Overview
What is Cwru-Severance & M Millikin Ta?
Cwru-Severance & M Millikin Ta is a nonprofit organization with a focus on medical research. Based in Brooklyn, Ohio, it has a trust agreement with Keybank as its trustee, dating back to February 23, 1976. Grants are made to University Hospital and Case Western Reserve University, both of which are to utilize the funds for the advancement of medical research. The Ohio Institutional Trust Funds Act of 1999 dictates that the beneficiaries receive the maximum income, either based on 5% of the adjusted net asset value (AFV) or traditional income. Keybank remains responsive to the needs and activities of these beneficiaries to support their respective missions. The charities possess the right to remove the trustee, and the trustee has the authority to amend the document to ensure the organization's continuation as a 509(a)3.
Is Cwru-Severance & M Millikin Ta legitimate?
Cwru-Severance & M Millikin Ta is a legitimate nonprofit organization registered as a 501(c)(3) entity. Cwru-Severance & M 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: $77,497
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Cwru-Severance & M Millikin Ta?
Cwru-Severance & M Millikin Ta, as per the trust agreement dated February 23, 1976, receives funds from Keybank, acting as trustee. These funds are intended for distribution to University Hospital and Case Western Reserve University, to be utilized for the advancement of medical research. The beneficiaries opt for the maximum income, calculated based on the greater of 5% of adjusted net asset value (AFV) or traditional income, under the Ohio Institutional Trust Funds Act of 1999. Keybank remains responsive to the needs and activities of these organizations, ensuring their missions are being met. The charities have the right to remove the trustee, and the trustee has the authority to amend the document to maintain the trust's qualification as a 509(a)3.
Who is the CEO of Cwru-Severance & M Millikin Ta?
Unavailable
What is the revenue of Cwru-Severance & M Millikin Ta?
Cwru-Severance & M Millikin Ta's revenue in 2022 was $223,075.
Who are the executives of Cwru-Severance & M Millikin Ta and what are their salaries?
There is 1 key member and their salary:
- Compensation: $77,497
- Related: $0
- Other: $0
Where can I find the form 990 for Cwru-Severance & M Millikin Ta?
Cwru-Severance & M Millikin Ta's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Cwru-Severance & M Millikin Ta
Cwru-Severance & M Millikin Ta, as a trust, follows an agreement dated February 23, 1976. The primary mission of this organization involves making grants, with Keybank, as the trustee, distributing funds to University Hospital and Case Western Reserve University. These distributions are intended for the advancement of medical research. Under the Ohio Institutional Trust Funds Act of 1999, the beneficiaries have chosen to receive the maximum income, calculated based on the greater of 5% of Adjusted Funding Value (AFV) or traditional income.
Keybank, as the trustee, demonstrates a high level of responsiveness to the needs and activities of each beneficiary organization to ensure the attainment of its mission. The charities associated with Cwru-Severance & M Millikin Ta have the right to remove the trustee, and the trustee has the authority to amend the document to maintain its qualification as a 509(a)3. This means that the organization is committed to keeping its charitable status and continuing to serve its intended purpose. The trust is dedicated to supporting medical research and contributing to the advancement of healthcare through its distributions to the beneficiary organizations.
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Impact
October, 2024
Cwru-Severance & M Millikin Ta primarily impacts the field of medical research through its structured grant distributions to University Hospital and Case Western Reserve University. Established through a trust agreement in 1976, the organization utilizes KeyBank as a trustee to ensure that the allocated funds are responsive to the evolving needs of the beneficiary institutions.
By adhering to the guidelines set forth in the Ohio Institutional Trust Funds Act of 1999, the beneficiaries are able to maximize their income, drawing a minimum of 5% of the Average Fair Value (AFV) or traditional income, thus providing a stable financial foundation for their research initiatives. This consistent financial support enables both institutions to advance significant medical research projects, potentially leading to breakthroughs in health care and treatments.
Furthermore, the trusteeship arrangement allows for flexibility and responsiveness, encouraging a collaborative approach to meet research objectives effectively. The capacity for charities to remove the trustee and for the trustee to amend the document reinforces the adaptability of the trust to ensure continued relevance and compliance with evolving philanthropic standards.
In summary, Cwru-Severance & M Millikin Ta plays a crucial role in fostering advancements in medical research, contributing positively to the healthcare landscape and enhancing the capabilities of the institutions it supports.
This information is meant to be a general summary of Cwru-Severance & M 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: $223,075
- Gross Receipts: $717,373
Assets and Liabilities:
- Total Assets: $10,400,866
- Total Liabilities: $0
- Net Assets: $10,400,866
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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: T900 - Philanthropy
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