Overview
What is John L Severance?
John L Severance, whose legacy endures through a trust, is instrumental in supporting the Cleveland Museum of Art. The trust, overseen by KeyBank as trustee, follows John's last will and testament, the Trust Agreement of 1915, and the Operating Agreement of 2009. Its primary objective is to provide grants to the museum for the acquisition of artworks. Complying with the Ohio Institutional Trust Funds Act of 1999, the beneficiary receives the maximum income, either 5% of the adjusted gross value or traditional income. KeyBank remains responsive to the museum's needs and activities, ensuring the continuation of its mission while allowing the charity to direct or approve investments. The trust's purpose is to contribute to the enrichment of the Cleveland Museum of Art's art collection.
Is John L Severance legitimate?
John L Severance is a legitimate nonprofit organization registered as a 501(c)(3) entity. John L Severance 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: $370,757
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
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What is the mission statement of John L Severance?
John L Severance's mission, as outlined in his last will and testament and trust agreements, involves making grants according to specific terms. These grants are primarily directed towards the Cleveland Museum of Art, to be used for the acquisition of artworks. The beneficiary, following the Ohio Institutional Trust Funds Act of 1999, chooses to receive the maximum income, which is either 5% of the adjusted net asset value or traditional income. KeyBank, as the trustee, ensures responsiveness to the needs and activities of the beneficiary's organization, aiming to support its mission. The charity retains the right to direct or approve investments, and KeyBank has the authority to amend the document to ensure continuation as a 509(a)(3) entity.
Who is the CEO of John L Severance?
Unavailable
What is the revenue of John L Severance?
John L Severance's revenue in 2022 was $3,316,435.
Who are the executives of John L Severance and what are their salaries?
Here are 2 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $370,757
- Related: $0
- Other: $0
Where can I find the form 990 for John L Severance?
John L Severance's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of John L Severance
John L. Severance's mission, as outlined in his will and trust agreements, primarily revolves around grant-making. Specifically, KeyBank, as the trustee, makes grants to the Cleveland Museum of Art, using the funds to acquire works of art. This mission is in compliance with the Ohio Institutional Trust Funds Act of 1999, allowing the beneficiary to receive the maximum income based on the greater of 5% of the charitable remainder trust's fair market value (AFV) or traditional income.
KeyBank maintains a responsiveness to the needs and activities of the beneficiary organization in their pursuit of their mission. This responsiveness ensures that the funds are utilized effectively in the acquisition of art pieces. The charity also has the right to direct or approve investments, and the trustee has the authority to amend the document to ensure the continuation of qualifying as a 509(a)(3) organization. In essence, the mission of John L. Severance, through his trust, is to support the Cleveland Museum of Art in its mission to acquire artworks, while ensuring the responsible management of the funds and adherence to the necessary legal requirements.
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Impact
October, 2024
John L. Severance's impact is profoundly felt through the support of the Cleveland Museum of Art. By establishing a trust dedicated to acquiring artworks, his legacy has enriched the cultural landscape of Cleveland and beyond. The grants made under his will, in conjunction with established trust agreements, provide crucial funding that enables the museum to purchase significant works of art. This commitment to the arts not only enhances the museum's collection but also fosters community engagement and appreciation for artistic expression.
The financial provisions of the trust ensure a sustainable flow of resources, allowing for the continual enhancement of the museum's offerings. By mandating that these grants be used specifically for art purchases, Severance has played a pivotal role in preserving and expanding the availability of diverse artistic works for public viewing. This contribution not only honors his vision but also creates a lasting legacy for future generations to experience and enjoy.
This information is meant to be a general summary of John L Severance. 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: $3,316,435
- Gross Receipts: $6,298,838
Assets and Liabilities:
- Total Assets: $57,587,472
- Total Liabilities: $0
- Net Assets: $57,587,472
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Organization Details
Founding Year
1945
Phone
(216) 813-4556Main Address
4900 TIEDEMAN ROAD OH-01-49-0381, BROOKLYN, OH, 44144
NTEE Category
Code: A110 - Arts
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