Civic Intelligence

Innovation Arts Academy Inc.

990EZ • Fiscal year 2019 • EIN 81-2571338

Sep 01, 2018 to Aug 31, 2019 • Filed on Jul 08, 2020

Organization ProfileWWW.INNOVATIONARTS.NET
2670 Wilhite DrLexington, KY 40503

(859) 489-2683

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

84th percentile

0.22x

Higher debt load relative to assets than 84% of similar nonprofits.

2019 filings • 501(c)3 • <$500k nonprofits • Source year 2019

Liabilities / Revenue

69th percentile

0.02x

Higher debt load relative to revenue than 69% of similar nonprofits.

2019 filings • 501(c)3 • <$500k nonprofits • Source year 2019

Net Margin

31st percentile

-4.4%

Higher net margin than 31% of similar nonprofits.

2019 filings • 501(c)3 • <$500k nonprofits • Source year 2019

Top Officer Pay

83rd percentile

$16,500

Higher top officer pay than 83% of similar nonprofits.

Top officer pay equals 13.1% of source-year revenue.

2019 filings • 501(c)3 • <$500k nonprofits • Source year 2019

Asset Growth

12th percentile

-38%

Faster asset growth than 12% of similar nonprofits.

2019 filings • 501(c)3 • <$500k nonprofits • Annualized from 2018 to 2019

Revenue Growth

15th percentile

-34%

Faster revenue growth than 15% of similar nonprofits.

2019 filings • 501(c)3 • <$500k nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets84th percentile

Assets

Down

$8,981

Down $5,579 (-38%) from 2018

Net Assets

$6,982

No earlier filing loaded for comparison.

Liabilities

Flat

$1,999

Flat from 2018

Revenue And Expenses
Liabilities / Revenue69th percentileNet Margin31st percentile

Revenue

Down

$125,908

Down $65,166 (-34%) from 2018

Expenses

Down

$131,487

Down $11,974 (-8.3%) from 2018

Net Income

Down

-$5,579

Down $53,192 (-112%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth12th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$60K$40K$20K$0Assets 2017: $23,060Liabilities 2017: $58,1122017Assets 2018: $14,560Liabilities 2018: $1,9992018Assets 2019: $8,981Liabilities 2019: $1,999Net Assets 2019: $6,9822019Assets 2020: $11,279Liabilities 2020: $40Net Assets 2020: $11,2392020Assets 2021: $23,405Liabilities 2021: $0Net Assets 2021: $23,4052021Assets 2022: $42,417Liabilities 2022: $4,219Net Assets 2022: $38,1982022Assets 2023: $30,656Liabilities 2023: $3,791Net Assets 2023: $26,8652023Assets 2024: $36,457Liabilities 2024: $5,529Net Assets 2024: $30,9282024

Highlighted filing

2019

Assets$8,981
Liabilities$1,999
Net Assets$6,982
Open 2019 Filing

Operations Trend

Revenue Growth15th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$300K$200K$100K$0-$100KRevenue 2017: $158,855Expenses 2017: $193,907Net Income 2017: -$35,0522017Revenue 2018: $191,074Expenses 2018: $143,461Net Income 2018: $47,6132018Revenue 2019: $125,908Expenses 2019: $131,487Net Income 2019: -$5,5792019Revenue 2020: $97,994Expenses 2020: $93,737Net Income 2020: $4,2572020Revenue 2021: $115,610Expenses 2021: $103,444Net Income 2021: $12,1662021Revenue 2022: $166,283Expenses 2022: $151,490Net Income 2022: $14,7932022Revenue 2023: $205,009Expenses 2023: $216,342Net Income 2023: -$11,3332023Revenue 2024: $262,338Expenses 2024: $258,275Net Income 2024: $4,0632024

Highlighted filing

2019

Revenue$125,908
Expenses$131,487
Net Income-$5,579
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Sep 1, 2018 to Aug 31, 2019
Signed
Jul 8, 2020
Return Version
2018v3.2
Gross Receipts
$126,208
Mission and Program Overview

Mission

Innovation arts academy nurtures the creative spirit in children by providing high quality performing arts training; encouraging the development of individual expression, leadership capacity, teamwork and dynamic communication skills; supporting and developing arts professionals and showcasing the arts in the community

