2024-06-10T09:10:51-05:00 2023-12-31 541953476 DAVIDSON DOYLE & HILTON LLP PO BOX 800 LYNCHBURG VA 245050800 990 2023-01-01 237061145 ACADEMY CENTER OF THE ARTS INC ACAD 4345283256 600 MAIN STREET LYNCHBURG VA 24504 WALKER SIGLER TREASURER 4345283256 2024-06-04 1 WALKER SIGLER 999009999 1 AMY A GALLAGHER CPA P00884747 4348467611 2 AAL1 IAL1 2023 2023-04-26 12:10:37Z WALKER SIGLER 600 MAIN STREET LYNCHBURG VA 24504 3000768 0 X WWW.ACADEMYCENTER.ORG X 2003 VA THE ORGANIZATION'S MISSION IS TO CULTIVATE A HEALTHIER AND MORE INTERCONNECTED COMMUNITY THROUGH CULTURAL INFRASTRUCTURE AND COMMUNITY-BUILDING ARTS PROGRAMS.THROUGH THE ACADEMY, COMMUNITY HEALTH AND INTERCONNECTIVITY WILL BE CULTIVATED THROUGH:-PROGRAMS THAT INSPIRE INDIVIDUALS OF ALL AGES, UNLOCKING THEIR INHERENT POTENTIAL AND NURTURING SOCIAL BONDS.-STATE-OF-THE-ART FACILITIES AND DEDICATED SUPPORT STAFF THAT ELEVATE OTHER LOCAL ARTS INSTITUTIONS AND CULTURAL ACTIVITIES.-ACTIVITIES THAT ENGAGE BROAD AUDIENCES, WITH SPECIAL EMPHASIS ON ADDRESSING LIMITED ACCESS TO COMMUNITY NETWORKS BY FOSTERING COLLABORATION AND EXPANDING OPPORTUNITIES FOR PERSONAL GROWTH. 28 28 60 300 0 0 1443171 1252709 566433 1113583 39803 62661 123659 120914 2173066 2549867 0 0 0 0 967194 1091236 0 0 281435 980505 1645030 1947699 2736266 225367 -186399 40966409 41201958 469008 665975 40497401 40535983 X THE ORGANIZATION'S MISSION IS TO CULTIVATE A HEALTHIER AND MORE INTERCONNECTED COMMUNITY THROUGH CULTURAL INFRASTRUCTURE AND COMMUNITY-BUILDING ARTS PROGRAMS.THROUGH THE ACADEMY, COMMUNITY HEALTH AND INTERCONNECTIVITY WILL BE CULTIVATED THROUGH:-PROGRAMS THAT INSPIRE INDIVIDUALS OF ALL AGES, UNLOCKING THEIR INHERENT POTENTIAL AND NURTURING SOCIAL BONDS.-STATE-OF-THE-ART FACILITIES AND DEDICATED SUPPORT STAFF THAT ELEVATE OTHER LOCAL ARTS INSTITUTIONS AND CULTURAL ACTIVITIES.-ACTIVITIES THAT ENGAGE BROAD AUDIENCES, WITH SPECIAL EMPHASIS ON ADDRESSING LIMITED ACCESS TO COMMUNITY NETWORKS BY FOSTERING COLLABORATION AND EXPANDING OPPORTUNITIES FOR PERSONAL GROWTH. 0 0 2017495 1221512 PROMOTION OF THE CREATIVE ARTS IN THE CENTRAL VIRGINIA AREA, THE ACADEMY PROVIDES 210 ART CLASSES OVER VARYING PERIODS FOR PERSONS RANGING FROM YOUNG CHILDREN TO SENIOR CITIZENS. OVER 2,700 PERSONS WERE SERVED VIA THESE CLASSES. THE ACADEMY ALSO PRESENTS ART SHOWS IN ITS GALLERY AND AT OTHER SPACES THROUGHOUT THE COMMUNITY. THESE PRESENTATIONS GIVE LOCAL ARTISTS A VENUE TO DISPLAY THEIR TALENTS. IT ALSO ALLOWS MEMBERS OF THE COMMUNITY TO BE ABLE TO VIEW QUALITY ARTWORK WITHOUT HAVING TO TRAVEL OUTSIDE OF THE GENERAL AREA. 144003 THE ACADEMY IS ALSO INVOLVED IN THE RESTORATION OF THE HISTORIC ACADEMY OF MUSIC THEATER IN LYNCHBURG, VIRGINIA. THE ACADEMY OF MUSIC THEATER IS A BUILDING DATING TO THE EARLY 1900'S. IT IS BOTH HISTORICALLY AND ARCHITECTURALLY SIGNIFICANT TO THE LYNCHBURG AREA. THE THEATER PLAYED HOST TO SOME OF THE GREAT NAMES OF AMERICAN ENTERTAINMENT IN THE DAYS BEFORE MOVING PICTURES. THE EXPENSES ASSOCIATED WITH THIS ACTIVITY ARE PRESENT IN THE BALANCE SHEET IN THAT MOST, IF NOT ALL, EXPENDITURES ARE FOR CAPITALIZED ITEMS. 