Civic Intelligence

New York Academy of Art

EIN 13-3643485 • 501(c)3 • New York, NY

Profile

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.

Refreshing map…

111 Franklin StreetNew York, NY 10013

www.nyaa.edu

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

66th percentile

0.40x

Higher debt load relative to assets than 66% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Liabilities / Revenue

74th percentile

0.78x

Higher debt load relative to revenue than 74% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Net Margin

13th percentile

-14%

Higher net margin than 13% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Top Officer Pay

70th percentile

$362,829

Higher top officer pay than 70% of similar nonprofits.

Top officer pay equals 4.2% of source-year revenue.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Asset Growth

13th percentile

-5.8%

Faster asset growth than 13% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Revenue Growth

23rd percentile

-5.4%

Faster revenue growth than 23% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Assets

Down

$17,240,676

Down $1,070,712 (-5.8%) from 2023

Liabilities

Down

$6,813,816

Down $268,501 (-3.8%) from 2023

Net Assets

Down

$10,426,860

Down $802,211 (-7.1%) from 2023

Revenue

Down

$8,739,398

Down $502,574 (-5.4%) from 2023

Expenses

Up

$9,988,189

Up $774,577 (+8.4%) from 2023

Net Income

Down

-$1,248,791

Down $1,277,151 (-4503%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$20M$15M$10M$5.0M$0Assets 2011: $8,261,823Liabilities 2011: $2,537,455Net Assets 2011: $5,724,3682011Assets 2012: $8,545,475Liabilities 2012: $2,653,562Net Assets 2012: $5,891,9132012Assets 2013: $9,415,189Liabilities 2013: $2,613,656Net Assets 2013: $6,801,5332013Assets 2014: $10,328,522Liabilities 2014: $2,685,461Net Assets 2014: $7,643,0612014Assets 2015: $11,421,223Liabilities 2015: $2,645,009Net Assets 2015: $8,776,2142015Assets 2016: $12,050,501Liabilities 2016: $2,717,071Net Assets 2016: $9,333,4302016Assets 2017: $13,694,320Liabilities 2017: $2,810,471Net Assets 2017: $10,883,8492017Assets 2018: $15,532,755Liabilities 2018: $3,484,963Net Assets 2018: $12,047,7922018Assets 2019: $16,438,147Liabilities 2019: $4,250,356Net Assets 2019: $12,187,7912019Assets 2020: $16,466,310Liabilities 2020: $5,067,275Net Assets 2020: $11,399,0352020Assets 2021: $18,557,370Liabilities 2021: $5,861,258Net Assets 2021: $12,696,1122021Assets 2022: $16,157,249Liabilities 2022: $5,047,522Net Assets 2022: $11,109,7272022Assets 2023: $18,311,388Liabilities 2023: $7,082,317Net Assets 2023: $11,229,0712023Assets 2024: $17,240,676Liabilities 2024: $6,813,816Net Assets 2024: $10,426,8602024

Highlighted filing

2024

Assets$17,240,676
Liabilities$6,813,816
Net Assets$10,426,860

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$10M$5.0M$0-$5.0MExpenses 2011: $4,303,0402011Expenses 2012: $4,724,9572012Revenue 2013: $5,569,115Expenses 2013: $4,570,662Net Income 2013: $998,4532013Revenue 2014: $5,643,251Expenses 2014: $5,019,743Net Income 2014: $623,5082014Revenue 2015: $6,598,056Expenses 2015: $5,465,589Net Income 2015: $1,132,4672015Revenue 2016: $6,699,396Expenses 2016: $6,107,528Net Income 2016: $591,8682016Revenue 2017: $7,783,047Expenses 2017: $6,413,429Net Income 2017: $1,369,6182017Revenue 2018: $8,228,284Expenses 2018: $7,166,440Net Income 2018: $1,061,8442018Revenue 2019: $7,897,391Expenses 2019: $7,865,455Net Income 2019: $31,9362019Revenue 2020: $7,663,436Expenses 2020: $8,403,646Net Income 2020: -$740,2102020Revenue 2021: $9,146,405Expenses 2021: $8,445,513Net Income 2021: $700,8922021Revenue 2022: $7,647,177Expenses 2022: $8,688,027Net Income 2022: -$1,040,8502022Revenue 2023: $9,241,972Expenses 2023: $9,213,612Net Income 2023: $28,3602023Revenue 2024: $8,739,398Expenses 2024: $9,988,189Net Income 2024: -$1,248,7912024

