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Nonprofiteer
← ACADEMY CENTER OF THE ARTS INC

Form 990 for tax year 2022

Filed by ACADEMY CENTER OF THE ARTS INC.

Totals

Total revenue
$2,173,066
Total expenses
$1,947,699
Contributions and grants received
$1,443,171
Grants paid
$0
Program service revenue
$566,433
Investment income
$39,803
Other revenue
$123,659
Total assets, end of year
$40,966,409
Total liabilities, end of year
$469,008
Net assets or fund balances, end of year
$40,497,401
Program services expenses (Part IX)
$1,487,768
Management and general expenses
$224,412
Fundraising expenses
$235,519
Program service expenses (Part III)
$1,487,768

Program services were 76.4% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $152,486

  • 1f · All other contributions, gifts and grants

    $1,290,685

  • 2a · Program service revenue: PERFORMANCE INCOME

    total $369,918 · related or exempt $369,918

  • 2b · Program service revenue: ARTS AND EDUCATION

    total $196,515 · related or exempt $196,515

  • 3 · Investment income

    total $39,804 · excluded $39,804

  • 6a · Gross rents

    real property $62,709

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $62,709

  • 6d · Net rental income or loss

    total $62,709 · related or exempt $62,709

  • 7a · Gross sales of assets other than inventory

    securities $160,378

  • 7b · Less cost or other basis and sales expenses

    securities $160,379

  • 7c · Gain or loss

    securities -$1

  • 7d · Net gain or loss

    total -$1 · related or exempt -$1

  • 8a · Fundraising events: gross income

    $174,436

  • 8b · Fundraising events: direct expenses

    $133,479

  • 8c · Net income from fundraising events

    total $40,957 · excluded $40,957

  • 11a · Other revenue: MISCELLANEOUS

    total $19,993 · related or exempt $19,993

  • 11e · Other revenue, total

    $19,993

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $128,750 · program services $38,625 · management and general $32,188 · fundraising $57,937

  • 7 · Other salaries and wages

    total $698,759 · program services $565,456 · management and general $42,288 · fundraising $91,015

  • 9 · Other employee benefits

    total $40,935 · program services $29,883 · management and general $3,684 · fundraising $7,368

  • 10 · Payroll taxes

    total $98,750 · program services $72,087 · management and general $8,888 · fundraising $17,775

  • 11c · Fees: accounting

    total $23,475 · management and general $23,475

  • 11f · Fees: investment management

    total $15,536 · management and general $15,536

  • 12 · Advertising and promotion

    total $66,254 · program services $49,691 · fundraising $16,563

  • 13 · Office expenses

    total $35,862 · program services $22,951 · management and general $9,683 · fundraising $3,228

  • 16 · Occupancy

    total $116,521 · program services $87,391 · management and general $17,478 · fundraising $11,652

  • 17 · Travel

    total $6,245 · management and general $1,137 · fundraising $5,108

  • 20 · Interest

    total $5,743 · program services $5,743

  • 22 · Depreciation, depletion and amortization

    total $160,110 · program services $144,099 · management and general $1,601 · fundraising $14,410

  • 23 · Insurance

    total $55,869 · program services $1,826 · management and general $54,043

  • 24a · Other expenses: PROGRAM EXPENSES

    total $323,075 · program services $323,075

  • 24b · Other expenses: PROGRAM SUPPLIES

    total $55,338 · program services $55,338

  • 24c · Other expenses: REPAIRS AND MAINTENANCE

    total $45,544 · program services $36,435 · management and general $6,832 · fundraising $2,277

  • 24d · Other expenses: TAXES, LICENSES, AND PE

    total $30,901 · program services $30,901

  • 24e · All other expenses

    total $40,032 · program services $24,267 · management and general $7,579 · fundraising $8,186

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $28,089 · end of year $3,000

