2024-05-14T10:28:43-05:00 2023-06-30 221478099 COHNREZNICK LLP 14 SYLVAN WAY PARSIPPANY NJ 070543801 990 2022-07-01 133643485 NEW YORK ACADEMY OF ART NEWY 2129660300 111 FRANKLIN STREET NEW YORK NY 10013 STEPHAN KORSAKOV CFO 2129660300 2024-05-07 1 STEPHAN KORSAKOV 999009999 1 LAURA KIELCZEWSKI P00740769 9732283500 2024-05-08 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z STEPHAN KORSAKOV 111 FRANKLIN STREET NEW YORK NY 10013 10016194 0 X WWW.NYAA.EDU X 1980 NY 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. 35 34 187 68 39500 7815 3205859 4181291 4816241 5291715 87038 114700 -461961 -345734 7647177 9241972 971085 1134917 0 0 4504924 4876581 0 0 900878 3212018 3202114 8688027 9213612 -1040850 28360 16157249 18311388 5047522 7082317 11109727 11229071 X 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. 0 0 5871340 995000 4167831 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. 969537 139917 1293999 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. 291606 92064 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. 7132483 1 1 0 0 0 0 0 1 0 1 1 0 0 0 1 1 0 1 1 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 1 90 0 1 187 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 35 34 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NY X X STEPHAN KORSAKOV 2128425978 111 FRANKLIN STREET NEW YORK NY 10013 ADAM LINDEMANN TRUSTEE (OUTGOING) 1.00 X 0 0 0 ALAIN BERNARD TRUSTEE 1.00 X 0 0 0 ALEXANDER GILKES TRUSTEE 1.00 X 0 0 0 ALLISON HILL-EDGAR TRUSTEE 1.00 X 0 0 0 ALYSSA MONKS TRUSTEE 1.00 X 9819 0 0 ASHLEY ABESS TRUSTEE 1.00 X 0 0 0 BEN FEDER TRUSTEE 1.00 X 0 0 0 BOB COCHRAN TREASURER 1.00 X X 0 0 0 BOB O'LEARY TRUSTEE (OUTGOING) 1.00 X 0 0 0 BRIDGET GLESS KELLER TRUSTEE 1.00 X 0 0 0 BROOKE SHIELDS TRUSTEE 1.00 X 0 0 0 CHRIS WILSON TRUSTEE 1.00 X 0 0 0 CURTIS BASHAW TRUSTEE 1.00 X 0 0 0 DAVID KRATZ PRESIDENT 35.00 X X 321112 0 26337 DAVID SCHAFER CO-VICE CHAIR (OUTGOING) 1.00 X X 0 0 0 DAVID WALENTAS TRUSTEE 1.00 X 0 0 0 EILEEN GUGGENHEIM BOARD CHAIR 1.00 X X 0 0 0 ERIC FISCHL TRUSTEE 1.00 X 4444 0 0 GRAY COLEMAN TRUSTEE 1.00 X 0 0 0 HANK SNYDER TRUSTEE 1.00 X 0 0 0 HELEN KING TRUSTEE 1.00 X 0 0 0 JENNIFER GILBERT TRUSTEE 1.00 X 0 0 0 JENNIFER SCHIPF TRUSTEE 1.00 X 0 0 0 JONATHAN TIBETT TRUSTEE 1.00 X 0 0 0 KAMIE LIGHTBURN TRUSTEE 1.00 X 0 0 0 LISA LEBOFSKY TRUSTEE 1.00 X 0 0 0 MARGOT GORDON TRUSTEE 1.00 X 0 0 0 MARSHA HAYGOOD TRUSTEE 1.00 X 0 0 0 NICOLAS BOS TRUSTEE 1.00 X 0 0 0 NICOLE SALMASI TRUSTEE 1.00 X 0 0 0 RENEE FIELDS TRUSTEE 1.00 X 0 0 0 RICHARD BLUMENTHAL TRUSTEE 1.00 X 0 0 0 RICK SEGAL VICE CHAIR 1.00 X X 0 0 0 RUSSELL WILKINSON