2024-11-08T06:27:06-08:00 2024-06-30 061533072 WollackLewitz LLC 36 Elm Street Old Saybrook CT 06475 990 2023-07-01 060942210 LYME ACADEMY OF FINE ARTS LYME 8604345232 84 LYME STREET OLD LYME CT 06371 MICHAEL DUFFY Chairman 2024-11-08 true true JOSEPH J WOLLACK CPA P01217255 8603884451 2023 2024-10-15 13:58:12Z MICHAEL DUFFY 84 LYME STREET OLD LYME CT 06371 3362797 false X lymeacademy.edu X 1976 CT 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. 23 22 18 50 0 455831 803127 502413 719786 182806 849229 288080 288579 1429130 2660721 42875 61690 0 584307 884797 0 67478 1160304 1208578 1787486 2155065 -358356 505656 15291724 16596708 1842762 1847839 13448962 14748869 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. false false 1474623 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 three 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 23 in 2022-2023, 34 in 2023-24 and 44 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. 1474623 true true false false false false false true false true true false false false true true true false true false false false false false true false false false true false false false false false false false false false true true false false false false false false false true 67 0 true 18 true false false false false false false false 0 false false false false false false false X 23 22 false false false false false false false true true false false true true true true true true false false false CT X PATRICIA LIMON 8604345232 84 LYME STREET OLD LYME CT 06371 WENDY BURY MANAGING DRCTR 40.00 0.00 X 68571 0 0 MICHAEL DUFFY Chairman 5.00 0.00 X X 0 0 0 LAURA LEE MILLER VICE CHAIRMAN 5.00 0.00 X X 0 0 0 PAUL KNIERIM Secretary 5.00 0.00 X X 0 0 0 LEE BOWES Treasurer 5.00 0.00 X X 0 0 0 TIM GRISWOLD Director 3.00 0.00 X 0 0 0 SUE JOFFRAY Director 2.00 0.00 X 0 0 0 DAVID KELSEY Director 2.00 0.00 X 0 0 0 SUSAN SKELSEY Director 2.00 0.00 X 0 0 0 MELISSA BARBIERI Director 2.00 0.00 X 0 0 0 WILL ALLIK Director 2.00 0.00 X 0 0 0 MICHAEL GRIMALDI Director 2.00 0.00 X 0 0 0 EILEEN EDER Director 2.00 0.00 X 0 0 0 CASSIE ARCHER Director 2.00 0.00 X 0 0 0 CAROL JONES Director 2.00 0.00 X 0 0 0 JOSHUA JANSON Director 2.00 0.00 X 0 0 0 LINCOLN CHAN Director 2.00 0.00 X 0 0 0 LAURA HANSEN Director 2.00 0.00 X 0 0 0 WILLIAM BACHMAN Director 2.00 0.00 X 0 0 0 HARRY SEGAL Director 2.00 0.00 X 0 0 0 MARY WILSON Director 2.00 0.00 X 0 0 0 ALLEN ROSENSHINE Director 2.00 0.00 X 0 0 0 RUSSELL RUSHMEIER Director 2.00 0.00 X 0 0 0 68571 0 false false false 0 25246 777881 166420 803127 GALLERY SALES 611600 24978 24978 TUITION 611600 694808 694808 719786 115851 115851 0 0 188684 188684 188684 188684 1353006 619628 733378 733378 733378 17440 4772 12668 12668 0 157099 77676 79423 79423 MISCELLANEOUS REVENUE 611600 7804 7804 7804 2660721 799209 1058385 X 0 61690 61690 0 0 68571 51428 10286 6857 0 658235 571310 76082 10843 0 92294 66439 17899 7956 65697 49273 9854 6570 0 720 720 51605 51605 0 0 16785 16785 225668 191312 33493 863 18210 6599 8612 2999 117634 72451 21967 23216 0 0 381433 264995 114430 2008 33511 29449 4062 0 0 0 0 278926 69732 209194 42196 33757 6329 2110 TAXES & LICENSES 20176 502 17665 2009 fees 12618 1138 10343 1137 MISCELLANEOUS EXPENSE 9096 4548 3638 910 0 2155065 1474623 612964 67478 735466 568408 40590 0 0 0 0 0 122616 167983 0 10609982 7217393 3457754 3392589 10232773 11638795 0 0 0 743115 788343 15291724 16596708 14435 1842762 1833404 