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Black Arts: The $800 Million Family Selling Art Degrees and False Hope
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Date: November 12th, 2015 4:53 PM Author: tan spot Stephens has plenty to celebrate. Since taking over as president of the family-owned Academy of Art University more than two decades ago, she’s transformed the 86-year-old for-profit institution from a regional operation into America’s largest private art university. Under her watch enrollment has skyrocketed from 2,200 to 16,000, generating an estimated $300 million in annual revenues, heavily subsidized by federal student loans. The Stephens family has turned that pile of art-school tuition into one of the largest real estate empires in San Francisco, with more than 40 properties in prime areas, including a historic former cannery on Fisherman’s Wharf and a 138,000-square-foot office building steps from City Hall. In all, the real estate is worth an estimated $420 million, net of debt, and the family pulls in tens of millions of dollars each year leasing these buildings back to the Academy of Art for classrooms and dorms.
http://www.forbes.com/sites/katiasavchuk/2015/08/19/black-arts-the-800-million-family-selling-art-degrees-and-false-hopes/ |
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Date: November 12th, 2015 4:55 PM Author: galvanic voyeur hissy fit 1800000000000000000000000000000000000000 (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29168397) |
Date: November 12th, 2015 4:57 PM Author: cerebral pontificating church kikes? (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29168415) |
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Date: November 12th, 2015 5:03 PM Author: galvanic voyeur hissy fit How are you not going to quote this gem:
After graduating with a political science degree from Vassar in 1981, she took classes at the family’s university for a year, then got a law degree from the University of San Francisco (on the strength of her J.D. she now asks to be called “Doctor”). |
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Date: November 12th, 2015 5:05 PM Author: Exhilarant idea he suggested (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29168498) |
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Date: November 12th, 2015 5:06 PM Author: Violet house LOOOOOOOOL (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29168513) |
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Date: November 12th, 2015 5:11 PM Author: Nudist Persian (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29168552) |
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Date: November 12th, 2015 5:59 PM Author: know-it-all crystalline jew heaven (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29168888) |
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Date: November 12th, 2015 7:13 PM Author: tan spot (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29169243) |
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Date: November 12th, 2015 7:58 PM Author: olive garrison volcanic crater (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29169498) |
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Date: November 12th, 2015 8:06 PM Author: Irradiated Forum Pistol (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29169552) |
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Date: November 13th, 2015 12:50 AM Author: sepia organic girlfriend One Eight Zero (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29171681) |
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Date: November 13th, 2015 9:51 AM Author: Splenetic Citrine Toilet Seat This (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29172588) |
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Date: November 13th, 2015 10:03 AM Author: Fragrant tank Very well, Doctor Cunt. (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29172628) |
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Date: November 13th, 2015 11:52 AM Author: Greedy yellow doctorate skinny woman (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29173382) |
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Date: November 13th, 2015 11:58 AM Author: vivacious deer antler lodge you need a trigger here. I was drinking water and almost spit it all over my screen. (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29173420) |
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Date: November 13th, 2015 12:31 PM Author: Wonderful Mint Multi-billionaire (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29173669) |
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Date: November 12th, 2015 5:04 PM Author: Nudist Persian LOL.
These people are just slightly worse versions of EVERY university administrator |
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Date: November 12th, 2015 5:11 PM Author: Nudist Persian Elitist academics: oh how disgusting! this classless fraud is gaming the system!
http://observer.com/2006/05/nyu-columbia-make-a-mint-on-real-estate/
The problem comes, according to City Project, when these private institutions buy property and take them off the property-tax rolls, depriving the city of funds to pay the Police Department, the Fire Department, the public schools and universities, and all the other things that are going to keep the value of that $1 million apartment from plummeting into a 1970’s redux. All told, if private education facilities were taxable, the city would be $386 million a year richer, the report finds—pocket change for a city with a $50 billion budget, perhaps, but an amount that’s growing by over 30 percent a year.
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Date: November 12th, 2015 5:13 PM Author: Violet house they don't have to pay property tax? holy shit that's a genius scam (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29168567) |
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Date: November 12th, 2015 5:13 PM Author: translucent misunderstood trump supporter (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29168568) |
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Date: November 12th, 2015 5:18 PM Author: red motley casino crotch (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29168602) |
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Date: November 12th, 2015 5:22 PM Author: Violet house what does it take to open a school offering degrees in paralegal studies and criminal justice? (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29168633) |
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Date: November 12th, 2015 6:58 PM Author: tan spot (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29169162) |
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Date: November 12th, 2015 5:12 PM Author: translucent misunderstood trump supporter Fuck they are PWNING (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29168560) |
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Date: November 12th, 2015 5:17 PM Author: Violet house they get students to borrow $300 million per year....
take that money and buy real estate in one of the highest appreciating markets in the country, which as an educational institution is exempt from property tax....