Highlighted filing

2024

Revenue$8,739,398
Expenses$9,988,189
Net Income-$1,248,791

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$17.2$6.81$10.4$8.74$9.99$1.25
2023Detailed filing. Detailed filing data is available for this year.$18.3$7.08$11.2$9.24$9.21$0.03
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$16.2$5.05$11.1$7.65$8.69$1.04
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$18.6$5.86$12.7$9.15$8.45$0.70
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$16.5$5.07$11.4$7.66$8.40$0.74
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$16.4$4.25$12.2$7.90$7.87$0.03
2018Detailed filing. Detailed filing data is available for this year.$15.5$3.48$12.0$8.23$7.17$1.06
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$13.7$2.81$10.9$7.78$6.41$1.37
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$12.1$2.72$9.33$6.70$6.11$0.59
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$11.4$2.65$8.78$6.60$5.47$1.13
2014Detailed filing. Detailed filing data is available for this year.$10.3$2.69$7.64$5.64$5.02$0.62
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.42$2.61$6.80$5.57$4.57$1.00
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.55$2.65$5.89$4.72
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.26$2.54$5.72$4.30
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
May 15, 2025
Return Version
2023v6.0
Gross Receipts
$31,659,825
Mission and Program Overview

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, theacademy serves as a creative and intellectual center for all artists dedicated to highly-skilled, conceptually-aware figurative and representational art.

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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$7,722,428$7,282,769▼ $439,659
Savings and Temporary Cash Investments$2$7,086,818▲ $7,086,816
Investments in Publicly Traded Securities$4,906,437--
Intangible Assets$2,145,049$1,877,512▼ $267,537
Pledges and Grants Receivable$1,677,804$592,792▼ $1,085,012
Prepaid Expenses and Deferred Charges$138,548$152,078▲ $13,530
Accounts Receivable$25,567$126,660▲ $101,093
Cash and Non-Interest-Bearing Accounts$1,618,746$43,994▼ $1,574,752
Total Assets$18,311,388$17,240,676▼ $1,070,712
Other Assets Total$76,807$78,053▲ $1,246
Liabilities
Mortgage Notes Payable Secured by Investment Property$3,849,506$3,734,258▼ $115,248
Other Liabilities$2,277,240$2,009,424▼ $267,816
Accounts Payable and Accrued Expenses$692,727$704,235▲ $11,508
Deferred Revenue$262,844$365,899▲ $103,055
Total Liabilities$7,082,317$6,813,816▼ $268,501
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$9,659,075$8,851,810▼ $807,265
Net Assets With Donor Restrictions$1,569,996$1,575,050▲ $5,054
Total Net Assets Fund Balance$11,229,071$10,426,860▼ $802,211
Total Liabilities and Net Assets / Fund Balance$18,311,388$17,240,676▼ $1,070,712

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$6,565,036$5,491,605$12,056,641
Equipment$189,097$752,454$941,551
Leasehold Improvements$0$545,487$545,487
Land$329,461-$329,461
Other Land Buildings$199,175$125,720$324,895

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$564,684-▲ $39,453$19,000$585,137
2022$559,496-▲ $9,188$4,000$564,684
2021$554,176-▲ $6,320$1,000$559,496
2020$426,402-▲ $129,663$1,889$554,176
2019$430,379-▼ $1,977$2,000$426,402
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Stephan KorsakovChief Financial OfficerFT$290,059$72,770$362,829
David KratzPresidentFT$321,164$26,285$347,449
Peter DrakeProvostFT$191,514$35,297$226,811
Harry MichasChief of StaffFT$138,933$26,970$165,903
Jonathan JuarbeDirector of Admissions and RegistrationFT$104,775$43,791$148,566
Jared LillyDirector of DevelopmentFT$117,994$28,343$146,337
Alyssa MonksTrustee-$7,800-$7,800
Eric FischlTrustee-$825-$825

Highest Paid Contractors

ContractorServicesLocationCompensation
Commercial Building MaintenanceBuilding Maintenance200 OAK DRIVE STE 201, Syosset, NY 11791$126,381
New York UniversityHousing Services105 E 17TH STREET 4TH FLOOR, New York, NY 10003$113,654
Revenue and Support