1842762 1847839 X 5055882 4090244 8393080 10658625 13448962 14748869 15291724 16596708 505656 794251 X false true X true false X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 788343 X X false 9833312 1571145 293550 17108 11093799 8832523 1247363 234243 12331 9833312 8217092 1044482 -233219 176721 19111 8832523 6433192 2068353 284453 8217092 7016411 -583219 6433192 0.02250 0.97750 true false false 500013 500013 9399706 6829643 2570063 213758 2673 211085 9049 1548 7501 487456 383529 103927 3392589 DUE TO UNIV OF NEW HAVEN 1817313 GIFT CERTIFICATES OUTSTANDING 3893 SALES TAX PAYABLE 306 SECURITY DEPOSITS 11892 1833404 X 3438187 794251 794251 2643936 16785 16785 2660721 2138280 2138280 16785 16785 2155065 Part III, Line 4: Description of organization's collections and how it furthers its purpose. The Academy capitalizes works of art that it intends to maintain as part of its permanent collection. These items are recorded at their estimated fair value at the time they are donated to the Academy. The works are displayed for the general public and students who visit the campus and are also used as part of the academic programs. Part X : FIN48 Footnote The accounting standards on accounting for uncertainty in income taxes address the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under that guidance, the Academy may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities based on the technical merits of the position. Examples of tax positions include the tax-exempt status of the Academy and various positions related to the potential sources of unrelated business taxable income (UBTI). The tax benefits recognized in the financial statements from a tax position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Management has determined that the Academy does not have any uncertain tax positions and associated unrecognized tax benefits that materially impact the financial statements or related disclosures. Since tax matters are subject to some degree of uncertainty, there can be no assurance that the Academys tax positions will not be challenged by the taxing authorities. true true true true true true true false false false false false false false false false false true Schedule E, Line 3 - Racially Nondiscriminatory Policy Publicized NON-DISCRIMINATION POLICY: THE ACADEMY STATES THAT IT IS OPEN TO ALL PERSONS REGARDLESS OF RACE, CREED, SEX, OR NATIONAL ORIGIN WHENEVER POSSIBLE IN ITS VARIOUS CATALOGS, PUBLICATIONS AND OTHER MATERIAL. Schedule E, Line 4 - Explanation of Records and Materials Not Maintained Schedule E, Line 5 - Explanation of Organization Discrimination by Race false TICKETED EVENTS 17440 17440 4772 17440 17440 4772 4772 12668 true 0 0 SCHOLARSHIPS 29 61690 X 67 56493 X 3 109927 false false false Form 990, Part VI, Section B, Line 11b FORM 990 IS DISTRIBUTED TO THE FINANCE AND INVESTMENT COMMITTEE TO REVIEW BEFORE IT IS FILED WITH THE IRS. FORM 990 IS DISTRIBUTED TO THE BOARD OF TRUSTEES AT THE NEXT BOARD MEETING AND VOTED ON TO ACCEPT THE FILING. Form 990, Part VI, Section B, Line 12c THE OFFICERS AND TRUSTEES ARE REQUIRED TO DISCLOSE ANY CONFLICTS OF INTEREST AT THE EARLIEST PRACTICABLE TIME. NO TRUSTEE SHALL VOTE ON ANY MATTER UNDER CONSIDERATIONOF THE BOARD WHERE SUCH A CONFLICT EXISTS. ANY CONFLICTS OF INTEREST ARE REFLECTED IN THE MINUTES OF ANY BOARD OF TRUSTEES MEETINGS. Form 990, Part VI, Section C, Line 19 OTHER DOCUMENTS ARE AVAILABLE UPON REQUEST