and then get students to borrow another $300 million per year to pay the loan payments on those properties, because they were leased back to the school....
all the while never being liable for any of the debt.
jesus, it's brilliant. |
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Date: November 12th, 2015 5:17 PM Author: translucent misunderstood trump supporter (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29168601) |
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Date: November 12th, 2015 5:48 PM Author: Aqua Orchestra Pit (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29168835) |
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Date: November 12th, 2015 6:06 PM Author: stimulating coffee pot *slow clap* (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29168928) |
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Date: November 12th, 2015 9:53 PM Author: tan spot (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29170404) |
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Date: November 13th, 2015 9:48 AM Author: Passionate orchid partner roast beef greatest country in the world (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29172569) |
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Date: November 13th, 2015 9:49 AM Author: sapphire odious idiot diabolical genuis (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29172578) |
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Date: November 12th, 2015 6:08 PM Author: Rose territorial gay wizard personal credit line That wont end well (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29168938) |
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Date: November 12th, 2015 7:01 PM Author: tan spot I bet they have some brilliant exit strategy that involves shutting the school down. (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29169174) |
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Date: November 12th, 2015 7:02 PM Author: Rose territorial gay wizard personal credit line possible as well you never know in this world of fraudlies and creampies (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29169178) |
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Date: November 12th, 2015 7:28 PM Author: Violet house go public, then when that money starts to run out sell to Apollo in a few years (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29169311) |
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Date: November 13th, 2015 9:52 AM Author: Splenetic Citrine Toilet Seat They'll buy ANYTHING (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29172593) |
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Date: November 12th, 2015 7:28 PM Author: diverse national security agency It usually ends with the college going not for profit and the family continues to own the land. (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29169321) |
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Date: November 13th, 2015 10:55 AM Author: tan spot This seems like a likely scenario. (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29172961) |
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Date: November 12th, 2015 7:08 PM Author: tan spot Today, a staff of seven full-time AAU employees is responsible for polishing, waxing, dusting, and otherwise maintaining the cars.
http://www.thebolditalic.com/articles/7054-just-how-much-is-academy-of-arts-vintage-car-collection-worth |
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Date: November 13th, 2015 10:12 AM Author: Fragrant tank GUILLOTINES! (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29172668) |
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Date: November 12th, 2015 7:15 PM Author: Zippy maize address pisswyrm corruption (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29169251) |
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Date: November 12th, 2015 7:22 PM Author: Godawful Prole Half-breed Someone explain to me like I'm 5 how the $300million a year goes to buying real estate then they lease it back to the university. Why isn't the real estate owned by the university? (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29169283) |
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Date: November 12th, 2015 7:27 PM Author: Violet house the family owns the for-profit school. they took the profits and used those to buy the real estate. then they turned around and leased it back to the school (which they also own).
extremely common for closely held businesses to do this. |
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Date: November 12th, 2015 7:29 PM Author: Godawful Prole Half-breed Ah, I'm a fuckin moron and misread it as non-profit. (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29169325) |
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Date: November 12th, 2015 9:05 PM Author: Swashbuckling wagecucks crackhouse if they own the university, why is it beneficial to get the money in the form of lease payments instead of having the school own the real estate outright and make higher profits? is it just b/c it reduces the school's taxable profits and the family's income is taxed at a lower rate than the school's profits would be? how can they avoid property tax if they own the real estate separately from the school? (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29170005) |
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Date: November 13th, 2015 11:55 AM Author: Greedy yellow doctorate skinny woman the federal government does this too in many non-HQ buildings
I know of one instance where GSA effectively kicked the agency which was in the building out thinking they could get more money from private businesses, which they didn't. it had been sitting empty for at least two years when someone told me about it |
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Date: November 12th, 2015 7:27 PM Author: diverse national security agency Presumably because the college is wholly owned by the family holding companies. The 300m is distributed to the holding companies as dividends, income, whatever. Idk though I didn't read the article. (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29169309) |
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Date: November 12th, 2015 7:29 PM Author: Violet house the $300 million is annual revenue. profit margins used to be in the low double digits and are now in the single digits as enrollment has dropped. (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29169324) |
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Date: November 12th, 2015 7:32 PM Author: Lime Genital Piercing (not a jew) (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29169352) |
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Date: November 13th, 2015 10:13 AM Author: Fragrant tank (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29172672) |
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Date: November 12th, 2015 7:26 PM Author: Lime Genital Piercing ljllll this school is HUGE in SF.. they dont have one campus, they have fucking like 25 diff buildings and their own fuking private bus operation to drive all the students around
and guess why this shit will stay in business? cause over half the fuking students are NOWAGS from asia, willing to fork over retarded money for a shit arts degree so they can be in the land of HANDSOME.. whenever i see these shit studetns its all nowags with their fuking art bag walking arnd like NOWAGS do
amerikkka is the biggest fuking scam on earth, nuke this shithole |
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Date: November 12th, 2015 7:35 PM Author: tan spot It's pretty funny just how huge and spread out the school is in SF. Its presence is almost like NYU's in Manhattan. (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29169372) |
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Date: November 12th, 2015 8:05 PM Author: slate slimy rehab No idiot this scam stays in business because the govt guarantees unlimited amounts of money for tuition and higher ed scammers try to capture the subsidy (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29169545) |
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Date: November 13th, 2015 9:54 AM Author: Splenetic Citrine Toilet Seat This. The azns are just the icing on the cake (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29172598) |
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Date: November 12th, 2015 7:27 PM Author: excitant fat ankles roommate unreal (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29169304) |
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Date: November 12th, 2015 7:36 PM Author: Violet house i wonder if this is the kind of shit that was talked about before the french revolution (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29169376) |
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Date: November 12th, 2015 7:46 PM Author: tan spot Also worth noting from the following comment:
Actually, Academy of Art “degrees” really are worthless. Yes, they are “accredited,” but the accreditation is by a *different organization* than is used by real colleges and universities (anything from CCSF to SF State to UC Berkeley to Stanford etc.). So let’s say you have a degree from A of A. Later, you decide you might like to get an MFA ar other higher degree at one of the real universities. They will laugh at you. “What? You think this A of A thing is a degree?”