2161498 1 1 0 0 0 0 0 0 0 1 1 0 0 1 1 1 0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 1 53 0 1 60 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 28 28 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 0 0 VA X The Organization 4345283256 600 MAIN STREET LYNCHBURG VA 24504 ELIZABETH STROUD PRESIDENT 3.00 X X 0 0 0 EMILY CROWDER MEMBER 1.00 X 0 0 0 JESSICA CLARKSON MEMBER 1.00 X 0 0 0 ANTONIO DAVIS MEMBER 1.00 X 0 0 0 DONNA GADDY-BOWEN MEMBER 1.00 X 0 0 0 JOSEPH TUCKER VICE PRESIDENT 2.00 X X 0 0 0 RON SHOULTZ MEMBER 1.00 X 0 0 0 CATHERINE VARNER MEMBER 1.00 X 0 0 0 ULA KAUPPI SECRETARY 2.00 X X 0 0 0 AMY KOWALSKI MEMBER 1.00 X 0 0 0 JAMES WATKINS MEMBER 1.00 X 0 0 0 RICHARD LOVING MEMBER 1.00 X 0 0 0 PAUL MCWANE MEMBER 1.00 X 0 0 0 DR CHALMERS NUNN MEMBER 1.00 X 0 0 0 WALKER SIGLER TREASURER 2.00 X X 0 0 0 BETH DOYLE MEMBER 1.00 X 0 0 0 JAMES WRIGHT MEMBER 1.00 X 0 0 0 ALISON MORRISON SHETLAR MEMBER 1.00 X 0 0 0 GEORGEANN SNEAD MEMBER 1.00 X 0 0 0 KEVIN HOOPER MEMBER 1.00 X 0 0 0 HOLLY TRENT MEMBER 1.00 X 0 0 0 MIKE SHADLER MEMBER 1.00 X 0 0 0 DR LAURA GATELY MEMBER 1.00 X 0 0 0 PHYLLISTINE MOSLEY MEMBER 1.00 X 0 0 0 MARIA HAYDEN MEMBER 1.00 X 0 0 0 ALISHA CHILDRESS MEMBER 1.00 X 0 0 0 D TODD IRBY MEMBER 1.00 X 0 0 0 ETHEL REEVES MEMBER 1.00 X 0 0 0 GEOFFREY KERSHNER CHIEF EXECUTIVE OFFICER 40.00 X 131750 0 2674 131750 0 2674 1 0 0 0 0 1252709 1252709 PERFORMANCE INCOME 711300 853436 853436 ARTS AND EDUCATION 711300 260147 260147 1113583 102651 102651 129160 0 129160 129160 129160 322804 362794 -39990 -39990 -39990 61102 88107 -27005 -27005 MISCELLANEOUS 900099 18759 18759 18759 2549867 1221512 0 75646 131750 39525 32938 59287 812171 649537 52015 110619 17901 13068 1611 3222 27916 20379 2512 5025 101498 74093 9135 18270 13750 13750 16301 16301 41103 41103 114087 85565 28522 39068 25004 10548 3516 138119 103589 20718 13812 10970 3282 7688 3878 3878 171531 154378 1715 15438 52361 1251 51110 PROGRAM EXPENSES 702575 702575 REPAIRS AND MAINTENANCE 179635 143707 26945 8983 PROGRAM SUPPLIES 72271 72271 TAXES, LICENSES, AND PE 32207 32207 57174 40471 9650 7053 2736266 2161498 293333 281435 3000 3300 1280139 924224 589013 460221 33943 20118 24901 47697 11344784 2330567 9114357 9014217 2603717 2871671 27317339 27860510 40966409 41201958 22602 60168 93722 386995 142752 138938 209932 79874 469008 665975 X 37192161 37216509 3305240 3319474 40497401 40535983 40966409 41201958 -186399 224981 0 X X 0 1 X 1 0 X 1287977 1425995 1829082 1290685 1252709 7086448 659435 261089 490059 586426 1132342 3129351 90375 103247 164458 174436 61102 593618 2037787 1790331 2483599 2051547 2446153 10809417 0 0 0 10809417 91180 74571 92787 102513 260373 621424 91180 74571 92787 102513 260373 621424 2128967 1864902 2576386 2154060 2706526 11430841 0.94560 0.96180 0.05440 0.03820 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2603718 124146 256858 