TRUSTEE 1.00 X 0 0 0 SAM SHIKIAR TRUSTEE 1.00 X 0 0 0 SARA DODD TRUSTEE (OUTGOING) 1.00 X 0 0 0 SHARON JACOB TRUSTEE 1.00 X 0 0 0 SUSAN WASSERSTEIN SECRETARY 1.00 X X 0 0 0 TABITHA WHITLEY TRUSTEE (OUTGOING) 1.00 X 7344 0 0 WHITNEY STEVENS TRUSTEE 1.00 X 0 0 0 PETER DRAKE PROVOST 35.00 X 191896 0 33402 STEPHAN KORSAKOV CHIEF FINANCIAL OFFICER 35.00 X 190407 0 63646 GREGORY THORNBURY VICE PRESIDENT OF DEVELOPM 35.00 X 166503 0 16597 HARRY MICHAS CHIEF OF STAFF 35.00 X 114194 0 24771 MICHAEL SMITH DIRECTOR OF CAMPUS SECURIT 35.00 X 106240 0 8499 1111959 0 173252 6 0 1 0 COMMERCIAL BUILDING MAINTENANCE 200 OAK DRIVE STE 201 SYOSSET NY 11791 BUILDING MAINTENANCE 137478 SCHLAM STONE & DOLAN LLP 26 BROADWAY NEW YORK NY 10004 LEGAL SERVICES 107801 2 1798643 1102304 1280344 121179 4181291 TUITION AND FEES 611610 5291715 5291715 5291715 114747 114747 39500 0 39500 39500 39500 47 -47 -47 -47 126762 1798643 774175 -647413 -647413 AXA XL ART PRIZE 900099 100000 100000 AXA XL ART PRIZE REIMBURSEMENT 900099 67861 67861 SALE OF ART 900099 36793 36793 57525 57525 262179 9241972 5553894 39500 -532713 1134917 1134917 912095 615746 160573 135776 3218479 2216873 543104 458502 48747 28089 11150 9508 379320 218572 86761 73987 317940 232212 43738 41990 34660 34660 50968 50968 230635 136862 18273 75500 85757 69589 6452 9716 225316 186539 23332 15445 476088 464423 10122 1543 46947 32331 978 13638 141989 86166 32 55791 124426 107691 16373 362 604027 589040 13005 1982 202156 114801 86969 386 REPAIRS AND MAINTENANCE 399487 389633 8551 1303 STIPENDS AND HONORARIA 190902 190262 555 85 MODEL FEES 127105 126905 200 STAFF TRAINING DEVELPME 47602 42878 4701 23 214049 148954 59954 5141 9213612 7132483 1180251 900878 1124549 1618746 2810852 2 557982 1677804 38721 25567 113286 138548 14041770 6319342 8187721 7722428 3187704 4906437 60837 2145049 75597 76807 16157249 18311388 747884 692727 256268 262844 3961803 3849506 81567 2277240 5047522 7082317 X 9906481 9659075 1203246 1569996 11109727 11229071 16157249 18311388 28360 90984 0 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X EDUCATION 0 559496 9188 4000 564684 554176 6320 1000 559496 426402 129663 1889 554176 430379 -1977 2000 426402 419895 11484 1000 430379 1.00000 0 0 329461 329461 12056641 4992264 7064377 545487 545487 0 873937 670095 203842 236244 111496 124748 7722428 OTHER LIABILITIES 2277240 2277240 X 8626866 90984 57648 -1134917 -986285 9613151 -371179 -371179 9241972 8507522 57648 371179 428827 8078695 1134917 1134917 9213612 PART III, LINE 4: THE ACADEMY HAS RECEIVED VARIOUS FINE ARTS TO USE IN THE CLASSES AND PUBLIC EXHIBITIONS. PART V, LINE 4: THE INCOME FROM THE CORPUS IS RESTRICTED FOR SCHOLARSHIPS. PART X, LINE 2: THE ACADEMY IS EXEMPT UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE ("IRC") AND IS EXEMPT FROM PRIVATE FOUNDATION STATUS UNDER IRC SECTION 509(A)(3) AND AS SUCH IS NOT SUBJECT TO FEDERAL OR STATE INCOME TAXES. