Civic Intelligence

Art Academy of Cincinnati

EIN 31-1601569 • 501(c)3 • Cincinnati, OH

Profile

Operate, maintain, and oversee an independent college of art and design

1212 Jackson StreetCincinnati, OH 45202-7106

www.artacademy.edu

Siviq Scores

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

Liabilities / Assets

74th percentile

0.46x

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

501(c)3 • $10M-$25M nonprofits • Source year 2025

Liabilities / Revenue

65th percentile

0.42x

Higher debt load relative to revenue than 65% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2025

Net Margin

14th percentile

-14%

Higher net margin than 14% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2025

Top Officer Pay

59th percentile

$215,400

Higher top officer pay than 59% of similar nonprofits.

Top officer pay equals 2.2% of source-year revenue.

501(c)3 • $10M-$25M nonprofits • Source year 2025

Asset Growth

5th percentile

-21%

Faster asset growth than 5% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2024 to 2025

Revenue Growth

21st percentile

-8.6%

Faster revenue growth than 21% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2024 to 2025

Assets

Down

$11,104,298

Down $505,150 (-4.4%) from 2023

Liabilities

Down

$5,065,475

Down $245,267 (-4.6%) from 2023

Net Assets

Down

$6,038,823

Down $259,883 (-4.1%) from 2023

Revenue

Down

$10,642,749

Down $585,079 (-5.2%) from 2023

Expenses

Up

$11,053,378

Up $215,332 (+2.0%) from 2023

Net Income

Down

-$410,629

Down $800,411 (-205%) 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: $15,933,505Liabilities 2011: $4,631,866Net Assets 2011: $11,301,6392011Assets 2012: $7,463,223Liabilities 2012: $2,080,829Net Assets 2012: $5,382,3942012Assets 2013: $8,401,420Liabilities 2013: $3,084,211Net Assets 2013: $5,317,2092013Assets 2014: $8,388,681Liabilities 2014: $3,173,447Net Assets 2014: $5,215,2342014Assets 2015: $8,454,369Liabilities 2015: $3,166,868Net Assets 2015: $5,287,5012015Assets 2016: $8,702,393Liabilities 2016: $3,482,024Net Assets 2016: $5,220,3692016Assets 2017: $8,792,332Liabilities 2017: $3,507,529Net Assets 2017: $5,284,8032017Assets 2018: $6,946,724Liabilities 2018: $1,897,594Net Assets 2018: $5,049,1302018Assets 2019: $6,516,209Liabilities 2019: $1,630,835Net Assets 2019: $4,885,3742019Assets 2020: $6,424,517Liabilities 2020: $876,261Net Assets 2020: $5,548,2562020Assets 2021: $7,469,225Liabilities 2021: $774,182Net Assets 2021: $6,695,0432021Assets 2022: $6,583,513Liabilities 2022: $705,870Net Assets 2022: $5,877,6432022Assets 2023: $11,609,448Liabilities 2023: $5,310,742Net Assets 2023: $6,298,7062023Assets 2024: $11,104,298Liabilities 2024: $5,065,475Net Assets 2024: $6,038,8232024

Highlighted filing

2024

Assets$11,104,298
Liabilities$5,065,475
Net Assets$6,038,823

Operations Trend

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

$15M$10M$5.0M$0-$5.0MExpenses 2011: $6,466,7942011Expenses 2012: $6,345,1732012Expenses 2013: $6,283,0992013Revenue 2014: $6,188,942Expenses 2014: $6,118,172Net Income 2014: $70,7702014Revenue 2015: $6,282,173Expenses 2015: $6,256,893Net Income 2015: $25,2802015Revenue 2016: $6,400,356Expenses 2016: $6,341,161Net Income 2016: $59,1952016Revenue 2017: $6,280,800Expenses 2017: $6,414,537Net Income 2017: -$133,7372017Revenue 2018: $6,398,153Expenses 2018: $6,654,084Net Income 2018: -$255,9312018Revenue 2019: $7,395,349Expenses 2019: $7,350,801Net Income 2019: $44,5482019Revenue 2020: $8,615,681Expenses 2020: $7,821,874Net Income 2020: $793,8072020Revenue 2021: $9,643,906Expenses 2021: $8,937,756Net Income 2021: $706,1502021Revenue 2022: $9,495,180Expenses 2022: $9,906,292Net Income 2022: -$411,1122022Revenue 2023: $11,227,828Expenses 2023: $10,838,046Net Income 2023: $389,7822023Revenue 2024: $10,642,749Expenses 2024: $11,053,378Net Income 2024: -$410,6292024

