Form 990 for tax year 2024
Filed by ACADEMY CENTER OF THE ARTS INC.
Totals
- Total revenue
- $5,328,199
- Total expenses
- $6,240,722
- Contributions and grants received
- $1,768,816
- Grants paid
- $0
- Program service revenue
- $2,732,318
- Investment income
- $426,987
- Other revenue
- $400,078
- Total assets, end of year
- $41,715,194
- Total liabilities, end of year
- $914,758
- Net assets or fund balances, end of year
- $40,800,436
- Program services expenses (Part IX)
- $5,268,640
- Management and general expenses
- $454,236
- Fundraising expenses
- $517,846
- Program service expenses (Part III)
- $5,268,640
Program services were 84.4% 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.
-
1f · All other contributions, gifts and grants
$1,768,816
-
2a · Program service revenue: PERFORMANCE INCOME
total $2,446,008 · related or exempt $2,446,008
-
2b · Program service revenue: ARTS AND EDUCATION
total $286,310 · related or exempt $286,310
-
3 · Investment income
total $115,263 · excluded $115,263
-
6a · Gross rents
real property $271,256
-
6b · Less rental expenses
real property $0
-
6c · Rental income or loss
real property $271,256
-
6d · Net rental income or loss
total $271,256 · related or exempt $271,256
-
7a · Gross sales of assets other than inventory
securities $595,119
-
7b · Less cost or other basis and sales expenses
securities $283,395
-
7c · Gain or loss
securities $311,724
-
7d · Net gain or loss
total $311,724 · related or exempt $311,724
-
8a · Fundraising events: gross income
$168,427
-
8b · Fundraising events: direct expenses
$62,216
-
8c · Net income from fundraising events
total $106,211 · excluded $106,211
-
11a · Other revenue: MISCELLANEOUS
total $22,611 · related or exempt $22,611
-
11e · Other revenue, total
$22,611
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $131,635 · program services $39,490 · management and general $32,909 · fundraising $59,236
-
7 · Other salaries and wages
total $1,414,511 · program services $1,089,197 · management and general $106,244 · fundraising $219,070
-
8 · Pension plan contributions
total $28,544 · program services $20,837 · management and general $2,569 · fundraising $5,138
-
9 · Other employee benefits
total $36,854 · program services $26,903 · management and general $3,317 · fundraising $6,634
-
10 · Payroll taxes
total $115,365 · program services $84,216 · management and general $10,383 · fundraising $20,766
-
11b · Fees: legal
total $6,956 · management and general $6,956
-
11c · Fees: accounting
total $27,004 · management and general $27,004
-
11f · Fees: investment management
total $16,464 · management and general $16,464
-
11g · Fees: other
total $33,539 · management and general $33,539
-
12 · Advertising and promotion
total $208,951 · program services $156,713 · fundraising $52,238
-
13 · Office expenses
total $52,750 · program services $33,760 · management and general $14,243 · fundraising $4,747
-
16 · Occupancy
total $261,224 · program services $195,918 · management and general $39,184 · fundraising $26,122
-
17 · Travel
total $16,196 · management and general $11,967 · fundraising $4,229
-
20 · Interest
total $5,405 · program services $5,405
-
22 · Depreciation, depletion and amortization
total $1,130,191 · program services $1,017,172 · management and general $11,302 · fundraising $101,717
-
23 · Insurance
total $109,478 · program services $3,960 · management and general $105,518
-
24a · Other expenses: PROGRAM EXPENSES
total $2,211,266 · program services $2,211,266
-
24b · Other expenses: REPAIRS AND MAINTENANCE
total $160,646 · program services $128,517 · management and general $24,097 · fundraising $8,032
-
24c · Other expenses: TAXES, LICENSES, AND PE
total $85,633 · program services $85,633
-
24d · Other expenses: BANK FEES
total $79,618 · program services $78,586 · fundraising $1,032
-
24e · All other expenses
total $108,492 · program services $91,067 · management and general $8,540 · fundraising $8,885
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $3,300 · end of year $4,100
-
2 · Savings and temporary cash investments
beginning of year $924,224 · end of year $763,233
-
3 · Pledges and grants receivable
beginning of year $460,221 · end of year $394,559
-
8 · Inventories for sale or use
beginning of year $20,118 · end of year $37,349
-
9 · Prepaid expenses and deferred charges
beginning of year $47,697 · end of year $96,711
-
10a · Land, buildings and equipment: cost or other basis
$37,991,706
-
10b · Land, buildings and equipment: accumulated depreciation
$3,460,758
-
10c · Land, buildings and equipment, net
beginning of year $9,014,217 · end of year $34,530,948
-
