NEW YORK ACADEMY OF ART Charity Report

Public IRS 990 nonprofit record

NEW YORK ACADEMY OF ART

EIN 13-3643485 · Education (B)

What they do

THE NEW YORK ACADEMY of ART is A UNIQUE GRADUATE SCHOOL THAT COMBINES INTENSIVE TECHNICAL TRAINING IN THE FINE ARTS WITH ACTIVE CRITICAL DISCOURSE. WE BELIEVE THAT RIGOROUSLY TRAINED ARTISTS ARE BEST ABLE to REALIZE THEIR ARTISTIC VISION. THEREFORE, ACADEMY STUDENTS ARE TAUGHT TRADITIONAL METHODS and TECHNIQUES and ENCOURAGED to USE THESE SKILLS to MAKE VITAL CONTEMPORARY ART. AS SUCH, THE ACADEMY SERVES AS A CREATIVE and INTELLECTUAL CENTER for ALL ARTISTS DEDICATED to HIGHLY SKILLED, CONCEPTUALLY AWARE FIGURATIVE and REPRESENTATIONAL ART.

Before you give

Should I give to this charity?

Easy charity check

Look at where the money went

Of every $100 spent, about $78.70 was reported for mission work. Use the spending picture below and ask what results that work produced.

Plain answer: A tax form cannot prove that a charity is doing good. It can show how the charity says it spent its money—and point out questions you should ask.

Basic facts we verified

IRS warning checkNo IRS revocation warning appears in this data.

Money report from 2024The charity has a recent tax report to read.

They explain their jobThe charity tells us what it is trying to do.

They name their leaders38 people are listed in the latest report.

You can reach themThey list contact information, so you can ask questions.

Money made simple

89.04%of revenue went to mission work78.7% of expenses · Program services

10.04%of revenue went to fundraising8.9% of expenses

$113.18spent for every $100 of revenueSpending was higher than revenue this year.

14.09%of revenue went to management and office costs12.5% of expenses

$1.63in assets for every $1 spent this yearSome assets cannot be spent right away.

29.8%of its money came from giftsOther money may come from services or investments.

Ask these three easy questions

Who did you help? Ask for a recent story or report that shows real results.
What will my money do? Ask exactly what your gift will pay for.
Is this really the charity? Give only through its official website or confirmed phone number.

Worth asking: Expenses exceeded revenue by $1,165,458 this year. Ask whether that was planned or caused by a one-time event.

Pay context: The highest compensation shown in this filing is $377,055 for STEPHAN KORSAKOV (CHIEF FINANCIAL OFFICER). Compare pay with organizations of similar size and complexity.

Bottom line: Do not decide from a name, mission statement, or tax status alone. Look at where the money went, then ask what changed, who was helped, and what your gift will do. YouCanGiveBack does not endorse or grade organizations.

Money

Financial picture

Tax year 2024

A plain-language look at the latest Form 990 figures available. These numbers help you ask better questions; they do not, by themselves, rate whether a charity is good or bad.

$100revenue

How each $100 of revenue was used

The large number compares each expense with revenue. The smaller number shows its share of total expenses.

Total reported revenue$8,845,834

Mission workProgram services$7,876,23389.04% of revenue78.7% of expenses

ManagementOffice and general costs$1,246,59614.09% of revenue12.5% of expenses

FundraisingAsking for donations$888,46310.04% of revenue8.9% of expenses

Total expenses$10,011,292113.18% of revenue

Expenses were greater than revenue, so the colored ring fills the available $100 and the total above 100% is shown below.

Has the pattern changed?

Colored bars = expense mix: how each year’s expenses were divided. Total expenses vs. revenue shows whether the charity spent less or more than it received. The current filing is first.

YearExpense mixDetails

2024CurrentExpense mix: 78.7% mission · 12.5% management · 8.9% fundraisingTotal expenses: 113.18% of revenue

2023Expense mix: 77.3% mission · 12.6% management · 10.1% fundraisingTotal expenses: 114.29% of revenue

2022Expense mix: 77.4% mission · 12.8% management · 9.8% fundraisingTotal expenses: 99.69% of revenue

2021Expense mix: 75.5% mission · 13.3% management · 11.2% fundraisingTotal expenses: 113.61% of revenue

2020Expense mix: 74.2% mission · 12.9% management · 13.0% fundraisingTotal expenses: 92.34% of revenue

2019Expense mix: 71.4% mission · 16.8% management · 11.8% fundraisingTotal expenses: 109.66% of revenue

2018Expense mix: 73.1% mission · 15.2% management · 11.8% fundraisingTotal expenses: 99.60% of revenue

2017Expense mix: 74.7% mission · 14.2% management · 11.1% fundraisingTotal expenses: 87.10% of revenue

Money in and money out

Revenue$8,845,834

Expenses$10,011,292

Annual shortfall $1,165,458 Expenses were higher than revenue for this filing year.

