Higher Education Governance · Institutional Real Estate · Mergers & Acquisitions
The Foothill Campus and the Media District Academy: Woodbury University, the Historic University of Redlands Merger, and Burbank’s Higher Education Landscape
Tucked against the rugged slopes of the Verdugo Mountains sits a 22.4-acre hillside sanctuary that represents Burbank’s oldest and most prestigious intellectual asset: Woodbury University. Founded in 1884 and relocated to Burbank in 1987 on the historic grounds of Mother Cabrini’s former Villa Cabrini Academy, the institution has long trained Southern California’s architects, civic designers, and studio animators. But behind its leafy foothill vistas, a relentless demographic crisis and an 89.3% dependence on student tuition pushed the non-profit into an operating deficit—culminating on July 6, 2026, in a historic, federally approved acquisition and merger into the University of Redlands to establish University of Redlands, Los Angeles (URLA). This investigative audit examines the governance, certified IRS Form 990 filings, executive compensation, property tax exemptions, and municipal service impacts of Burbank’s higher education institutions—contrasting Woodbury’s non-profit foothill campus against the commercial, for-profit New York Film Academy operating in the heart of the Media District.
Data as of Nov 3, 2026 from IRS Form 990: Woodbury University (EIN: 95-2786163) , IRS Form 990: University of Redlands (EIN: 95-1643389) , Los Angeles County Office of the Assessor Roll (AIN 2401-042-011) , U.S. Department of Education & WSCUC Accreditation Commission Actions , California Bureau for Private Postsecondary Education: New York Film Academy and City of Burbank Community Development & General Plan 2035 . Recomputed from official source records; see methodology.
1. The Foothills and the Media District: Burbank's Unsung Academic Anchors
While Burbank is globally renowned as the "Media Capital of the World"—home to the corporate headquarters of The Walt Disney Company, Warner Bros. Discovery, and an industrial spine of over 1,200 production vendors—the city also hosts a specialized higher education ecosystem that directly supplies talent to its commercial core.
At the northern tip of the city, where North Glenoaks Boulevard meets the rising slopes of the Verdugo Mountains, sits Woodbury University (7500 N. Glenoaks Blvd). Operating across a self-contained 22.15-acre campus, Woodbury has educated generations of professionals through its nationally ranked School of Architecture (accredited by the National Architectural Accrediting Board / NAAB and home to the Julius Shulman Institute), its School of Media: Culture: Design (fashion design, animation, game art, filmmaking), and its School of Business (AACSB-accredited).
Four miles to the south, embedded directly within the commercial pulse of the Media District across from Warner Bros. Studio, operates the New York Film Academy (NYFA) Los Angeles Campus (3300 W. Riverside Dr). Housed inside a 55,550-square-foot, four-story commercial office building, NYFA operates as an intensive, for-profit vocational arts conservatory preparing filmmakers, actors, and 3D animators for immediate placement in studio productions.
Together, these two institutions embody two fundamentally divergent financial and legal architectures: a historic, non-profit 501(c)(3) institution navigating an existential industry consolidation, and a private, for-profit commercial tenant capitalizing on immediate geographic proximity to Hollywood’s sound stages.
