American Academy of Arts and Letters

The Academy was founded in 1904 to provide recognition to distinguished achievement in literature and fine arts. The Academy is a non-profit organization incorporated by an act of congress in 1916. The internal revenue service granted the Academy tax-exempt status under section 501(c)(3) of the internal revenue code and has classified the Academy as a private operating foundation. In 1976, the national institute of arts and Letters, a non-profit organization (founded in 1898 and incorporated by an act of congress in 1913) was merged into the American Academy of arts and Letters and the name was changed to the American Academy and institute of arts and Letters. In 1993, the name was changed to the American Academy of arts and Letters.the Academy's major source of revenue includes investment earnings and trust income. Annual awards are given by the Academy to those candidates selected by the award committees in order to foster, assist and promote literature and fine arts.