International Academy of Fine Art

Nonprofit profile at a glance

EIN
411942190
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
New Haven, CT, USA
Phone
2033870852
Rating
74
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
International Cultural Exchange

Official website

Reported finances

Revenue
$4,792,047
Expenses
$3,926,137
Assets
$9,480,781
Liabilities
$6,092,886

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

Leadership & pay

27 people listed

Executive titles in this filing

  • Antonio Vanni (Executive Director)
  • thomas Richards (President)
  • Susan Tintori (Founding Executive Director)

Highest reported compensation

  • Antonio Vanni (Executive Director): $75,652 total reported compensation
  • thomas Richards (President): $75,386 total reported compensation
  • Daniel Graves (Founder): $31,865 total reported compensation

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

Overview

Mission

The florence acadamy of art was founed in 1991 by daniel graves (see schedule o for details).

What it reported doing in 2024

Daniel graves began the academy in 1991 in a small studio in the gardens of a local florentine palace. (see schedule o for additional information)

Operating model

Revenue model
Earned-program. 86% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 95% 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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and liabilities are high compared with assets.

Rating breakdown

  • Financial Efficiency: 62
  • Transparency & Controls: 77
  • Accountability: 87
  • Sustainability: 64
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 64.4%; rating input score 64
  • Program expense ratio: 78.6%; rating input score 79
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: 1 of 8 controls in place; rating input score 12
    • Claims monitoring procedures: Pass
    • Requires narrative reports: Limited
    • Conducts field audits: Limited
    • May suspend future funding: Limited
    • Requires financial reports: Limited
    • Conducts site visits: Limited
    • Requires grant agreements: Limited
    • May require repayment: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 92.6%; rating input score 93; 23rd percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 18.1%; rating input score 75; 75th percentile among comparable filings
  • Total-asset coverage ratio: 2.41; rating input score 68; 68th percentile among comparable filings
  • Liabilities to assets ratio: 0.64; rating input score 15; 15th percentile among comparable filings
  • Officer compensation ratio: 4.7%; rating input score 56; 56th percentile among comparable filings

Growth

  • Program expense growth: 2.1% per year; rating input score 100; 23rd percentile among comparable filings
  • Revenue growth: 4.9% per year; rating input score 100; 41st percentile among comparable filings
  • Asset growth: 10.7% per year; rating input score 100; 61st percentile among comparable filings

Details

  • Where the money goes: 64.4% of revenue deployed · 78.6% of spending went to programs
  • Governance: 25 of 27 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $3.1M in reported program spending
  • Leadership: top reported pay $76K · 27 people listed
  • Consistency: 35 of 35 current checks pass
  • Schedules: 9 filed schedules · includes major donors and foreign activity
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 5 filed money-flow records
  • Related organizations: Filed and resolved organization relationships.
  • 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.

  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • High — Sustainability: Liabilities to assets ratio scored 15/100.
  • Review — Sustainability: Officer compensation ratio scored 56/100.