Pennsylvania Academy of the Fine Arts

Analysis

Pennsylvania Academy of the Fine Arts is a registered charity in United States, based in Philadelphia, PA. It received its IRS tax-exemption ruling in December 1928, 98 years ago. Its declared purposes cover education, which this site groups under education and training. 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, Pennsylvania Academy of the Fine Arts reported income of $17.5m and spending of $21.2m, spending 121% of what it took in. Across the 6 years on record, from June 2019 to June 2024, income fell from $29.6m to $17.5m (-41%), an average of -10% a year. The sharpest change came in the year to June 2020, when income dropped by 25%. Over the whole period it spent 103% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Pennsylvania Academy of the Fine Arts sits at the 96th percentile: it is larger than about 96% of them. Against every charity in United States with reported income it ranks in the 97th percentile, and in the 96th percentile within PA. Charities of a similar size with the same main cause include Digital Pioneers Academy Corporation ($17.5m), Premier Charter School ($17.5m) and Henry Viscardi School ($17.5m).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 35% and program service revenue 48% of the total. Compensation of current officers, directors and key employees was $713k (3.4% of expenses). Other salaries and wages came to $5.5m. At year end it held assets of $124.3m against liabilities of $32.8m, net assets of $91.5m. It reported 274 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.