Program Services

DescriptionGrantsExpenses
WE SHOWCASE THE TALENTS OF CHILDREN IN LEXINGTON, KY AND THE SURROUNDING COMMUNITIES THROUGH PERFORMANCES AND PARTICIPATION IN COMMUNITY ARTS EVENTS. INNOVATION ARTS ACADEMY PRODUCES MUSICALS, TAKES STUDENTS TO THEATER FESTIVALS AND REGIONAL VOICE FESTIVALS.$0$52,761
PROVIDING TRAINING IN THE PERFORMING ARTS TO CHILDREN AND PROMOTING PERFORMING ARTS EDUCATION IN PUBLIC AND PRIVATES SCHOOLS FOR CHILDREN IN LEXINGTON, KY AND THE SURROUNDING COMMUNITIES. CLASSES OFFERED INCLUDE MUSICAL THEATRE PERFORMANCE TRAINING WITH ADVANCED ACTING A VARIETY OF DANCE CLASSES. VOCAL TRAINING AND WORKSHOPS IN AUDITION SKILLS ARE ALSO OFFERED. INNOVATION ARTS ACADEMY HAS COLLABORATED WITH THE LOCAL SCHOOLS BY PROVIDING INFORMATION ABOUT CLASSES, WORKSHOPS, HOLDING AUDITIONS AT ARE SCHOOLS AND ASSISTING STUDENTS IN PREPARATION FOR SCHOOL AUDITIONS AND FOR ENTRANCE TO THE SCHOOL FOR THE CREATIVE AND PERFORMING ARTS (SCAPA).$0$42,531
THE ACADEMY SELLS T-SHIRTS AND CINCH BAGS TO ITS STUDENTS TO WEAR WHEN PERFOMING IN PUBLIC. THESE ITEMS PROMOTE A SENSE OF IDENTITY AMONG THE STUDENS AND PROVIDE A MARKETING OPPORTUNITY FOR THE ORGANIZATION.$0$732
INNOVATION ARTS HOLDS AN ANNUAL ANNOUNCEMENT BALL WHICH INTRODUCES THE COMMUNITY TO THE ACADEMY AND IT'S PURPOSE. THE ACADEMY ANNOUNCES ITS UPCOMING SEASON PRODUCTIONS AT THIS BALL AND ALLOWS STUDENTS AND TEACHERS A CHANCE TO SOCIALIZE OUTSIDE AN INSTRUCTIONAL SETTING$0$529
WE PROVIDE PROFESSIONAL DEVELOPMENT OPPORTUNITIES FOR ARTS EDUCATORS AND ARTS PROFESSIONALS. THE ACADEMY EMPLOYS 10-12 PROFESSIONAL TEACHING ARTISTS FOR ITS STUDENTS. SOME OF THESE ARTISTS ALSO TEACH IN THE LOCAL COLLEGES, UNIVERSITIES AND SCHOOLS. THE ACADEMY RETAINS, ON A CONTRACT BASIS, THEATRE STAFF FOR ITS PRODUCTIONS, INCLUDING A STAGE AMANGER, TECHNICAL DIRECTOR, SOUND AND LIGHTING DESIGNERS, COSTUME DESINGERS AND SET DESIGNERS AS WELL AS PRODIVIND TRAINING TO INTERNS.$0$0
Compensation and Service Providers
Top Officer Pay83rd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
MARY JOY NELSONExecutive DirectorPT$16,500-$16,500
ELIZABETH HENSLEYSecretaryPT$0--
JENNIFER NIME PALUMBOChair Of BoardPT$0--
GARY KISSICKTreasurerPT$0--
Filing and Contact Details

Filer

Filer Name
Innovation Arts Academy Inc
EIN
81-2571338
Phone
8594892683
Address
2670 WILHITE DR, LEXINGTON, KY 40503

Signing Officer

Name
Mary Joy Nelson
Title
Executive Director
Phone
8594892683
Signed
2020-07-08
Discuss with paid preparer
Yes

Preparer

Firm
Mantrom Tax Servicellc
Address
1025 DOVE RUN RD SUITE 203, LEXINGTON, KY 40502
Preparer
Jennifer M Coupal CPA
Phone
8592689906
Supplemental Narrative

Additional Explanations

Form 990-ez, Part I, Line 16 - Other Expenses

“Description: administrative expenses. Amount: 7,646. Description: production expenses. Amount: 16,193. Description: student trip expenses. Amount: 36,568. Total to form 990-ez, line 16: 60,407.”

Form 990-ez, Part II, Line 24 - Other Assets

“Description: studio deposit. Beg. Of year amount: 3,200. End of year amount: 3,200. Description: other depreciable assets. Beg. Of year amount: 10,166. End of year amount: 0.”

Form 990-ez, Part II, Line 26 - Other Liabilities

“Description: loan from officer. Beg. Of year amount: 1,999. End of year amount: 1,999.”

Raw XML Appendix178 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.

