LYME ART ASSOCIATION INC

EIN: 060932073 501(c)(3)

OLD LYME, CT

Total Revenue
$485,803
Total Expenses
$406,723
Total Assets
$2,059,771
Net Assets
$2,056,865
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1914
Legal Domicile
CT
Phone
8605100133
Tax Period
2023-01-01 to 2023-12-31

LYME ART ASSOCIATION INC, founded in 1914, is a small nonprofit that reported $486K in total revenue in fiscal year 2023. Revenue fell 23% from the prior year — a significant decline worth monitoring. The organization ran a surplus of $79K, a strong 16% operating margin.

Mission

TO ADVANCE THE CAUSE OF REPRESENTATIONAL FINE ARTS BY OWNING, MAINTAINING,PRESERVING AN HISTORIC BUILDING AND GALLERY IN OLD LYME CT, HOLDING ART EXHIBITS AND CONDUCTING EDUCATIONAL PROGRAMS FOR THE BENEFIT OF THE LOCAL COMMUNITY AND GENERAL PUBLIC.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $261,678
Program Service Revenue $147,693
Investment Income $25,525
Other Revenue $50,907
TOTAL REVENUE $485,803

Expense Breakdown

Grants Paid $0
Salaries & Benefits $186,147
Fundraising Expenses $0
Program Expenses $347,372
Other Expenses $220,576
TOTAL EXPENSES $406,723

Year-over-Year Comparison

2023 2022 Change
Revenue $485,803 $632,339 -0.2%
Expenses $406,723 $455,067 -0.1%
Net Income $79,080 $177,272 -0.6%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
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Financial Health Indicators

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Governance

Voting Members
14
Independent Members
14
Employees
7
Volunteers
70

Governance Policies

✗ Conflict of Interest Policy
✗ Whistleblower Policy
✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
4
$0
Total Directors
13
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
MARGARET J DERISIO Director 0.00
Director
$0 $0 $0
KATHERINE SIMMONS Secretary 0.00
Director
$0 $0 $0
HARLEY BARTLETT PAST PRESIDENT 0.00
Officer Director
$0 $0 $0
RANDIE KAHRL Director 0.00
Director
$0 $0 $0
DEBBI GOODMAN Director 0.00
Director
$0 $0 $0
MAURA COCHRAN Director 0.00
Director
$0 $0 $0
ERIN SCHAAF Director 0.00
Director
$0 $0 $0
JOHN BEATTY Director 0.00
Director
$0 $0 $0
PAUL LOESCHER Director 0.00
Director
$0 $0 $0
CAROLINE WALTERS Director 0.00
Director
$0 $0 $0
LORRAINE YURKEWICZ Director 0.00
Director
$0 $0 $0
DAVID ZUCKERBRAUN Director 0.00
Director
$0 $0 $0
DEL-BOURRE BACH APEC 0.00
Director
$0 $0 $0
MICHAEL CENTRELLA Vice President 0.00
Officer
$0 $0 $0
PAUL SELLIER Treasurer 0.00
Officer
$0 $0 $0
BEVERLY SCHIRMEIER President 0.00
Officer
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 No data No data No data No data
2023 $485,803 $406,723 $2,059,771 $79,080
2022 $632,339 $455,067 $1,894,622 $177,272
2021 $599,375 $313,150 $1,885,454 $286,225
2020 $328,958 $272,437 $1,510,089 $56,521
2019 $370,656 $344,646 $1,432,073 $26,010
2018 $458,818 $319,742 $1,260,040 $139,076
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