LYME ACADEMY OF FINE ARTS (EIN 060942210) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1976

Legal Domicile

Principal Officer

MICHAEL DUFFY

Phone

8604345232

Tax Period

2023-07-01 to 2024-06-30

LYME ACADEMY OF FINE ARTS, founded in 1976, is a community nonprofit in the Arts, Culture & Humanities sector that reported $2.7M in total revenue in fiscal year 2023. Revenue surged 86% from the prior year, signaling strong growth momentum. The organization ran a surplus of $506K, a strong 19% operating margin.

Mission

WE ARE AN ACADEMY OF PROFESSIONAL ARTISTS THAT ENCOURAGES INDIVIDUALITY AND INNOVATION THROUGH SKILLS-BASED TRAINING. WITH A FACULTY OF INTERNATIONALLY-RECOGNIZED ARTISTS AND SCHOLARS, WE OFFER A COMPREHENSIVE, MULTI-YEAR PROGRAM OF DISCIPLINED STUDY, INTEGRATING RIGOROUS STUDIO INSTRUCTION IN DRAWING AND PAINTING WITH ANATOMY, SCULPTURE, AND TWENTY-FIRST CENTURY APPROACHES TO THE HISTORY OF ART. OUR GEOGRAPHY, LOCATED ALONG THE CONNECTICUT RIVER AND THE HEART OF THE CELEBRATED LYME ART COLONY, AND BETWEEN THE METROPOLITAN CENTERS OF BOSTON AND NEW YORK, IS IMBUED WITH HISTORY, AND REMAINS AN ACTIVE SITE OF PROGRESSIVE ARTISTS' CONGREGATION AND COMARADERIE. STUDENTS AT OUR ACADEMY PARTICIPATE IN THIS COMMUNITY, CONTINUING AN UNBROKEN TRADITION OF ART EDUCATION AND PRACTICE WHILE FINDING THEIR OWN CREATIVE VOICE. FROM THIS UNIQUE VANTAGE POINT AND THROUGH THEIR EVOLUTION, OUR LEGACY AND FUTURE UNITES.

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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%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $803,127

Program Service Revenue $719,786

Investment Income $849,229

Other Revenue $288,579

TOTAL REVENUE $2,660,721

Expense Breakdown

Grants Paid $61,690

Salaries & Benefits $884,797

Fundraising Expenses $67,478

Program Expenses $1,474,623

Other Expenses $1,208,578

TOTAL EXPENSES $2,155,065

Year-over-Year Comparison

	2023	2022	Change
Revenue	$2,660,721	$1,429,130	+0.9%
Expenses	$2,155,065	$1,787,486	+0.2%
Net Income	$505,656	$-358,356	-2.4%

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

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

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

$68,571

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
WENDY BURY	MANAGING DRCTR	40.00	Officer	$68,571	$0	$68,571
MICHAEL DUFFY	Chairman	5.00	Officer Director	$0	$0	$0
LAURA LEE MILLER	VICE CHAIRMAN	5.00	Officer Director	$0	$0	$0
PAUL KNIERIM	Secretary	5.00	Officer Director	$0	$0	$0
LEE BOWES	Treasurer	5.00	Officer Director	$0	$0	$0
TIM GRISWOLD	Director	3.00	Director	$0	$0	$0
SUE JOFFRAY	Director	2.00	Director	$0	$0	$0
DAVID KELSEY	Director	2.00	Director	$0	$0	$0
SUSAN SKELSEY	Director	2.00	Director	$0	$0	$0
MELISSA BARBIERI	Director	2.00	Director	$0	$0	$0
WILL ALLIK	Director	2.00	Director	$0	$0	$0
MICHAEL GRIMALDI	Director	2.00	Director	$0	$0	$0
EILEEN EDER	Director	2.00	Director	$0	$0	$0
CASSIE ARCHER	Director	2.00	Director	$0	$0	$0
CAROL JONES	Director	2.00	Director	$0	$0	$0
JOSHUA JANSON	Director	2.00	Director	$0	$0	$0
LINCOLN CHAN	Director	2.00	Director	$0	$0	$0
LAURA HANSEN	Director	2.00	Director	$0	$0	$0
WILLIAM BACHMAN	Director	2.00	Director	$0	$0	$0
HARRY SEGAL	Director	2.00	Director	$0	$0	$0
MARY WILSON	Director	2.00	Director	$0	$0	$0
ALLEN ROSENSHINE	Director	2.00	Director	$0	$0	$0
RUSSELL RUSHMEIER	Director	2.00	Director	$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
2025	No data	No data	No data	No data
2024	$2,660,721	$2,155,065	$16,596,708	$505,656
2023	$1,429,130	$1,787,486	$15,291,724	$-358,356
2022	$2,513,940	$1,582,637	$14,295,843	$931,303
2021	$518,203	$922,311	$13,826,487	$-404,108

LYME ACADEMY OF FINE ARTS