American Academy Of Art Inc
- Assets
- $25.1m
- Revenue
- $3.2m
- Investments
- $0.0
- Employees
- 61
- Location
- Chicago, IL
- Founding
- 03/2016
- Data as of
- 12/2023
- EIN
- 46-3291995
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.
Form
990
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) | Role | Hours | Compensation |
|---|---|---|---|
Richard Otto President | OfficerTrustee | 40 | $101,800 |
Ione Fitzgerald Vice President | OfficerTrustee | 40 | $108,000 |
Charles Schroeder Jr Chairman | Trustee | 5 | $1,800 |
Dr Patricia Widmayer Board Member | Trustee | 1 | $1,800 |
Tom Kube Board Member | Trustee | 1 | $1,800 |
Cynthia Reynolds Board Member | Trustee | 1 | $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 |
| 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. | $217,000 |
| Compensation of current officers, directors, key employees. | $91,120 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,768,003 |
| Pension plan accruals and contributions | $23,224 |
| Other employee benefits | $264,787 |
| Payroll taxes | $170,336 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $44,445 |
| Fees for services: Accounting | $33,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $10,772 |
| Advertising and promotion | $248,768 |
| Office expenses | $241,614 |
| Information technology | $204,103 |
| Royalties | $0 |
| Occupancy | $644,207 |
| Travel | $41 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,356 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $45,096 |
| Insurance | $59,108 |
| All other expenses | $0 |
| Total functional expenses | $4,113,966 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $359,955 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $330,165 |
| 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 |
| Net Land, buildings, and equipment | $11,798 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $14,744,230 |
| Other assets | $9,660,792 |
| Total assets | $25,106,940 |
| Accounts payable and accrued expenses | $76,715 |
| Grants payable | $0 |
| Deferred revenue | $190,000 |
| 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 | $15,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $10,877,448 |
| Total liabilities | $26,144,163 |
| Net assets without donor restrictions | -$1,043,613 |
| Net assets with donor restrictions | $6,390 |
| 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 | $25,106,940 |