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      <Advertising>
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      <TravelEntrtnmntPublicOfficials>
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      <ConferencesMeetings>
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      <PaymentsToAffiliates>
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      <AuditCommittee>true</AuditCommittee>
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        <Explanation>The Academy is exempt from income taxes under Internal Revenue Code section 501(c)(3), however income tax is imposed on income from a business enterprise of a non profit organization that is not related to its tax-exempt status. There is no tax for the year ended December 31, 2011. As a California nonprofit school, the Academy is exempt from state income taxes. Contributions to the Academy are deductible by the donors as provided by the Internal Revenue Code.In June 2006, the Financial Accounting Standards Board issued ASC 740-10 (formerly known as FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes), which prescribed a comprehensive model for how an organization should measure, recognize, present, and disclose in its financial statements uncertain tax positions that an organization has taken or expects to take on a tax return. The Academy has adopted ASC 740-10. There was no impact to the Academy's financial statements as a result of the implementation of ASC 740-10.</Explanation>
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        <CompReportPrior990FilingOrg>209472</CompReportPrior990FilingOrg>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartIII>
        <Identifier>Sch J, Part I, Line 1a</Identifier>
        <ReturnReference>Part I, Line 1a: Relevant information in regards to selections on 1a.</ReturnReference>
        <Explanation>HOUSING IS A REQUIRED CONDITION OF EMPLOYMENT AND IS INCLUDED AS PART OF EMPLOYMENT CONTRACT</Explanation>
      </Form990ScheduleJPartIII>
    </IRS990ScheduleJ>
    <IRS990ScheduleK documentId="IRS990ScheduleK.5" softwareId="11000144" softwareVersion="2011v1.2">
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>MUSIC ACADEMY OF THE WEST</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>951525814</IssuerEIN>
        <CUSIPNumber>801321JX9</CUSIPNumber>
        <DateIssued>2007-04-24</DateIssued>
        <IssuePrice>4685000</IssuePrice>
        <DescriptionOfPurpose>BUILDING CONSTRUCTION</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>MUSIC ACADEMY OF THE WEST</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>951525814</IssuerEIN>
        <CUSIPNumber>801321JW1</CUSIPNumber>
        <DateIssued>2007-04-24</DateIssued>
        <IssuePrice>4415000</IssuePrice>
        <DescriptionOfPurpose>BUILDING CONSTRUCTION</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <FedTaxRequirementsCompliance>X</FedTaxRequirementsCompliance>
    </IRS990ScheduleK>
    <IRS990ScheduleK documentId="IRS990ScheduleK.4" softwareId="11000144" softwareVersion="2011v1.2">
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>MUSIC ACADEMY OF THE WEST</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>951525814</IssuerEIN>
        <CUSIPNumber>801321JV3</CUSIPNumber>
        <DateIssued>2007-04-24</DateIssued>
        <IssuePrice>630000</IssuePrice>
        <DescriptionOfPurpose>BUILDING CONSTRUCTION</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>MUSIC ACADEMY OF THE WEST</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>951525814</IssuerEIN>
        <CUSIPNumber>801321JU5</CUSIPNumber>
        <DateIssued>2007-04-24</DateIssued>
        <IssuePrice>605000</IssuePrice>
        <DescriptionOfPurpose>BUILDING CONSTRUCTION</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>MUSIC ACADEMY OF THE WEST</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>951525814</IssuerEIN>
        <CUSIPNumber>801321JT8</CUSIPNumber>
        <DateIssued>2007-04-24</DateIssued>
        <IssuePrice>575000</IssuePrice>
        <DescriptionOfPurpose>BUILDING CONSTRUCTION</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>MUSIC ACADEMY OF THE WEST</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>951525814</IssuerEIN>