  • 2 · Savings and temporary cash investments

    beginning of year $1,177,311 · end of year $1,280,139

  • 3 · Pledges and grants receivable

    beginning of year $962,666 · end of year $589,013

  • 8 · Inventories for sale or use

    beginning of year $13,798 · end of year $33,943

  • 9 · Prepaid expenses and deferred charges

    beginning of year $34,578 · end of year $24,901

  • 10a · Land, buildings and equipment: cost or other basis

    $11,273,393

  • 10b · Land, buildings and equipment: accumulated depreciation

    $2,159,036

  • 10c · Land, buildings and equipment, net

    beginning of year $9,122,496 · end of year $9,114,357

  • 11 · Investments: publicly traded securities

    beginning of year $2,556,258 · end of year $2,603,717

  • 15 · Other assets

    beginning of year $27,371,773 · end of year $27,317,339

  • 17 · Accounts payable and accrued expenses

    beginning of year $35,957 · end of year $22,602

  • 19 · Deferred revenue

    beginning of year $63,518 · end of year $93,722

  • 23 · Secured mortgages and notes payable

    beginning of year $144,701 · end of year $142,752

  • 25 · Other liabilities

    beginning of year $296,583 · end of year $209,932

  • 27 · Net assets without donor restrictions

    beginning of year $36,981,076 · end of year $37,192,161

  • 28 · Net assets with donor restrictions

    beginning of year $3,745,134 · end of year $3,305,240

Mission and programs · 2022

Mission

THE ORGANIZATION'S PURPOSE IS SERVING THE LYNCHBURG COMMUNITY THROUGH THE ARTS. THIS IS DONE THROUGH ARTS EDUCATION FOR BOTH CHILDREN AND ADULTS, GALLERY SHOWS, AND PERFORMANCES FROM NATIONALLY RENOWNED PERFORMERS, PARTNER CULTURAL NONPROFITS AND COMMUNITY MEMBERS WITH A DESIRE TO PERFORM.

Activities or mission (Part I)

THE ORGANIZATION'S MISSION OR MOST SIGNIFICANT ACTIVITIES INCLUDE PROMOTIONS OF VISUAL, PERFORMING, AND CREATIVE ARTS IN CENTRAL VIRGINIA. ANOTHER PURPOSE OF THE ACADEMY IS THE RESTORATION OF THE HISTORIC LYNCHBURG ACADEMY OF MUSIC THEATER BUILDING. THIS BUILDING, WHICH DATES TO THE EARLY 1900'S IS SIGNIFICANT TO THE COMMUNITY FROM BOTH A HISTORIC AND ARCHITECTURAL STANDPOINT.

  • PROMOTION OF THE CREATIVE ARTS IN THE CENTRAL VIRGINIA AREA, THE ACADEMY PROVIDES 164 ART CLASSES OVER VARYING PERIODS FOR PERSONS RANGING FROM YOUNG CHILDREN TO SENIOR CITIZENS. OVER 2,000 PERSONS WERE SERVED VIA THESE CLASSES. THE ACADEMY ALSO PRESENTS ART SHOWS IN ITS GALLERY AND AT OTHER SPACES THROUGHOUT THE COMMUNITY. THESE PRESENTATIONS GIVE LOCAL ARTISTS A VENUE TO DISPLAY THEIR TALENTS. IT ALSO ALLOWS MEMBERS OF THE COMMUNITY TO BE ABLE TO VIEW QUALITY ARTWORK WITHOUT HAVING TO TRAVEL OUTSIDE OF THE GENERAL AREA.

    Expenses $1,487,768 · Revenue $649,134

  • THE ACADEMY IS ALSO INVOLVED IN THE RESTORATION OF THE HISTORIC ACADEMY OF MUSIC THEATER IN LYNCHBURG, VIRGINIA. THE ACADEMY OF MUSIC THEATER IS A BUILDING DATING TO THE EARLY 1900'S. IT IS BOTH HISTORICALLY AND ARCHITECTURALLY SIGNIFICANT TO THE LYNCHBURG AREA. THE THEATER PLAYED HOST TO SOME OF THE GREAT NAMES OF AMERICAN ENTERTAINMENT IN THE DAYS BEFORE MOVING PICTURES. THE EXPENSES ASSOCIATED WITH THIS ACTIVITY ARE PRESENT IN THE BALANCE SHEET IN THAT MOST, IF NOT ALL, EXPENDITURES ARE FOR CAPITALIZED ITEMS.

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Elizabeth Stroud

    PRESIDENT

    Total calculated
    $0
    Hours/week
    3

  • Derrick Brown

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Jessica Clarkson

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Antonio Davis

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Donna Gaddy-Bowen

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Joseph Tucker

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    2

  • Ron Shoultz

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Maria Hayden

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Ula Kauppi

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • Amy Kowalski

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • James Watkins

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Richard Loving

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Paul McWane

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Dr Chalmers Nunn

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Walker Sigler

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Beth Doyle

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • D Todd Irby

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Alison Morrison Shetlar

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Georgeann Snead

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Kevin Hooper

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Ethel Reeves

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Mike Shandler

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Dr Laura Gately

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Geoffrey Kershner

    EXECUTIVE DIRECTOR

    Total calculated
    $128,750
    From this org
    $128,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

No itemized grants to organizations on this return.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • ACADEMY THEATRE MANAGING MEMBER LLC

    REAL ESTATE RENTAL · VA · assets $26,312,634

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • ACADEMY THEATRE LLC

    THEATRE EVENTS · HOLD THE RENOVATED THEATRE FOR HISTORIC TAX CREDITS AND SUBSEQUENT OPERATION · VA · 1% owned · share of income $20,094 · share of assets $24,148 · general or managing partner

    Directly controlled by ACADEMY CENTER OF THE ARTS

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • ACADEMY MANAGEMENT CORPORATION

    C · REAL ESTATE RENTAL · VA · share of assets $26,425,411

Provenance

Return type
form_990
Tax year
2022
Filed
9 May 2023
IRS schema version
2022v5.0
Source object
202341309349305814

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