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE ACADEMY AND HAS CONCLUDED THAT, AS OF JUNE 30, 2023 AND 2022, THERE ARE NO UNCERTAIN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) OR DISCLOSURE IN THE CONSOLIDATED FINANCIAL STATEMENTS. THE ACADEMY'S FEDERAL INFORMATION RETURNS PRIOR TO FISCAL YEAR 2020 ARE CLOSED AND MANAGEMENT CONTINUALLY EVALUATES EXPIRING STATUTES OF LIMITATIONS, AUDITS, PROPOSED SETTLEMENTS, CHANGES IN TAX LAW AND NEW AUTHORITATIVE RULINGS. IF THE ACADEMY HAD UNRELATED BUSINESS INCOME TAXES, IT WOULD RECOGNIZE INTEREST AND PENALTIES ASSOCIATED WITH ANY TAX MATTERS AS PART OF THE INCOME TAX PROVISION AND INCLUDE ACCRUED INTEREST AND PENALTIES WITH THE RELATED TAX LIABILITY IN THE STATEMENTS OF FINANCIAL POSITION. PART XI, LINE 2D - OTHER ADJUSTMENTS: SCHOLARSHIP ALLOWANCE -1,134,917. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES -371,179. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 371,179. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIP ALLOWANCE 1,134,917. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 PUBLICIZE RACIALLY NONDISCRIMINATION POLICY - THE SCHOOL HAS A RACIALLY NONDISCRIMINATORY POLICY TOWARDS STUDENTS IN ITS CHARTER AND BYLAWS. ADDITIONALLY THE SCHOOL PLACES A STATEMENT OF NONDISCRIMINATION IN ADVERTISEMENTS, SCHOOL CATALOGUE, FACULTY HANDBOOK AND ORIENTATION. SCHEDULE E, PART I, LINE 6 THE ACADEMY RECEIVES TITLE IV FUNDS FROM THE DEPARTMENT OF EDUCATION AS WELL AS FEDERAL WORK STUDY AWARDS. TRIBECA BALL 1116741 1022731 94010 11604 110999 265179 THAN 808664 775912 32752 43875 43350 103639 195529 1925405 1798643 126762 43875 54954 214638 460708 774175 -647413 1 SCHOLARSHIP ALLOWANCE 84 995000 FMV SCHOLARSHIP CE SCHOLARSHIP 37 139917 FMV SCHOLARSHIP PART I, LINE 2: SCHOLARSHIPS ARE ISSUED AND AMOUNTS ARE APPLIED DIRECTLY TO STUDENT ACCOUNTS TO OFFSET TUITION. X X X X 0 0 0 0 0 0 0 0 0 DAVID KRATZ PRESIDENT 321112 0 0 0 0 0 25737 0 600 0 347449 0 0 0 STEPHAN KORSAKOV CHIEF FINANCIAL OFFICER 190407 0 0 0 0 0 16000 0 47646 0 254053 0 0 0 PETER DRAKE PROVOST 191896 0 0 0 0 0 0 0 33402 0 225298 0 0 0 GREGORY THORNBURY VICE PRESIDENT OF DEVELOPM 166503 0 0 0 0 0 0 0 16597 0 183100 0 0 0 X 6 121179 FMV 0 0 0 PART I, COLUMN (B): AMOUNTS IN COLUMN B REPRESENT THE NUMBER OF CONTRIBUTORS. FORM 990, PART IV, LINE 12 