        <CUSIPNumber>801321JS0</CUSIPNumber>
        <DateIssued>2007-04-24</DateIssued>
        <IssuePrice>555000</IssuePrice>
        <DescriptionOfPurpose>BUILDING CONSTRUCTION</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <FedTaxRequirementsCompliance>X</FedTaxRequirementsCompliance>
    </IRS990ScheduleK>
    <IRS990ScheduleK documentId="IRS990ScheduleK.3" softwareId="11000144" softwareVersion="2011v1.2">
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>MUSIC ACADEMY OF THE WEST</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>951525814</IssuerEIN>
        <CUSIPNumber>801321JR2</CUSIPNumber>
        <DateIssued>2007-04-24</DateIssued>
        <IssuePrice>530000</IssuePrice>
        <DescriptionOfPurpose>BUILDING CONSTRUCTION</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>MUSIC ACADEMY OF THE WEST</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>951525814</IssuerEIN>
        <CUSIPNumber>801321JQ4</CUSIPNumber>
        <DateIssued>2007-04-24</DateIssued>
        <IssuePrice>510000</IssuePrice>
        <DescriptionOfPurpose>BUILDING CONSTRUCTION</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>MUSIC ACADEMY OF THE WEST</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>951525814</IssuerEIN>
        <CUSIPNumber>801321JP6</CUSIPNumber>
        <DateIssued>2007-04-24</DateIssued>
        <IssuePrice>490000</IssuePrice>
        <DescriptionOfPurpose>BUILDING CONSTRUCTION</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>MUSIC ACADEMY OF THE WEST</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>951525814</IssuerEIN>
        <CUSIPNumber>801321JN1</CUSIPNumber>
        <DateIssued>2007-04-24</DateIssued>
        <IssuePrice>470000</IssuePrice>
        <DescriptionOfPurpose>BUILDING CONSTRUCTION</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <FedTaxRequirementsCompliance>X</FedTaxRequirementsCompliance>
    </IRS990ScheduleK>
    <IRS990ScheduleK documentId="IRS990ScheduleK.2" softwareId="11000144" softwareVersion="2011v1.2">
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>MUSIC ACADEMY OF THE WEST</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>951525814</IssuerEIN>
        <CUSIPNumber>801321JM3</CUSIPNumber>
        <DateIssued>2007-04-24</DateIssued>
        <IssuePrice>450000</IssuePrice>
        <DescriptionOfPurpose>BUILDING CONSTRUCTION</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>MUSIC ACADEMY OF THE WEST</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>951525814</IssuerEIN>
        <CUSIPNumber>801321JL5</CUSIPNumber>
        <DateIssued>2007-04-24</DateIssued>
        <IssuePrice>435000</IssuePrice>
        <DescriptionOfPurpose>BUILDING CONSTRUCTION</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>MUSIC ACADEMY OF THE WEST</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>951525814</IssuerEIN>
        <CUSIPNumber>801321JK7</CUSIPNumber>
        <DateIssued>2007-04-24</DateIssued>
        <IssuePrice>415000</IssuePrice>
        <DescriptionOfPurpose>BUILDING CONSTRUCTION</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>MUSIC ACADEMY OF THE WEST</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>951525814</IssuerEIN>
        <CUSIPNumber>801321JJ0</CUSIPNumber>
        <DateIssued>2007-04-24</DateIssued>
        <IssuePrice>400000</IssuePrice>
        <DescriptionOfPurpose>BUILDING CONSTRUCTION</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <FedTaxRequirementsCompliance>X</FedTaxRequirementsCompliance>
    </IRS990ScheduleK>
    <IRS990ScheduleK documentId="IRS990ScheduleK.1" softwareId="11000144" softwareVersion="2011v1.2">
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>MUSIC ACADEMY OF THE WEST</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>951525814</IssuerEIN>
        <CUSIPNumber>801321JH4</CUSIPNumber>
        <DateIssued>2007-04-24</DateIssued>
        <IssuePrice>385000</IssuePrice>
        <DescriptionOfPurpose>BUILDING CONSTRUCTION</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>MUSIC ACADEMY OF THE WEST</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>951525814</IssuerEIN>
        <CUSIPNumber>801321JG6</CUSIPNumber>
        <DateIssued>2007-04-24</DateIssued>
        <IssuePrice>370000</IssuePrice>
