Overview
What is Cma-Severance Millikin Ta?
Cma-Severance Millikin Ta is a nonprofit organization, specifically identified in the provided information as a beneficiary of grants. Located in an unspecified area, it receives funding from KeyBank, as per a trust agreement from 1976, to facilitate art purchases for the Cleveland Museum of Art. The Ohio Institutional Trust Funds Act of 1999 dictates that the charity chooses to receive the maximum income, either 5% of the adjusted net asset value (AFV) or traditional income. KeyBank remains committed to supporting the needs and activities of the Cleveland Museum of Art, ensuring the continuity of the organization's mission to make art acquisitions. The charity possesses the right to replace the trustee and the trustee holds the authority to modify the agreement to maintain qualification as a 509(a)(3) organization.
Is Cma-Severance Millikin Ta legitimate?
Cma-Severance Millikin Ta is a legitimate nonprofit organization registered as a 501(c)(3) entity. Cma-Severance Millikin 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: $47,289
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Cma-Severance Millikin Ta?
The organization, Cma-Severance Millikin Ta, receives grants based on a trust agreement dated February 23, 1976. KeyBank, serving as the trustee, distributes these funds to the Cleveland Museum of Art for art acquisitions. According to the Ohio Institutional Trust Funds Act of 1999, the beneficiary can opt for the maximum income, which is the greater of 5% of the adjusted gross value (AFV) or traditional income. KeyBank maintains a responsiveness to the needs and activities of the beneficiary organization, ensuring it achieves its mission. The charity has the right to remove the trustee, and the trustee has the authority to amend the document to maintain qualification as a 509A3. KeyBank remains responsive to the needs and activities of each beneficiary organization in the pursuit of its mission.
Who is the CEO of Cma-Severance Millikin Ta?
Unavailable
What is the revenue of Cma-Severance Millikin Ta?
Cma-Severance Millikin Ta's revenue in 2022 was $330,126.
Who are the executives of Cma-Severance Millikin Ta and what are their salaries?
There is 1 key member and their salary:
- Compensation: $47,289
- Related: $0
- Other: $0
Where can I find the form 990 for Cma-Severance Millikin Ta?
Cma-Severance Millikin Ta's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Cma-Severance Millikin Ta
Cma-Severance Millikin Ta, as a beneficiary organization, receives financial support according to a trust agreement dated February 23, 1976. KeyBank, acting as the trustee, distributes funds to the Cleveland Museum of Art to facilitate art purchases. Under the Ohio Institutional Trust Funds Act of 1999, the beneficiary has chosen to receive the maximum income, calculated based on the greater of 5% of adjusted net income (AFV) or traditional income. KeyBank ensures responsiveness to the needs and activities of Cma-Severance Millikin Ta, working towards the attainment of its mission. The charity has the right to remove the trustee, and the trustee has the authority to amend the document to ensure continuation and qualification as a 509A3 organization.
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Impact
October, 2024
Cma-Severance Millikin Ta plays a crucial role in supporting the Cleveland Museum of Art by facilitating art acquisitions through its grant distributions. Established under a trust agreement in 1976, the organization ensures that funds are allocated for purchasing significant works of art, thereby enriching the museum's collections and enhancing cultural offerings in the community.
By functioning within the framework of the Ohio Institutional Trust Funds Act, it maximizes income generation to ensure robust financial support for the museum's art purchasing endeavors. The financial stewardship provided by KeyBank as the trustee underscores the commitment to addressing the museum’s evolving needs and strategic goals, thereby fostering a vibrant arts environment.
This organization not only contributes to the preservation and enhancement of visual arts but also plays a pivotal role in sustaining the museum’s mission to engage and inspire the public through access to diverse artistic expressions. Through consistent funding, Cma-Severance Millikin Ta helps to ensure that the Cleveland Museum of Art remains a vital cultural asset in the region, promoting art appreciation and education for generations to come.
This information is meant to be a general summary of Cma-Severance Millikin 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: $329,674
- Gross Receipts: $630,651
Assets and Liabilities:
- Total Assets: $5,560,343
- Total Liabilities: $0
- Net Assets: $5,560,343
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Organization Details
Founding Year
1976
Phone
(216) 689-7538Main Address
4900 TIEDEMAN ROAD OH-01-49-0381, BROOKLYN, OH, 44144
NTEE Category
Code: A110 - Arts
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