2012-04-16T10:33:01-05:00 2011-05-31 VONLEHMAN & COMPANY INC 250 GRANDVIEW DR SUITE 300 FT MITCHELL KY 41017 990 2010-06-01 311601569 ART ACADEMY OF CINCINNATI ARTA 5135626262 1212 JACKSON STREET CINCINNATI OH 452027106 JOHN SULLIVAN 5135626262 2012-04-12 1 8593313300 2010 2016-02-24 21:20:13Z JOHN SULLIVAN 1212 JACKSON STREET CINCINNATI OH 45202 7985600 0 X WWW.ARTACADEMY.EDU X 1998 OH TO OPERATE A COLLEGE OF ART AND DESIGN 20 20 179 10 0 0 350845 342483 4317425 4804294 45339 -292950 2851 5313 4716460 4859140 1460304 1907341 0 0 2375033 2236825 0 0 29636 2561798 2322628 6397135 6466794 -1680675 -1607654 15328105 15933505 3984899 4631866 11343206 11301639 OPERATE, MAINTAIN, AND OVERSEE AN INDEPENDENT COLLEGE OF ART AND DESIGN 0 0 5929677 4162037 OPERATE AN ACCREDITED POST-SECONDARY FINE ARTS EDUCATION FACILITY (ART ACADEMY) OFFERING CURRICULUM LEADING TO BACHELOR OF FINE ARTS DEGREE 5929677 1 1 0 0 0 0 0 0 1 1 1 0 0 1 1 0 1 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 1 1 1 0 1 33 0 179 1 0 0 0 0 0 0 0 0 0 0 0 0 X 20 20 0 0 0 0 0 0 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 OH X X X JEAN SPOHR 5135628752 1212 JACKSON STREET CINCINNATI OH 452027106 DAVID T JOHNSON 35.00 X X 90692 0 6576 TOM O'NEIL X X 0 0 0 JACK H GOODWIN X 0 0 0 RONALD T BATES X X 0 0 0 KIMBERLY BERTKE-CHAVEZ X 0 0 0 CATHERINE O BRADFORD X 0 0 0 JENNIFER GROTE X 0 0 0 HARRY J FINKE IV X X 0 0 0 HOWARD H MCILVAIN X 0 0 0 ALGERNON JOHNSON X X 0 0 0 MICHAEL M MENYHART X 0 0 0 CHARLES W KREHBIEL X 0 0 0 ABBY S SCHWARTZ X X 0 0 0 CHARLES E WHITE X 0 0 0 CARL SOLWAY X 0 0 0 DEBORAH ADAMS X 0 0 0 TYSONN BETTS X 0 0 0 LISA MATHER X 0 0 0 RAN MULLINS X 0 0 0 R WARNER OFF X 0 0 0 NANCY GLIER 35.00 X 70539 0 6576 JOHN COOPER 35.00 X 70539 0 6576 DIANE K SMITH 35.00 X 47769 0 4964 CATHERINE HARDY 35.00 X 11539 0 1612 291078 0 26304 0 0 0 0 HUMANA INC PO BOX 0859 CAROL STREAM IL 60132 HEALTH INSURANCE 268534 DUKE ENERGY PO BOX 740124 CINCINNATI OH 45274 UTILITIES 255575 BRANTLEY SECURITY SERVICES PO BOX 643878 CINCINNATI OH 45264 SECURITY 193662 1100 VINE LLC 1404 RACE ST SUITE 200 CINCINNATI OH 45202 RENT 105610 HOBSONS INC PO BOX 641055 CINCINNATI OH 45264 MARKETING AND WEBSITE CONSULTING 104584 5 342483 342483 TUITION 900099 4804294 4804294 4804294 354620 354620 2478890 3126460 -647570 -647570 -647570 MISCELLANEOUS INCOME 900099 5313 5313 5313 4859140 4162037 0 354620 1907341 1907341 317382 142999 174383 1605360 1491778 113582 159476 159476 154607 132264 22343 155412 151642 3770 809475 809475 19981 19884 97 MISCELLANEOUS 418196 214278 197173 6745 UTILITIES 279714 279714 SECURITY 200713 200713 SUPPLIES 71784 71726 58 PLANT MAINTENANCE 55135 55135 312218 293252 18966 6466794 5929677 507481 29636 516450 456565 28041 14340 533672 1202203 4731356 3994525 28967 85567 1960395 961589 1043521 998806 5189337 5834902 2964988 3032469 291773 314128 15328105 15933505 3249784 3742069 173952 170761 561163 719036 3984899 4631866 X 8099592 7510168 1835566 2351128 1408048 1440343 11343206 11301639 15328105 15933505 X -1607654 1566087 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 5079862 0 1044568 371365 5753065 5000014 1861 1102559 1024572 5079862 0.40300 0.21600 0.38100 0 0 287100 287100 356525 34910 321615 284004 95119 188885 991766 822904 168862 41000 8656 32344 998806 3032469 F 3032469 NOTE PAYABLE - RELATED PARTY 672194 BENEFICIAL INTEREST IN CHARITABLE TRUST 46842 719036 4859140 6466794 -1607654 1540050 26037 1566087 -41567 6425227 1540050 26037 1566087 4859140 0 4859140 6466794 0 