Revenue Composition

Contributions and Grants
$2,746,540
Program Service Revenue
$6,050,105
Investment Income
$222,000
Other Revenue
$-279,247
All Other Contributions
$1,272,785
Change in Net Assets
$-1,248,791

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Food Inventory3$44,364Fair Market Value (FMV)
Total Noncash Contributions3$44,364-

Audited Revenue Reconciliation

Revenue per Audited Statements
$8,739,398
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$-507,278
Total Revenue per Audited Statements
$8,232,120
Total Revenue per Form 990
$8,739,398
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$5,318,507
Other Expenses$3,369,562
Grants and Similar Amounts Paid$1,300,120
Total Fundraising Expense$1,007,133
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$2,471,317$602,999$491,915$3,566,231
Grants to Domestic Individuals$1,300,120--$1,300,120
Current Officers, Directors, Trustees, and Key Employees$646,822$166,678$134,576$948,076
Depreciation Depletion$581,139$12,830$1,955$595,924
Occupancy$453,700$9,888$1,507$465,095
Payroll Taxes$267,724$49,804$49,456$366,984
Other Employee Benefits$219,231$80,374$61,328$360,933
All Other Expenses$210,545$19,238$99,420$329,203
Office Expenses$196,518$37,121$39,378$273,017
Insurance$118,577$80,590$399$199,566
Fees for Services Other$105,019$40,947$27,693$173,659
Conferences and Meetings$84,410$6$52,763$137,179
Interest$104,813$16,309$353$121,475
Advertising$80,901$891$9,386$91,178
Pension Plan Contributions$46,334$16,987$12,962$76,283
Fees for Services Legal-$58,084-$58,084
Travel$42,655$920$11,230$54,805
Fees for Services Accounting-$50,858-$50,858
Other Expenses$44,183$1,592$24$45,799
Total Functional Expenses$7,725,829$1,255,227$1,007,133$9,988,189

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$9,988,189
Total Expenses per Audited Statements$9,034,331
Expenses per Audited Statements$8,651,345
Expenses Not Reported on Financial Statements$1,336,844
Other Expense Adjustments$1,336,844
Expenses Not Reported on Form 990$382,986
International Activity

International Summary

Offices
0
Employees
0
Spending
$24,000

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
North AmericaProgramInternational Residency Program00$18,000
Europe (including Iceland & Greenland)ProgramInternational Residency Program00$6,000
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$653,219
Fundraising Gross Income$111,332
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Tribeca Ball$782,906$82,822$125,270$-42,448
Than$675,334$28,510$152,785$-124,275
Total Events$1,458,240$111,332$653,219$-541,887
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Other Liabilities$2,009,424
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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/

Filing and Contact Details

Filer

Filer Name
New York Academy of Art
EIN
13-3643485
Phone
2129660300
Address
111 FRANKLIN STREET, NEW YORK, NY 10013

Signing Officer

Name
Stephan Korsakov
Title
COO
Phone
2129660300
Signed
2025-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Stephan Korsakov
Formed
1980
Legal Domicile
Ny
Voting Board Members
33
Independent Board Members
32
Employees
194
Volunteers
35

Preparer

Firm
Cohnreznick Advisory LLC
Address
14 SYLVAN WAY, PARSIPPANY, NJ 07054-3801
Preparer
Laura Kielczewski
Phone
9732283500
Supplemental Narrative

Additional Explanations

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.

Financial Statement Notes

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, 2024 and 2023, 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 2021 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 -1,300,120. Fundraising expenses -36,724.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Scholarship allowance 1,300,120. Fundraising expenses 36,724.

Raw XML AppendixShowing 400 of 962 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

Path#Value
IRS990/AccountantCompileOrReviewInd00
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IRS990/AccountsReceivableGrp/EOYAmt0126660
IRS990/ActivitiesConductedPrtshpInd00
IRS990/ActivityOrMissionDesc0THE 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.
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IRS990/BooksInCareOfDetail/USAddress/CityNm0NEW YORK
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IRS990/CYOtherRevenueAmt0-279247
IRS990/CYProgramServiceRevenueAmt06050105
IRS990/CYRevenuesLessExpensesAmt0-1248791
IRS990/CYSalariesCompEmpBnftPaidAmt05318507
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IRS990/CYTotalProfFndrsngExpnsAmt00
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IRS990/Desc0MASTER 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.
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IRS990/Form990PartVIISectionAGrp/TitleTxt39DIRECTOR OF ADMISSIONS AND REGISTRATION
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