES OF THE POSITION. (IT HAS BEEN NOTED TO BE ON THE LOW SIDE).</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION C, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART XI, LINE 9:</FormAndLineReferenceDesc>
        <ExplanationTxt>PROMISE OF DONATED FACILITIES 1,477.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART XII, LINE 2C:</FormAndLineReferenceDesc>
        <ExplanationTxt>THE PROCESS FOR OVERSEEING THE AUDIT HAS NOT CHANGED FROM THE PRIOR YEAR.</ExplanationTxt>
      </SupplementalInformationDetail>
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  </ReturnData>
</Return>