| FORM 990, PART VI, SECTION B, LINE 11B |
IN ADVANCE OF SUBMITTING THE SCHOOL'S FY 2023 FORM 990, IT WAS INITIALLY REVIEWED BY THE DIRECTOR OF FINANCE AND EXECUTIVE DIRECTOR. 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 ARTISTIC DIRECTOR AND BY THE BUDGET, AUDIT AND COMPENSATION COMMITTEE FOR OTHER KEY EMPLOYEES, SPECIFICALLY CHAIRMAN OF FACULTY, DIRECTOR OF FINANCE, DIRECTOR OF DEVELOPMENT, DIRECTOR OF PUBLIC RELATIONS, AND DEAN OF STUDENTS. 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 2020, THE BOARD COMMITTEE EXTENDED THE EXECUTIVE DIRECTOR'S CONTRACT FOR 5 YEARS. THE EXECUTIVE DIRECTOR'S SALARY WAS REVIEWED AND APPROVED WITH COMPARABILITY INFORMATION COVERING 09/04/2020 - 09/03/2025. |
| 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 XI, LINE 9: |
REVERSAL OF A PRIOR YEAR PLEDGE -73,500. |
| 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. |
Attach to Form 990 or 990-EZ.