2023-05-10T20:05:10-05:00 2022-12-31 541953476 DAVIDSON DOYLE & HILTON LLP PO BOX 800 LYNCHBURG VA 245050800 990 2022-01-01 237061145 ACADEMY CENTER OF THE ARTS INC ACAD 4345283256 600 MAIN STREET LYNCHBURG VA 24504 WALKER SIGLER TREASURER 4345283256 2023-05-09 1 WALKER SIGLER 999009999 0 AMY A GALLAGHER CPA P00884747 4348467611 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z WALKER SIGLER 600 MAIN STREET LYNCHBURG VA 24504 2466924 0 X WWW.ACADEMYCENTER.ORG X 2003 VA THE ORGANIZATION'S MISSION OR MOST SIGNIFICANT ACTIVITIES INCLUDE PROMOTIONS OF VISUAL, PERFORMING, AND CREATIVE ARTS IN CENTRAL VIRGINIA. ANOTHER PURPOSE OF THE ACADEMY IS THE RESTORATION OF THE HISTORIC LYNCHBURG ACADEMY OF MUSIC THEATER BUILDING. THIS BUILDING, WHICH DATES TO THE EARLY 1900'S IS SIGNIFICANT TO THE COMMUNITY FROM BOTH A HISTORIC AND ARCHITECTURAL STANDPOINT. 23 23 59 242 0 0 2197283 1443171 460489 566433 137861 39803 196902 123659 2992535 2173066 0 0 0 0 665214 967194 0 0 235519 831931 980505 1497145 1947699 1495390 225367 41266969 40966409 540759 469008 40726210 40497401 X THE ORGANIZATION'S PURPOSE IS SERVING THE LYNCHBURG COMMUNITY THROUGH THE ARTS. THIS IS DONE THROUGH ARTS EDUCATION FOR BOTH CHILDREN AND ADULTS, GALLERY SHOWS, AND PERFORMANCES FROM NATIONALLY RENOWNED PERFORMERS, PARTNER CULTURAL NONPROFITS AND COMMUNITY MEMBERS WITH A DESIRE TO PERFORM. 0 0 1487768 649134 PROMOTION OF THE CREATIVE ARTS IN THE CENTRAL VIRGINIA AREA, THE ACADEMY PROVIDES 164 ART CLASSES OVER VARYING PERIODS FOR PERSONS RANGING FROM YOUNG CHILDREN TO SENIOR CITIZENS. OVER 2,000 PERSONS WERE SERVED VIA THESE CLASSES. THE ACADEMY ALSO PRESENTS ART SHOWS IN ITS GALLERY AND AT OTHER SPACES THROUGHOUT THE COMMUNITY. THESE PRESENTATIONS GIVE LOCAL ARTISTS A VENUE TO DISPLAY THEIR TALENTS. IT ALSO ALLOWS MEMBERS OF THE COMMUNITY TO BE ABLE TO VIEW QUALITY ARTWORK WITHOUT HAVING TO TRAVEL OUTSIDE OF THE GENERAL AREA. THE ACADEMY IS ALSO INVOLVED IN THE RESTORATION OF THE HISTORIC ACADEMY OF MUSIC THEATER IN LYNCHBURG, VIRGINIA. THE ACADEMY OF MUSIC THEATER IS A BUILDING DATING TO THE EARLY 1900'S. IT IS BOTH HISTORICALLY AND ARCHITECTURALLY SIGNIFICANT TO THE LYNCHBURG AREA. THE THEATER PLAYED HOST TO SOME OF THE GREAT NAMES OF AMERICAN ENTERTAINMENT IN THE DAYS BEFORE MOVING PICTURES. THE EXPENSES ASSOCIATED WITH THIS ACTIVITY ARE PRESENT IN THE BALANCE SHEET IN THAT MOST, IF NOT ALL, EXPENDITURES ARE FOR CAPITALIZED ITEMS. 1487768 1 1 0 0 0 0 0 0 0 1 1 0 0 1 1 1 0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 1 37 0 1 59 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 23 23 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 0 0 VA X The Organization 4345283256 600 MAIN STREET LYNCHBURG VA 24504 ELIZABETH STROUD PRESIDENT 3.00 X 0 0 0 DERRICK BROWN MEMBER 1.00 X 0 0 0 JESSICA CLARKSON MEMBER 1.00 X 0 0 0 ANTONIO DAVIS MEMBER 1.00 X 0 0 0 DONNA GADDY-BOWEN MEMBER 1.00 X 0 0 0 JOSEPH TUCKER VICE PRESIDENT 2.00 X X 0 0 0 RON SHOULTZ MEMBER 1.00 X 0 0 0 MARIA HAYDEN MEMBER 1.00 X 0 0 0 ULA KAUPPI SECRETARY 2.00 X X 0 0 0 AMY KOWALSKI MEMBER 1.00 X 0 0 0 JAMES WATKINS MEMBER 1.00 X 0 0 0 RICHARD LOVING MEMBER 1.00 X 0 0 0 PAUL MCWANE MEMBER 1.00 X 0 0 0 DR CHALMERS NUNN MEMBER 1.00 X 0 0 0 WALKER SIGLER TREASURER 2.00 X X 0 0 0 BETH DOYLE MEMBER 1.00 X 0 0 0 D TODD IRBY MEMBER 1.00 X 0 0 0 ALISON MORRISON SHETLAR MEMBER 1.00 X 0 0 0 GEORGEANN SNEAD MEMBER 1.00 X X 0 0 0 KEVIN HOOPER MEMBER 1.00 X 0 0 0 ETHEL REEVES MEMBER 1.00 X 0 0 0 MIKE SHANDLER MEMBER 1.00 X 0 0 0 DR LAURA GATELY MEMBER 1.00 X 0 0 0 GEOFFREY KERSHNER EXECUTIVE DIRECTOR 40.00 X 128750 0 0 128750 0 0 1 0 0 0 0 152486 1290685 1443171 PERFORMANCE INCOME 711300 369918 369918 ARTS AND EDUCATION 711300 196515 196515 566433 39804 39804 62709 0 62709 62709 62709 160378 160379 -1 -1 -1 174436 133479 40957 40957 MISCELLANEOUS 900099 19993 19993 19993 2173066 649134 0 80761 128750 38625 32188 57937 698759 565456 42288 91015 40935 29883 3684 7368 98750 72087 8888 17775 23475 23475 15536 15536 66254 49691 16563 35862 22951 