Highlighted filing

2024

Revenue$10,642,749
Expenses$11,053,378
Net Income-$410,629

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$11.1$5.07$6.04$10.6$11.1$0.41
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$11.6$5.31$6.30$11.2$10.8$0.39
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$6.58$0.71$5.88$9.50$9.91$0.41
2021Detailed filing. Detailed filing data is available for this year.$7.47$0.77$6.70$9.64$8.94$0.71
2020Detailed filing. Detailed filing data is available for this year.$6.42$0.88$5.55$8.62$7.82$0.79
2019Detailed filing. Detailed filing data is available for this year.$6.52$1.63$4.89$7.40$7.35$0.04
2018Detailed filing. Detailed filing data is available for this year.$6.95$1.90$5.05$6.40$6.65$0.26
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$8.79$3.51$5.28$6.28$6.41$0.13
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$8.70$3.48$5.22$6.40$6.34$0.06
2015Detailed filing. Detailed filing data is available for this year.$8.45$3.17$5.29$6.28$6.26$0.03
2014Detailed filing. Detailed filing data is available for this year.$8.39$3.17$5.22$6.19$6.12$0.07
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.40$3.08$5.32$6.28
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.46$2.08$5.38$6.35
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$15.9$4.63$11.3$6.47
Latest Detailed Filing

The latest 2024 filing currently has linked XML that has not been fully parsed yet. Showing the latest detailed filing from 2021 below.

Jump To
Filing Snapshot
Filing Period
Jun 1, 2020 to May 31, 2021
Signed
Apr 7, 2022
Return Version
2020v4.2
Gross Receipts
$9,982,529
Mission and Program Overview

Mission

Our mission is to operate, maintain, and oversee an independent college of art and design.

Art academy of cincinnati is a four-year accredited art academy college, offering bfas and one ma program. Our mission is to create and sustain radical forward-thinking, contemporary visual artists, and designers whose creative contributions make a substantial difference in all the lives they touch.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,964,855$3,268,250▲ $303,395
Investments in Publicly Traded Securities$2,148,749$2,640,178▲ $491,429
Cash and Non-Interest-Bearing Accounts$531,400$518,807▼ $12,593
Accounts Receivable$155,687$385,273▲ $229,586
Pledges and Grants Receivable$352,489$363,755▲ $11,266
Inventories for Sale or Use$49,980$49,980→ $0
Prepaid Expenses and Deferred Charges$22,947$11,912▼ $11,035
Total Assets$6,424,517$7,469,225▲ $1,044,708
Other Assets Total$198,410$231,070▲ $32,660
Liabilities
Accounts Payable and Accrued Expenses$225,904$401,027▲ $175,123
Mortgage Notes Payable Secured by Investment Property$285,929$249,758▼ $36,171
Other Liabilities$884$82,703▲ $81,819
Deferred Revenue$363,544$40,694▼ $322,850
Total Liabilities$876,261$774,182▼ $102,079
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$3,131,893$3,621,958▲ $490,065
Net Assets With Donor Restrictions$2,416,363$3,073,085▲ $656,722
Total Net Assets Fund Balance$5,548,256$6,695,043▲ $1,146,787
Total Liabilities and Net Assets / Fund Balance$6,424,517$7,469,225▲ $1,044,708

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,688,023$980,267$3,668,290
Equipment$491,057$1,175,796$1,666,853
Land$89,170-$89,170

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2020$2,020,891-▲ $458,326-$2,479,217
2019$2,061,024-▲ $79,975$120,108$2,020,891
2018$2,145,986$5,000▲ $1,478$91,440$2,061,024
2017$1,837,132$318,622▲ $170,705$180,473$2,145,986
2016$1,671,635$1,707▲ $186,395$22,605$1,837,132
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Joe GirandolaPresidentFT$185,192$35,938$221,130
L Paige WilliamsVP for Academic AffairsFT$98,707$2,064$100,771
Amanda Parker-woleryVP Marketing/enrollment(until 2021)FT$91,435$293$91,728
Maria KeriCFO (until 2021)FT$23,269$2,045$25,314
Revenue and Support

