Maine Arts Academy
- Assets
- $4.3m
- Revenue
- $2.7m
- Investments
- $0.0
- Employees
- 54
- Location
- Augusta, ME
- Founding
- 11/2015
- Data as of
- 06/2023
- EIN
- 47-4890021
Organization Overview
Maine Arts Academy is located in Augusta, ME. The organization was established in 2015. According to its NTEE Classification (B20) the organization is classified as: Elementary & Secondary Schools, under the broad grouping of Education and related organizations. As of 06/2023, Maine Arts Academy employed 54 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Maine Arts Academy 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 06/2023, Maine Arts Academy generated $2.7m in total revenue. All expenses for the organization totaled $2.9m during the year ending 06/2023. While expenses have increased by 37.6% per year over the past 8 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 ACADEMY AIMS TO TRANSFORM STUDENTS LIVES AND CONTRIBUTE TO THE CULTURAL CAPITAL OF MAINE BY PROVIDING A HIGH QUALITY, COMPREHENSIVE, COLLEGE PREPARATORY ACADEMIC AND ARTS EDUCATION FOR HIGH SCHOOL STUDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PERFORMING ARTS CURRICULUM IN MUSIC, THEATRE AND DANCE WILL INCLUDE LESSONS, TECHNIQUE CLASSES, SMALL AND LARGE GROUP ENSEMBLES, COMPREHENSIVE COURSES IN THEORY, HISTORY, AND MORE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mary Heather King Superintendent | Officer | 37.5 | $85,769 |
Sherry Gilbert President | OfficerTrustee | 3 | $0 |
Linda Warner Secretary | OfficerTrustee | 2 | $0 |
Andrew Landry Treasurer | OfficerTrustee | 2 | $0 |
Timothy Rector Director | Trustee | 2 | $0 |
Mitchell Thomas Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Snow Pond Center For The Arts Rents And Professional | 6/29/23 | $381,511 |
Poland Bus Service In Bus Service | 6/29/23 | $301,106 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,646,923 |
| All other contributions, gifts, grants, and similar amounts not included above | $20,331 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,667,254 |
| Total Program Service Revenue | $11,894 |
| Investment income | $417 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $13,499 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,748,824 |
| 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. | $47,466 |
| Compensation of current officers, directors, key employees. | $47,466 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,094,421 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $227,545 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $46,382 |
| Fees for services: Accounting | $9,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $236,315 |
| Advertising and promotion | $0 |
| Office expenses | $79,334 |
| Information technology | $29,428 |
| Royalties | $0 |
| Occupancy | $77,168 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $23,851 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $313,778 |
| Insurance | $25,937 |
| All other expenses | $148,967 |
| Total functional expenses | $2,873,188 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $171,354 |
| Pledges and grants receivable | $32,411 |
| 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 | $0 |
| Prepaid expenses and deferred charges | $30,834 |
| Net Land, buildings, and equipment | $3,337,891 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $745,000 |
| Total assets | $4,317,490 |
| Accounts payable and accrued expenses | $219,028 |
| 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 | $3,375,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $3,594,028 |
| Net assets without donor restrictions | $705,964 |
| Net assets with donor restrictions | $17,498 |
| 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 | $4,317,490 |