Academy Center of the Arts Inc

Analysis

Academy Center of the Arts Inc is a registered charity in United States, based in Lynchburg, VA. It received its IRS tax-exemption ruling in August 2000, 26 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 publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Academy Center of the Arts Inc reported income of $2.5m and spending of $2.7m, spending 107% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $2.2m to $2.5m (+19%), an average of +4.3% a year. The sharpest change came in the year to December 2021, when income rose by 42%. Over the whole period it spent 81% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Academy Center of the 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 88th percentile within VA. Charities of a similar size with the same main cause include Pratt Fine Arts Center ($2.5m), The Bascom Corporation ($2.6m) and Higher Ambition Leadership Alliance Inc ($2.5m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 49% and program service revenue 44% of the total. Compensation of current officers, directors and key employees was $132k (4.8% of expenses). Other salaries and wages came to $812k. At year end it held assets of $41.2m against liabilities of $666k, net assets of $40.5m. It reported 60 employees.