2. Executive Leadership & Higher Education Governance Master Table
In accordance with our investigative governance standards, this table documents the executive officers, university presidents, board chairs, and commercial landlords controlling Burbank’s higher education physical and academic assets:
| Executive & Title | Institution / Corporate Entity | Academic & Strategic Role | Governance, Assets & Compensation |
|---|---|---|---|
| Dr. Krista L. Newkirk President | University of Redlands (Parent Acquirer) | 12th President of University of Redlands (appointed 2021; former President of Converse University). Architect of Redlands' multi-campus federation strategy, orchestrating the acquisitions of San Francisco Theological Seminary (2020), Presidio Graduate School (2023), and Woodbury University (2024–2026). | Governs $550.2M in total assets and $404.6M in net fund balances. Reported Base Compensation: $601,429 plus $79,380 in retirement and benefits (IRS Form 990). |
| Dr. Jeffrey Bellantoni Interim President & Senior Academic Officer | Woodbury University (Transition Leadership) | Appointed Interim President in July 2024 following the departure of Dr. Barry Ryan; formerly Dean of Woodbury’s School of Media: Culture: Design (2022–2024). Steered Woodbury through the WSCUC accreditation approvals and federal Department of Education change-of-control review. | Executive oversight of 22.4-acre Burbank campus operations. Reported Compensation: $229,371 (IRS Form 990). Former academic leadership roles at Pratt Institute and Ringling College of Art and Design. |
| Dr. Barry Ryan Former President & CEO (2022–2024) | Woodbury University | Served as Woodbury President from 2022 through June 2024. Faced with structural enrollment headwinds and operating deficits, Ryan and the Board of Trustees initiated the strategic merger search in 2023 that resulted in the University of Redlands partnership. | Reported Base Compensation: $438,480 plus $31,296 in other reportable benefits (IRS Form 990). Former President of Lindenwood University and provost at multiple Christian institutions. |
| Jamal Adams, Esq. Chair, Board of Trustees | University of Redlands | Fiduciary head of the Board of Trustees; approves institutional capital allocations, endowment investment policies, debt issuance, and strategic campus acquisitions across Redlands, Marin County, and Burbank. | Board of Trustees fiduciary governance over combined university operations, representing alumni, civic leaders, and major California legal and philanthropic figures. |
| Jean Sherlock Chief Executive Officer & Principal | New York Film Academy (NYFA) (For-Profit Institution) | CEO of NYFA; oversees domestic and international film academy operations across New York, Los Angeles/Burbank, South Beach, and international outposts. Continuing the legacy of founder Jerry Sherlock (producer of The Hunt for Red October). | Private for-profit corporation (Sherlock family ownership). Burbank location operates under long-term commercial lease through 2028 serving ~1,000 enrolled students paying upwards of $40,000+/yr tuition. |
| Joseph Daneshgar Founder & Managing Partner | 3D Investments (Commercial Landlord) | Beverly Hills-based real estate syndicator; acquired 3300 W. Riverside Drive in 2015 for $30.0 Million via 3300 Riverside LLC. Leases the 55,550 sq. ft. building to New York Film Academy as single-tenant anchor. | Controls portfolio of over $2.0B in commercial office, retail, and hospitality assets. Listed the NYFA Burbank building for sale in 2019 at $40.0 Million ($720/sq. ft.). |
3. Mandatory Financial Audit: Certified Form 990 Filings & The "Demographic Cliff"
An audit of certified IRS Form 990 filings (Employer Identification Number [EIN]: 95-2786163 for Woodbury University and 95-1643389 for University of Redlands) reveals the stark financial realities that triggered the Burbank merger.
| Financial Line Item | Woodbury University (FY2023-24 Form 990) | University of Redlands (FY2023-24 Form 990) | Combined Post-Merger Entity (Pro-Forma URLA) |
|---|---|---|---|
| Gross Total Revenue | $47,039,257 | $200,214,000 | $247,253,257 |
| Tuition & Fees (Program Service Revenue) | $41,996,015 (89.3% of rev) | $162,900,000 (81.4% of rev) | $204,896,015 (82.9% of rev) |
| Contributions, Grants & Gifts | $1,684,012 (3.6% of rev) | $14,500,000 (7.2% of rev) | $16,184,012 (6.5% of rev) |
| Investment & Endowment Income | $286,791 (0.6% of rev) | $10,400,000 (5.2% of rev) | $10,686,791 (4.3% of rev) |
| Total Operating Expenses | $47,774,475 | $200,600,000 | $248,374,475 |
| Salaries, Wages & Employee Benefits | $13,485,270 ($12.26M staff + $1.23M exec) | $53,100,000 (Academic & admin staff) | $66,585,270 |
| Operating Net Income / (Deficit) | -$735,218 (Net operating loss) | -$386,000 (Pre-endowment gain) | -$1,121,218 |
| Total Net Assets / Fund Balance | $14,375,661 (Fragile equity cushion) | $404,600,000 (Robust institutional balance sheet) | $418,975,661 |
| Total Institutional Assets | $52,400,000 (Primarily land & buildings) | $550,200,000 (Endowment, cash & physical plant) | $602,600,000 |
The Higher Ed Demographic Cliff
The core vulnerability documented in Woodbury’s Form 990 is its extraordinary 89.3% tuition dependency ratio. Unlike wealthy research universities with multi-billion-dollar endowments, Woodbury generated less than $300,000 annually from investments. When national birth rates plunged during the 2008 Great Recession, higher education demographers predicted an "enrollment cliff" beginning around 2025–2026, when the number of graduating high school seniors across the United States would drop precipitously.
