Overview
What is New York Foundation For The Arts Inc?
The New York Foundation for the Arts (NYFA) is a 36-employee strong nonprofit organization based in New York City. Their primary mission is to empower artists at critical stages in their creative lives. NYFA achieves this by granting funds and offering information to artists and organizations directly serving them. Additionally, they support arts programming within the community and collaborate with advocacy groups for the arts in New York and beyond. Annually, NYFA awards over $1 million in grants to individual artists through programs like their Fellowships. The organization also provides learning opportunities through workshops, panels, and individual mentoring on a range of topics, from grant writing to portfolio creation. NYFA's Fiscal Sponsorship Program, one of the largest and most established in the country, assists artists and emerging arts organizations in raising and managing over $3 million each year. During the COVID-19 pandemic, NYFA introduced the City Artists Corp. Grants, a one-time grant program funded by the City of New York, providing up to $5,000 to artists living in the city.
Official website here: www.nyfa.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 91% (Four-Star out of Four Stars)
The New York Foundation for the Arts Inc has achieved a strong rating of 91%, reflecting its excellent performance in accountability and finance, as well as leadership adaptability. The organization boasts a 90 score for accountability, indicating robust financial practices, and a perfect score of 100 for leadership and adaptability, showcasing its capacity to respond effectively to changing needs.
Strengths of the organization include a high program expense ratio of 92.67%, demonstrating that a significant portion of its funds is directed towards its programs. The foundation maintains a fully independent board, which strengthens its governance structure, and it adheres to best practices in transparency and oversight, evidenced by full scores in areas such as financial audits and conflict of interest policies.
While the foundation has solid financial health indicators, including low fundraising efficiency costs, there may be concerns about its working capital ratio of 0.44 years, which suggests limited liquidity. Overall, the organization is commendable for its commitment to the arts and its strong financial management practices.
This AI summary has been generated from information found on Charity Navigator.
Is New York Foundation For The Arts Inc legitimate?
New York Foundation For The Arts Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. New York Foundation For The Arts Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $610,759
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,494,679
For more financial information, click here
Official website here: www.nyfa.org
What is the mission statement of New York Foundation For The Arts Inc?
The New York Foundation for the Arts (NYFA) is dedicated to empowering artists during pivotal moments in their creative journeys. This is achieved through various means, including offering financial assistance and providing essential information to artists and organizations that support them. NYFA's mission extends to fostering arts programming within communities and fostering collaborative relationships with organizations advocating for the arts. Annually, NYFA grants more than a million dollars to individual artists through fellowships and other programs. The organization offers workshops, panel discussions, and individual mentoring sessions, covering a wide range of topics from grant writing to portfolio creation. NYFA's Fiscal Sponsorship Program is one of the largest and most established in the country, helping artists and emerging arts organizations raise and manage over three million dollars annually.
Official website here: www.nyfa.org
Who is the CEO of New York Foundation For The Arts Inc?
Michael L Royce is the Chief Executive Officer of New York Foundation For The Arts Inc. The CEO's salary of New York Foundation For The Arts Inc is $364,017 and their total compensation is $380,155.
Official website here: www.nyfa.org
What is the revenue of New York Foundation For The Arts Inc?
New York Foundation For The Arts Inc's revenue in 2022 was $30,608,340.
Official website here: www.nyfa.org
Who are the executives of New York Foundation For The Arts Inc and what are their salaries?
The average compensation at New York Foundation For The Arts Inc during 2022 was $58,484. There are 36 employees and 25 volunteers at New York Foundation For The Arts Inc.
Here are 28 key members and their salaries (New York Foundation For The Arts Inc's CEO's salary is $364,017 and their total compensation is $380,155):
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- Compensation: $364,017
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- Other: $2,263
Official website here: www.nyfa.org
Where can I find the form 990 for New York Foundation For The Arts Inc?
New York Foundation For The Arts Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.nyfa.org
Learn more at the official website: www.nyfa.org
Mission Statement of New York Foundation For The Arts Inc
The New York Foundation for the Arts (NYFA) is a mission-driven organization dedicated to empowering artists at pivotal moments in their creative journeys. By providing financial assistance and essential information to artists and arts organizations that directly serve them, NYFA plays a vital role in supporting arts programming within communities and fostering collaborative partnerships with advocacy groups across New York State and beyond.
NYFA's commitment to artists extends far and wide, awarding more than $1 million annually through fellowship and other granting programs. These grants serve as vital resources for artists at various stages of their careers, providing them with the financial freedom to focus on their craft and contribute to the rich artistic landscape of the United States.
The organization's learning programs are another cornerstone of its mission, offering workshops, panel discussions, and individual mentoring sessions on crucial topics ranging from grant writing and budgeting to portfolio creation and audience development. These resources not only help artists refine their skills but also equip them with the tools necessary to thrive in the competitive arts world.
In addition to its granting programs and learning initiatives, NYFA's Fiscal Sponsorship Program is one of the most established and largest of its kind in the country. This program helps artists and emerging arts organizations raise and manage over $3 million annually, allowing them to focus on their creative endeavors while NYFA handles the administrative aspects of fundraising and financial management. By removing these barriers, NYFA empowers artists to devote their full energy to their work and make a lasting impact on the arts community.
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Impact
October, 2024
New York Foundation for the Arts Inc. (NYFA) plays a vital role in supporting and empowering artists at crucial junctures in their creative journeys. By offering financial assistance and valuable resources, NYFA significantly contributes to the sustainability and vitality of the arts community in New York City and beyond.
One notable initiative, the City Artists Corp. Grants, directly addresses the economic challenges faced by artists amidst the COVID-19 pandemic. By providing one-time grants of up to $5,000 to artists residing in New York City, NYFA has stimulated the local economy, especially within the arts and culture sector. This financial support helps artists continue their work, fostering a vibrant cultural landscape.
In addition to grants, NYFA's annual commitment of over $1 million through various fellowship and granting programs strengthens the ecosystem for artists. Their learning programs, which include workshops and mentorship on essential skills like grant writing and audience development, empower thousands of artists each year.
Furthermore, NYFA's fiscal sponsorship program ranks among the largest in the nation, assisting artists and emerging organizations in managing over $3 million annually. This comprehensive support framework not only enhances individual artist practices but also fosters community engagement and collaboration in the arts, ensuring a more robust and dynamic artistic environment for all.
This information is meant to be a general summary of New York Foundation For The Arts Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $21,297
- Program Service Revenue: $2,372,011
- Gross Receipts: $30,804,279
Assets and Liabilities:
- Total Assets: $12,251,951
- Total Liabilities: $4,126,291
- Net Assets: $8,125,660
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PROGRAM SERVICE FEES
Revenue
$1,735,173
ADMINISTRATIVE FEES
Revenue
$601,527
MIRLF INTEREST
Revenue
$35,311
Organization Details
Founding Year
1971
Phone
(212) 366-6900Principal Officer
Michael L Royce
Main Address
29 W 38TH STREET 9TH FLOOR, NEW YORK, NY, 10018
Website
www.nyfa.orgNTEE Category
Code: A120 - Arts
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