Totals
- Total revenue
- $3,292,651
- Total expenses
- $2,410,000
- Contributions and grants received
- $1,802,127
- Grants paid
- $105,370
- Program service revenue
- $881,406
- Investment income
- $342,762
- Other revenue
- $266,356
- Total assets, end of year
- $19,221,566
- Total liabilities, end of year
- $2,161,274
- Net assets or fund balances, end of year
- $17,060,292
- Program services expenses (Part IX)
- $1,867,871
- Management and general expenses
- $456,489
- Fundraising expenses
- $85,640
- Program service expenses (Part III)
- $1,867,871
Program services were 77.5% 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)
$29,432
-
1f · All other contributions, gifts and grants
$1,772,695
-
1g · Noncash contributions included above
$54,029
-
2a · Program service revenue: GALLERY SALES
total $24,109 · related or exempt $24,109
-
2b · Program service revenue: TUITION
total $857,297 · related or exempt $857,297
-
3 · Investment income
total $156,355 · excluded $156,355
-
4 · Income from investment of tax-exempt bond proceeds
total $0
-
5 · Royalties
total $0
-
6a · Gross rents
real property $172,131
-
6c · Rental income or loss
real property $172,131
-
6d · Net rental income or loss
total $172,131 · excluded $172,131
-
7a · Gross sales of assets other than inventory
securities $576,110
-
7b · Less cost or other basis and sales expenses
securities $389,703
-
7c · Gain or loss
securities $186,407
-
7d · Net gain or loss
total $186,407 · excluded $186,407
-
8a · Fundraising events: gross income
$4,050
-
8c · Net income from fundraising events
total $4,050 · excluded $4,050
-
9c · Net income from gaming
total $0
-
10a · Gross sales of inventory
$200,914
-
10b · Cost of goods sold
$114,384
-
10c · Net income from sales of inventory
total $86,530 · related or exempt $86,530
-
11a · Other revenue: MISCELLANEOUS REVENUE
total $3,645 · excluded $3,645
-
11e · Other revenue, total
$3,645
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $0
-
2 · Grants to domestic individuals
total $105,370 · program services $105,370
-
3 · Grants to foreign organizations and individuals
total $0
-
4 · Benefits paid to or for members
total $0
-
5 · Compensation of officers, directors and key employees
total $208,000 · program services $135,200 · management and general $41,600 · fundraising $31,200
-
6 · Compensation of disqualified persons
total $0
-
7 · Other salaries and wages
total $587,923 · program services $573,373 · management and general $11,770 · fundraising $2,780
-
8 · Pension plan contributions
total $0
-
9 · Other employee benefits
total $109,120 · program services $79,265 · management and general $19,366 · fundraising $10,489
-
10 · Payroll taxes
total $74,315 · program services $55,736 · management and general $11,147 · fundraising $7,432
-
11a · Fees: management
total $0
-
11b · Fees: legal
total $11,535 · management and general $11,535
-
11c · Fees: accounting
total $71,573 · management and general $71,573
-
11d · Fees: lobbying
total $0
-
11e · Fees: professional fundraising services
total $0
-
11f · Fees: investment management
total $18,727 · management and general $18,727
-
11g · Fees: other
total $288,609 · program services $253,776 · management and general $34,269 · fundraising $564
-
12 · Advertising and promotion
total $34,340 · program services $18,893 · management and general $8,620 · fundraising $6,827
-
13 · Office expenses
total $100,714 · program services $56,051 · management and general $22,841 · fundraising $21,822
-
14 · Information technology
total $0
-
15 · Royalties
total $0
-
16 · Occupancy
total $416,770 · program services $290,278 · management and general $125,031 · fundraising $1,461
-
17 · Travel
total $25,501 · program services $23,768 · management and general $1,733
-
18 · Travel or entertainment for public officials
total $0