9683 3228 116521 87391 17478 11652 6245 1137 5108 5743 5743 160110 144099 1601 14410 55869 1826 54043 PROGRAM EXPENSES 323075 323075 PROGRAM SUPPLIES 55338 55338 REPAIRS AND MAINTENANCE 45544 36435 6832 2277 TAXES, LICENSES, AND PE 30901 30901 40032 24267 7579 8186 1947699 1487768 224412 235519 28089 3000 1177311 1280139 962666 589013 13798 33943 34578 24901 11273393 2159036 9122496 9114357 2556258 2603717 27371773 27317339 41266969 40966409 35957 22602 63518 93722 144701 142752 296583 209932 540759 469008 X 36981076 37192161 3745134 3305240 40726210 40497401 41266969 40966409 225367 -454176 0 X X 0 1 X 1 0 X 1688378 1287977 1425995 1829082 1290685 7522117 757712 659435 261089 490059 586426 2754721 158747 90375 103247 164458 174436 691263 2604837 2037787 1790331 2483599 2051547 10968101 0 0 0 10968101 75102 91180 74571 92787 102513 436153 75102 91180 74571 92787 102513 436153 2679939 2128967 1864902 2576386 2154060 11404254 0.96180 0.96410 0.03820 0.03590 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2556258 551331 -400835 87500 15536 2603718 2146391 133774 372279 82000 14186 2556258 1955137 52793 226740 76500 11779 2146391 1489629 167207 379445 68250 12894 1955137 1550270 15500 8143 74100 10184 1489629 0.00000 0.79000 0.21000 0 0 216688 216688 10304515 1557493 8747022 752190 601543 150647 9114357 CASH RESTRICTED FOR SPECIFIC PURPOSES 163771 CASH SURRENDER VALUE LIFE INSURANCE 93901 INVESTMENT IN SUBSIDIARY 26578333 DUE FROM RELATED PARTIES 481334 27317339 ACCRUED EXPENSES 83343 CONDITIONAL OBLIGATION 126589 209932 X 3543862 -454176 1840508 1386332 2157530 15536 15536 2173066 5251910 3319747 3319747 1932163 15536 15536 1947699 Part X, Line 2: The Financial Accounting Standards Board issued ASC 740-10, Accounting for Uncertainty in Income Taxes, which prescribed a comprehensive model for how an organization should measure, recognize, present, and disclose in its financial statements uncertain tax positions that an organization has taken or expects to take on a tax return. The Organization has analyzed tax positions taken for filing with the Internal Revenue Service and all state jurisdictions where it operates. The Organization believes that income tax filing positions will be sustained upon examination and does not anticipate any adjustments that would result in a material adverse affect on the Organization's financial condition, results of operations or cash flows. Accordingly, the Organization has not recorded any reserves, or related accruals for interest and penalties for uncertain income tax positions at December 31, 2022. Fiscal years ending on or after December 31, 2019 remain subject to examination by federal and state tax authorities. Part XI, Line 2d - Other Adjustments: SUBSIDIARY REVENUE Part XII, Line 2d - Other Adjustments: SUBSIDIARY EXPENSES GALA 174436 174436 126815 1 6664 174436 174436 133479 133479 40957 Form 990, Part VI, Section B, line 11b THE FINANCE COMMITTEE WILL REVIEW THE 990 PRIOR TO FILING. Form 990, Part VI, Section B, line 12c BOARD DIRECTORS, OFFICERS, AND COMMITTEE MEMBERS ARE REQUIRED TO COMPLETE THE ACADEMY'S CONFLICT OF INTEREST POLICY AT LEAST ANNUALLY. Form 990, Part VI, Section C, line 18 GOVERNING DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON WRITTEN REQUEST TO THE BUSINESS OFFICE Form 990, Part VI, Section C, line 19 GOVERNING DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON WRITTEN REQUEST TO THE BUSINESS OFFICE PART XII, LINE 2C THE PROCESS HAS NOT CHANGED FROM THE PREVIOUS YEAR ACADEMY THEATRE MANAGING MEMBER LLC 600 MAIN STREET LYNCHBURG VA 24504 611857691 REAL ESTATE RENTAL VA 26312634 ACADEMY THEATRE LLC 600 MAIN STREET LYNCHBURG VA 24504 822926704 HOLD THE RENOVATED THEATRE FOR HISTORIC TAX CREDITS AND SUBSEQUENT OPERATION VA ACADEMY CENTER OF THE ARTS THEATRE EVENTS 20094 24148 0 1 0.01000 ACADEMY MANAGEMENT CORPORATION 600 MAIN STREET LYNCHBURG VA 24504 822775086 REAL ESTATE RENTAL VA C 26425411 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 ACADEMY THEATRE LLC R 481333 COST BASIS