Studio Arts College International Inc.

“There is a spousal relationship between TWO of the board members.”

“The form 990 was prepared by a professional CPA firm that specializes in providing services to nonprofit organizations and then reviewed by the financial staff and provided in draft form to management and the board for their approval prior to submission.”

“The School has a conflict of interest policy for all staff members and for the board of trustees. Annual conflict of interest questionnaires are completed by all Trustees and members of executive management. Any conflicts noted are brought to the attention of the Board of Trustees for review and action if necessary.”

“All salaries are approved annually by the board of Trustees through the annual budget approval process. Salaries are determined by management for all staff on an annual basis. Salaries are reviewed for comparability with other schools of similar size and location on a regular basis. The compensation for the executive management employees is reviewed on a regular basis by the Board of Trustees. Comparisons of compensation with similar sized institutions of higher learning and study abroad programs are made during these salary reviews.”

“One of the officers of the board of trustees was the prior president of the organization. In accordance with an severance contract approved during her employment with the School, payments will be made over a five year term for the amounts accrued under the contract. During the year ended August 31, 2105, $54,329 was paid in accordance with the contract terms and accordingly has been included in other compensation in Part VII.”

“Saci's mission is to provide undergraduate and graduate students with a challenging, life-enhancing experience in the center of florence in traditional and contemporary studio arts, design, conservation, and art history. Students directly access centuries of italian culture through a wide range of courses of academic excellence. Saci engages in leading areas of research and exploration, interacts with the community through artistic and social programs, and prepares students to excel in their chosen field.”

“SACI is the oldest and most prestigious American art school in Florence. The institution was founded in 1975 by painter Jules Maidoff, whose goal was to offer the finest and most challenging training to the next generation of artists, art historians, and art conservators, as well as the opportunity to live out a full, first-hand immersion within Florentine culture and customs. SACI's main facilities are two beautiful historical palazzi in the center of Florence: the Palazzo dei Cartelloni, acquired in 1999, and the Palazzo Jules Maidoff for the Visual Arts, acquired in 2006. Over the course of its history, SACI has succeeded in fulfilling a large number of astonishing achievements. These are but a few amongst the many reasons the institution is so highly regarded by its students, its faculty, its alumni, and within the Florentine community itself: Since 1975, over 11,000 students have benefited from the high educational standards offered at SACI. Among its alumni are oscar-nominated film directors, artists who have exhibited in the London National Portrait Gallery and many other prestigious galleries worldwide, art conservators of the highest level, jewelry designers working on Hollywood productions, just to mention a few. SACI's Conservation Department works on many masterpieces from the Renaissance, giving students the opportunity to learn while actually restoring works by some of the greatest maestros of Italian art. Between 1996 and 2006 the Department fully restored the historical Chapel of Santa Maria degli Angiolini, which had been closed since 1966, when it was damaged by the flood. Many extraordinary artists have exhibited in the two SACI Galleries, from fashion designer Elio Fiorucci to Proust Armchair creator Alessandro Mendini, from Audrey Flack to Beverly Pepper. The SACI Artists Council includes such well known international artists as Christo, Ralph Gibson, and Sting. David Hockney honored SACI with his participation in the institution's 2008 Painted Optics Symposium. Programs of Study - Undergraduate Academic Year/Semester Abroad, Late Spring or Summer Sessions: The extensive range of studio arts, design, conservation, art history, and Italian culture and language courses provides our students with the means to meet their individual educational needs while connecting them with the rich cultural heritage of Italy. The student body is comprised of students enrolled at US universities and at institutions in other countries. In both Fall and Spring, a student can enroll in five classes for a total of 15 credits. During these terms, students additionally have the possibility to work as apprentices with artisans, and advanced students may be eligible to take a directed independent study or traineeship in a design firm, museum, or gallery. As part of their classes, SACI students often create artwork for local hospitals and human rights organizations, and restore major art treasures that are a part of Italys cultural heritage. Outside of class, student volunteers can teach English at elementary schools, serve as English-language museum guides, and assist at human rights agencies. In addition to visiting many famous Italian cities over the course of the year, students use a museum pass provided by SACI to visit Florentine museums and historic sites. Students visit artists and designers studios, private collections, galleries, art fairs, and theaters. They have access to modern and historic art collections, research libraries, and contemporary art museums. Academic Year and Semester Abroad Program students enjoy many opportunities to exhibit their artwork in SACIs two galleries. The Academic Year Abroad culminates in a major end-of-year student exhibition which serves as an opportunity for students to display their work also to the Florentine public. Graduate Studies Programs - MFA in Studio Art, MFA in Photography, MFA in Art History (beginning in September 2015), Post Bac programs in Studio Art and Conservation. SACIs”

“Salaries for the organization are paid in Italy and in the United States. Italian employees that are Italian citizens and work in Italy are paid in Italy and all tax filings are done with the Italian government. There are also professors working in Italy that are United States citizens or citizens of other countries. Salaries for those professors that are US citizens have their payroll reported on the W-2's and W-3's by the School to the US Treasury. their home institutions in the United States, who then are responsible for the wage reporting and payment of taxes for these employees. employees. employees.”

“The Organization has operations in Italy and as a result there are assets and liabilities that must be translated from Euro to US dollar for financial statement purposes resulting in a translation gain or loss that is recognized each year. There was a translation LOSS of $610,631 recorded at August 31, 2015 that is shown as an other change in net assets.”