-
19 · Conferences, conventions and meetings
total $0
-
20 · Interest
total $0
-
21 · Payments to affiliates
total $0
-
22 · Depreciation, depletion and amortization
total $277,291 · program services $235,697 · management and general $41,594
-
23 · Insurance
total $47,634 · program services $38,107 · management and general $7,145 · fundraising $2,382
-
24a · Other expenses: TAXES & LICENSES
total $15,909 · program services $18 · management and general $15,821 · fundraising $70
-
24b · Other expenses: PROVISION FOR CREDIT LOSSES
total $8,500 · management and general $8,500
-
24c · Other expenses: BANK & CREDIT CARD FEES
total $6,443 · program services $613 · management and general $5,217 · fundraising $613
-
24d · Other expenses: MISCELLANEOUS EXPENSE
total $1,726 · program services $1,726
-
24e · All other expenses
total $0
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $568,408 · end of year $361,533
-
2 · Savings and temporary cash investments
beginning of year $40,590 · end of year $617,910
-
3 · Pledges and grants receivable
end of year $681,398
-
4 · Accounts receivable
end of year $75,552
-
5 · Loans and receivables from officers and key people
end of year $0
-
6 · Loans and receivables from disqualified persons
end of year $0
-
7 · Other notes and loans receivable
end of year $0
-
8 · Inventories for sale or use
beginning of year $167,983 · end of year $207,556
-
9 · Prepaid expenses and deferred charges
end of year $27,831
-
10a · Land, buildings and equipment: cost or other basis
$11,185,996
-
10b · Land, buildings and equipment: accumulated depreciation
$7,494,684
-
10c · Land, buildings and equipment, net
beginning of year $3,392,589 · end of year $3,691,312
-
11 · Investments: publicly traded securities
beginning of year $11,638,795 · end of year $12,631,565
-
12 · Investments: other securities
end of year $0
-
13 · Investments: program-related
end of year $0
-
14 · Intangible assets
end of year $8,298
-
15 · Other assets
beginning of year $788,343 · end of year $918,611
-
17 · Accounts payable and accrued expenses
beginning of year $14,435 · end of year $134,083
-
19 · Deferred revenue
end of year $188,533
-
25 · Other liabilities
beginning of year $1,833,404 · end of year $1,838,658
-
27 · Net assets without donor restrictions
beginning of year $4,090,244 · end of year $4,882,449
-
28 · Net assets with donor restrictions
beginning of year $10,658,625 · end of year $12,177,843
Mission and programs · 2024
Mission
THE MISSION OF THE LYME ACADEMY OF FINE ARTS IS TO TEACH THE FOUNDATIONAL SKILLS OF DRAWING, PAINTING, AND SCULPTURE IN THE FIGURATIVE TRADITION. BY ITS COMMITMENT TO TRAINING STUDENTS IN THESE SKILLS AND AN ENGAGEMENT WITH CONTEMPORARY DISCOURSE, THE ACADEMY WILL EMPOWER A NEW GENERATION OF ARTISTS. THROUGH ITS PROGRAMS, THE ACADEMY IS COMMITTED TO ENRICHING THE CULTURAL LIFE OF THE COMMUNITY.
Activities or mission (Part I)
WE ARE AN ACADEMY OF PROFESSIONAL ARTISTS THAT ENCOURAGES INDIVIDUALITY AND INNOVATION THROUGH SKILLS-BASED TRAINING. WITH A FACULTY OF INTERNATIONALLY-RECOGNIZED ARTISTS AND SCHOLARS, WE OFFER A COMPREHENSIVE, MULTI-YEAR PROGRAM OF DISCIPLINED STUDY, INTEGRATING RIGOROUS STUDIO INSTRUCTION IN DRAWING AND PAINTING WITH ANATOMY, SCULPTURE, AND TWENTY-FIRST CENTURY APPROACHES TO THE HISTORY OF ART. OUR GEOGRAPHY, LOCATED ALONG THE CONNECTICUT RIVER AND THE HEART OF THE CELEBRATED LYME ART COLONY, AND BETWEEN THE METROPOLITAN CENTERS OF BOSTON AND NEW YORK, IS IMBUED WITH HISTORY, AND REMAINS AN ACTIVE SITE OF PROGRESSIVE ARTISTS' CONGREGATION AND COMARADERIE. STUDENTS AT OUR ACADEMY PARTICIPATE IN THIS COMMUNITY, CONTINUING AN UNBROKEN TRADITION OF ART EDUCATION AND PRACTICE WHILE FINDING THEIR OWN CREATIVE VOICE. FROM THIS UNIQUE VANTAGE POINT AND THROUGH THEIR EVOLUTION, OUR LEGACY AND FUTURE UNITES.