96750 16301 2871671 2556258 551331 -400835 87500 15536 2603718 2146391 133774 372279 82000 14186 2556258 1955137 52793 226740 76500 11779 2146391 1489629 167207 379445 68250 12894 1955137 0.76000 0.24000 0 0 216688 216688 10349017 1694586 8654431 779079 635981 143098 9014217 CASH RESTRICTED FOR SPECIFIC PURPOSES 55000 CASH SURRENDER VALUE LIFE INSURANCE 97853 INVESTMENT IN SUBSIDIARY 26578333 DUE FROM RELATED PARTIES 1003382 CONSTRUCTION IN PROCESS 125942 27860510 ACCRUED EXPENSES 79874 79874 X 4492368 224981 1733821 1958802 2533566 16301 16301 2549867 6010994 3291029 3291029 2719965 16301 16301 2736266 Part X, Line 2: The Financial Accounting Standards Board issued ASC 740-10, Accounting for Uncertainty in Income Taxes, which prescribed a comprehensive model for how an organization should measure, recognize, present, and disclose in its financial statements uncertain tax positions that an organization has taken or expects to take on a tax return. The Organization has analyzed tax positions taken for filing with the Internal Revenue Service and all state jurisdictions where it operates. The Organization believes that income tax filing positions will be sustained upon examination and does not anticipate any adjustments that would result in a material adverse affect on the Organization's financial condition, results of operations or cash flows. Accordingly, the Organization has not recorded any reserves, or related accruals for interest and penalties for uncertain income tax positions at December 31, 2023. Fiscal years ending on or after December 31, 2020 remain subject to examination by federal and state tax authorities. Part XI, Line 2d - Other Adjustments: SUBSIDIARY REVENUE 1,733,821. Part XII, Line 2d - Other Adjustments: SUBSIDIARY EXPENSES 3,291,029. GALA 61102 61102 88107 61102 61102 88107 88107 -27005 Form 990, Part VI, Section B, line 11b THE FINANCE COMMITTEE WILL REVIEW THE 990 PRIOR TO FILING. Form 990, Part VI, Section B, line 12c BOARD DIRECTORS, OFFICERS, AND COMMITTEE MEMBERS ARE REQUIRED TO COMPLETE THE ACADEMY'S CONFLICT OF INTEREST POLICY AT LEAST ANNUALLY. Form 990, Part VI, Section C, line 18 GOVERNING DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON WRITTEN REQUEST TO THE BUSINESS OFFICE Form 990, Part VI, Section C, line 19 GOVERNING DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON WRITTEN REQUEST TO THE BUSINESS OFFICE PART XII, LINE 2C THE PROCESS HAS NOT CHANGED FROM THE PREVIOUS YEAR ACADEMY THEATRE MANAGING MEMBER LLC 600 MAIN STREET LYNCHBURG VA 24504 611857691 REAL ESTATE RENTAL VA 26312634 ACADEMY THEATRE LLC 600 MAIN STREET LYNCHBURG VA 24504 822926704 HOLD THE RENOVATED THEATRE FOR HISTORIC TAX CREDITS AND SUBSEQUENT OPERATION VA ACADEMY CENTER OF THE ARTS THEATRE EVENTS 38068 3636 0 1 0.01000 ACADEMY MANAGEMENT CORPORATION 600 MAIN STREET LYNCHBURG VA 24504 822775086 REAL ESTATE RENTAL VA C 26578433 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 ACADEMY THEATRE LLC R 169610 COST BASIS