Civic Intelligence

American Academy of Art Inc

EIN 46-3291995 • 501(c)3 • Chicago, IL

View Organization Page

Profile

To operate a school of commercial art and fine arts in chicago, illinois.

332 South Michigan AveChicago, IL 60604-4302

aaart.edu

Siviq Scores

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

Liabilities / Assets

95th percentile

1.04x

Higher debt load relative to assets than 95% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Liabilities / Revenue

97th percentile

11.57x

Higher debt load relative to revenue than 97% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Net Margin

6th percentile

-47%

Higher net margin than 6% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Top Officer Pay

18th percentile

$73,846

Higher top officer pay than 18% of similar nonprofits.

Top officer pay equals 5.5% of source-year revenue.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Asset Growth

3rd percentile

-40%

Faster asset growth than 3% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Revenue Growth

4th percentile

-58%

Faster revenue growth than 4% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets95th percentile

Assets

Down

$15,080,131

Down $10,026,809 (-40%) from 2023

Liabilities

Down

$15,645,072

Down $10,499,091 (-40%) from 2023

Net Assets

Up

-$564,941

Up $472,282 (+46%) from 2023

Operations
Liabilities / Revenue97th percentileNet Margin6th percentile

Revenue

Down

$1,351,659

Down $1,861,527 (-58%) from 2023

Expenses

Down

$1,980,432

Down $2,133,534 (-52%) from 2023

Net Income

Up

-$628,773

Up $272,007 (+30%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth3rd percentile

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

$30M$20M$10M$0-$10MAssets 2014: $8,479Liabilities 2014: $0Net Assets 2014: $8,4792014Assets 2015: $24,189,365Liabilities 2015: $23,654,038Net Assets 2015: $535,3272015Assets 2016: $22,941,565Liabilities 2016: $22,947,105Net Assets 2016: -$5,5402016Assets 2017: $18,459,967Liabilities 2017: $17,940,582Net Assets 2017: $519,3852017Assets 2018: $18,071,562Liabilities 2018: $17,354,534Net Assets 2018: $717,0282018Assets 2019: $18,265,173Liabilities 2019: $17,411,587Net Assets 2019: $853,5862019Assets 2020: $18,133,191Liabilities 2020: $16,996,008Net Assets 2020: $1,137,1832020Assets 2021: $17,980,705Liabilities 2021: $16,834,264Net Assets 2021: $1,146,4412021Assets 2022: $27,565,968Liabilities 2022: $27,702,411Net Assets 2022: -$136,4432022Assets 2023: $25,106,940Liabilities 2023: $26,144,163Net Assets 2023: -$1,037,2232023Assets 2024: $15,080,131Liabilities 2024: $15,645,072Net Assets 2024: -$564,9412024

Highlighted filing

2024

Assets$15,080,131
Liabilities$15,645,072
Net Assets-$564,941
Open 2024 Filing

Operations Trend

Revenue Growth4th percentile

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

$10M$5.0M$0-$5.0MRevenue 2014: $78,957Expenses 2014: $70,478Net Income 2014: $8,4792014Revenue 2015: $4,510,278Expenses 2015: $3,985,670Net Income 2015: $524,6082015Revenue 2016: $8,290,294Expenses 2016: $8,231,161Net Income 2016: $59,1332016Revenue 2017: $8,216,857Expenses 2017: $7,692,932Net Income 2017: $523,9252017Revenue 2018: $7,892,402Expenses 2018: $7,694,759Net Income 2018: $197,6432018Revenue 2019: $7,626,919Expenses 2019: $7,490,361Net Income 2019: $136,5582019Revenue 2020: $6,867,455Expenses 2020: $6,583,858Net Income 2020: $283,5972020Revenue 2021: $6,234,752Expenses 2021: $6,225,494Net Income 2021: $9,2582021Revenue 2022: $5,141,668Expenses 2022: $6,424,552Net Income 2022: -$1,282,8842022Revenue 2023: $3,213,186Expenses 2023: $4,113,966Net Income 2023: -$900,7802023Revenue 2024: $1,351,659Expenses 2024: $1,980,432Net Income 2024: -$628,7732024

Highlighted filing

2024

Revenue$1,351,659
Expenses$1,980,432
Net Income-$628,773
Open 2024 Filing

Filings

Most recent year

2024 • Form 990XML pending. An XML filing is linked for this year, but detailed extraction is still pending.

