Pennsylvania Academy Of The Fine Arts
- Assets
- $124.3m
- Revenue
- $17.5m
- Investments
- $19.0m
- Employees
- 274
- Location
- Philadelphia, PA
- Founding
- 12/1928
- Data as of
- 06/2024
- EIN
- 23-1352256
Organization Overview
Pennsylvania Academy Of The Fine Arts is located in Philadelphia, PA. The organization was established in 1928. According to its NTEE Classification (B40) the organization is classified as: Higher Education, under the broad grouping of Education and related organizations. As of 06/2024, Pennsylvania Academy Of The Fine Arts employed 274 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Pennsylvania Academy Of The 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 06/2024, Pennsylvania Academy Of The Fine Arts generated $17.5m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (2.0%) each year. All expenses for the organization totaled $21.2m during the year ending 06/2024. As we would expect to see with falling revenues, expenses have declined by (0.1%) per year over the past 8 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2024
Describe the Organization's Mission:
Part 3 - Line 1
AS THE FIRST ART MUSEUM AND SCHOOL IN THE US, PAFA CELEBRATES THE TRANSFORMATIVE POWER OF ART AND ART-MAKING.
Describe the Organization's Program Activity:
PAFA'S POST-SECONDARY FINE ARTS PROGRAM OFFERS PROGRAMS IN PAINTING, PRINT-MAKING, SCULPTING AND DRAWING. THE SCHOOL GRANTS A FOUR YEAR CERTIFICATE, A BACHELOR OF FINE ARTS DEGREE, AND A MASTER OF FINE ARTS DEGREE.
PAFA OPERATES A GALLERY THAT DISPLAYS GREAT WORKS OF AMERICAN ART. IT IS THE OLDEST SUCH GALLERY IN THE U.S. AND ITS PRINCIPAL BUILDING IS A HISTORICAL STRUCTURE. THE SCHOOL ALSO HOSTS SEVERAL SPECIAL EXHIBITIONS EACH YEAR.
PUBLIC EDUCATION TEAM SPONSORS FINE ART CLASSES FOR ALL AGES BOTH ON AND OFF-SITE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Anne E Mccollum Chairman | OfficerTrustee | 5 | $0 |
Eric G Pryor President & CEO | OfficerTrustee | 40 | $366,888 |
Susan M Hendrickson Secretary | OfficerTrustee | 5 | $0 |
Charles E Chase Assistant Secretary | OfficerTrustee | 5 | $0 |
William P Hankowsky Assistant Treasurer | OfficerTrustee | 5 | $0 |
Reginald M Browne Vice Chair | OfficerTrustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Allied Universal Security Services Security Services | 6/29/24 | $835,441 |
Clean Tech Services Inc Custodial Services | 6/29/24 | $283,797 |
Radar Nonprofit Solutions Accounting Services | 6/29/24 | $278,738 |
Elliot - Lewis Corp Hvac | 6/29/24 | $252,070 |
Atelier Fine Arts Services Llc Art Preservation | 6/29/24 | $247,817 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $349,366 |
| Related organizations | $0 |
| Government grants | $863,670 |
| All other contributions, gifts, grants, and similar amounts not included above | $5,004,247 |
| Noncash contributions included in lines 1a–1f | $328,246 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,217,283 |
| Total Program Service Revenue | $8,361,104 |
| Investment income | $1,893,563 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $201,012 |
| Net Gain/Loss on Asset Sales | $694,108 |
| Net Income from Fundraising Events | -$130,358 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $240,584 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $17,523,271 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $2,940,105 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $713,430 |
| Compensation of current officers, directors, key employees. | $713,430 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,533,769 |
| Pension plan accruals and contributions | $121,462 |
| Other employee benefits | $498,578 |
| Payroll taxes | $432,790 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $144,175 |
| Fees for services: Accounting | $451,160 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $216,473 |
| Fees for services: Other | $1,543,805 |
| Advertising and promotion | $138,682 |
| Office expenses | $523,902 |
| Information technology | $433,204 |
| Royalties | $0 |
| Occupancy | $2,320,502 |
| Travel | $157,642 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,144 |
| Interest | $1,205,894 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,938,522 |
| Insurance | $483,719 |
| All other expenses | $406,012 |
| Total functional expenses | $21,217,409 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $64,536 |
| Savings and temporary cash investments | $11,255,096 |
| Pledges and grants receivable | $2,067,547 |
| Accounts receivable, net | $153,074 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $116,145 |
| Prepaid expenses and deferred charges | $210,733 |
| Net Land, buildings, and equipment | $46,429,539 |
| Investments—publicly traded securities | $41,393,031 |
| Investments—other securities | $18,980,003 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,605,892 |
| Total assets | $124,275,596 |
| Accounts payable and accrued expenses | $1,568,174 |
| Grants payable | $0 |
| Deferred revenue | $183,920 |
| Tax-exempt bond liabilities | $24,150,299 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $6,900,000 |
| Other liabilities | $0 |
| Total liabilities | $32,802,393 |
| Net assets without donor restrictions | $44,207,559 |
| Net assets with donor restrictions | $47,265,644 |
| 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 | $124,275,596 |