For a small institution with approximately 900 to 1,100 enrolled undergraduates and graduate students, even a 5% drop in enrollment creates an immediate $2 million revenue deficit. Having already shuttered its satellite branch campus in San Diego to trim overhead, Woodbury’s net assets eroded to just $14.38 million. Standalone survival became untenable without deep budget cuts that would threaten program accreditation.
4. The Redlands Playbook: Strategic Rollup in Southern California
In December 2023, Woodbury University announced it had entered into a letter of intent to be acquired by the University of Redlands. The transaction was not a liquidation, but a calculated institutional rollup spearheaded by Redlands President Krista L. Newkirk.
Since taking the helm in 2021, Newkirk has engineered an aggressive multi-campus federation strategy to insulate the inland institution from demographic contraction:
- San Francisco Theological Seminary (2020): Acquired a 14-acre historic campus in Marin County (San Anselmo), creating a Northern California graduate outpost.
- Presidio Graduate School (2023): Merged the pioneering San Francisco-based sustainable MBA/MPA programs into Redlands’ School of Business & Society.
- Woodbury University (2024–2026): Finalized initial acquisition on June 4, 2024, operating as a subsidiary under WSCUC regional accreditation until receiving final U.S. Department of Education change-of-control approval on July 6, 2026.
By absorbing Woodbury, Redlands accomplished three vital strategic objectives:
- Immediate Physical Presence in Los Angeles: Redlands gained an anchor campus just 12 miles from downtown Los Angeles and adjacent to the entertainment media hub of Burbank and North Hollywood.
- Prestigious Professional Accreditations: Building an accredited architecture school from scratch requires tens of millions of dollars and a decade of regulatory reviews. Redlands instantly inherited Woodbury’s prestigious NAAB-accredited Bachelor of Architecture (B.Arch) and Master of Architecture (M.Arch) degrees, CIDA-accredited Interior Design, and NASAD-accredited Animation and Game Art.
- Balance Sheet Protection for Woodbury: Woodbury’s academic community was wrapped into Redlands’ $404.6 million net asset base and its diversified $250+ million endowment pool, ending the annual solvency panic driven by single-digit enrollment swings.
Under the integrated structure, the campus is officially branded as the University of Redlands, Los Angeles (URLA), while retaining historic legacy banners for its core professional divisions: the Woodbury School of Architecture, the Woodbury School of Design and Media Arts, and the Woodbury Business Institute.
5. Campus Property Roll Audit: Prop. 13 Welfare Exemption vs. Commercial Landlords
Burbank’s higher education properties present a stark legal contrast on the Los Angeles County property tax roll:
| Campus Address | Assessor Parcel No. (AIN) | Property Type & Acreage | Owner of Record / Landlord | Tax Exemption Status & Assessment |
|---|---|---|---|---|
| 7500 N. Glenoaks Blvd (Woodbury Burbank Campus / URLA) | 2401-042-011 | University Campus 22.15 Acres (964,854 sq. ft.) Multiple academic halls, library, dining, dormitories | Woodbury University / University of Redlands (Non-profit 501(c)(3) institution) | 100% Tax-Exempt under CA Constitution Art. XIII, § 3(e) & RTC § 203 (Welfare / College Exemption). Assessed valuation reflects non-profit institutional use with $0 ad valorem taxes paid to County/City. Estimated market value: $80M–$120M (annual tax savings: ~$1.1M–$1.5M). |
| 3300 W. Riverside Dr (New York Film Academy LA Campus) | 2485-014-034 | 4-Story Commercial Office 55,550 sq. ft. on 0.52 acres Post-production suites, screening rooms, sound stages | 3300 Riverside LLC (3D Investments / Joseph Daneshgar, Landlord) Tenant: New York Film Academy LLC | Fully Taxable Commercial Property. Acquired in 2015 for $30,000,000. Assessed base year 2015; pays standard 1.1% ad valorem property taxes, generating approximately $350,000+ annually for LA County, BUSD, and Burbank City General Fund. |
The Sacred History of 7500 N. Glenoaks
The 22.4-acre hillside parcel at 7500 N. Glenoaks Boulevard carries deep historical significance. In 1916, Mother Frances Xavier Cabrini (Saint Frances Cabrini, the first naturalized U.S. citizen to be canonized by the Roman Catholic Church) acquired the Verdugo foothill property on behalf of the Missionary Sisters of the Sacred Heart of Jesus. Mother Cabrini established a home and tuberculosis preventorium for young girls, famously tapping a natural hillside spring after claiming divine inspiration.
