AMERICAN ACADEMY OF ART INC (EIN 463291995) - 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

2013

Legal Domicile

Principal Officer

RICHARD OTTO

Phone

3124610600

Tax Period

2023-01-01 to 2023-12-31

AMERICAN ACADEMY OF ART INC, founded in 2013, is a community nonprofit in the Education sector that reported $3.2M in total revenue in fiscal year 2023. Revenue fell 38% from the prior year — a significant decline worth monitoring. Expenses of $4.1M exceeded revenue, resulting in a 28% operating deficit.

Mission

TO OPERATE A SCHOOL OF COMMERCIAL ART AND FINE ARTS IN CHICAGO, ILLINOIS.

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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 $900

Program Service Revenue $3,118,593

Investment Income $93,551

Other Revenue $142

TOTAL REVENUE $3,213,186

Expense Breakdown

Grants Paid $0

Salaries & Benefits $2,443,350

Fundraising Expenses $0

Program Expenses $2,425,251

Other Expenses $1,670,616

TOTAL EXPENSES $4,113,966

Year-over-Year Comparison

	2023	2022	Change
Revenue	$3,213,186	$5,141,668	-0.4%
Expenses	$4,113,966	$6,424,552	-0.4%
Net Income	$-900,780	$-1,282,884	-0.3%

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

$209,800

Total Directors

$217,000

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
RICHARD OTTO	PRESIDENT	40.00	Officer Director	$101,800	$0	$101,800
IONE FITZGERALD	VICE PRESIDENT	40.00	Officer Director	$108,000	$0	$108,000
CHARLES SCHROEDER JR	CHAIRMAN	5.00	Director	$1,800	$0	$1,800
DR PATRICIA WIDMAYER	BOARD MEMBER	1.00	Director	$1,800	$0	$1,800
TOM KUBE	BOARD MEMBER	1.00	Director	$1,800	$0	$1,800
CYNTHIA REYNOLDS	BOARD MEMBER	1.00	Director	$1,800	$0	$1,800
DUNCAN WEBB	ACADEMIC DEAN	40.00	Highest	$101,245	$0	$101,245
STUART ROSENBLOOM	DIRECTOR OF ADMISSIONS	40.00	Highest	$110,065	$0	$110,065

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	$3,213,186	$4,113,966	$25,106,940	$-900,780
2022	$5,141,668	$6,424,552	$27,565,968	$-1,282,884
2021	$6,234,752	$6,225,494	$17,980,705	$9,258
2020	$6,867,455	$6,583,858	$18,133,191	$283,597
2019	$7,626,919	$7,490,361	$18,265,173	$136,558
2018	$7,892,402	$7,694,759	$18,071,562	$197,643

AMERICAN ACADEMY OF ART INC