2012-04-03T15:50:49-05:00 2011-06-30 WHITTLESEY & HADLEY PC 147 CHARTER OAK AVENUE HARTFORD CT 06106 990 2010-07-01 060942210 LYME ACADEMY OF FINE ARTS INC LYME 8604345232 84 LYME STREET OLD LYME CT 06371 DEBRA PETKE 8604345232 2012-04-03 1 EDWARD S JASON 8605223111 2010 2016-02-24 21:20:13Z LYME ACADEMY COLLEGE OF FINE ARTS DEBRA PETKE 84 LYME STREET OLD LYME CT 06371 4164226 0 X N/A X 1976 CT EDUCATION FACILITY 21 21 89 135 0 0 1347460 1454778 1552161 1430783 140142 68344 107651 72009 3147414 3025914 0 0 0 0 2219179 1999294 0 0 134235 1612072 1326463 3831251 3325757 -683837 -299843 11525099 11467657 2093687 1998656 9431412 9469001 X PROVIDE THE BEST EDUCATION IN DRAWING, ILLUSTRATION, PAINTING AND SCULPTURE THROUGH STUDY OF THE HISTORY, TRADITIONS AND PRINCIPLES OF THE FINE ARTS AND THE LIBERAL ARTS, THEREBY ESTABLISHING A COMPREHENSIVE FOUNDATION FOR THE DEVELOPMENT OF THE ARTIST. THE CURRICULUM REFLECTS A DEEP RESPECT FOR TRADITIONAL FORMS OF TEACHING WHICH HAVE PRODUCED MASTER ARTISTS THROUGHOUT THE AGES. THE GOAL IS TO PROVIDE A PRACTICAL FOUNDATION ON WHICH EACH STUDENT CAN DEVELOP HIS OR HER UNIQUE INTELLECTUAL AND VISUAL ARTICULATION WITH CONFIDENCE AND INTEGRITY. 0 0 2550508 1530760 THE LYME ACADEMY OPERATES AN ART SCHOOL AND GALLERY IN OLD LYME CONNECTICUT. THE SCHOOL AND ITS FACILITIES ARE OPEN TO THE GENERAL PUBLIC. CLASSES ARE HELD THROUGHOUT THE YEAR. 2550508 1 1 0 0 0 0 1 0 1 1 0 0 1 0 1 1 0 1 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 38 0 1 89 1 0 0 0 0 0 1 1 0 0 0 0 X 21 21 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X X LYME ACADEMY OF FINE ARTS INC 8604345232 84 LYME STREET OLD LYME CT 06371 MARTIN WOLMAN 2.00 X 0 0 0 JEAN CALLAN KING 2.00 X 0 0 0 ARTHUR C REEDS III 2.00 X 0 0 0 MARGARET PRIZER KENNY 2.00 X 0 0 0 JOHN GALLANT 2.00 X 0 0 0 JONATHAN P BUTLER 2.00 X 0 0 0 HENRY E DUNN III 2.00 X 0 0 0 CHARLES J HAMM 2.00 X 0 0 0 GAIL L HAMSHER 2.00 X 0 0 0 ELIZABETH T HARBISON 2.00 X 0 0 0 CHARLOTTE CD JACKSON 2.00 X 0 0 0 SUZANNE C JOFFRAY 2.00 X 0 0 0 DIANA ATWOOD JOHNSON 2.00 X 0 0 0 MARY MATTHEWS 2.00 X 0 0 0 LAURA LEE MILLER 2.00 X 0 0 0 ROBERT PRATT 2.00 X 0 0 0 ALAN R PROCTOR 2.00 X 0 0 0 ROBERT REED 2.00 X 0 0 0 CATHERINE ROBERTS 2.00 X 0 0 0 CHARLES C TAYLOR 2.00 X 0 0 0 PRISCILLA WINN BARLOW 2.00 X 0 0 0 DEBRA PETKE 40.00 X 137500 0 15691 WENDY MASSE 40.00 X 111073 0 0 LAURA ZARROW 40.00 X 104229 0 2625 352802 0 18316 3 0 1 0 TIAA-CREF PO BOX 105316 ATLANTA GA 303485316 EMPLOYEE PENSION PLAN 113204 1 80761 10000 1364017 33291 1454778 TUITION AND FEES 611710 1430783 1430783 1430783 95524 95524 913707 24747 923814 41820 -10107 -17073 -27180 -27180 53021 80761 80989 -27968 -27968 149864 91689 58175 58175 MISC. INCOME 611710 41802 41802 41802 3025914 1530760 0 40376 218527 218527 1468819 1259912 119337 89570 185523 120881 57191 7451 126425 96047 23249 7129 19020 19020 45705 45705 60217 53516 2801 3900 30412 14134 10704 5574 20600 15583 3230 1787 158419 158419 75790 71187 1949 2654 108334 108334 337295 337295 48400 48400 CONSULTANTS/CONTRACTORS 263239 239154 14970 9115 PROGRAM FEES 72244 55554 13160 3530 SUPPLIES 69367 68383 845 139 CATERING 17421 12043 1992 3386 3325757 2550508 641014 134235 165245 415881 1204 6206 138527 474943 67630 26450 60328 56862 41408 8029 9906619 3878271 6329610 6028348 4040452 3812063 680695 638875 11525099 11467657 254738 157476 39315 88559 1799634 1752621 2093687 1998656 X 4993484 5138062 67316 36368 4370612 4294571 9431412 9469001 11525099 11467657 X -299843 337432 X X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 638875 X X 0 4040452 32778 403619 664786 3812063 4057639 115244 679318 811749 4040452 4482561 1037461 -1015689 446694 4057639 0.10000 0.90000 0 0 513507 513507 8489907 3032512 5457395 903205 845759 57446 6028348 COLLECTIONS 638875 638875 3025914 3325757 -299843 337432 337432 37589 3536074 337482 172678 510160 3025914 0 3025914 3498435 172678 172678 3325757 0 3325757 PART III, LINE 4: THE ORGANIZATION IS AN ART COLLEGE AND ANY EXHIBITIONS ARE HELD IN THE ORGANIZATION'S GALLERIES. THEY ARE USED BY STUDENTS AND FACULTY MEMBERS FOR SCHOLARY RESEARCH AND TEACHING PURPOSES. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE COLLEGE IS CLASSIFIED BY THE INTERNAL REVENUE SERVICE AS A PUBLIC CHARITABLE ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. IT IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES. EFFECTIVE JULY 1, 2010, THE COLLEGE IMPLEMENTED THE ACCOUNTING GUIDANCE FOR UNCERTAINTY IN INCOME TAXES USING CERTAIN PROVISIONS OF ASC 740, INCOME TAXES. USING THIS GUIDANCE, TAX POSITIONS INITIALLY NEED TO BE RECOGNIZED IN THE FINANCIAL STATEMENTS WHEN IT IS MORE-LIKELY-THAN-NOT THAT THE POSITION WILL BE SUSTAINED UPON EXAMINATION BY THE TAX AUTHORITIES. AS OF JUNE 30, 2011 AND 2010, THE COLLEGE HAS NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS AND BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR INCOME TAX POSITIONS TAKEN IN ITS TAX RETURNS. CURRENTLY, THE COLLEGES INFORMATIONAL RETURNS FOR FISCAL YEARS 2008-2010 REMAIN OPEN TO INSPECTION BY THE IRS, WITH 2011 TO BE FILED WITHIN THE CALENDAR YEAR. PART XII, LINE 2D OTHER ITEMS INCLUDED ON LINE 1 BUT NOT ON FORM 990, PART VIII, LINE 12: ARTS BALL FUNDRAISING EXPENSE: $80,989 INVENTORY COST OF GOODS SOLD: $91,689 PART XIII, LINE 2D OTHER ITEMS INCLUDED ON LINE 1 BUT NOT ON FORM 990, PART IX, LINE 25: ARTS BALL FUNDRAISING EXPENSE: $80,989 INVENTORY COST OF GOODS SOLD: $91,689 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION SCHEDULE E, PART I, LINE 3 THE ACADEMY STATES THAT IT IS OPEN TO ALL PERSONS REGARDLESS OF RACE, CREED, SEX, OR NATIONAL ORIGIN WHENEVER POSSIBLE IN ITS VARIOUS CATALOGS, APPLICATIONS, AND OTHER MATERIAL. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 THE COLLEGE IS A RECIPIENT OF FEDERAL AND STATE DOLLARS WHEN STUDENTS APPLY FOR FEDERAL AND STATE FINANCIAL AID. WHEN RECEIVED, THIS FUNDING IS APPLIED TO THE STUDENT'S TUITION AND ANY EXCESS IS PROVIDED TO THE STUDENT. ARTS BALL 133782 80761 53021 80989 133782 80761 53021 80989 80989 -27968 1 X 0 0 0 0 0 0 0 0 0 DEBRA PETKE 137500 0 0 0 0 0 4375 0 11316 0 153191 0 0 0 X 2 110988 FAIR MARKET VALUE 0 0 1 0 FORM 990, PART VI, SECTION A, LINE 4 THE BOARD OF TRUSTEES RESTATED SECTION 5(B) OF IT'S CERTIFICATE OF INCORPORATION TO READ AS FOLLOWS: "THE AFFAIRS OF THE CORPORATION SHALL BE MANAGED BY A SELF-PERPETUATING BOARD OF TRUSTEES CONSISTING OF NOT LESS THAN TWELVE PERSONS AND NOT MORE THAN THIRTY PERSONS." FORM 990, PART VI, SECTION B, LINE 11 THE DRAFT IRS FORM 990 IS PRESENTED TO THE BOARD OF TRUSTEES FOR REVIEW, WHO REPORT THEIR FINDINGS TO THE CHAIRMAN OF THE BOARD AND CONTROLLER. FORM 990, PART VI, SECTION B, LINE 12C THE COLLEGE HAS A CODE OF ETHICS AND CONFLICT OF INTEREST POLICY STATEMENT FOR TRUSTEES THAT IS TO BE COMPLETED AND SIGNED ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION EXAMINES THE GOING RATES IN THE INDUSTRY USING STATISTICS FROM OTHER COLLEGES AND INFORMATION OBTAINED THROUGH ONLINE WEBSITES THAT GIVE SALARY GUIDELINES. ALSO, THE COLLEGE'S HISTORICAL RATES FOR THESE POSITIONS ARE CONSIDERED. FORM 990, PART VI, SECTION C, LINE 19 THE DOCUMENTS ARE AVAILABLE ON THE GUIDESTAR WEBSITE, UPON REQUEST AND INCLUDED WITH ALL GRANTS AND MOST GIFT REQUESTS. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 337,432. PART XI, LINE 2C OVERSIGHT OF THE AUDIT FINANCIAL STATEMENTS AND SELECTION OF THE INDEPENDENT ACCOUNTANT IS PERFORMED BY THE FINANCE COMMITTEE