Revenue Composition

Contributions and Grants
$2,025,291
Program Service Revenue
$7,516,305
Investment Income
$83,649
Other Revenue
$18,661
All Other Contributions
$1,888,311
Change in Net Assets
$706,150

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
Other Non Cash Contri Table60$48,000Fair Market Value (FMV)
Total Noncash Contributions60$48,000-
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$3,489,636
Salaries, Compensation, and Employee Benefits$3,211,152
Other Expenses$2,236,968
Total Fundraising Expense$104,370
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$3,489,636--$3,489,636
Other Salaries and Wages$1,826,302$829,061$40,865$2,696,228
All Other Expenses$341,183$119,189$5,662$466,034
Fees for Services Other$195,463$203,356$11,426$410,245
Other Employee Benefits$209,277$87,972$88$297,337
Payroll Taxes$126,746$87,789$3,052$217,587
Other Expenses$157,938$209,553$21,114$157,938
Depreciation Depletion$139,552$1,566$783$141,901
Advertising$51,300-$20,563$71,863
Insurance$33,399$15,162$747$49,308
Fees for Services Accounting-$47,015-$47,015
Interest$13,721$139$70$13,930
Information Technology-$9,771-$9,771
Travel$4,035$3,314-$7,349
Fees for Services Legal-$50-$50
Total Functional Expenses$7,143,595$1,689,791$104,370$8,937,756
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Related Party Payable - Art Academy Housing$82,017
Beneficial Interest in Charitable Trust$686
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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 B, Line 11B

The finance committe will review the form 990 prior to filing, and then if approved, the form 990 will be sent to the full board for review prior to filing.

Form 990, Part VI, Section B, Line 12C

The conflict of interest policy is distributed to all new trustees, officers and employees. The policy clearly explains the duty to report any suspected violations and the procedures to follow. The annual acknowledgement and disclosure statement is to be signed and returned to the finance office. The organizaton periodically reviews the annual acknowledgement and disclosure statement. If a conflict is discovered, the trustee with a conflict cannot vote on the issue.

Form 990, Part VI, Section B, Line 15

The ceo/president compensation is reviewed and approved by the board of trustees or individual(s) authorized by the board. Data on comparable compensation for similarly qualified persons in functionally comparable positions at similarly situated organizations along with performance reviews are used to determine compensation.

Form 990, Part VI, Section C, Line 19

The conflict of interest policy and audited financials are made available on the art academy's website at www.artacademy.edu. Governing documents, conflict of interest policy and financials are also available upon request.

Filing and Contact Details

Filer

Filer Name
Art Academy of Cincinnati
EIN
31-1601569
Phone
5137215205
Address
1212 JACKSON STREET, CINCINNATI, OH 45202-7106

Signing Officer

Name
Joe Girandola
Title
President
Phone
5137215205
Signed
2022-04-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Joe Girandola
Formed
1998
Legal Domicile
Oh
Voting Board Members
27
Independent Board Members
27
Employees
180
Volunteers
45

Preparer

Firm
Vonlehman & Company Inc
Address
810 WRIGHTS SUMMIT PARKWAY SUITE, 300, FORT WRIGHT, KY 41011
Preparer
Kerri L Richardson
Phone
8593313300
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Change in beneficial interest in remainder trust -3,101. Change in beneficial interest in perpetual trust 35,958.

PART XII, LINE 2C:

The oversight process has not changed from the prior year.

Financial Statement Notes

PART III, LINE 4:

The collections are made up of art objects that are held for public exhibition, education and research for furtherance of public service. The academy's art inventory is made up of art objects that have been acquired through donations. The art inventory is recorded at 60% of the appraised value. Each of the items is catalogued, preserved and cared for as would be appropriate for each of the items within the art inventory. All items within the art inventory that may have been subject to a minimum holding period covenant from the original donor are no longer subject to those covenants, having surpassed the holding periods specified in each of those covenants. Therefore, all items within the art inventory are free of restrictions that would prevent the sale or liquidation of portions of the inventory or the entire inventory. Sales of art inventory totaled $-0- during both years ended may 31, 2021 and 2020.

PART V, LINE 4:

The endowment funds are intended to support the academy's various purposes.

