Lyme Academy Of Fine Arts Inc

Organization Overview

Lyme Academy Of Fine Arts Inc, operating under the name Lyme Academy College Of Fine Arts, is located in Old Lyme, CT. The organization was established in 1991. According to its NTEE Classification (A25) the organization is classified as: Arts Education, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 06/2022, Lyme Academy College Of Fine Arts employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lyme Academy College Of Fine Arts 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 06/2022, Lyme Academy College Of Fine Arts generated $2.5m 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 (5.4%) each year. All expenses for the organization totaled $1.6m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (13.9%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2022

Describe the Organization's Mission:

Part 3 - Line 1

A GENEROUS GIFT OF $1,000,000 BY CHARLOTTE COLBY DANLY, HERSELF A GRADUATE OF LYME ACADEMY, ENABLED A SEARCH FOR A TEACHER TO CARRY FORWARD THE ACADEMYS DISTINGUISHED TRADITION IN THE FIELD OF SCULPTURE. A SEARCH COMMITTEE WAS FORMED TO CARRY OUT THE SEARCH, COMPRISED OF: MS. DANLY; BOARD MEMBER/ARTIST EILEEN EDER; BOARD CHAIR MICHAEL DUFFY; JORDAN SOKOL; ISRAELI SCULPTOR ERAN WEBER; AND THE FORMER HEAD OF THE SCULPTURE DEPARTMENT AT THE FLORENCE ACADEMY, ROBERT BODEM. AFTER REVIEWING A RICH POOL OF APPLICANTS, THE COMMITTEE UNANIMOUSLY CHOSE ACCLAIMED SCULPTOR CHAD FISHER TO BE THE CHARLOTTE COLBY DANLY SCULPTURE CHAIR AT LYME ACADEMY. THE FIRST COHORT OF FULL-TIME SCULPTURE STUDENTS WILL COMMENCE THEIR STUDIES IN THE FALL OF 2023 UNDER MR. FISHERS TUTELAGE. IN THE WINTER, THE ACADEMYS CHAUNCEY STILLMAN GALLERY PLAYED HOST TO AN EXHIBITION OF THE WORKS OF THE MID-20TH CENTURY PAINTER, LENNART ANDERSON. THE SHOW, WHICH WAS FAVORABLY REVIEWED IN THE WALL STREET JOURNAL, INCLUDED WORK OF

Describe the Organization's Program Activity:

Part 3 - Line 4a

DURING THE PAST YEAR, THE LYME ACADEMY HAS RETURNED TO ITS FOUNDING PRINCIPLES UNDER THE LEADERSHIP OF ARTISTIC DIRECTORS JORDAN SOKOL AND AMAYA GURPIDE. THIS HUSBAND-AND-WIFE TEAM OF ARTISTS HARKEN BACK TO THE ACADEMY'S FOUNDING LEADERS, SCULPTOR ELISABETH GORDON CHANDLER AND HER HUSBAND, RENOWNED ARTIST LACI DEGERENDAY. THE CLARITY OF THE VISION ARTICULATED BY MR. SOKOL AND MS. GURPIDE HAS ATTRACTED A GROWING NUMBER OF STUDENTS AND ARTISTS TO STUDY AND TEACH AT THE ACADEMY.


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Board, Officers & Key Employees

Name (title)Compensation
Michael Duffy
Chairman
$0
Laura Lee Miller
Vice Chairman
$0
Lee Bowes
Treasurer
$0
Paul Knierim
Secretary
$0
Timothy Griswold
Director
$0
David Kelsey
Director
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $56,595
All other contributions, gifts, grants, and similar amounts not included above$1,830,436
Noncash contributions included in lines 1a–1f $1,269,492
Total Revenue from Contributions, Gifts, Grants & Similar$1,887,031
Total Program Service Revenue$271,206
Investment income $172,668
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $159,434
Net Gain/Loss on Asset Sales $0
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $23,601
Miscellaneous Revenue$0
Total Revenue $2,513,940

Grants Recieved

Over the last fiscal year, we have identified 2 grants that Lyme Academy Of Fine Arts Inc has recieved totaling $100,000.

Awarding OrganizationAmount
The Morris And Alma Schapiro Fund

New York, NY

PURPOSE: GENERAL PURPOSE

$75,000
The Eder Family Foundation Inc

West Haven, CT

PURPOSE: UNRESTRICTED

$25,000
View Grant Recipient Profile

Endowment Analysis

Beg. Balance$8,217,092
Earnings-$233,219
Admin Expense$19,111
Net Contributions$1,044,482
Other Expense$176,721
Ending Balance$8,832,523

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