Open filing
Assets
$15,080,131
Liabilities
$15,645,072
Net assets
-$564,941
Revenue
$1,351,659
Expenses
$1,980,432
Net income
-$628,773
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$15.1$15.6$0.56$1.35$1.98$0.63
2023Summary only. Only limited summary data is available for this year.$25.1$26.1$1.04$3.21$4.11$0.90
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$27.6$27.7$0.14$5.14$6.42$1.28
2021Summary only. Only limited summary data is available for this year.$18.0$16.8$1.15$6.23$6.23$0.01
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$18.1$17.0$1.14$6.87$6.58$0.28
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$18.3$17.4$0.85$7.63$7.49$0.14
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$18.1$17.4$0.72$7.89$7.69$0.20
2017Summary only. Only limited summary data is available for this year.$18.5$17.9$0.52$8.22$7.69$0.52
2016Summary only. Only limited summary data is available for this year.$22.9$22.9$0.01$8.29$8.23$0.06
2015Summary only. Only limited summary data is available for this year.$24.2$23.7$0.54$4.51$3.99$0.52
2014Detailed filing. Detailed filing data is available for this year.$0.01$0.00$0.01$0.08$0.07$0.01
Latest Detailed Filing

The latest 2024 filing currently has linked XML that has not been fully parsed yet. Showing the latest detailed filing from 2022 below.

Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 14, 2023
Return Version
2022v5.0
Gross Receipts
$5,451,699
Mission and Program Overview

Mission

American academy of art's purpose is to operate a school of commercial art and fine arts in chicago, illinois.

To operate a school of commercial art and fine arts in chicago, illinois.

Balance Sheet Detail
LineBeginningEndChange
Assets
Intangible Assets$14,744,230$14,744,230→ $0
Cash and Non-Interest-Bearing Accounts$2,871,106$1,249,182▼ $1,621,924
Accounts Receivable$61,565$305,368▲ $243,803
Land, Buildings, and Equipment, Net$228,601$56,894▼ $171,707
Prepaid Expenses and Deferred Charges$49,557$0▼ $49,557
Total Assets$17,980,705$27,565,968▲ $9,585,263
Other Assets Total$25,646$11,210,294▲ $11,184,648
Liabilities
Mortgage Notes Payable Secured by Investment Property$15,440,241$15,000,000▼ $440,241
Other Liabilities$1,115,595$12,393,546▲ $11,277,951
Deferred Revenue$199,543$191,652▼ $7,891
Accounts Payable and Accrued Expenses$78,885$117,213▲ $38,328
Total Liabilities$16,834,264$27,702,411▲ $10,868,147
Net Assets / Fund Balance
Net Assets With Donor Restrictions$6,390$6,390→ $0
Net Assets Without Donor Restrictions$1,140,051$-142,833▼ $1,282,884
Total Net Assets Fund Balance$1,146,441$-136,443▼ $1,282,884
Total Liabilities and Net Assets / Fund Balance$17,980,705$27,565,968▲ $9,585,263

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$50,821$535,459$586,280
Leasehold Improvements$2,100$153,198$155,298
Other Land Buildings$3,973$8,792$12,765
Other Assets Org$11,184,648--
Compensation and Service Providers
Top Officer Pay18th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Duncan WebbAcademic DeanFT$158,100$158,100
Ione FitzgeraldVice PresidentFT$121,200$121,200
Richard OttoPresidentFT$100,600$100,600
Charles Schroeder JrChairmanPT$1,200$1,200
Cynthia ReynoldsBoard Member-$1,200$1,200
Dr Patricia WidmayerBoard Member-$1,200$1,200
Tom KubeBoard Member-$1,200$1,200
Revenue and Support

Revenue Composition

Contributions and Grants
$747,427
Program Service Revenue
$4,111,586
Investment Income
$1,935
Other Revenue
$280,720
All Other Contributions
$747,427
Change in Net Assets
$-1,282,884

