In 1905, the Institute of Musical Art was founded on the premise that the United States did not have a premier music school and too many students were going to Europe to study music. At its formation, the Institute was located in Manhattan at Fifth Avenue and 12th Street. During its first year, the institute enrolled 500 students. It moved in 1910 to Claremont Avenue in the Morningside Heights neighborhood of Manhattan, onto a property purchased from Bloomingdale Insane Asylum. In 1920, the Juilliard Foundation was created, named after textile merchant Augustus D. Juilliard, who bequeathed a substantial amount of money for the advancement of music in the United States. In 1924, the foundation purchased the Vanderbilt family guesthouse at 49 East 52nd Street to start the Juilliard Graduate School. In 1926, it merged partially with the Institute of Musical Art with a common president, the Columbia University professor John Erskine. The schools had separate deans and identities. The conductor and music-educator Frank Damrosch continued as the Institute's dean, and the Australian pianist and composer Ernest Hutcheson was appointed dean of the Graduate School. In 1937, Hutcheson succeeded Erskine as president of the two institutions, a job he held until 1945. In 1946, the combined schools were named the Juilliard School of Music. The president of the school at that time was William Schuman, the first winner of the Pulitzer Prize for Music. In 1951, the school added a dance division, directed by Martha Hill.