PART X, LINE 2:

The academy has adopted the provisions of the accounting pronouncement related to accounting for uncertainty in income taxes. The academy recognized no interest or penalties in the consolidated statements of activities for the years ended may 31, 2021 and 2020. If the situation arose in which the academy would have interest to recognize, it would recognize this as interest expense and penalties would be recognized in other expenses. Currently, the prior three years are open under federal and state statutes of limitations and remain subject to review and change. The academy is not currently under audit nor has the academy been contacted by these jurisdictions. Based on the evaluation of the academy's tax positions, management believes all positions taken would be upheld under an examination. Therefore, no provision for the effects of uncertain tax positions has been recorded for either of the years ended may 31, 2021 or 2020.

Raw XML AppendixShowing 400 of 743 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
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IRS990/AccountsReceivableGrp/EOYAmt0385273
IRS990/ActivitiesConductedPrtshpInd00
IRS990/ActivityOrMissionDesc0ART ACADEMY OF CINCINNATI IS A FOUR-YEAR ACCREDITED ART ACADEMY COLLEGE, OFFERING BFAS AND ONE MA PROGRAM. OUR MISSION IS TO CREATE AND SUSTAIN RADICAL FORWARD-THINKING, CONTEMPORARY VISUAL ARTISTS, AND DESIGNERS WHOSE CREATIVE CONTRIBUTIONS MAKE A SUBSTANTIAL DIFFERENCE IN ALL THE LIVES THEY TOUCH.
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IRS990/Desc0WE OPERATE AN ACCREDITED POST-SECONDARY FINE ARTS EDUCATION FACILITY (ART ACADEMY) OFFERING CURRICULUM LEADING TO A BACHELOR OF FINE ARTS DEGREE, AND A MASTERS IN ART EDUCATION. WE SERVE APPROXIMATELY 220 MATRICULATING STUDENTS.IN ADDITION, WE SERVE APPROXIMATELY 300 INDIVIDUALS IN OUR COMMUNITY ARTS EDUCATION PROGRAMS.
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IRS990/Form990PartVIISectionAGrp/PersonNm3DEBBIE KOKORUDA
IRS990/Form990PartVIISectionAGrp/PersonNm4ANTHONY REISS
IRS990/Form990PartVIISectionAGrp/PersonNm5HARVEY COHEN
IRS990/Form990PartVIISectionAGrp/PersonNm6GEORGE H HENSLER III
IRS990/Form990PartVIISectionAGrp/PersonNm7MARK GROTE
IRS990/Form990PartVIISectionAGrp/PersonNm8TAMARA HARKAVY
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IRS990/Form990PartVIISectionAGrp/PersonNm10GREG OTIS
IRS990/Form990PartVIISectionAGrp/PersonNm11CRAIG SAREMBOCK
IRS990/Form990PartVIISectionAGrp/PersonNm12ROB RICHARDSON
IRS990/Form990PartVIISectionAGrp/PersonNm13ANNA DOWELL
IRS990/Form990PartVIISectionAGrp/PersonNm14JOHN COBEY
IRS990/Form990PartVIISectionAGrp/PersonNm15PAM KRAVETZ
IRS990/Form990PartVIISectionAGrp/PersonNm16MARIA BEATRIZ RODRIGUEZ
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IRS990/Form990PartVIISectionAGrp/PersonNm23ROBERT CHAVEZ
IRS990/Form990PartVIISectionAGrp/PersonNm24TYSONN BETTS
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IRS990/Form990PartVIISectionAGrp/PersonNm30MARIA KERI
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IRS990/Form990PartVIISectionAGrp/TitleTxt0PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt1CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt2VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt3SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt4TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt5LEGAL COUNSEL
IRS990/Form990PartVIISectionAGrp/TitleTxt6TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt7TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt8TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt9TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt10TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt11TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt12TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt13TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt14TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt15TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt16TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt17TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt18TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt19TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt20TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt21TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt22TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt23TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt24TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt25TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt26TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt27TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt28VP FOR ACADEMIC AFFAIRS
IRS990/Form990PartVIISectionAGrp/TitleTxt29VP MARKETING/ENROLLMENT(UNTIL 2021)
IRS990/Form990PartVIISectionAGrp/TitleTxt30CFO (UNTIL 2021)
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