Nonprofit · EIN 06-0942210
LYME ACADEMY OF FINE ARTS INC
Tax-exempt · OLD LYME, CT 06371
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| June 30, 2025 | 990 | $3,292,651 | $2,410,000 | $882,651 | $19,221,566 | $2,161,274 | $17,060,292 |
| June 30, 2024 | 990 | $2,660,721 | $2,155,065 | $505,656 | $16,596,708 | $1,847,839 | $14,748,869 |
Financial details: 990 for the year ended June 30, 2025
Revenue
- Contributions, gifts and grants
- $1,802,127
- of which government grants
- $29,432
- Program service revenue
- $881,406
- Investment income
- $342,762
- Net rental income
- $172,131
- Net gain from sales of assets
- $186,407
- Net income from fundraising events
- $4,050
- Net income from sales of inventory
- $86,530
- Other revenue
- $266,356
Expenses
- Grants and similar amounts paid
- $105,370
- Compensation of officers, directors and key employees
- $208,000
- Other salaries and wages
- $587,923
- Salaries, compensation and benefits (total)
- $979,358
- Professional fundraising fees
- $0
- Legal fees
- $11,535
- Accounting fees
- $71,573
- Occupancy
- $416,770
- Travel
- $25,501
- Depreciation
- $277,291
- Program services (functional)
- $1,867,871
- Management and general (functional)
- $456,489
- Fundraising (functional)
- $85,640
Balance sheet and other
- Total assets, start of year
- $16,596,708
- Total assets, end of year
- $19,221,566
- Total liabilities, end of year
- $2,161,274
- Net assets, end of year
- $17,060,292
- Land, buildings and equipment
- $3,691,312
- Publicly traded securities
- $12,631,565
- Net assets without donor restrictions
- $4,882,449
- Net assets with donor restrictions
- $12,177,843
- Gross receipts
- $3,796,738
- Employees
- 19
- Volunteers
- 45
- Year formed
- 1976
- State of legal domicile
- CT
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended June 30, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| JORDON SOKOL | ARTISTIC DRCTR Officer | 40 | $99,850 |
| WENDY BURY | MANAGING DRCTR Officer | 40 | $99,850 |
| MICHAEL DUFFY | Chairman Trustee or director, Officer | 5 | $0 |
| LAURA LEE MILLER | Treasurer Trustee or director, Officer | 5 | $0 |
| PAUL KNIERIM | Secretary Trustee or director, Officer | 5 | $0 |
| LEE BOWES | Director Trustee or director | 2 | $0 |
| SUE JOFFRAY | Director Trustee or director | 2 | $0 |
| DAVID KELSEY | Director Trustee or director | 2 | $0 |
| SUSAN SKELSEY | Director Trustee or director | 2 | $0 |
| MELISSA BARBIERI | Director Trustee or director | 2 | $0 |
| WILL ALLIK | Director Trustee or director | 2 | $0 |
| MICHAEL GRIMALDI | Director Trustee or director | 2 | $0 |
| EILEEN EDER | Director Trustee or director | 2 | $0 |
| JOSHUA JANSON | Director Trustee or director | 2 | $0 |
| LINCOLN CHAN | Director Trustee or director | 2 | $0 |
5 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| LAURA HANSEN | Vice CHAIR Trustee or director, Officer | 5 | $0 |
| WILLIAM BACHMAN | Director Trustee or director | 2 | $0 |
| MARY WILSON | Director Trustee or director | 2 | $0 |
| ALLEN ROSENSHINE | Director Trustee or director | 2 | $0 |
| MARTHA SHOEMAKER | Director Trustee or director | 2 | $0 |
990 for the year ended June 30, 2024: 23 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| WENDY BURY | MANAGING DRCTR Officer | 40 | $68,571 |
| MICHAEL DUFFY | Chairman Trustee or director, Officer | 5 | $0 |
| LAURA LEE MILLER | VICE CHAIRMAN Trustee or director, Officer | 5 | $0 |
| PAUL KNIERIM | Secretary Trustee or director, Officer | 5 | $0 |
| LEE BOWES | Treasurer Trustee or director, Officer | 5 | $0 |
| TIM GRISWOLD | Director Trustee or director | 3 | $0 |
| SUE JOFFRAY | Director Trustee or director | 2 | $0 |
| DAVID KELSEY | Director Trustee or director | 2 | $0 |
| SUSAN SKELSEY | Director Trustee or director | 2 | $0 |
| MELISSA BARBIERI | Director Trustee or director | 2 | $0 |
| WILL ALLIK | Director Trustee or director | 2 | $0 |
| MICHAEL GRIMALDI | Director Trustee or director | 2 | $0 |
| EILEEN EDER | Director Trustee or director | 2 | $0 |
| CASSIE ARCHER | Director Trustee or director | 2 | $0 |
| CAROL JONES | Director Trustee or director | 2 | $0 |
| JOSHUA JANSON | Director Trustee or director | 2 | $0 |
| LINCOLN CHAN | Director Trustee or director | 2 | $0 |
| LAURA HANSEN | Director Trustee or director | 2 | $0 |
| WILLIAM BACHMAN | Director Trustee or director | 2 | $0 |
| HARRY SEGAL | Director Trustee or director | 2 | $0 |
| MARY WILSON | Director Trustee or director | 2 | $0 |
| ALLEN ROSENSHINE | Director Trustee or director | 2 | $0 |
| RUSSELL RUSHMEIER | Director Trustee or director | 2 | $0 |
Address and contacts
- Address (IRS master file)
- 84 LYME ST, OLD LYME, CT 06371-2333
- In care of
- % GEORGE SYNODI
- Principal officer (990 for 2024)
- MICHAEL DUFFY, 84 LYME STREET, OLD LYME, CT 06371
- Signed the 990
- LAURA LEE MILLER, Treasurer
- Phone
- (860) 434-5232
- Website
- lymeacademy.edu
- Return prepared by
- WollackLewitz LLC
Mission
THE MISSION OF THE LYME ACADEMY OF FINE ARTS IS TO TEACH THE FOUNDATIONAL SKILLS OF DRAWING, PAINTING, AND SCULPTURE IN THE FIGURATIVE TRADITION. BY ITS COMMITMENT TO TRAINING STUDENTS IN THESE SKILLS AND AN ENGAGEMENT WITH CONTEMPORARY DISCOURSE, THE ACADEMY WILL EMPOWER A NEW GENERATION OF ARTISTS. THROUGH ITS PROGRAMS, THE ACADEMY IS COMMITTED TO ENRICHING THE CULTURAL LIFE OF THE COMMUNITY.
