The Juilliard School (/ˈdʒuːliɑːrd/ JOOL-ee-ard) is a private performing arts conservatory in New York City. Established in 1905 as the Institute of Musical Art, the school became the Juilliard School of Music in 1946 and was subsequently renamed the Juilliard School with music, dance, and drama programs. It is widely regarded as one of the most elite performing arts schools in the world. Located at the Lincoln Center for Performing Arts, the school has a total enrollment of about 950 undergraduates and graduates in dance, drama, and music, and also trains students in the Pre-College Division. It has several student and faculty ensembles that perform throughout the year, most notably the Juilliard String Quartet. A Board of Trustees manages the school with an approximate $1 billion endowment. Prominent alumni of Juilliard have garnered more than 105 Grammy Awards, 62 Tony Awards, 47 Emmy Awards, and 24 Academy Awards. Many Juilliard musicians have gone on to become internationally successful virtuosos. Juilliard alumni include more than 16 Pulitzer Prize and 12 National Medal of Arts recipients, Gramophone Classical Music Awards and Polar Music Prize awardees, cultural ambassadors, and American Academy of Arts and Sciences members.