B: NEW YORK ACADEMY OF ART FINANCIAL STATEMENTS ARE COMBINED WITH NYAA HOLDINGS, LLC, A SINGLE MEMBER LLC. ALL ACTIVITY OF NYAA HOLDINGS, LLC IS INCLUDED ON THE FORM 990. FORM 990, PART VI, SECTION A, LINE 2 THE BOARD CHAIR HAS A FAMILY RELATIONSHIP TO ONE OF THE OTHER BOARD MEMBERS. FORM 990, PART VI, SECTION B, LINE 11B DRAFTS OF THE COMPLETED RETURNS ARE REVIEWED BY STAFF EXECUTIVE COMMITTEE. ANY COMMENTS ARISING FROM THEIR REVIEW ARE DISCUSSED AND IF REQUIRED, CHANGES ARE MADE TO THE DRAFT. THAT DRAFT WILL BE SUBMITTED TO THE BOARD FINANCE COMMITTEE FOR ITS REVIEW AND APPROVAL. ONCE THE COMMITTEE HAS COMPLETED ITS REVIEW AND APPROVAL THE RETURN WILL BE FINALIZED FOR THE FILING. FORM 990, PART VI, SECTION B, LINE 12C EACH TRUSTEE, PRINCIPAL OFFICER, KEY EMPLOYEE AND MEMBER OF A COMMITTEE WITH BOARD DELEGATED POWERS MUST FILE A BIOGRAPHICAL INFORMATION FORM WITH THE ACADEMY ON AN ANNUAL BASIS. EACH TRUSTEE, PRINCIPAL OFFICER, KEY EMPLOYEE AND MEMBER OF A COMMITTEE WITH BOARD DELEGATED POWERS MUST ALSO COMPLETE THE ACADEMY'S DIRECTORS CONFLICT OF INTEREST STATEMENT WHICH ACKNOWLEDGES THAT EACH INDIVIDUAL HAS DISCLOSED ANY POTENTIAL CONFLICT OF INTEREST; RECEIVED A COPY OF THE CONFLICT-OF-INTEREST POLICY; READ, UNDERSTAND AND AGREE TO COMPLY WITH THE CONFLICT-OF-INTEREST POLICY. THE EXECUTIVE TEAM SUPERVISES THE DISTRIBUTION, COLLECTION AND REVIEW OF THE ANNUAL TRUSTEE CONFLICT OF INTEREST STATEMENT AND ACKNOWLEDGEMENTS. THE RESPONSES ARE COMPILED AND PRESENTED TO THE BOARD. FROM TIME TO TIME, PRINCIPAL OFFICERS, KEY EMPLOYEES AND/OR COMMITTEE MEMBERS ARE REMINDED OF THEIR OBLIGATION TO DISCLOSE POTENTIAL OR ACTUAL CONFLICTS OF INTEREST WHEN AND IF THEY ARISE. PROCEDURES FOR MANAGING IDENTIFIED CONFLICTS: EACH TRUSTEE, PRINCIPAL OFFICER, KEY EMPLOYEE AND MEMBER OF A BOARD COMMITTEE IS REQUIRED TO DISCLOSE ANY ACTUAL OR POTENTIAL CONFLICT OF INTEREST TO THE INDIVIDUAL CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT. THERE HAVE NOT BEEN ANY TRANSACTIONS THIS YEAR WHICH GIVE RISE TO A POTENTIAL CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION COMMITTEE REVIEWS OFFICER COMPENSATION FROM TIME TO TIME AND DETERMINES COMPENSATION FOR ALL OFFICERS. THE COMMITTEE USES INFORMATION FROM COMPENSATION STUDIES, AND 990'S OF SIMILARLY SITUATED ORGANIZATIONS. FORM 990, PART VI, SECTION C, LINE 19 ALL DOCUMENTS ARE AVAILABLE UPON REQUEST WITHIN THE PRESCRIBED TIME FRAMES AS REQUIRED. FORM 990 CAN ALSO BE FOUND AT HTTP://FOUNDATIONCENTER.ORG/FINDFUNDERS/990FINDER/ NYAA HOLDINGS LLC 105 FRANKLIN ST NEW YORK NY 10013 800598869 LEASE OF PROPERTY NY 0 0 NEW YORK ACADEMY OF ART