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,141,668
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$310,031
Total Revenue per Audited Statements
$5,451,699
Total Revenue per Form 990
$5,141,668
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,477,551
Salaries, Compensation, and Employee Benefits$2,947,001
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,292,265$861,510-$2,153,775
Occupancy$1,641,344$410,336-$2,051,680
Advertising-$363,958-$363,958
Other Employee Benefits$182,192$121,461-$303,653
Current Officers, Directors, Trustees, and Key Employees$132,360$94,240-$226,600
Information Technology$129,634$86,422-$216,056
Office Expenses$131,991$82,610-$214,601
Payroll Taxes$116,643$77,762-$194,405
Interest-$184,291-$184,291
Insurance$57,099$38,066-$95,165
Pension Plan Contributions$41,141$27,427-$68,568
Depreciation Depletion$54,164$13,541-$67,705
Fees for Services Accounting-$39,850-$39,850
Fees for Services Legal-$29,358-$29,358
Other Expenses$9,675--$9,675
Conferences and Meetings$2,270--$2,270
Travel-$40-$40
Total Functional Expenses$3,993,680$2,430,872$0$6,424,552

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$6,734,583
Expenses per Audited Statements$6,424,552
Total Expenses per Form 990$6,424,552
Expenses Not Reported on Form 990$310,031
Expenses Not Reported on Financial Statements$0
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
Operating Lease Liability$12,369,251
Student Housing Deposits$14,171
Lease Payable$10,124
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
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
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 2

“Richard otto and ione fitzgerald have a family relationship.”

Form 990, Part VI, Section B, Line 11B

“The form 990 is made available in electronic form to the governing board prior to the filing.”

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

“The organization defines an operating policy on all matters that might lead to a conflict. This is communicated to board members annually.”

Form 990, Part VI, Section B, Line 15

“Determination of the executive director, other officers and key employees' salary is determined by the board of directors and comparability data.”

Form 990, Part VI, Section C, Line 19

“All documents are available upon request.”

Filing and Contact Details

Filer

Filer Name
American Academy of Art Inc
EIN
46-3291995
Phone
3124610600
Address
332 SOUTH MICHIGAN AVE, CHICAGO, IL 60604-4302
Doing Business As
American Academy of Art College Inc

Signing Officer

Name
Richard Otto
Title
President
Phone
3124610600
Signed
2023-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Richard Otto
Formed
2013
Legal Domicile
Az
Voting Board Members
6
Independent Board Members
4
Employees
70
Volunteers
4

Preparer

Firm
Salmon Sims Thomas & Associates Pllc
Address
12720 HILLCREST ROAD SUITE 500, DALLAS, TX 75230-2039
Preparer
William H Sims
Phone
9723921143
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

“Academy management has concluded that any tax positions that would not meet the more-likely-than-not criterion of the fasb asc topic 740-10, accounting for income taxes, would be immaterial to the financial statements taken as a whole. Accordingly, the accompanying financial statements do not include any provision for uncertain tax positions, and no amounts have been accrued in the statement of financial position. Federal and state tax returns of the entity are generally open to examination by the relevant taxing authorities for a period of three years from the date the returns are filed.”

PART XI, LINE 2D - OTHER ADJUSTMENTS:

“Student rental housing expenses 310,031.”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“Student rental housing expenses 310,031.”

