NEW YORK ACADEMY OF ART

EIN: 133643485 501(c)(3)

NEW YORK, NY

Total Revenue
$8,739,398
Total Expenses
$9,988,189
Total Assets
$17,240,676
Net Assets
$10,426,860
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1980
Legal Domicile
NY
Principal Officer
STEPHAN KORSAKOV
Phone
2129660300
Tax Period
2023-07-01 to 2024-06-30

NEW YORK ACADEMY OF ART, founded in 1980, is a community nonprofit that reported $8.7M in total revenue in fiscal year 2023. Revenue decreased 5% compared to the prior year. Expenses of $10.0M exceeded revenue, resulting in a 14% operating deficit.

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.

Program Service Accomplishments

Program 1
Expenses: $6,421,350 Revenue: $4,867,032

MASTER OF FINE ARTS - THE MASTER OF FINE ARTS PROGRAM AT THE ACADEMY OFFERS SEQUENTIAL COURSES THAT PROVIDE EXTRAORDINARY INSTRUCTION IN PAINTING, DRAWING AND SCULPTURE. STUDENTS AT THE ACADEMY...

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MASTER OF FINE ARTS - THE MASTER OF FINE ARTS PROGRAM AT THE ACADEMY OFFERS SEQUENTIAL COURSES THAT PROVIDE EXTRAORDINARY INSTRUCTION IN PAINTING, DRAWING AND SCULPTURE. STUDENTS AT THE ACADEMY PROCEED THROUGH THE SEQUENCE OF COURSES DEVELOPING THEIR SKILLS AND THEIR KNOWLEDGE OF ART HISTORY AND CONTEMPORARY DISCOURSE, SIMULTANEOUSLY. INSTRUCTION AT THE ACADEMY IS PROVIDED BY SOME OF THE MOST PROMINENT LEADERS OF THE CONTEMPORARY FIGURATIVE AND REPRESENTATIONAL ART WORLD. CLASS SIZE IS LIMITED AND CONTACT WITH INSTRUCTORS IS DIRECT WITH TECHNICAL DEMONSTRATIONS AND ACTIVE CRITICAL DISCOURSE. GRADUATES OF THE ACADEMY ARE UNIQUELY CAPABLE OF APPLYING THE LESSONS OF ART HISTORY TO CONTEMPORARY ARTMAKING, GUARANTEEING THAT TECHNICALLY RICH AND CONCEPTUALLY AWARE ART WILL CONTINUE TO FLOURISH.

Program 2
Expenses: $1,036,204 Revenue: $1,293,890

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...

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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.

Program 3
Expenses: $268,275 Revenue: $148,823

THE NEW YORK ACADEMY OF ART'S EXHIBITION AND EVENTS PROGRAM PROMOTE THE ACADEMY'S COMMUNITY AND SUPPORT STUDENTS, ALUMNI, AND FACULTY BY PROVIDING EXHIBITION AND CAREER DEVELOPMENT OPPORTUNITIES...

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THE NEW YORK ACADEMY OF ART'S EXHIBITION AND EVENTS PROGRAM PROMOTE THE ACADEMY'S COMMUNITY AND SUPPORT STUDENTS, ALUMNI, AND FACULTY BY PROVIDING EXHIBITION AND CAREER DEVELOPMENT OPPORTUNITIES, CREATING OCCASIONS TO ENGAGE WITH DONORS, COLLECTORS, AND THE GENERAL PUBLIC. BOTH DEPARTMENTS RAISE FUNDS FOR SCHOLARSHIPS, EDUCATIONAL PROGRAMMING AND GENERAL OPERATING, AND THESE DEPARTMENTS ALSO INCREASE THE AUDIENCE AND ENHANCE THE PROFILE OF THE SCHOOL. THE ACADEMY'S EVENTS/EXHIBITIONS TEAM IS RESPONSIBLE FOR THE CREATIVE AND BUDGETARY PRODUCTION OF NEARLY 50 UNIQUE AND NOTEWORTHY SPECIAL EVENTS, EXHIBITIONS, AND CULTIVATION-RELATED PROJECTS FROM CONCEPT THROUGH COMPLETION. THE ACADEMY'S EVENTS AND PROGRAMS INCLUDE MAJOR ART FAIRS, EXHIBITION OPENINGS, GATHERINGS FOR PATRONS, COLLECTORS, DEALERS, DRAWING PARTIES TO FURTHER CULTIVATE HIGHER-PROFILE ARTISTS AND NEW DONORS, OUR ANNUAL HOLIDAY PARTY, AND TWO MAJOR FUNDRAISING EVENTS DECK THE WALL AND TAKE HOME A NUDE.