11 · Investments: publicly traded securities
beginning of year $2,871,671 · end of year $3,571,634
-
15 · Other assets
beginning of year $27,860,510 · end of year $2,316,660
-
17 · Accounts payable and accrued expenses
beginning of year $60,168 · end of year $59,427
-
19 · Deferred revenue
beginning of year $386,995 · end of year $451,499
-
23 · Secured mortgages and notes payable
beginning of year $138,938 · end of year $215,328
-
25 · Other liabilities
beginning of year $79,874 · end of year $188,504
-
27 · Net assets without donor restrictions
beginning of year $37,216,509 · end of year $36,885,370
-
28 · Net assets with donor restrictions
beginning of year $3,319,474 · end of year $3,915,066
Mission and programs · 2024
Mission
THE ORGANIZATION'S MISSION IS TO CULTIVATE A HEALTHIER AND MORE INTERCONNECTED COMMUNITY THROUGH CULTURAL INFRASTRUCTURE AND COMMUNITY-BUILDING ARTS PROGRAMS.THROUGH THE ACADEMY, COMMUNITY HEALTH AND INTERCONNECTIVITY WILL BE CULTIVATED THROUGH:-PROGRAMS THAT INSPIRE INDIVIDUALS OF ALL AGES, UNLOCKING THEIR INHERENT POTENTIAL AND NURTURING SOCIAL BONDS.-STATE-OF-THE-ART FACILITIES AND DEDICATED SUPPORT STAFF THAT ELEVATE OTHER LOCAL ARTS INSTITUTIONS AND CULTURAL ACTIVITIES.-ACTIVITIES THAT ENGAGE BROAD AUDIENCES, WITH SPECIAL EMPHASIS ON ADDRESSING LIMITED ACCESS TO COMMUNITY NETWORKS BY FOSTERING COLLABORATION AND EXPANDING OPPORTUNITIES FOR PERSONAL GROWTH.
-
PROMOTION OF THE CREATIVE ARTS IN THE CENTRAL VIRGINIA AREA, THE ACADEMY PROVIDES 217 ART CLASSES OVER VARYING PERIODS FOR PERSONS RANGING FROM YOUNG CHILDREN TO SENIOR CITIZENS. OVER 5,600 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 $5,140,123 · Revenue $3,337,909
-
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.
Expenses $128,517
As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Joseph TuckerJOSEPH TUCKER
PRESIDENT
- Total calculated
- $0
- Hours/week
- 3
-
Emily CrowderEMILY CROWDER
MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Jessica ClarksonJESSICA CLARKSON
MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Antonio DavisANTONIO DAVIS
MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Derrick BrownDERRICK BROWN
MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
James WrightJAMES WRIGHT
VICE PRESIDENT
- Total calculated
- $0
- Hours/week
- 2
-
Andrea HarrisANDREA HARRIS
MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Catherine VarnerCATHERINE VARNER
MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Alisha ChildressALISHA CHILDRESS
SECRETARY
- Total calculated
- $0
- Hours/week
- 2
-
Amy KowalskiAMY KOWALSKI
MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
James WatkinsJAMES WATKINS
MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Sue Ott RowlandsSUE OTT ROWLANDS
MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Paul McWanePAUL MCWANE
MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Dr Chalmers NunnDR CHALMERS NUNN
MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Walker SiglerWALKER SIGLER
TREASURER
- Total calculated
- $0
- Hours/week
- 2
-
Beth DoyleBETH DOYLE
MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Ula KauppiULA KAUPPI
MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Alison Morrison ShetlarALISON MORRISON SHETLAR
MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Georgeann SneadGEORGEANN SNEAD
MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Kevin HooperKEVIN HOOPER
MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Holly TrentHOLLY TRENT
MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Mike ShadlerMIKE SHADLER
MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Dr Laura GateleyDR LAURA GATELEY
MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Phyllistine MosleyPHYLLISTINE MOSLEY
MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Maria HaydenMARIA HAYDEN
MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Tim SmithTIM SMITH
MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Darlene WallaceDARLENE WALLACE
MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
George ZippelGEORGE ZIPPEL
MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Geoffrey KershnerGEOFFREY KERSHNER
CHIEF EXECUTIVE OFFICER
- Total calculated
- $135,584
- From this org
- $131,635
- From related orgs
- $0
- Other
- $3,949
- 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 $0
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 -$678,684 · 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
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 14 May 2025
- IRS schema version
- 2024v5.1
- Source object
- 202521349349305187
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