New York Foundation for the Arts Inc

Nonprofit profile at a glance

EIN
237129564
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
New York, NY, USA
Phone
2123666900
Rating
82
Verdict
STRONG
Rating confidence
Moderate
Sector
Fund Raising and/or Fund Distribution

Official website

Reported finances

Revenue
$24,166,286
Expenses
$17,412,592
Assets
$22,978,788
Liabilities
$5,543,678

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

Leadership & pay

33 people listed

Executive titles in this filing

  • MICHAEL L ROYCE (CHIEF EXECUTIVE OFFICER)

Highest reported compensation

  • MICHAEL L ROYCE (CHIEF EXECUTIVE OFFICER): $480,110 total reported compensation
  • SEBASTIANO VITALE DIRECTOR (OF FINANCE & ADMINISTRATION): $196,866 total reported compensation
  • FRED HUMPHREY (CHIEF OPERATING OFFICER): $152,609 total reported compensation

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

Overview

Mission

Established in 1971, the mission of the New York foundation for the arts (nyfa) is to empower artists in all disciplines, as well as cultural workers, to achieve success on their own terms by providing critical support, resources, and opportunities. Nyfa envisions a world where artists thrive in the practice and expression of their creative work, a world that celebrates and supports them. We serve approximately 1m constituents in person and online, annually, through four flagship programs: learning, awards & grants, fiscal sponsorship, and online resources.

What it reported doing in 2024

Nyc made in ny women's film: the nyc women's fund for media, music, and theatre ("women's fund"), administered by the New York foundation for the arts (nyfa) in partnership with the city of New York mayor's office of media and entertainment (mome), is part of a groundbreaking series of initiatives that address the underrepresentation of women in film, music, television, and theatre. The fund provides grants to encourage and support the creation of content that reflect the voices and perspectives of all who identify as women.

Operating model

Revenue model
Donor-supported. 73% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 78% of its reported program spending out as grants.

The verdict

STRONG - 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 total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 75
  • Transparency & Controls: 84
  • Accountability: 91
  • Sustainability: 65
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 66%; rating input score 66
  • Program expense ratio: 91.3%; rating input score 91
  • Fundraising efficiency: $36.38 raised per $1 spent on fundraising; rating input score 70; 70th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 94.1%; rating input score 94; 20th 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: Limited
  • Grant itemization coverage: 97.9%; rating input score 98; 29th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 27.9%; rating input score 87; 87th percentile among comparable filings
  • Total-asset coverage ratio: 1.32; rating input score 46; 46th percentile among comparable filings
  • Liabilities to assets ratio: 0.24; rating input score 53; 53rd percentile among comparable filings
  • Officer compensation ratio: 6.9%; rating input score 37; 37th percentile among comparable filings

Growth

  • Program expense growth: 8.8% per year; rating input score 100; 65th percentile among comparable filings
  • Revenue growth: 8.4% per year; rating input score 100; 67th percentile among comparable filings
  • Asset growth: 12.5% per year; rating input score 100; 74th percentile among comparable filings

Details

  • Where the money goes: 66% of revenue deployed · 91.3% of spending went to programs
  • Governance: 27 of 27 board members independent · 7 of 9 filing controls reported
  • Programs: 4 filed program accomplishments · $15.9M in reported program spending
  • Leadership: top reported pay $480K · 33 people listed · 4 of 6 pay-setting controls reported
  • Consistency: 36 of 37 current checks pass · 1 finding to review
  • Schedules: 7 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 14 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 14 filed money-flow records
  • Related organizations: 8 filed related-organization links
  • 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.
  • Moderate — Sustainability: Total-asset coverage ratio scored 46/100.
  • Moderate — Sustainability: Officer compensation ratio scored 37/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Review — Sustainability: Liabilities to assets ratio scored 53/100.