Lyme Art Assoc Inc

Organization Overview

Lyme Art Assoc Inc is located in Old Lyme, CT. The organization was established in 1994. According to its NTEE Classification (A03) the organization is classified as: Professional Societies & Associations, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2022, Lyme Art Assoc Inc employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lyme Art Assoc Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.

For the year ending 12/2022, Lyme Art Assoc Inc generated $632.3k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 11.2% each year . All expenses for the organization totaled $455.1k during the year ending 12/2022. While expenses have increased by 6.8% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990T Filing

TAX YEAR

2022

Describe the Organization's Mission:

Part 3 - Line 1

TO ADVANCE THE CAUSE OF REPRESENTATIONAL FINE ARTS BY OWNING, MAINTAINING,PRESERVING AN HISTORIC BUILDING AND GALLERY IN OLD LYME CT, HOLDING ART EXHIBITS AND CONDUCTING EDUCATIONAL PROGRAMS FOR THE BENEFIT OF THE LOCAL COMMUNITY AND GENERAL PUBLIC.

Describe the Organization's Program Activity:

TO PROVIDE ART CLASSES TO THE PUBLIC


TO PROVIDE USE OF THE ART GALLERY BY THE MEMBERS


TO PROVIDE EVENTS THAT ENHANCE THE VIEWING OF FINE ART


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Board, Officers & Key Employees

Name (title)Compensation
Margaret J Derisio
Director
$0
Katherine Simmons
Director
$0
Harley Bartlett
President
$0
Andrew Kornacki
Director
$0
Debbi Goodman
Director
$0
Maura Cochran
Director
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$44,451
Fundraising events$0
Related organizations$0
Government grants $47,722
All other contributions, gifts, grants, and similar amounts not included above$304,543
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$396,716
Total Program Service Revenue$141,373
Investment income $25,938
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $3,229
Net Gain/Loss on Asset Sales $0
Net Income from Fundraising Events $65,083
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $632,339

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