In 1937, the site opened as Villa Cabrini Academy, an elite Catholic day and boarding school for girls that educated generations of Southern California students before shuttering in 1970 due to shifting Catholic order demographics.
Meanwhile, Woodbury University—founded in 1884 in downtown Los Angeles by F.C. Woodbury as Woodbury's Business College—was operating on Wilshire Boulevard near MacArthur Park. Facing urban encroachment and severe spatial constraints, Woodbury purchased the 22.4-acre former Villa Cabrini property in 1987, moving its entire university operations to Burbank. The institution preserved the historic Cabrini Chapel (now Alumni Hall), blending mid-century modern design studios and the contemporary Julius Shulman Institute of Architecture into the serene foothill landscape.
6. Municipal Infrastructure, Wildfire Hazard & Burbank Public Services
While Woodbury University pays zero ad valorem property taxes due to its constitutional educational exemption, its unique hillside topography places significant operational and safety demands on the City of Burbank’s municipal infrastructure:
Very High Fire Hazard Severity Zone (VHFHSZ)
The Glenoaks campus borders the chaparral-covered ridges of the Verdugo Mountains, classified as a Very High Fire Hazard Severity Zone by CAL FIRE. The campus is directly defended by Burbank Fire Department (BFD) Station 16 (located on North Glenoaks Blvd). Strict annual brush clearance mandates and specialized mountain fire-attack protocols are enforced by BFD to prevent wildland fires from descending into student residence halls.
Burbank Water and Power (BWP) Utility Load
Unlike county-served institutions, the campus receives 100% municipal power, water, and fiber services from Burbank Water and Power (BWP). While property taxes are exempt, Woodbury pays commercial municipal utility rates for its high-load architectural fabrication labs, laser cutters, 3D printing suites, and student dormitories, contributing enterprise revenue to Burbank’s municipal ledger.
Glenoaks Corridor Transit & Evacuation Egress
Positioned on the Glenoaks Boulevard transit spine, the campus relies on Metro Bus Line 92 and local student shuttles connecting to the Burbank Downtown Metrolink station. Glenoaks serves as the singular arterial evacuation corridor for both university students and surrounding foothill residential neighborhoods during wildfire or seismic events.
7. The Creative Pipeline: Supplying Burbank's Production Engine
The ultimate civic dividend produced by Burbank’s higher education institutions is human capital. Despite its modest enrollment, Woodbury’s specialized curriculum has exerted an outsized influence on Southern California’s built and animated environment:
- Civic Architecture & Urban Design: Graduates of the Woodbury School of Architecture staff top regional firms—including Gensler (architect of Avion Burbank), Steinberg Hart, and Perkins&Will—frequently authoring the environmental documents, residential infill plans, and commercial studio projects approved by the Burbank Planning Commission.
- Studio Animation & Game Art: Woodbury’s proximity to Disney Animation (Roy Disney Building on Riverside), Warner Bros. Animation, Nickelodeon Animation (on Olive Ave), and Cartoon Network has created a direct intern-to-hire pipeline for storyboard artists, 3D character modelers, and VFX technicians.
- Vocational Media Intensives: Across town, the New York Film Academy provides an intensive immersion model, utilizing active industry professionals to train behind-the-camera crew members, camera operators, and video editors directly absorbed by the 908 independent production vendors populating Burbank’s industrial zone.
8. Conclusion: A New Era for Burbank’s Foothill Academy
The completion of the University of Redlands merger on July 6, 2026 marks the end of Woodbury University’s 142-year run as an independent institution, but secures the indefinite future of Burbank’s only collegiate campus. By combining Woodbury’s prime 22.4-acre foothill real estate and prestigious professional programs with Redlands’ $550 million balance sheet and endowment firepower, the merger demonstrates the restructuring playbook necessary for small, tuition-dependent colleges to survive the 2020s.
For the City of Burbank, the transformation preserves an indispensable creative engine. While the municipality collects no ad valorem property taxes from 7500 N. Glenoaks Blvd, it retains a cultural and architectural landmark that continues to train the designers, animators, and builders who shape the Media Capital of the World.