        <DescriptionOfPurpose>BUILDING CONSTRUCTION</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>MUSIC ACADEMY OF THE WEST</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>951525814</IssuerEIN>
        <CUSIPNumber>801321JF8</CUSIPNumber>
        <DateIssued>2007-04-24</DateIssued>
        <IssuePrice>360000</IssuePrice>
        <DescriptionOfPurpose>BUILDING CONSTRUCTION</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>MUSIC ACADEMY OF THE WEST</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>951525814</IssuerEIN>
        <CUSIPNumber>801321JE1</CUSIPNumber>
        <DateIssued>2007-04-24</DateIssued>
        <IssuePrice>345000</IssuePrice>
        <DescriptionOfPurpose>BUILDING CONSTRUCTION</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartII>
        <TotalProceeds>16625000</TotalProceeds>
        <AmountInReserveFund>1071542</AmountInReserveFund>
        <IssuanceCostsFromProceeds>170000</IssuanceCostsFromProceeds>
        <CapitalExpenditures>15000000</CapitalExpenditures>
        <CurrentRefunding>false</CurrentRefunding>
        <AdvanceRefunding>false</AdvanceRefunding>
        <AdequateBooksAndRecdsMaintaind>true</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
      <Form990ScheduleKPartIII>
        <OwningBondFinancedProperty>false</OwningBondFinancedProperty>
        <AnyLeaseArrangements>false</AnyLeaseArrangements>
        <MngmentCntrctBondFinancdPrprty>false</MngmentCntrctBondFinancdPrprty>
        <AnyResearchAgreements>false</AnyResearchAgreements>
        <PostIssuanceComplianceProcdrs>true</PostIssuanceComplianceProcdrs>
      </Form990ScheduleKPartIII>
      <Form990ScheduleKPartIV>
        <VariableRateIssue>true</VariableRateIssue>
        <HedgeIdentifiedInBooksAndRecds>false</HedgeIdentifiedInBooksAndRecds>
        <GrossProceedsInvestedInGIC>true</GrossProceedsInvestedInGIC>
        <NameOfGICProvider>
          <BusinessNameLine1>ROYAL BANK OF CANADA</BusinessNameLine1>
        </NameOfGICProvider>
        <GrossProceedsInvested>false</GrossProceedsInvested>
      </Form990ScheduleKPartIV>
      <FedTaxRequirementsCompliance>X</FedTaxRequirementsCompliance>
    </IRS990ScheduleK>
    <IRS990ScheduleM documentId="IRS990ScheduleM" softwareId="11000144" softwareVersion="2011v1.2">
      <Collectibles>
        <NonCashCheckbox>X</NonCashCheckbox>
        <NumberOfContributions>4</NumberOfContributions>
        <NoncashContribsRptdF990>64825</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>comparable amt</MethodOfDeterminingRevenues>
      </Collectibles>
      <AnyPropertyThatMustBeHeld>false</AnyPropertyThatMustBeHeld>
      <ReviewProcessUnusualNCGifts>true</ReviewProcessUnusualNCGifts>
      <ThirdPartiesUsed>false</ThirdPartiesUsed>
    </IRS990ScheduleM>
    <IRS990ScheduleO documentId="IRS990ScheduleO" softwareId="11000144" softwareVersion="2011v1.2">
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 19</Identifier>
        <ReturnReference>Form 990, Part VI, Line 19: Other Organization Documents Publicly Available</ReturnReference>
        <Explanation>UPON REQUEST</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 15b</Identifier>
        <ReturnReference>Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees</ReturnReference>
        <Explanation>THE COMPENSATION COMMITTEE OF THE BOARD REVIEWS WAGE STUDIES TO DETERMINE THE RECOMMENDED SALARIES. THE RECOMMENDED SALARIES ARE THEN APPROVED BY THE BOARD OF DIRECTORS.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 12c</Identifier>
        <ReturnReference>Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts</ReturnReference>
        <Explanation>Forms are distributed at Board Meeting and returned to Assistant to the President. Forms sent to DIRECTORS, OFFICERS AND KEY EMPLOYEES not at the meeting. Assistant to the President follows up with any missing forms.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 11</Identifier>
        <ReturnReference>Form 990, Part VI, Line 11: Form 990 Review Process</ReturnReference>
        <Explanation>990 will be reviewed in detail by the Audit Committee and reviewed by Board.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
  </ReturnData>
</Return>