From their perspective, it’s as much a degree as a roll of paper towels.
It’s tricky at best to get work with a Art degree, but if you MUST HAVE a degree in art, try to get into the SF Art Institute or other legitimate art school; or even study art at UCB or SF State etc.
Sure, people actually learn stuff at A of A, but their options for graduate training are very small indeed.
http://www.missionmission.org/2008/06/27/is-your-academy-of-art-university-diploma-worth-a-shit/ |
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Date: November 12th, 2015 7:48 PM Author: Violet house this is egregious (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29169453) |
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Date: November 12th, 2015 7:52 PM Author: slate slimy rehab a scam of the highest order. thousands of higher ed sycophants have dipped their hands into the treasury, but the shamelessness of this family is astounding. raiding the treasury so brazenly and publicly would result in strong public condemnation in a just world. but instead the highly educated, ostensibly ethical people of the ivory tower will defend this fraud system because everyone just wants theirs in 2015 america. (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29169474) |
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Date: November 12th, 2015 8:32 PM Author: tan spot (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29169768) |
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Date: November 12th, 2015 9:59 PM Author: Lime Genital Piercing yet conturd shits like u wld never bitch abt the military doing the same thing, the defense industry, big corporations, the filthy rich, private univs, health industry
amerikka is a fuking scam thanks to conturds and lack of regulations, this is what u get faggots |
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Date: November 13th, 2015 12:24 AM Author: slate slimy rehab lol at calling me a conturd. i hate the scams in everyone of the industries you mentioned. (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29171556) |
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Date: November 13th, 2015 12:25 AM Author: translucent misunderstood trump supporter (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29171560) |
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Date: November 13th, 2015 12:52 AM Author: Violet house (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29171693) |
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Date: November 13th, 2015 9:46 AM Author: sapphire odious idiot :( (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29172557) |
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Date: November 13th, 2015 9:55 AM Author: Carnelian Thirsty Center Filthpig (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29172605) |
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Date: November 13th, 2015 9:59 AM Author: Splenetic Citrine Toilet Seat They operate on a higher plane of life as art/parody (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29172615) |
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Date: November 13th, 2015 9:59 AM Author: Carnelian Thirsty Center Filthpig (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29172617) |
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Date: November 13th, 2015 10:00 AM Author: Carnelian Thirsty Center Filthpig actually, they're not even smart enough to think of that (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29172619) |
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Date: November 13th, 2015 9:45 AM Author: tan spot (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29172551) |
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Date: November 13th, 2015 9:57 AM Author: Exciting Azure Elastic Band *law deans nationwide signing up for A of A 2016 seminar* (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29172612) |
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Date: November 13th, 2015 11:47 AM Author: cerise out-of-control cumskin The future is now (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29173350) |
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Date: November 13th, 2015 11:55 AM Author: tan spot Reflecting on it, it's actually pretty impressive that A of A has kept this up for so long and law schools are now just imploding. Different worlds, of course. (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29173401) |
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Date: November 13th, 2015 11:56 AM Author: Passionate orchid partner roast beef They sound smart (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29173405) |
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Date: November 13th, 2015 12:25 PM Author: Saffron mad cow disease apparently they have a Hospitality Management program too. here's a video of the hotel school's dean doing a little song at the AAU annual talent show:
http://www.youtube.com/watch?v=BwHPzd2s_vg |
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Date: November 25th, 2015 9:38 PM Author: tan spot Lol: http://www.prweb.com/releases/2015/11/prweb13094591.htm (http://www.autoadmit.com/thread.php?thread_id=3043036&forum_id=2#29253853) |