American Academy Of Arts And Letters
- Assets
- $101.1m
- Revenue
- $10.4m
- Investments
- $76.7m
- Employees
- 0
- Location
- New York, NY
- Founding
- 03/1935
- Data as of
- 12/2021
- EIN
- 13-0429640
Organization Overview
American Academy Of Arts And Letters is located in New York, NY. The organization was established in 1935. According to its NTEE Classification (A25) the organization is classified as: Arts Education, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. American Academy Of Arts And Letters 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 12/2021, American Academy Of Arts And Letters generated $10.4m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 26.7% each year . All expenses for the organization totaled $4.5m during the year ending 12/2021. While expenses have increased by 4.6% per year over the past 4 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.
Since 2020, American Academy Of Arts And Letters has awarded 248 individual grants totaling $2,367,621. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2021
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ACADEMY WAS FOUNDED IN 1904 TO PROVIDE RECOGNITION TO DISTINGUISHED ACHIEVEMENT IN LITERATURE AND FINE ARTS. THE ACADEMY IS A NON-PROFIT ORGANIZATION INCORPORATED BY AN ACT OF CONGRESS IN 1916. THE INTERNAL REVENUE SERVICE GRANTED THE ACADEMY TAX-EXEMPT STATUS UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND HAS CLASSIFIED THE ACADEMY AS A PRIVATE OPERATING FOUNDATION. IN 1976, THE NATIONAL INSTITUTE OF ARTS AND LETTERS, A NON-PROFIT ORGANIZATION (FOUNDED IN 1898 AND INCORPORATED BY AN ACT OF CONGRESS IN 1913) WAS MERGED INTO THE AMERICAN ACADEMY OF ARTS AND LETTERS AND THE NAME WAS CHANGED TO THE AMERICAN ACADEMY AND INSTITUTE OF ARTS AND LETTERS. IN 1993, THE NAME WAS CHANGED TO THE AMERICAN ACADEMY OF ARTS AND LETTERS.THE ACADEMY'S MAJOR SOURCE OF REVENUE INCLUDES INVESTMENT EARNINGS AND TRUST INCOME. ANNUAL AWARDS ARE GIVEN BY THE ACADEMY TO THOSE CANDIDATES SELECTED BY THE AWARD COMMITTEES IN ORDER TO FOSTER, ASSIST AND PROMOTE LITERATURE AND FINE ARTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cody Upton Executive Director | 40 | $243,525 | |
Jay Rahhali Director Facilities | 37.5 | $168,300 | |
Ardith Holmgrain Deputy Director | 30 | $141,525 | |
Souhad Rafey Curator Exhibitions | 30 | $130,909 | |
David Clarke Director Of Technolo | 37.5 | $84,000 | |
Ashley Fedor Program Director, Li | 37.5 | $78,122 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $260,613 |
| Interest on Savings | $0 |
| Dividends & Interest | $2,330,895 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $7,654,181 |
| Capital Gain Net Income | $7,654,181 |
| Net ST Capital Gain | $3,833,229 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $172,048 |
| Total Revenue | $10,417,737 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $261,396 |
| Other employee salaries and wages | $802,106 |
| Pension plans, employee benefits | $491,785 |
| Interest | $0 |
| Taxes | $117,232 |
| Depreciation | $382,272 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $57,577 |
| Printing and publications | $0 |
| Other expenses | $1,196,843 |
| Total operating and administrative expenses | $3,389,393 |
| Contributions, gifts, grants paid | $1,154,581 |
| Total expenses and disbursements | $4,543,974 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $629,014 |
| Savings and temporary cash investments | $12,336,875 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $75,247,436 |
| Net Land, buildings, and equipment | $11,439,992 |
| Other assets | $470 |
| Total assets | $101,076,393 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, American Academy Of Arts And Letters has awarded $1,154,581 in support to 110 organizations.
| Grant Recipient | Amount |
|---|---|
CHARLES IVES SOCIETY PURPOSE: TO FURTHER THE WORK OF CHARLES IVES. | $50,000 |
LAURA VAN DEN BERG PURPOSE: TO PROVIDE A WRITER AN INCOME, ELIMINATING HIS NEED TO WORK OUTSIDE OF WRITING. | $50,000 |
SALVATORE SCIBONA PURPOSE: TO PROVIDE A WRITER AN INCOME, ELIMINATING HIS NEED TO WORK OUTSIDE OF WRITING. | $33,333 |
CHIE FUEKI PURPOSE: FOR THE PURCHASE OF PAINTINGS AND WORKS ON PAPER BY LIVING ARTISTS, AND THEIR DONATION TO MUSEUMS THROUGHOUT THE COUNTRY. | $25,600 |
WILLIAM VILLALONGO PURPOSE: FOR THE PURCHASE OF PAINTINGS AND WORKS ON PAPER BY LIVING ARTISTS, AND THEIR DONATION TO MUSEUMS THROUGHOUT THE COUNTRY. | $22,500 |
LAVA THOMAS PURPOSE: FOR THE PURCHASE OF PAINTINGS AND WORKS ON PAPER BY LIVING ARTISTS, AND THEIR DONATION TO MUSEUMS THROUGHOUT THE COUNTRY. | $22,000 |
Grants Recieved
Over the last fiscal year, we have identified 5 grants that American Academy Of Arts And Letters has recieved totaling $400,858.
| Awarding Organization | Amount |
|---|---|
Archer M Huntington Charitable Tr A Pittsburgh, PA PURPOSE: GENERAL OPERATING | $164,743 |
Archer M Huntington Charitable Tr A Pittsburgh, PA PURPOSE: GENERAL OPERATING | $164,743 |
Ud Archer M Huntington Char Tst Dallas, TX PURPOSE: UNRESTRICTED GENERAL | $46,872 |
Richard And Hinda Rosenthal Foundation Los Angeles, CA PURPOSE: UNRESTRICTED GRANT | $22,000 |
Wayne Thiebaud Foundation Sacramento, CA PURPOSE: CASH DONATION TO HELP IN THE ADVANCEMENT OF ART EDUCATION AND AWARENESS. | $2,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Art Students League Of New York New York, NY | $112,886,191 | $14,274,262 |
Saul Steinberg Foundation New York, NY | $2,326,445 | $165,696 |
Studio In A School Association New York, NY | $26,491,871 | $6,228,421 |
Global Disciples Lancaster, PA | $4,481,434 | $6,431,035 |
Harlem School Of The Arts Inc New York, NY | $16,306,795 | $5,380,840 |
Dreamyard Project Inc Bronx, NY | $4,474,380 | $5,509,637 |
Grounds For Sculpture Inc Hamilton, NJ | $36,793,406 | $11,597,062 |
Powerhouse Arts Inc Brooklyn, NY | $187,718,007 | $2,438,930 |
Artists For Humanity Inc Boston, MA | $38,813,967 | $6,181,666 |
American Academy Of Arts And Letters New York, NY | $101,076,393 | $10,417,737 |
The Arts Connection Inc New York, NY | $2,703,336 | $4,972,330 |
Alliance For Young Artists & Writers Inc New York, NY | $7,496,330 | $3,366,982 |