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Trantor Score

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

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $2,746,540
Program Service Revenue $6,050,105
Investment Income $222,000
Other Revenue $-279,247
TOTAL REVENUE $8,739,398

Expense Breakdown

Grants Paid $1,300,120
Salaries & Benefits $5,318,507
Fundraising Expenses $1,007,133
Program Expenses $7,725,829
Other Expenses $3,369,562
TOTAL EXPENSES $9,988,189

Year-over-Year Comparison

2023 2022 Change
Revenue $8,739,398 $9,241,972 -0.1%
Expenses $9,988,189 $9,213,612 +0.1%
Net Income $-1,248,791 $28,360 -45.0%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
33
Independent Members
32
Employees
194
Volunteers
35

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
7
$937,089
Total Directors
35
$356,074
Key Employees
0
$0
Highest Compensated
3
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
ALAIN BERNARD TRUSTEE 1.00
Director
$0 $0 $0
ALEXANDER GILKES TRUSTEE 1.00
Director
$0 $0 $0
ALLISON HILL-EDGAR TRUSTEE 1.00
Director
$0 $0 $0
ALYSSA MONKS TRUSTEE 1.00
Director
$7,800 $0 $7,800
ASHLEY ABESS TRUSTEE 1.00
Director
$0 $0 $0
BEN FEDER TRUSTEE 1.00
Director
$0 $0 $0
BOB COCHRAN TREASURER 1.00
Officer Director
$0 $0 $0
BRIDGET GLESS KELLER TRUSTEE 1.00
Director
$0 $0 $0
BROOKE SHIELDS TRUSTEE 1.00
Director
$0 $0 $0
CHRIS WILSON TRUSTEE 1.00
Director
$0 $0 $0
CURTIS BASHAW TRUSTEE 1.00
Director
$0 $0 $0
DAVID KRATZ PRESIDENT 35.00
Officer Director
$321,164 $26,285 $347,449
DAVID WALENTAS TRUSTEE 1.00
Director
$0 $0 $0
EILEEN GUGGENHEIM BOARD CHAIR 1.00
Officer Director
$0 $0 $0
ERIC FISCHL TRUSTEE 1.00
Director
$825 $0 $825
GRAY COLEMAN TRUSTEE 1.00
Director
$0 $0 $0
HANK SNYDER OUTGOING TRUSTEE 1.00
Director
$0 $0 $0
HELEN KING TRUSTEE 1.00
Director
$0 $0 $0
JENNIFER GILBERT TRUSTEE 1.00
Director
$0 $0 $0
JENNIFER SCHIPF TRUSTEE 1.00
Director
$0 $0 $0
JONATHAN TIBETT TRUSTEE 1.00
Director
$0 $0 $0
KAMIE LIGHTBURN TRUSTEE 1.00
Director
$0 $0 $0
LISA LEBOFSKY TRUSTEE 1.00
Director
$0 $0 $0
MARGOT GORDON TRUSTEE 1.00
Director
$0 $0 $0
MARSHA HAYGOOD TRUSTEE 1.00
Director
$0 $0 $0
NICOLAS BOS TRUSTEE 1.00
Director
$0 $0 $0
NICOLE SALMASI TRUSTEE 1.00
Director
$0 $0 $0
RENE FIELDS TRUSTEE 1.00
Director
$0 $0 $0
RICHARD BLUMENTHAL TRUSTEE 1.00
Director
$0 $0 $0
RICK SEGAL TRUSTEE 1.00
Officer Director
$0 $0 $0
RUSSELL WILKINSON TRUSTEE 1.00
Director
$0 $0 $0
SAM SHIKIAR OUTGOING TRUSTEE 1.00
Director
$0 $0 $0
SHARON JACOB TRUSTEE 1.00
Director
$0 $0 $0
SUSAN WASSERSTEIN SECRETARY 1.00
Officer Director
$0 $0 $0
WHITNEY STEVENS TRUSTEE 1.00
Director
$0 $0 $0
PETER DRAKE PROVOST 35.00
Officer
$191,514 $35,297 $226,811
STEPHAN KORSAKOV CHIEF FINANCIAL OFFICER 35.00
Officer
$290,059 $72,770 $362,829
HARRY MICHAS CHIEF OF STAFF 35.00
Highest
$138,933 $26,970 $165,903
JARED LILLY DIRECTOR OF DEVELOPMENT 35.00
Highest
$117,994 $28,343 $146,337
JONATHAN JUARBE DIRECTOR OF ADMISSIONS AND REGISTRATION 35.00
Highest
$104,775 $43,791 $148,566
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 $8,739,398 $9,988,189 $17,240,676 $-1,248,791
2023 $9,241,972 $9,213,612 $18,311,388 $28,360
2022 $7,647,177 $8,688,027 $16,157,249 $-1,040,850
2021 $9,146,405 $8,445,513 $18,557,370 $700,892
2020 $7,663,436 $8,403,646 $16,466,310 $-740,210
2019 $7,897,391 $7,865,455 $16,438,147 $31,936
2018 $8,228,284 $7,166,440 $15,532,755 $1,061,844
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