In 1920, textile merchant Augustus D. Juilliard bequeathed a large amount of money for the advancement of music in the United States. The Juilliard Foundation led to the creation of the Juilliard School in Manhattan’s Upper West Side, New York City. It is now the most prestigious music school in the world. Competition for admissions is fierce: in 2012, 2,657 undergraduate applications were received by the School and 191 were accepted. Tuition fees are $48,670 per school year.