Lyme Academy Of Fine Arts Inc, operating under the name Lyme Academy College Of Fine Arts, is located in Old Lyme, CT. The organization was established in 1991. According to its NTEE Classification (A25) the organization is classified as: Arts Education, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 06/2022, Lyme Academy College Of Fine Arts employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lyme Academy College Of Fine Arts 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 06/2022, Lyme Academy College Of Fine Arts generated $2.5m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (5.4%) each year. All expenses for the organization totaled $1.6m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (13.9%) per year over the past 7 years. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
A GENEROUS GIFT OF $1,000,000 BY CHARLOTTE COLBY DANLY, HERSELF A GRADUATE OF LYME ACADEMY, ENABLED A SEARCH FOR A TEACHER TO CARRY FORWARD THE ACADEMYS DISTINGUISHED TRADITION IN THE FIELD OF SCULPTURE. A SEARCH COMMITTEE WAS FORMED TO CARRY OUT THE SEARCH, COMPRISED OF: MS. DANLY; BOARD MEMBER/ARTIST EILEEN EDER; BOARD CHAIR MICHAEL DUFFY; JORDAN SOKOL; ISRAELI SCULPTOR ERAN WEBER; AND THE FORMER HEAD OF THE SCULPTURE DEPARTMENT AT THE FLORENCE ACADEMY, ROBERT BODEM. AFTER REVIEWING A RICH POOL OF APPLICANTS, THE COMMITTEE UNANIMOUSLY CHOSE ACCLAIMED SCULPTOR CHAD FISHER TO BE THE CHARLOTTE COLBY DANLY SCULPTURE CHAIR AT LYME ACADEMY. THE FIRST COHORT OF FULL-TIME SCULPTURE STUDENTS WILL COMMENCE THEIR STUDIES IN THE FALL OF 2023 UNDER MR. FISHERS TUTELAGE. IN THE WINTER, THE ACADEMYS CHAUNCEY STILLMAN GALLERY PLAYED HOST TO AN EXHIBITION OF THE WORKS OF THE MID-20TH CENTURY PAINTER, LENNART ANDERSON. THE SHOW, WHICH WAS FAVORABLY REVIEWED IN THE WALL STREET JOURNAL, INCLUDED WORK OF
Describe the Organization's Program Activity:
Part 3 - Line 4a
DURING THE PAST YEAR, THE LYME ACADEMY HAS RETURNED TO ITS FOUNDING PRINCIPLES UNDER THE LEADERSHIP OF ARTISTIC DIRECTORS JORDAN SOKOL AND AMAYA GURPIDE. THIS HUSBAND-AND-WIFE TEAM OF ARTISTS HARKEN BACK TO THE ACADEMY'S FOUNDING LEADERS, SCULPTOR ELISABETH GORDON CHANDLER AND HER HUSBAND, RENOWNED ARTIST LACI DEGERENDAY. THE CLARITY OF THE VISION ARTICULATED BY MR. SOKOL AND MS. GURPIDE HAS ATTRACTED A GROWING NUMBER OF STUDENTS AND ARTISTS TO STUDY AND TEACH AT THE ACADEMY.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Michael Duffy Chairman | OfficerTrustee | 5 | $0 |
Laura Lee Miller Vice Chairman | OfficerTrustee | 5 | $0 |
Lee Bowes Treasurer | OfficerTrustee | 5 | $0 |
Paul Knierim Secretary | OfficerTrustee | 5 | $0 |
Timothy Griswold Director | Trustee | 3 | $0 |
David Kelsey Director | Trustee | 2 | $0 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $0 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $56,595 |
All other contributions, gifts, grants, and similar amounts not included above | $1,830,436 |
Noncash contributions included in lines 1a–1f | $1,269,492 |
Total Revenue from Contributions, Gifts, Grants & Similar | $1,887,031 |
Total Program Service Revenue | $271,206 |
Investment income | $172,668 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $159,434 |
Net Gain/Loss on Asset Sales | $0 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $23,601 |
Miscellaneous Revenue | $0 |
Total Revenue | $2,513,940 |
Statement of Expenses | |
---|---|
Grants and other assistance to domestic organizations and domestic governments. | $0 |
Grants and other assistance to domestic individuals. | $35,050 |
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 of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $436,594 |
Pension plan accruals and contributions | $0 |
Other employee benefits | $0 |
Payroll taxes | $38,523 |
Fees for services: Management | $0 |
Fees for services: Legal | $6,199 |
Fees for services: Accounting | $11,442 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $20,762 |
Fees for services: Other | $210,079 |
Advertising and promotion | $96,420 |
Office expenses | $109,196 |
Information technology | $0 |
Royalties | $0 |
Occupancy | $141,067 |
Travel | $25,398 |
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 | $264,591 |
Insurance | $64,501 |
All other expenses | $1,647 |
Total functional expenses | $1,582,637 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $737,882 |
Savings and temporary cash investments | $0 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $0 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $0 |
Inventories for sale or use | $120,079 |
Prepaid expenses and deferred charges | $0 |
Net Land, buildings, and equipment | $3,684,708 |
Investments—publicly traded securities | $9,024,974 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $728,200 |
Total assets | $14,295,843 |
Accounts payable and accrued expenses | $0 |
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 | $1,829,879 |
Total liabilities | $1,829,879 |
Net assets without donor restrictions | $5,603,089 |
Net assets with donor restrictions | $6,862,875 |
Capital stock or trust principal, or current funds | $0 |
Paid-in or capital surplus, or land, building, or equipment fund | $0 |
Retained earnings, endowment, accumulated income, or other funds | $0 |
Total liabilities and net assets/fund balances | $14,295,843 |
Over the last fiscal year, we have identified 2 grants that Lyme Academy Of Fine Arts Inc has recieved totaling $100,000.
Awarding Organization | Amount |
---|---|
The Morris And Alma Schapiro Fund New York, NY PURPOSE: GENERAL PURPOSE | $75,000 |
The Eder Family Foundation Inc West Haven, CT PURPOSE: UNRESTRICTED | $25,000 |
Beg. Balance | $8,217,092 |
Earnings | -$233,219 |
Admin Expense | $19,111 |
Net Contributions | $1,044,482 |
Other Expense | $176,721 |
Ending Balance | $8,832,523 |
Organization Name | Assets | Revenue |
---|---|---|
Art Students League Of New York New York, NY | $112,886,191 | $14,274,262 |
Saul Steinberg Foundation New York, NY | $2,326,445 | $165,696 |
Studio In A School Association New York, NY | $26,491,871 | $6,228,421 |
Harlem School Of The Arts Inc New York, NY | $16,306,795 | $5,380,840 |
Dreamyard Project Inc Bronx, NY | $4,474,380 | $5,509,637 |
Powerhouse Arts Inc Brooklyn, NY | $187,718,007 | $2,438,930 |
Artists For Humanity Inc Boston, MA | $38,813,967 | $6,181,666 |
American Academy Of Arts And Letters New York, NY | $101,076,393 | $10,417,737 |
The Arts Connection Inc New York, NY | $2,703,336 | $4,972,330 |
Alliance For Young Artists & Writers Inc New York, NY | $7,496,330 | $3,366,982 |
Marquis Studios Ltd Brooklyn, NY | $2,435,475 | $3,259,805 |
The Katharine Hepburn Cultural Arts Center Inc Old Saybrook, CT | $3,859,540 | $4,355,262 |