-
In 2021, with fresh leadership at its helm, the Lyme Academy of Fine Arts reopened its doors to students, and welcomed a new generation of success. Under the guidance of a Board of Trustees that has clarified and sharpened the Academys mission, Artistic Direction that is inspiring a new generation of students and a Sculpture program that is the realization of the original vision of the Academys founder, sculptor Elisabeth Gordon Chandler. Artistic directors, Jordan Sokol and Amaya Gurpide have generated interest in the programs of the Lyme Academy of Fine Arts that has grown steadily over the last four years.Recent major gifts have provided support to the endowment of three faculty chair positions, significant capital projects, general operating needs, and have provided the Academy with stability and growth. Key new positions, including the Charlotte Colby Danly Sculpture Chair, Managing Director, and additional staff and faculty have also contributed to growth. The Academys rebirth is evident in the increasing number of students attending, which has met and exceeded the targets set in its multi-year strategic plan. Full-time enrollment has grown from 12 students in 2021-2022, to 44 in 2024-2025, and 53 STUDENTS IN THIS ACADEMIC YEAR. The Academy is limiting its growth to roughly ten additional new students per year, which allows for a high degree of selectivity in admissions as the program grows towards its full enrollment target of 80 students in the 2028-29 academic year. The Academy also serves hundreds of students through Youth Programs, Continuing Education, Workshops and guest lectures.
Expenses $1,867,871
As filed on the 2024 return.
Listed in Part VII
-
Jordon SokolJORDON SOKOL
ARTISTIC DRCTR
- Total calculated
- $99,850
- From this org
- $99,850
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
-
Wendy BuryWENDY BURY
MANAGING DRCTR
- Total calculated
- $99,850
- From this org
- $99,850
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
-
Michael DuffyMICHAEL DUFFY
Chairman
- Total calculated
- $0
- Hours/week
- 5
-
Laura Lee MillerLAURA LEE MILLER
Treasurer
- Total calculated
- $0
- Hours/week
- 5
-
Paul KnierimPAUL KNIERIM
Secretary
- Total calculated
- $0
- Hours/week
- 5
-
Lee BowesLEE BOWES
Director
- Total calculated
- $0
- Hours/week
- 2
-
Sue JoffraySUE JOFFRAY
Director
- Total calculated
- $0
- Hours/week
- 2
-
David KelseyDAVID KELSEY
Director
- Total calculated
- $0
- Hours/week
- 2
-
Susan SkelseySUSAN SKELSEY
Director
- Total calculated
- $0
- Hours/week
- 2
-
Melissa BarbieriMELISSA BARBIERI
Director
- Total calculated
- $0
- Hours/week
- 2
-
Will AllikWILL ALLIK
Director
- Total calculated
- $0
- Hours/week
- 2
-
Michael GrimaldiMICHAEL GRIMALDI
Director
- Total calculated
- $0
- Hours/week
- 2
-
Eileen EderEILEEN EDER
Director
- Total calculated
- $0
- Hours/week
- 2
-
Joshua JansonJOSHUA JANSON
Director
- Total calculated
- $0
- Hours/week
- 2
-
Lincoln ChanLINCOLN CHAN
Director
- Total calculated
- $0
- Hours/week
- 2
-
Laura HansenLAURA HANSEN
Vice CHAIR
- Total calculated
- $0
- Hours/week
- 5
-
William BachmanWILLIAM BACHMAN
Director
- Total calculated
- $0
- Hours/week
- 2
-
Mary WilsonMARY WILSON
Director
- Total calculated
- $0
- Hours/week
- 2
-
Allen RosenshineALLEN ROSENSHINE
Director
- Total calculated
- $0
- Hours/week
- 2
-
Martha ShoemakerMARTHA SHOEMAKER
Director
- Total calculated
- $0
- Hours/week
- 2
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.
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 14 November 2025
- IRS schema version
- 2024v5.2
- Source object
- 202533189349305718
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