6466794 0 6466794 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE ART ACADEMY OF CINCINNATI AND AFFILIATES HAS ADOPTED THE PROVISIONS OF THE ACCOUNTING PRONOUNCEMENT RELATED TO ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. THE ART ACADEMY OF CINCINNATI AND AFFILIATES RECOGNIZED NO INTEREST OR PENALTIES IN THE CONSOLIDATED STATEMENT OF ACTIVITIES FOR THE YEARS ENDED MAY 31, 2011 AND 2010. IF THE SITUATION AROSE IN WHICH THE ART ACADEMY OF CINCINNATI AND AFFILIATES WOULD HAVE INTEREST TO RECOGNIZE, IT WOULD RECOGNIZE THIS AS INTEREST EXPENSE AND PENALTIES WOULD BE RECOGNIZED IN OTHER EXPENSES. TAX YEARS STILL OPEN UNDER FEDERAL AND STATE STATUTE OF LIMITATIONS REMAIN SUBJECT TO REVIEW AND CHANGE. BASED ON THE EVALUATION OF THE ART ACADEMY OF CINCINNATI AND AFFILIATES TAX POSITIONS, MANAGEMENT BELIEVES ALL POSITIONS TAKEN WOULD BE UPHELD UNDER AN EXAMINATION. THEREFORE, NO PROVISION FOR THE EFFECTS OF UNCERTAIN TAX POSITIONS HAS BEEN RECORDED FOR THE YEARS ENDED MAY 31, 2011 AND 2010. PART XI, LINE 8 - OTHER ADJUSTMENTS: CHANGE IN BENEFICIAL INTEREST IN REMAINDER TRUST 6,575. CHANGE IN BENEFICIAL INTEREST IN PERPETUAL TRUST 19,462. PART XII, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN BENEFICIAL INTERESTS 26,037. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION SCHEDULE E, PART I, LINE 3 THE ART ACADEMY OF CINCINNATI PUBLISHES ITS RACIALLY NONDISCRIMINATORY POLICY IN THE NEWSPAPER AND THE ART ACADEMY OF CINCINNATI WEBSITE. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 THE ART ACADEMY OF CINCINNATI RECEIVES FEDERAL AND STATE STUDENT FINANCIAL AID. 1 SCHOLARSHIPS 208 1907341 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: SCHOLARSHIPS ARE MONITORED BY REGISTRAR AND FINANCIAL AID OFFICE AND THE FINANCE OFFICE FOR GPA REQUIREMENTS, ENROLLMENT REQUIREMENTS AND OTHER ISSUES. REVIEWS ARE DONE REGULARLY. ACADEMY ADVANCEMENT LIMITED WHOLLY OWNED SUBSIDIARY OF THE ART ACADEMY 0 NONE 0 1212 JACKSON LLC COMMON MANAGEMENT 810800 RENT PAID TO 1212 JACKSON, LLC 0 ART ACADEMY HOUSING INC WHOLLY OWNED SUBSIDIARY OF THE ART ACADEMY 0 HOUSING FOR STUDENTS 0 0 1212 JACKSON LLC COMMON MANAGEMENT 198229 INTEREST INCOME RECEIVED FROM 1212 JACKSON, LLC 0 FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 IS REVIEWED BY STAFF FOR ACCURACY THEN FORWARDED TO THE BOARD OF TRUSTEES FOR EXAMINATION. IT IS SENT TO THE BOARD OF TRUSTEES VIA ELECTRONIC FORMAT OR MAILED THROUGH THE POSTAL SYSTEM. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS DISTRIBUTED TO ALL NEW TRUSTEES, OFFICERS AND EMPLOYEES. THE POLICY CLEARLY EXPLAINS THE DUTY TO REPORT ANY SUSPECTED VIOLATIONS AND THE PROCEDURES TO FOLLOW. THE ANNUAL ACKNOWLEDGEMENT AND DISCLOSURE STATEMENT IS TO BE SIGNED AND RETURNED TO THE FINANCE OFFICE. FORM 990, PART VI, SECTION B, LINE 15 THE CEO/PRESIDENT COMPENSATION IS REVIEWED AND APPROVED BY THE BOARD OF TRUSTEES OR INDIVIDUAL(S) AUTHORIZED BY THE BOARD. DATA ON COMPARABLE COMPENSATION FOR SIMILARLY QUALIFIED PERSONS IN FUNCTIONALLY COMPARABLE POSITIONS AT SIMILARLY SITUATED ORGANIZATIONS ALONG WITH PERFORMANCE REVIEWS ARE USED TO DETERMINE COMPENSATION. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE ON THE ART ACADEMY'S WEBSITE AT WWW.ARTACADEMY.EDU. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 1,540,050. CHANGE IN BENEFICIAL INTEREST IN REMAINDER TRUST 6,575. CHANGE IN BENEFICIAL INTEREST IN PERPETUAL TRUST 19,462. TOTAL TO FORM 990, PART XI, LINE 5: 1,566,087. 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