Reported spending amounts

Mission work means the Form 990 category called program services. These are reported accounting categories—not an independent measurement of results.

Mission work (program services)$7,876,233 · 78.7% of expenses

Management and office costs$1,246,596 · 12.5% of expenses

Fundraising$888,463 · 8.9% of expenses

See all reported dollar amounts

Revenue$8,845,834

Expenses$10,011,292

Assets$16,279,267

Income$15,810,021

Contributions$2,634,384

Mission work (program services)$7,876,233

Fundraising$888,463

Management and general$1,246,596

Stocks and bonds$6,862,568

Accounting fees$54,586

People

Leadership and board

Tax year 2024

Names, titles, time, and compensation below are reported by the organization on its Form 990.

People reported as paid

Person and titleCompensation

STEPHAN KORSAKOVCHIEF FINANCIAL OFFICER · 35 hrs/week $377,055Base $301,129 · Other $75,926

DAVID KRATZPRESIDENT · 35 hrs/week $346,677Base $322,012 · Other $24,665

PETER DRAKEPROVOST · 35 hrs/week $238,314Base $201,142 · Other $37,172

HARRY MICHASCHIEF OF STAFF · 35 hrs/week $203,614Base $173,524 · Other $30,090

HEIDI A ELBERSDIRECTOR OF EXHIBITIONS · 35 hrs/week $151,139Base $127,132 · Other $24,007

JOHN BRYAN VOLKVP SALES & MARKETING · 35 hrs/week $133,009Base $106,066 · Other $26,943

ALYSSA MONKSTRUSTEE · 1 hrs/week $8,971

Compensation alone does not tell whether pay is reasonable. Consider the charity’s size, work, location, and results.

See everyone listed on the board or leadership roster (38)

STEPHAN KORSAKOVCHIEF FINANCIAL OFFICER

DAVID KRATZPRESIDENT

PETER DRAKEPROVOST

HARRY MICHASCHIEF OF STAFF

HEIDI A ELBERSDIRECTOR OF EXHIBITIONS

JOHN BRYAN VOLKVP SALES & MARKETING

ALYSSA MONKSTRUSTEE

RUSSELL WILKINSONTRUSTEE

RICK SEGALVICE CHAIR (UNTIL 2/21/25)

RICHARD BLUMENTHALTRUSTEE

RENEE FIELDSTRUSTEE (UNTIL 3/10/25)

SHARON JACOBTRUSTEE

NICOLE SALMASITRUSTEE (UNTIL 8/16/24)

NICOLAS BOSTRUSTEE

MARSHA HAYGOODTRUSTEE (UNTIL 1/16/25)

MARGOT GORDONTRUSTEE

SUSAN WASSERSTEINSECRETARY

WHITNEY STEVENSTRUSTEE

LISA LEBOFSKYTRUSTEE

KAMIE LIGHTBURNTRUSTEE

JONATHAN TIBETTTRUSTEE

JENNIFER GILBERTTRUSTEE

JENNIFER SCHIPFTRUSTEE

ALAIN BERNARDTRUSTEE

HELEN KINGTRUSTEE

GRAY COLEMANTRUSTEE

ERIC FISCHLTRUSTEE

EILEEN GUGGENHEIMBOARD CHAIR

DAVID WALENTASTRUSTEE

CURTIS BASHAWTRUSTEE

CHRIS WILSONTRUSTEE (UNTIL 2/21/25)

BROOKE SHIELDSTRUSTEE

BRIDGET GLESS KELLERTRUSTEE

BOB COCHRANTREASURER

BEN FEDERTRUSTEE

ASHLEY ABESSTRUSTEE

ALLISON HILL-EDGARTRUSTEE

ALEXANDER GILKESTRUSTEE

About this charity

Recognized since: January 1992
Location: 111 FRANKLIN ST, NEW YORK, NY 10013-2911
County: New York
In care of: STEPHAN KORSAKOV
Primary officer: STEPHAN KORSAKOV, COO

How to reach them

WebsiteVisit the charity’s website Emailinquiries@nyaa.edu Phone(212) 966-0300

Filing and classification

Latest tax year: 2024
Tax period began: July 1, 2024
Return type: 990
Tax preparer: COHNREZNICK ADVISORY LLC
NTEE classification: Education (B)
IRS tax category: Education