Raw XML AppendixShowing 400 of 484 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
IRS990/AccountsPayableAccrExpnssGrp/BOYAmt078885
IRS990/AccountsPayableAccrExpnssGrp/EOYAmt0117213
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IRS990/ActivitiesConductedPrtshpInd00
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IRS990/AdvertisingGrp/ManagementAndGeneralAmt0363958
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IRS990/BooksInCareOfDetail/PhoneNum03124610600
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IRS990/DescribedInSection501c3Ind01
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IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt015000000
IRS990/NetAssetsOrFundBalancesBOYAmt01146441
IRS990/NetAssetsOrFundBalancesEOYAmt0-136443
IRS990/NetRentalIncomeOrLossGrp/RelatedOrExemptFuncIncomeAmt03679
IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt03679
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt01140051
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt0-142833
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/ManagementAndGeneralAmt0410336
IRS990/OccupancyGrp/ProgramServicesAmt01641344
IRS990/OccupancyGrp/TotalAmt02051680
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt082610
IRS990/OfficeExpensesGrp/ProgramServicesAmt0131991
IRS990/OfficeExpensesGrp/TotalAmt0214601
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt025646
IRS990/OtherAssetsTotalGrp/EOYAmt011210294
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt0121461
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt0182192
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0303653
IRS990/OtherExpensesGrp/Desc0STUDENT ACTIVITIES
IRS990/OtherExpensesGrp/Desc1STUDIO AND CLASSROOM
IRS990/OtherExpensesGrp/Desc2BAD DEBT EXPENSE
IRS990/OtherExpensesGrp/ProgramServicesAmt0105200
IRS990/OtherExpensesGrp/ProgramServicesAmt197702
IRS990/OtherExpensesGrp/ProgramServicesAmt29675
IRS990/OtherExpensesGrp/TotalAmt0105200
IRS990/OtherExpensesGrp/TotalAmt197702
IRS990/OtherExpensesGrp/TotalAmt29675
IRS990/OtherLiabilitiesGrp/BOYAmt01115595
IRS990/OtherLiabilitiesGrp/EOYAmt012393546
IRS990/OtherRevenueMiscGrp/BusinessCd0900099
IRS990/OtherRevenueMiscGrp/BusinessCd1611600
IRS990/OtherRevenueMiscGrp/Desc0EMPLOYEE RETENTION CRE
IRS990/OtherRevenueMiscGrp/Desc1OTHER INCOME
IRS990/OtherRevenueMiscGrp/ExclusionAmt0274696
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt02345
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt0274696
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt12345
IRS990/OtherRevenueTotalAmt0277041
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt0861510
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt01292265
IRS990/OtherSalariesAndWagesGrp/TotalAmt02153775
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt077762
IRS990/PayrollTaxesGrp/ProgramServicesAmt0116643
IRS990/PayrollTaxesGrp/TotalAmt0194405
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt027427
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt041141
IRS990/PensionPlanContributionsGrp/TotalAmt068568
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt049557
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt00
IRS990/PrincipalOfficerNm0RICHARD OTTO
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0611610
IRS990/ProgramServiceRevenueGrp/Desc0TUITION AND FEES
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt04111586
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt04111586
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt01318125
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt02124
IRS990/PYOtherExpensesAmt03369391
IRS990/PYOtherRevenueAmt049361
IRS990/PYProgramServiceRevenueAmt04865142
IRS990/PYRevenuesLessExpensesAmt09258
IRS990/PYSalariesCompEmpBnftPaidAmt02856103
IRS990/PYTotalExpensesAmt06225494
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt06234752
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt0-1282884
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/RentalIncomeOrLossGrp/RealAmt03679
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd01
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt04117610
IRS990ScheduleA/SchoolInd0X
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/EquipmentGrp/BookValueAmt050821
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0535459
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0586280
IRS990ScheduleD/ExpensesNotReportedAmt0310031
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt06424552
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt02100
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt0153198
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt0155298
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt013606
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt112040
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt211184648
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0SECURITY DEPOSITS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1ART COLLECTIONS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2RIGHT OF USE ASSETS
IRS990ScheduleD/OtherExpensesIncludedAmt0310031
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt03973
