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← INTERNATIONAL ACADEMY OF FINE ART

Form 990 for tax year 2022

Filed by INTERNATIONAL ACADEMY OF FINE ART.

Totals

Total revenue
$4,105,004
Total expenses
$3,805,832
Contributions and grants received
$252,592
Grants paid
$246,151
Program service revenue
$3,852,412
Investment income
$0
Other revenue
$0
Total assets, end of year
$7,894,942
Total liabilities, end of year
$5,676,132
Net assets or fund balances, end of year
$2,218,810
Program services expenses (Part IX)
$2,886,694
Management and general expenses
$919,138
Fundraising expenses
$0
Program service expenses (Part III)
$2,886,694

Program services were 75.8% 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.

  • 1f · All other contributions, gifts and grants

    $252,592

  • 1g · Noncash contributions included above

    $5,201

  • 2a · Program service revenue: TUITION AND FEES

    total $3,778,043 · related or exempt $3,778,043

  • 2b · Program service revenue: OTHER PROGRAM INCOME

    total $74,369 · related or exempt $74,369

  • 3 · Investment income

    total $0

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0

  • 7d · Net gain or loss

    total $0

  • 8a · Fundraising events: gross income

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $246,151 · program services $246,151

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $200,576 · program services $62,568 · management and general $138,008 · fundraising $0

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $1,116,904 · program services $1,005,166 · management and general $111,738

  • 8 · Pension plan contributions

    total $0

  • 9 · Other employee benefits

    total $146,142 · program services $42,148 · management and general $103,994

  • 10 · Payroll taxes

    total $258,057 · program services $186,781 · management and general $71,276

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $39,142 · management and general $39,142

  • 11c · Fees: accounting

    total $105,004 · management and general $105,004

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $334,079 · program services $305,375 · management and general $28,704

  • 12 · Advertising and promotion

    total $152,730 · management and general $152,730

  • 13 · Office expenses

    total $46,091 · management and general $46,091

  • 14 · Information technology

    total $0

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $616,554 · program services $585,726 · management and general $30,828

  • 17 · Travel

    total $13,172 · management and general $13,172

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $107,993 · program services $102,593 · management and general $5,400

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $109,077 · program services $103,623 · management and general $5,454

  • 23 · Insurance

    total $17,541 · program services $15,339 · management and general $2,202

  • 24a · Other expenses: BOARD EXPENSE

    total $3,296 · management and general $3,296

  • 24b · Other expenses: TEACHING SUPPLIES & TRIPS

    total $155,479 · program services $155,479

  • 24c · Other expenses: STUDENT HOUSING

    total $33,556 · program services $33,556

  • 24d · Other expenses: LIBRARY EXPENSE

    total $2,406 · program services $2,406

  • 24e · All other expenses

    total $101,882 · program services $39,783 · management and general $62,099

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,481,985 · end of year $1,870,974

  • 2 · Savings and temporary cash investments

    beginning of year $0 · end of year $0

  • 3 · Pledges and grants receivable

    beginning of year $140,000 · end of year $0

  • 4 · Accounts receivable

    beginning of year $31,489 · end of year $6,988

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $183,284 · end of year $246,029

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

    $6,819,611

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

    $1,137,067

  • 10c · Land, buildings and equipment, net

    beginning of year $5,524,672 · end of year $5,682,544

  • 11 · Investments: publicly traded securities

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year $0 · end of year $0

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $0 · end of year $88,407

  • 17 · Accounts payable and accrued expenses

    beginning of year $522,422 · end of year $478,211

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $1,243,698 · end of year $1,497,349

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $350,679 · end of year $305,679

  • 23 · Secured mortgages and notes payable

    beginning of year $3,057,237 · end of year $2,971,692

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $339,936 · end of year $423,201

  • 27 · Net assets without donor restrictions

    beginning of year $1,536,642 · end of year $1,966,268

  • 28 · Net assets with donor restrictions

    beginning of year $310,816 · end of year $252,542

Mission and programs · 2022

Mission

THE FLORENCE ACADAMY OF ART WAS FOUNED IN 1991 BY DANIEL GRAVES (SEE SCHEDULE O FOR DETAILS).

Activities or mission (Part I)

TO PROVIDE THE HIGHEST LEVEL OF INSTRUCTION IN CLASSICAL METHODS OF DRAWING, PAINTING and SCULPTURE for STUDENTS WISHING TO PURSUE CAREERS AS PROFESSIONAL ARTISTS

  • The Florence Academy of Art was founded in 1991 by American painter, Daniel Graves. First housed in a small studio in the gardens of a local Florentine palace, students trained in the methods of the Old Masters. (SEE SCHEDULE O FOR continuation and additional information)

    Expenses $2,886,694 · Grants $246,151 · Revenue $3,852,412

As filed on the 2022 return.

Listed in Part VII

  • Thomas Richards

    Academic Director

    Total calculated
    $131,804
    From this org
    $131,804
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Antonio Vanni

    Executive Director

    Total calculated
    $77,029
    From this org
    $77,029
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Daniel Graves

    President

    Total calculated
    $62,568
    From this org
    $62,568
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Susan Tintori

    Founding Executive Director

    Total calculated
    $58,158
    From this org
    $58,158
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • David Spencer

    Chairperson

    Total calculated
    $0
    Hours/week
    4

  • Christine Emmons

    Secretary

    Total calculated
    $0
    Hours/week
    4

  • George C White

    Founding Chairperson

    Total calculated
    $0
    Hours/week
    1

  • Robert Emmons

    Director

    Total calculated
    $0
    Hours/week
    1

  • Anki Eriksson Graves

    Director

    Total calculated
    $0
    Hours/week
    1

  • Jamen Graves

    Director

    Total calculated
    $0
    Hours/week
    1

  • Gregory Hedberg

    Chairperson

    Total calculated
    $0
    Hours/week
    5

  • Margaret Hedberg

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Jennifer Nash Kochevar

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Robert Montgomery

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Val Montgomery

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Elizabeth Slaught

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Betsy White

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Nelson White

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • David Thompson

    TREASURER

    Total calculated
    $0
    Hours/week
    4

  • Pamela Thompson

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Laura Grenning

    Trustees

    Total calculated
    $0
    Hours/week
    1

  • Tarra Bandet

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Richard J Massey

    Trustees

    Total calculated
    $0
    Hours/week
    1

  • Richard Hitt

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Judy Jones

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Terry Jones

    trustee

    Total calculated
    $0
    Hours/week
    1

  • Susan Kendall

    Trustee

    Total calculated
    $0
    Hours/week
    1

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.

  • The Florence Academy of Art AB

    Art School · SW · assets $122,846

    Directly controlled by FAA

  • ITAL SrL

    RE Holding · IT · assets $4,511,883

    Directly controlled by FAA

Provenance

Return type
form_990
Tax year
2022
Filed
1 May 2024
IRS schema version
2022v5.0
Source object
202441359349307009

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