American Academy of Art Inc

Analysis

American Academy of Art Inc is a registered charity in United States, based in Chicago, IL. It received its IRS tax-exemption ruling in March 2016, 10 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 December 2023, American Academy of Art Inc reported income of $3.2m and spending of $4.1m, spending 128% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $7.6m to $3.2m (-58%), an average of -19% a year. The sharpest change came in the year to December 2023, when income dropped by 38%. Over the whole period it spent 106% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, American Academy of Art Inc sits at the 86th percentile: it is larger than about 86% of them. Against every charity in United States with reported income it ranks in the 89th percentile, and in the 89th percentile within IL. Charities of a similar size with the same main cause include Buffalo Creek Academy Inc ($3.2m), Rewriting the Code Inc ($3.2m) and Kids First Chicago for Education ($3.2m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 0.0% and program service revenue 97% of the total. Compensation of current officers, directors and key employees was $217k (5.3% of expenses). Other salaries and wages came to $1.8m. At year end it held assets of $25.1m against liabilities of $26.1m, net assets of -$1.0m. It reported 61 employees.