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IRS990EZ/ProgramSrvcAccomplishmentGrp/DescriptionProgramSrvcAccomTxt1WE SHOWCASE THE TALENTS OF CHILDREN IN LEXINGTON, KY AND THE SURROUNDING COMMUNITIES THROUGH PERFORMANCES AND PARTICIPATION IN COMMUNITY ARTS EVENTS. INNOVATION ARTS ACADEMY PRODUCES MUSICALS, TAKES STUDENTS TO THEATER FESTIVALS AND REGIONAL VOICE FESTIVALS.
IRS990EZ/ProgramSrvcAccomplishmentGrp/DescriptionProgramSrvcAccomTxt2WE PROVIDE PROFESSIONAL DEVELOPMENT OPPORTUNITIES FOR ARTS EDUCATORS AND ARTS PROFESSIONALS. THE ACADEMY EMPLOYS 10-12 PROFESSIONAL TEACHING ARTISTS FOR ITS STUDENTS. SOME OF THESE ARTISTS ALSO TEACH IN THE LOCAL COLLEGES, UNIVERSITIES AND SCHOOLS. THE ACADEMY RETAINS, ON A CONTRACT BASIS, THEATRE STAFF FOR ITS PRODUCTIONS, INCLUDING A STAGE AMANGER, TECHNICAL DIRECTOR, SOUND AND LIGHTING DESIGNERS, COSTUME DESINGERS AND SET DESIGNERS AS WELL AS PRODIVIND TRAINING TO INTERNS.
IRS990EZ/ProgramSrvcAccomplishmentGrp/DescriptionProgramSrvcAccomTxt3INNOVATION ARTS HOLDS AN ANNUAL ANNOUNCEMENT BALL WHICH INTRODUCES THE COMMUNITY TO THE ACADEMY AND IT'S PURPOSE. THE ACADEMY ANNOUNCES ITS UPCOMING SEASON PRODUCTIONS AT THIS BALL AND ALLOWS STUDENTS AND TEACHERS A CHANCE TO SOCIALIZE OUTSIDE AN INSTRUCTIONAL SETTING
IRS990EZ/ProgramSrvcAccomplishmentGrp/DescriptionProgramSrvcAccomTxt4THE ACADEMY SELLS T-SHIRTS AND CINCH BAGS TO ITS STUDENTS TO WEAR WHEN PERFOMING IN PUBLIC. THESE ITEMS PROMOTE A SENSE OF IDENTITY AMONG THE STUDENS AND PROVIDE A MARKETING OPPORTUNITY FOR THE ORGANIZATION.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0DESCRIPTION: ADMINISTRATIVE EXPENSES. AMOUNT: 7,646. DESCRIPTION: PRODUCTION EXPENSES. AMOUNT: 16,193. DESCRIPTION: STUDENT TRIP EXPENSES. AMOUNT: 36,568. TOTAL TO FORM 990-EZ, LINE 16: 60,407.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1DESCRIPTION: STUDIO DEPOSIT. BEG. OF YEAR AMOUNT: 3,200. END OF YEAR AMOUNT: 3,200. DESCRIPTION: OTHER DEPRECIABLE ASSETS. BEG. OF YEAR AMOUNT: 10,166. END OF YEAR AMOUNT: 0.
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TransferPrsnlBnftContractsDecl/DeclarationDesc0THE ORGANIZATION DID NOT, DURING THE YEAR, RECEIVE ANY FUNDS, DIRECTLY,OR INDIRECTLY, TO PAY PREMIUMS ON A PERSONAL BENEFIT CONTRACT.THE ORGANIZATION, DID NOT, DURING THE YEAR, PAY ANY PREMIUMS, DIRECTLY,OR INDIRECTLY, ON A PERSONAL BENEFIT CONTRACT.
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ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0KY
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ReturnHeader/PreparerPersonGrp/PhoneNum08592689906
ReturnHeader/PreparerPersonGrp/PreparationDt02020-07-08
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JENNIFER M COUPAL CPA
ReturnHeader/ReturnTs02020-07-14T09:55:31-05:00
ReturnHeader/ReturnTypeCd0990EZ
ReturnHeader/TaxPeriodBeginDt02018-09-01
ReturnHeader/TaxPeriodEndDt02019-08-31
ReturnHeader/TaxYr02018

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2019 • Form 990EZDetailed filing. Detailed filing data is available for this year.

Open filing
Assets
$8,981
Liabilities
$1,999
Net assets
$6,982
Revenue
$125,908
Expenses
$131,487
Net income
-$5,579
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.36$0.06$0.31$2.62$2.58$0.04
2023Detailed filing. Detailed filing data is available for this year.$0.31$0.04$0.27$2.05$2.16$0.11
2022Detailed filing. Detailed filing data is available for this year.$0.42$0.04$0.38$1.66$1.51$0.15
2021Detailed filing. Detailed filing data is available for this year.$0.23$0.00$0.23$1.16$1.03$0.12
2020Detailed filing. Detailed filing data is available for this year.$0.11$0.00$0.11$0.98$0.94$0.04
2019Detailed filing. Detailed filing data is available for this year.$0.09$0.02$0.07$1.26$1.31$0.06
2018Summary only. Only limited summary data is available for this year.$0.15$0.02$1.91$1.43$0.48
2017Summary only. Only limited summary data is available for this year.$0.23$0.58$1.59$1.94$0.35