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt08792
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt012765
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt014171
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt110124
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt212369251
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0STUDENT HOUSING DEPOSITS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1LEASE PAYABLE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2OPERATING LEASE LIABILITY
IRS990ScheduleD/OtherRevenueAmt0310031
IRS990ScheduleD/RevenueNotReportedAmt0310031
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt05141668
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0ACADEMY MANAGEMENT HAS CONCLUDED THAT ANY TAX POSITIONS THAT WOULD NOT MEET THE MORE-LIKELY-THAN-NOT CRITERION OF THE FASB ASC TOPIC 740-10, ACCOUNTING FOR INCOME TAXES, WOULD BE IMMATERIAL TO THE FINANCIAL STATEMENTS TAKEN AS A WHOLE. ACCORDINGLY, THE ACCOMPANYING FINANCIAL STATEMENTS DO NOT INCLUDE ANY PROVISION FOR UNCERTAIN TAX POSITIONS, AND NO AMOUNTS HAVE BEEN ACCRUED IN THE STATEMENT OF FINANCIAL POSITION. FEDERAL AND STATE TAX RETURNS OF THE ENTITY ARE GENERALLY OPEN TO EXAMINATION BY THE RELEVANT TAXING AUTHORITIES FOR A PERIOD OF THREE YEARS FROM THE DATE THE RETURNS ARE FILED.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1STUDENT RENTAL HOUSING EXPENSES 310,031.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2STUDENT RENTAL HOUSING EXPENSES 310,031.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART XI, LINE 2D - OTHER ADJUSTMENTS:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2PART XII, LINE 2D - OTHER ADJUSTMENTS:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt056894
IRS990ScheduleD/TotalBookValueOtherAssetsAmt011210294
IRS990ScheduleD/TotalExpensesPerForm990Amt06424552
IRS990ScheduleD/TotalLiabilityAmt012393546
IRS990ScheduleD/TotalRevenuePerForm990Amt05141668
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt05451699
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt06734583
IRS990ScheduleE/ComplianceWithRevProc7550Ind01
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd00
IRS990ScheduleE/DiscriminateRaceAthltProgInd00
IRS990ScheduleE/DiscriminateRaceEducPlcyInd00
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd00
IRS990ScheduleE/DiscriminateRaceOtherActyInd00
IRS990ScheduleE/DiscriminateRaceSchsInd00
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd00
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd00
IRS990ScheduleE/GovernmentFinancialAidRcvdInd01
IRS990ScheduleE/GovernmentFinancialAidRvkdInd00
IRS990ScheduleE/MaintainCpyOfAllSolInd01
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd01
IRS990ScheduleE/MaintainRacialCompRecsInd01
IRS990ScheduleE/MaintainScholarshipsRecsInd01
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd01
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd01
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd01
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0THE SCHOOL PUBLICIZES ITS NONDISCRIMINATION POLICY BY PUBLISHING IT IN A LOCAL NEWSPAPAER, THEIR STUDENT HANDBOOK AND ON THEIR WEBSITE.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1AMERICAN ACADEMY OF ART, INC. PARTICIPATES IN STUDENT FINANCIAL AID (SFA) UNDER THE TITLE IV PROGRAMS ADMINISTERED BY THE ED PURSUANT TO THE HIGHER EDUCATION ACT OF 1965, AS AMENDED (HEA).
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE E, PART I, LINE 3
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE E, PART I, LINE 6
IRS990ScheduleJ/AnyNonFixedPaymentsInd00
IRS990ScheduleJ/BoardOrCommitteeApprovalInd0X
IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd00
IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd00
IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd00
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd00
IRS990ScheduleJ/EquityBasedCompArrngmInd00
IRS990ScheduleJ/Form990OfOtherOrganizationsInd0X
IRS990ScheduleJ/InitialContractExceptionInd00
IRS990/ScheduleJRequiredInd01
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt0158100
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0DUNCAN WEBB
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0ACADEMIC DEAN
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0158100
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt00
IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0RICHARD OTTO AND IONE FITZGERALD HAVE A FAMILY RELATIONSHIP.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE FORM 990 IS MADE AVAILABLE IN ELECTRONIC FORM TO THE GOVERNING BOARD PRIOR TO THE FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION DEFINES AN OPERATING POLICY ON ALL MATTERS THAT MIGHT LEAD TO A CONFLICT. THIS IS COMMUNICATED TO BOARD MEMBERS ANNUALLY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3DETERMINATION OF THE EXECUTIVE DIRECTOR, OTHER OFFICERS AND KEY EMPLOYEES' SALARY IS DETERMINED BY THE BOARD OF DIRECTORS AND COMPARABILITY DATA.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4ALL DOCUMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 19
IRS990/SchoolOperatingInd01
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0IL

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