Academy Center Of The Arts Inc

Organization Overview

Academy Center Of The Arts Inc is located in Lynchburg, VA. The organization was established in 2000. According to its NTEE Classification (A61) the organization is classified as: Performing Arts Centers, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2021, Academy Center Of The Arts Inc employed 52 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Academy Center Of The Arts 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 12/2021, Academy Center Of The Arts Inc generated $3.0m 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 (10.6%) each year. All expenses for the organization totaled $1.5m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

THE ORGANIZATION'S MISSION OR MOST SIGNIFICANT ACTIVITIES INCLUDE PROMOTIONS OF VISUAL, PERFORMING, AND CREATIVE ARTS IN CENTRAL VIRGINIA. ANOTHER PURPOSE OF THE ACADEMY IS THE RESTORATION OF THE HISTORIC LYNCHBURG ACADEMY OF MUSIC THEATER BUILDING. THIS BUILDING, WHICH DATES TO THE EARLY 1900'S IS SIGNIFICANT TO THE COMMUNITY FROM BOTH A HISTORIC AND ARCHITECTURAL STANDPOINT.

Describe the Organization's Program Activity:

Part 3 - Line 4a

PROMOTION OF THE CREATIVE ARTS IN THE CENTRAL VIRGINIA AREA, THE ACADEMY PROVIDES 230 ART CLASSES OVER VARYING PERIODS FOR PERSONS RANGING FROM YOUNG CHILDREN TO SENIOR CITIZENS. OVER 3,200 PERSONS WERE SERVED VIA THESE CLASSES. THE ACADEMY ALSO PRESENTS ART SHOWS IN ITS GALLERY AND AT OTHER SPACES THROUGHOUT THE COMMUNITY. THESE PRESENTATIONS GIVE LOCAL ARTISTS A VENUE TO DISPLAY THEIR TALENTS. IT ALSO ALLOWS MEMBERS OF THE COMMUNITY TO BE ABLE TO VIEW QUALITY ARTWORK WITHOUT HAVING TO TRAVEL OUTSIDE OF THE GENERAL AREA.


THE ACADEMY IS ALSO INVOLVED IN THE RESTORATION OF THE HISTORIC ACADEMY OF MUSIC THEATER IN LYNCHBURG, VIRGINIA. THE ACADEMY OF MUSIC THEATER IS A BUILDING DATING TO THE EARLY 1900'S. IT IS BOTH HISTORICALLY AND ARCHITECTURALLY SIGNIFICANT TO THE LYNCHBURG AREA. THE THEATER PLAYED HOST TO SOME OF THE GREAT NAMES OF AMERICAN ENTERTAINMENT IN THE DAYS BEFORE MOVING PICTURES. THE EXPENSES ASSOCIATED WITH THIS ACTIVITY ARE PRESENT IN THE BALANCE SHEET IN THAT MOST, IF NOT ALL, EXPENDITURES ARE FOR CAPITALIZED ITEMS.


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Board, Officers & Key Employees

Name (title)Compensation
Geoffrey Kershner
Executive Director
$128,750
Ula Kauppi
Secretary
$0
Richard Loving
President
$0
Georgeann Snead
Treasurer
$0
Mary Dalton
Member
$0
Dr James M Peery III
Member
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $468,201
All other contributions, gifts, grants, and similar amounts not included above$1,729,082
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$2,197,283
Total Program Service Revenue$460,489
Investment income $51,136
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $41,651
Net Gain/Loss on Asset Sales $86,725
Net Income from Fundraising Events $125,681
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $2,992,535

Grants Recieved

Over the last fiscal year, we have identified 1 grants that Academy Center Of The Arts Inc has recieved totaling $2,500.

Awarding OrganizationAmount
Merryman Charitable Foundation

Evington, VA

PURPOSE: GENERAL OPERATIONS

$2,500
View Grant Recipient Profile

Endowment Analysis

Beg. Balance$2,146,391
Earnings$372,279
Admin Expense$14,186
Net Contributions$133,774
Other Expense$82,000
Ending Balance$2,556,258

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