Innovation Arts Academy Inc

Nonprofit profile at a glance

EIN
812571338
IRS 990 coverage
2022–2024
Forms available
Form 990 2024, Form 990-EZ 2021
Location
Lexington, KY, USA
Phone
8594892683
Rating
73
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Performing Arts Organizations

Official website

Reported finances

Revenue
$303,688
Expenses
$303,184
Assets
$38,283
Liabilities
$6,851

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

5 people listed

Executive titles in this filing

  • Kelsey Jones (President)

Highest reported compensation

  • Mary Jo Nelson (Executive Dir.): $33,500 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Supporting and developing arts professionals; and showcasing the arts in the community.

What it reported doing in 2024

Providing training in the performing arts to children and promoting performing arts education in public and private schools for children in lexington, ky and the surrounding communities. Classes offered include musical theatre performance training with advanced acting a variety of dance classes. Vocal training and workshops in audition skills are also offered. Innovation arts academy has collaborated with the local schools by providing information about classes, workshops, holding auditions at area schools and assisting students in preparation for school auditions and for entrance to the school for the creative and performing arts (scapa).

Operating model

Revenue model
Earned-program. 99% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - The filed numbers largely add up and a large share of available resources goes toward mission work. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 63
  • Transparency & Controls: 90
  • Accountability: 74
  • Sustainability: 27
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 70.6%; rating input score 71
  • Program expense ratio: 71.4%; rating input score 71
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 3 of 8 controls in place; rating input score 38
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 0.2%; rating input score 40; 40th percentile among comparable filings
  • Total-asset coverage ratio: 0.13; rating input score 8; 8th percentile among comparable filings
  • Liabilities to assets ratio: 0.18; rating input score 21; 21st percentile among comparable filings
  • Officer compensation ratio: 11%; rating input score 28; 28th percentile among comparable filings

Growth

  • Program expense growth: 17.6% per year; rating input score 100; 82nd percentile among comparable filings
  • Revenue growth: 18.6% per year; rating input score 100; 86th percentile among comparable filings
  • Asset growth: 19% per year; rating input score 100; 83rd percentile among comparable filings

Details

  • Where the money goes: 70.6% of revenue deployed · 71.4% of spending went to programs
  • Governance: 6 of 6 board members independent · 3 of 8 filing controls reported
  • Programs: 2 filed program accomplishments · $217K in reported program spending
  • Leadership: top reported pay $34K · 5 people listed
  • Consistency: 21 of 21 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 3 filing years from 2022 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Accountability: Governance controls: 4 of 7 not reported.
  • Moderate — Sustainability: Operating margin scored 40/100.
  • High — Sustainability: Total-asset coverage ratio scored 8/100.
  • High — Sustainability: Liabilities to assets ratio scored 21/100.
  • High — Sustainability: Officer compensation ratio scored 28/100.