New York Academy of Art

Nonprofit profile at a glance

EIN
133643485
IRS 990 coverage
2010–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
New York, NY, USA
Phone
2129660300
Rating
79
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$8,845,834
Expenses
$10,011,292
Assets
$16,279,267
Liabilities
$6,703,227

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

Leadership & pay

38 people listed

Executive titles in this filing

  • DAVID KRATZ (PRESIDENT)

Highest reported compensation

  • STEPHAN KORSAKOV (CHIEF FINANCIAL OFFICER): $377,055 total reported compensation
  • DAVID KRATZ (PRESIDENT): $346,677 total reported compensation
  • PETER DRAKE (PROVOST): $238,314 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 New York academy of art is a unique graduate school that combines intensive technical training in the fine arts with active critical discourse. We believe that rigorously trained artists are best able to realize their artistic vision. Therefore, academy students are taught traditional methods and techniques and encouraged to use these skills to make vital contemporary art. As such, the academy serves as a creative and intellectual center for all artists dedicated to highly skilled, conceptually aware figurative and representational art.

What it reported doing in 2024

The continuing education program at the academy offers the opportunity to study painting, drawing and sculpture to individuals not interested in pursuing a master of fine arts degree or hoping to build the skills needed to successfully apply to our graduate program. Learning to draw, paint or sculpt in the studio of a master artist is a time-honored tradition through which knowledge and skills are passed from generation to generation. The "atelier" of the academy is a continuing education program that offers the serious student and passionate beginner an opportunity to study with accomplished artists. Here, students acquire the skills necessary to invest their work with sound draftsmanship, convincing technique and visual authority. The continuing education program offers classes during the weekdays and evenings, as well as during the day on saturday and sunday. Classes average 11 students. All classes are instructed. Average total enrollment per semester for all classes is 300 students. The academy servces on average 1600 students each year. Typical classes meet once a week for 3 hours. Fall and spring semesters are 12 weeks in length. Summer semester is 10 weeks in length.

Operating model

Revenue model
Earned-program. 69% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 82% 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. The filing reports few safeguards for money sent abroad and fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 77
  • Transparency & Controls: 73
  • Accountability: 98
  • Sustainability: 26
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 89.3%; rating input score 89
  • Program expense ratio: 78.7%; rating input score 79
  • Fundraising efficiency: $2.97 raised per $1 spent on fundraising; rating input score 8; 8th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Scored; rating input score 0
  • 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: 96.4%; rating input score 96; 26th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • 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: -13.2%; rating input score 10; 10th percentile among comparable filings
  • Total-asset coverage ratio: 1.63; rating input score 55; 55th percentile among comparable filings
  • Liabilities to assets ratio: 0.41; rating input score 26; 26th percentile among comparable filings
  • Officer compensation ratio: 14.6%; rating input score 19; 19th percentile among comparable filings

Growth

  • Program expense growth: 6% per year; rating input score 100; 45th percentile among comparable filings
  • Revenue growth: 4.2% per year; rating input score 100; 35th percentile among comparable filings
  • Asset growth: 5.4% per year; rating input score 100; 37th percentile among comparable filings

Details

  • Where the money goes: 89.3% of revenue deployed · 78.7% of spending went to programs
  • Governance: 27 of 28 board members independent · 9 of 9 filing controls reported
  • Programs: 3 filed program accomplishments · $7.9M in reported program spending
  • Leadership: top reported pay $377K · 38 people listed · 4 of 6 pay-setting controls reported
  • Highest-paid contractors: 2 contractors listed · $260K reported
  • Consistency: 37 of 37 current checks pass
  • Schedules: 11 filed schedules · includes major donors, foreign activity, grants, and executive pay
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 7 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • 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.

  • High — Transparency & Controls: Foreign activity oversight scored 0/100.
  • High — Financial Efficiency: Fundraising efficiency scored 8/100.
  • High — Sustainability: Operating margin scored 10/100.
  • Review — Sustainability: Total-asset coverage ratio scored 55/100.
  • High — Sustainability: Officer compensation ratio scored 19/100.
  • High — Sustainability: Liabilities to assets ratio scored 26/100.