Musical Arts Assn Mus Hall Ta

Learn about this cause: What are the reviews? Is it Legit? Do I like the mission? What is the CEO's salary?

EIN: 346759593 ✦ Brooklyn, OH ✦ Designated as a 501(c)(3)

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Overview

What is Musical Arts Assn Mus Hall Ta?

Musical Arts Assn Mus Hall Ta, located in Brooklyn, Ohio, is a nonprofit organization that primarily focuses on maintaining and supporting a Symphony Orchestra and related activities at the Music Hall. Funds for this purpose are received through grant payments, with the beneficiaries opting for the maximum income based on the greater of 5% of AFV or traditional income, under the Ohio Institutional Trust Funds Act of 1999. The trustee for these funds is Keybank N.A., which maintains a responsiveness to the organization's needs and mission. The Musical Arts Assn Mus Hall Ta uses the net income for the maintenance and operation of the Music Hall and for the Symphony Orchestra, as per the Trust Agreement of 1931.

What are the reviews and ratings of this charity?

Charity Navigator Rating: 1 Star (53%)

The Musical Arts Association Mus Hall Ta has received a low rating of 53% from Charity Navigator, indicating significant concerns regarding its accountability and financial practices. The organization lacks any independent board members and has not established essential policies, such as for conflicts of interest and whistleblowing, which are critical for transparent governance.

Despite these governance issues, the nonprofit demonstrates a commendable program expense ratio of 96.35%, suggesting that the majority of its budget is directed towards its programs. Additionally, there are no reported material diversions of assets, which reflects positively on its financial management in this aspect.

However, the absence of a website listed on its tax form, along with missing key policy documents, raises red flags for potential donors and stakeholders regarding the organization's commitment to transparency and accountability. Overall, while there are positive signs in its program expense management, the significant governance shortcomings hinder its overall evaluation.


This AI summary has been generated from information found on Charity Navigator.

Is Musical Arts Assn Mus Hall Ta legitimate?

Musical Arts Assn Mus Hall Ta is a legitimate nonprofit organization registered as a 501(c)(3) entity. Musical Arts Assn Mus Hall 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: $6,245
Professional Fundraising Fees: $0
Other Salaries and Wages: $0

For more financial information, click here

What is the mission statement of Musical Arts Assn Mus Hall Ta?

The Musical Arts Association's Music Hall Trust's income is primarily utilized for maintaining and operating the Music Hall, supporting a Symphony Orchestra, and engaging in related activities, all in accordance with the 1931 Trust Agreement. Keybank N.A. serves as the Trustee, and under the Ohio Institutional Trust Funds Act of 1999, the beneficiaries opt for the maximum income based on either 5% of the adjusted gross value or traditional income. Keybank remains responsive to the beneficiary organization's needs and activities, aiming to further its mission. The beneficiary organization retains the right to replace or appoint the Trustee as needed.

Who is the CEO of Musical Arts Assn Mus Hall Ta?

Unavailable

What is the revenue of Musical Arts Assn Mus Hall Ta?

Musical Arts Assn Mus Hall Ta's revenue in 2022 was $209,562.

Who are the executives of Musical Arts Assn Mus Hall Ta and what are their salaries?


There is 1 key member and their salary:


Keybank Na (Trustee)
  • Compensation: $6,245
  • Related: $0
  • Other: $0
Where can I find the form 990 for Musical Arts Assn Mus Hall Ta?

Musical Arts Assn Mus Hall Ta's most recent form 990 was submitted in 2022 and can be accessed here.

Mission Statement of Musical Arts Assn Mus Hall Ta

The Musical Arts Assn Mus Hall Ta's mission is centered around the maintenance and operation of its Music Hall, as well as supporting a Symphony Orchestra and related activities. This mission is enshrined in a Trust Agreement from 1931, with Keybank N.A. serving as Trustee. The net income derived from this trust is allocated towards the upkeep and operation of the Music Hall, as well as maintaining and promoting symphony orchestra activities and related endeavors.

Under the Ohio Institutional Trust Funds Act of 1999, the beneficiaries of this trust have the option to receive income based on the greater of 5% of the adjusted gross value (AFV) or traditional income. This flexible income arrangement allows the Musical Arts Assn Mus Hall Ta to allocate resources effectively in pursuit of its mission. Keybank, as Trustee, maintains a responsiveness to the needs and activities of the beneficiary organization, ensuring that the trust's income aligns with the organization's mission objectives. Furthermore, the Musical Arts Assn Mus Hall Ta retains the right and authority to remove or appoint the Trustee, demonstrating its autonomy and control over the trust's administration.

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Impact




October, 2024

The Musical Arts Association Music Hall serves as a vital cultural hub in Brooklyn, Ohio, influencing the community through the preservation and operation of artistic performances, particularly orchestral music. By utilizing net income from a trust established in 1931, the association ensures the upkeep and maintenance of the Music Hall, which is essential for hosting live performances and community events. This support enables the Symphony Orchestra and related activities to thrive, significantly enhancing the local arts landscape.

The continuous investment in this venue fosters not only musical education and appreciation but also strengthens community ties through shared cultural experiences. Moreover, it offers opportunities for local musicians, artists, and performers to showcase their talents, contributing to the overall vitality of the arts scene in the region. The responsiveness of the trustee to the needs of the Musical Arts Association underscores a commitment to evolving with the community's interests, ensuring that the Music Hall remains a relevant and cherished space for artistic expression.




This information is meant to be a general summary of Musical Arts Assn Mus Hall 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.

Revenue
$209,562 (2022)
Expenses
$248,624 (2022)
Efficiency

Other financial information:

This information is from the most recently submitted tax form from this organization, which was in 2022.

  • Investment Income: $209,562
  • Gross Receipts: $296,590

Assets and Liabilities:

  • Total Assets: $2,063,169
  • Total Liabilities: $0
  • Net Assets: $2,063,169

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Organization Details

Founding Year

1931

Main Address

4900 TIEDEMAN ROAD OH-01-49-0381, BROOKLYN, OH, 44144

NTEE Category

Code: A68 - Arts

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