Lyme Academy of Fine Arts Inc

Analysis

Lyme Academy of Fine Arts Inc is a registered charity in United States, based in Old Lyme, CT. It received its IRS tax-exemption ruling in December 1991, 35 years ago. Its declared purposes cover arts, culture and humanities, which this site groups under arts, culture, heritage and science. The IRS classifies it as a school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2024, Lyme Academy of Fine Arts Inc reported income of $2.7m and spending of $2.2m, spending 81% of its income. Across the 6 years on record, from June 2019 to June 2024, income fell from $6.3m to $2.7m (-58%), an average of -16% a year. The sharpest change came in the year to June 2022, when income rose by 385%. Over the whole period it spent 97% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Lyme Academy of Fine Arts Inc sits at the 93rd percentile: it is larger than about 93% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 86th percentile within CT. Charities of a similar size with the same main cause include Sankofa Community Development Corporation ($2.7m), National Comedy Center Inc ($2.7m) and Annapolis Symphony Orchestra Association Inc ($2.7m).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 30% and program service revenue 27% of the total. Compensation of current officers, directors and key employees was $69k (3.2% of expenses). Other salaries and wages came to $658k. At year end it held assets of $16.6m against liabilities of $1.8m, net assets of $14.7m. It reported 18 employees.