Academy Center Of The Arts Inc
- Assets
- $41.2m
- Revenue
- $2.5m
- Investments
- $0.0
- Employees
- 60
- Location
- Lynchburg, VA
- Founding
- 08/2000
- Data as of
- 12/2023
- EIN
- 23-7061145
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 12/2023, Academy Center Of The Arts Inc employed 60 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 12/2023, Academy Center Of The Arts Inc generated $2.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.2% each year. All expenses for the organization totaled $2.7m during the year ending 12/2023. While expenses have increased by 6.8% per year over the past 7 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION'S MISSION IS TO CULTIVATE A HEALTHIER AND MORE INTERCONNECTED COMMUNITY THROUGH CULTURAL INFRASTRUCTURE AND COMMUNITY-BUILDING ARTS PROGRAMS.THROUGH THE ACADEMY, COMMUNITY HEALTH AND INTERCONNECTIVITY WILL BE CULTIVATED THROUGH:-PROGRAMS THAT INSPIRE INDIVIDUALS OF ALL AGES, UNLOCKING THEIR INHERENT POTENTIAL AND NURTURING SOCIAL BONDS.-STATE-OF-THE-ART FACILITIES AND DEDICATED SUPPORT STAFF THAT ELEVATE OTHER LOCAL ARTS INSTITUTIONS AND CULTURAL ACTIVITIES.-ACTIVITIES THAT ENGAGE BROAD AUDIENCES, WITH SPECIAL EMPHASIS ON ADDRESSING LIMITED ACCESS TO COMMUNITY NETWORKS BY FOSTERING COLLABORATION AND EXPANDING OPPORTUNITIES FOR PERSONAL GROWTH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTION OF THE CREATIVE ARTS IN THE CENTRAL VIRGINIA AREA, THE ACADEMY PROVIDES 210 ART CLASSES OVER VARYING PERIODS FOR PERSONS RANGING FROM YOUNG CHILDREN TO SENIOR CITIZENS. OVER 2,700 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) | Role | Hours | Compensation |
|---|---|---|---|
Elizabeth Stroud President | OfficerTrustee | 3 | $0 |
Emily Crowder Member | Trustee | 1 | $0 |
Jessica Clarkson Member | Trustee | 1 | $0 |
Antonio Davis Member | Trustee | 1 | $0 |
Donna Gaddy-Bowen Member | Trustee | 1 | $0 |
Joseph Tucker Vice President | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,252,709 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,252,709 |
| Total Program Service Revenue | $1,113,583 |
| Investment income | $102,651 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $129,160 |
| Net Gain/Loss on Asset Sales | -$39,990 |
| Net Income from Fundraising Events | -$27,005 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,549,867 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $131,750 |
| Compensation of current officers, directors, key employees. | $32,938 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $812,171 |
| Pension plan accruals and contributions | $17,901 |
| Other employee benefits | $27,916 |
| Payroll taxes | $101,498 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $13,750 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $16,301 |
| Fees for services: Other | $41,103 |
| Advertising and promotion | $114,087 |
| Office expenses | $39,068 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $138,119 |
| Travel | $10,970 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $3,878 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $171,531 |
| Insurance | $52,361 |
| All other expenses | $57,174 |
| Total functional expenses | $2,736,266 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,300 |
| Savings and temporary cash investments | $924,224 |
| Pledges and grants receivable | $460,221 |
| 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 | $20,118 |
| Prepaid expenses and deferred charges | $47,697 |
| Net Land, buildings, and equipment | $9,014,217 |
| Investments—publicly traded securities | $2,871,671 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $27,860,510 |
| Total assets | $41,201,958 |
| Accounts payable and accrued expenses | $60,168 |
| Grants payable | $0 |
| Deferred revenue | $386,995 |
| 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 | $138,938 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $79,874 |
| Total liabilities | $665,975 |
| Net assets without donor restrictions | $37,216,509 |
| Net assets with donor restrictions | $3,319,474 |
| 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 | $41,201,958 |