American Academy Of Art Inc

Organization Overview

American Academy Of Art Inc, operating under the name American Academy Of Art College Inc, is located in Chicago, IL. The organization was established in 2016. According to its NTEE Classification (B99) the organization is classified as: Education N.E.C., under the broad grouping of Education and related organizations. As of 12/2023, American Academy Of Art College Inc employed 61 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. American Academy Of Art College 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, American Academy Of Art College Inc generated $3.2m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (13.9%) each year. All expenses for the organization totaled $4.1m during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (9.9%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2023

Describe the Organization's Mission:

Part 3 - Line 1

TO OPERATE A SCHOOL OF COMMERCIAL ART AND FINE ARTS IN CHICAGO, ILLINOIS.

Describe the Organization's Program Activity:

Part 3 - Line 4a

TUITION AND EXPENSES RELATED TO THE SCHOOL'S BACHELOR OF FINE ART DEGREE PROGRAM INCLUDING DIGITAL ILLUSTRATION, GRAPHIC DESIGN, MULTIMEDIA DESIGN, 3-D MODELING AND ANIMATION, LIFE DRAWING, OIL AND WATERCOLOR PAINTING, PHOTOGRAPHY, AND ART DIRECTION.


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Board, Officers & Key Employees

Name (title)Compensation
Richard Otto
President
$101,800
Ione Fitzgerald
Vice President
$108,000
Charles Schroeder Jr
Chairman
$1,800
Dr Patricia Widmayer
Board Member
$1,800
Tom Kube
Board Member
$1,800
Cynthia Reynolds
Board Member
$1,800

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$900
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$900
Total Program Service Revenue$3,118,593
Investment income $275
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $142
Net Gain/Loss on Asset Sales $93,276
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $3,213,186

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