Overview
What is Cma-Clev Mus Of Art 2 Gen End Ta?
Cma-Clev Mus Of Art 2 Gen End Ta, also known as the Cleveland Museum of Art, is a beneficiary organization that receives grants to support its operations and art acquisitions. These grants are governed by a trust agreement established in 1923, with the trustees directed to disburse the quarterly net income to aid the museum's operational expenses and art purchases. Under the Ohio Institutional Trust Funds Act of 1999, the beneficiary organization chooses to receive the maximum income, based on the greater of 5% of the adjusted net fair value or traditional income. KeyBank maintains a responsiveness to the museum's needs and activities in achieving its mission. The Cleveland Museum of Art is a cultural institution in Ohio, dedicated to enriching its community through the collection, preservation, and exhibition of art, as well as providing educational programs and events.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 53%, One-Star out of Four Star rating.
Cma-Clev Mus Of Art 2 Gen End Ta has received a low overall score of 53%, which highlights significant concerns regarding its accountability and financial practices. Particularly troubling is the lack of independent board members, which scored 0%. Additionally, several essential policies, such as conflict of interest and whistleblower policies, are missing, indicating potential governance weaknesses.
Despite these issues, the organization does maintain a high program expense ratio of 96.88%, suggesting that a substantial portion of its funds is allocated directly to its programs. However, the absence of transparency measures, like posting tax forms and maintaining conflict of interest policies, raises questions about its operational integrity. Overall, while the organization is effectively utilizing its funds for programs, the lack of governance and accountability measures is a critical limitation.
This AI summary has been generated from information found on Charity Navigator.
Is Cma-Clev Mus Of Art 2 Gen End Ta legitimate?
Cma-Clev Mus Of Art 2 Gen End Ta is a legitimate nonprofit organization registered as a 501(c)(3) entity. Cma-Clev Mus Of Art 2 Gen End Ta 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: $4,964
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Cma-Clev Mus Of Art 2 Gen End Ta?
The organization, Cma-Clev Mus Of Art 2 Gen End Ta, receives grants according to a trust agreement from October 19, 1923, aimed at supporting the Cleveland Museum of Art. The trustees utilize the net income quarterly to cover the museum's operating expenses and purchase new works of art. Under the Ohio Institutional Trust Funds Act of 1999, the beneficiary has chosen to maximize income based on the greater of 5% of AV or traditional income. KeyBank maintains a responsiveness to the needs and activities of the beneficiary organization, ensuring its mission is achieved. The mission of the organization, in essence, is to financially assist the Cleveland Museum of Art in its operations and art acquisitions, while also adhering to the Ohio Institutional Trust Funds Act.
Who is the CEO of Cma-Clev Mus Of Art 2 Gen End Ta?
Unavailable
What is the revenue of Cma-Clev Mus Of Art 2 Gen End Ta?
Cma-Clev Mus Of Art 2 Gen End Ta's revenue in 2022 was $184,142.
Who are the executives of Cma-Clev Mus Of Art 2 Gen End Ta and what are their salaries?
There is 1 key member and their salary:
- Compensation: $4,964
- Related: $0
- Other: $0
Where can I find the form 990 for Cma-Clev Mus Of Art 2 Gen End Ta?
Cma-Clev Mus Of Art 2 Gen End Ta's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Cma-Clev Mus Of Art 2 Gen End Ta
The Cleveland Museum of Art 2 Gen End Ta, as directed by the trust agreement from October 19, 1923, exists to aid in the operation expenses and purchase of works of art for the museum. Under the Ohio Institutional Trust Funds Act of 1999, the beneficiary has chosen to receive the maximum income, which is based on the greater of 5% of the adjusted net income or traditional income. KeyBank maintains a responsiveness to the needs and activities of this beneficiary organization in the pursuit of its mission. In essence, the Cleveland Museum of Art 2 Gen End Ta relies on grants to support its day-to-day operations and to expand its art collection, all while ensuring a strong alignment with the organization's objectives, supported by KeyBank's attentiveness.
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Impact
October, 2024
Cma-Clev Mus Of Art 2 Gen End Ta plays a vital role in supporting the Cleveland Museum of Art, directly impacting its operations and capacity to acquire new artworks. By providing grants that contribute to the museum’s operating expenses, the fund ensures that the museum can maintain its facilities and offer educational programs, exhibitions, and community engagement initiatives that enrich the cultural landscape of the region.
Moreover, the financial contributions from this trust facilitate the purchase of significant works of art, enhancing the museum's collection and fostering a deeper appreciation for the arts within the community. This financial backing helps the museum attract visitors, engage scholars, and host a variety of events that highlight diverse artistic expressions.
Overall, the impact of Cma-Clev Mus Of Art 2 Gen End Ta is profound, as it enables the Cleveland Museum of Art to uphold its mission of making art accessible, encouraging cultural enrichment, and supporting the arts within the broader community.
This information is meant to be a general summary of Cma-Clev Mus Of Art 2 Gen End Ta. 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: $183,721
- Gross Receipts: $336,881
Assets and Liabilities:
- Total Assets: $3,280,429
- Total Liabilities: $0
- Net Assets: $3,280,429
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Organization Details
Founding Year
1923
Phone
(216) 689-0969Main Address
4900 TIEDEMAN ROAD OH-01-49-0381, BROOKLYN, OH, 44144
NTEE Category
Code: A115 - Arts
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