Program accomplishments
- In 2021, with fresh leadership at its helm, the Lyme Academy of Fine Arts reopened its doors to students, and welcomed a new generation of success. Under the guidance of a Board of Trustees that has clarified and sharpened the Academys mission, Artistic Direction that is inspiring a new generation of students and a Sculpture program that is the realization of the original vision of the Academys founder, sculptor Elisabeth Gordon Chandler. Artistic directors, Jordan Sokol and Amaya Gurpide have generated interest in the programs of the Lyme Academy of Fine Arts that has grown steadily over the last four years.Recent major gifts have provided support to the endowment of three faculty chair positions, significant capital projects, general operating needs, and have provided the Academy with stability and growth. Key new positions, including the Charlotte Colby Danly Sculpture Chair, Managing Director, and additional staff and faculty have also contributed to growth. The Academys rebirth is evident in the increasing number of students attending, which has met and exceeded the targets set in its multi-year strategic plan. Full-time enrollment has grown from 12 students in 2021-2022, to 44 in 2024-2025, and 53 STUDENTS IN THIS ACADEMIC YEAR. The Academy is limiting its growth to roughly ten additional new students per year, which allows for a high degree of selectivity in admissions as the program grows towards its full enrollment target of 80 students in the 2028-29 academic year. The Academy also serves hundreds of students through Youth Programs, Continuing Education, Workshops and guest lectures.Expenses $1,867,871
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in June, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | June 30, 2026 | November 16, 2026 | Not due yet |
| 2024 | June 30, 2025 | November 17, 2025 | 990 on file |
| 2023 | June 30, 2024 | November 15, 2024 | 990 on file |
IRS record
- EIN
- 06-0942210
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- School
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 1991
- Accounting year ends
- June
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Arts, culture and humanities (A250)
- Assets (IRS master file)
- $19,221,566
- Income (IRS master file)
- $3,796,738
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | June 2025 | $3,292,651 | $2,410,000 | $19,221,566 | IRS |
| 990 | June 2024 | $2,660,721 | $2,155,065 | $16,596,708 | XML |
| 990 | June 2023 | $1,429,130 | $1,787,486 | $15,291,724 | IRS |
| 990 | June 2022 | $2,513,940 | $1,582,637 | $14,295,843 | IRS |
| 990 | June 2021 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 06-0942210).
Questions about LYME ACADEMY OF FINE ARTS INC
- What is the EIN of LYME ACADEMY OF FINE ARTS INC?
- The employer identification number (EIN) of LYME ACADEMY OF FINE ARTS INC is 06-0942210.
- Is LYME ACADEMY OF FINE ARTS INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1991.
- Are donations to LYME ACADEMY OF FINE ARTS INC tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does LYME ACADEMY OF FINE ARTS INC file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of LYME ACADEMY OF FINE ARTS INC due?
- The return for tax year 2025 (the year ending June 30, 2026) is due November 16, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did LYME ACADEMY OF FINE ARTS INC last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended June 2025.
- Who is the principal officer of LYME ACADEMY OF FINE ARTS INC?
- The 990 for the year ended June 30, 2025 names MICHAEL DUFFY.
- Who are the officers and directors of LYME ACADEMY OF FINE ARTS INC?
- The 990 for the year ended June 30, 2025 lists 20 people; 2 received compensation from the organization, the highest $99,850 (JORDON SOKOL, ARTISTIC DRCTR).
- How much revenue does LYME ACADEMY OF FINE ARTS INC have?
- On its 990 for the year ended June 30, 2025 it reported revenue of $3,292,651, expenses of $2,410,000 and total assets of $19,221,566 at year end.
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