Lyme Art Assoc Inc
- Assets
- $1.5m
- Revenue
- $329.0k
- Investments
- $0.0
- Employees
- 7
- Location
- Old Lyme, CT
- Founding
- 01/1994
- Data as of
- 12/2020
- EIN
- 06-0932073
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 12/2021, 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 12/2020, Lyme Art Assoc Inc generated $329.0k in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 3.3% each year. All expenses for the organization totaled $272.4k during the year ending 12/2020. While expenses have increased by 0.3% per year over the past 6 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2020
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:
Part 3 - Line 4a
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) | Role | Hours | Compensation |
|---|---|---|---|
Harley Bartlett President | OfficerTrustee | 0 | $0 |
Michael Centrella Secretary | Officer | 0 | $0 |
Paul Sellier Treasurer | Officer | 0 | $0 |
Beverly Schirmeier Vice President | Officer | 0 | $0 |
Margaret J Derisio Director | Trustee | 0 | $0 |
Andrew Kornacki Director | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $206,092 |
| Investment income | $20,401 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $241 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $12,050 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $328,958 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $142,125 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $10,400 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $18,545 |
| Advertising and promotion | $6,635 |
| Office expenses | $5,035 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $32,600 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $15,077 |
| Insurance | $16,338 |
| All other expenses | $0 |
| Total functional expenses | $272,437 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $48,925 |
| Savings and temporary cash investments | $62,427 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $886 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Investments—publicly traded securities | $947,794 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,510,089 |
| Accounts payable and accrued expenses | $645 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $6,375 |
| Total liabilities | $7,020 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $1,503,069 |
Grants Recieved
Over the last fiscal year, we have identified 6 grants that Lyme Art Assoc Inc has recieved totaling $12,788.
| Awarding Organization | Amount |
|---|---|
Chester Kitchings Family Foundation Orlando, FL PURPOSE: GENERAL OPERATING | $10,000 |
Edward E Hood Jr Foundation Stamford, CT PURPOSE: GENERAL CHARITABLE | $1,000 |
Edward E Hood Jr Foundation Stamford, CT PURPOSE: GENERAL CHARITABLE | $1,000 |
Amica Companies Foundation Lincoln, RI PURPOSE: GENERAL PURPOSE | $350 |
Amica Companies Foundation Lincoln, RI PURPOSE: GENERAL PURPOSE | $263 |
Amica Companies Foundation Lincoln, RI PURPOSE: GENERAL PURPOSE | $175 |
Endowment Analysis
| Beg. Balance | $467,852 |
| Earnings | -$34,844 |
| Ending Balance | $433,008 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
American Council Of Learned Societies New York, NY | $199,575,071 | $37,439,846 |
Advertising Research Foundation Inc New York, NY | $7,084,927 | $8,623,968 |
The International Coalition Of Historic Ite Museums Of Conscience New York, NY | $2,572,354 | $8,768,933 |
Theatre Communications Group Inc New York, NY | $7,458,021 | $6,461,267 |
The Broadway League Inc New York, NY | $17,394,373 | $2,874,492 |
American Symphony Orchestra League New York, NY | $11,789,942 | $6,931,089 |
Video Advertising Bureau Inc New York, NY | $5,863,677 | $6,614,761 |
Opera America Inc New York, NY | $21,495,082 | $5,690,929 |
American Institute Of Graphic Arts New York, NY | $6,026,446 | $3,684,558 |
American Numismatic Society New York, NY | $59,393,840 | $7,804,427 |
College Art Association Of America Inc New York, NY | $11,184,804 | $5,238,547 |
Authors Guild Inc New York, NY | $3,070,324 | $4,065,324 |