Overview
What is William R Daniels Memorial Fund?
The William R Daniels Memorial Fund is a charitable organization situated in Brooklyn, Ohio. As per a trust agreement from 1967, it distributes grants to several beneficiary organizations, including Lakewood United Methodist Church, The Three Arches Foundation (formerly Lakewood Hospital), Lakewood Kiwanis, Lakewood Christian Church, and the Beck Center. Keybank serves as the trustee, ensuring a balance between the beneficiaries' needs and the attainment of their respective missions. The beneficiaries have the power to remove the trustee, appoint co-trustees, and amend the document to maintain its qualification as a 509(a)3 organization. The fund distributes grants based on the greater of 5% of the adjusted net asset value (AFV) or traditional income, as per the Ohio Institutional Trust Funds Act of 1999.
Is William R Daniels Memorial Fund legitimate?
William R Daniels Memorial Fund is a legitimate nonprofit organization registered as a 501(c)(3) entity. William R Daniels Memorial Fund 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: $66,099
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
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What is the mission statement of William R Daniels Memorial Fund?
The William R Daniels Memorial Fund distributes grants in accordance with a trust agreement from 1967, with 50% going to Lakewood United Methodist Church, 30% to The Three Arches Foundation, 10% to Lakewood Kiwanis, 5% to Lakewood Christian Church, and 5% to the Beck Center. The beneficiaries opt for the maximum income based on either 5% of the adjusted gross value or traditional income, and Keybank, as the trustee, ensures responsiveness to each organization's needs and mission objectives. The charities have the right to remove the trustee or appoint co-trustees, and the trustee has the authority to amend the document to maintain its qualification as a 509(a)3 organization. The mission of the fund, in essence, is to support these five organizations in achieving their respective missions.
Who is the CEO of William R Daniels Memorial Fund?
Unavailable
What is the revenue of William R Daniels Memorial Fund?
William R Daniels Memorial Fund's revenue in 2023 was $332,380.
Who are the executives of William R Daniels Memorial Fund and what are their salaries?
There is 1 key member and their salary:
- Compensation: $66,099
- Related: $0
- Other: $0
Where can I find the form 990 for William R Daniels Memorial Fund?
William R Daniels Memorial Fund's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of William R Daniels Memorial Fund
The William R Daniels Memorial Fund, in accordance with its trust agreement dated December 18, 1967, and subsequent amendments, is committed to dispensing grants. Keybank, acting as the trustee, follows a specific distribution strategy, allocating 50% of the funds to Lakewood United Methodist Church, 30% to The Three Arches Foundation, formerly known as Lakewood Hospital, 10% to Lakewood Kiwanis, 5% to Lakewood Christian Church, and 5% to the Beck Center. The beneficiaries of this trust, under the Ohio Institutional Trust Funds Act of 1999, have the option to receive the maximum income, either based on 5% of the fund's adjusted value (AFV) or traditional income.
Keybank, as the trustee, ensures a responsiveness to the needs and activities of each beneficiary organization, aiming to support them in achieving their respective missions. The beneficiaries hold the power to remove the Trustee, appoint co-trustees, and amend the document to maintain its qualification as a 509(a)3 organization. This approach allows the William R Daniels Memorial Fund to contribute to a variety of charitable causes, ultimately contributing to the betterment of the communities served by these organizations.
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Impact
October, 2024
The William R Daniels Memorial Fund plays a significant role in supporting various organizations in the Lakewood community. By distributing grants based on a trust agreement established in 1967, it ensures that essential local initiatives receive much-needed financial assistance.
Half of the fund's distributions go to the Lakewood United Methodist Church, directly contributing to its mission and community services. Another 30% supports The Three Arches Foundation, formerly known as Lakewood Hospital, which focuses on healthcare and wellness in the region. Additionally, 10% is allocated to the Lakewood Kiwanis, promoting community service and development, while 5% goes to Lakewood Christian Church, and 5% supports the Beck Center, which offers arts and wellness programs.
Under the Ohio Institutional Trust Funds Act, beneficiaries can maximize their income, fostering an environment where organizations can thrive and adapt to the needs of the community. Keybank's role as a responsive trustee ensures that these distributions align with the evolving requirements of each beneficiary. Ultimately, the fund's impact is felt through enhanced community services, cultural enrichment, and support for vital local institutions.
This information is meant to be a general summary of William R Daniels Memorial Fund. 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 2023.
- Investment Income: $332,380
- Gross Receipts: $1,761,960
Assets and Liabilities:
- Total Assets: $7,208,899
- Total Liabilities: $0
- Net Assets: $7,208,899
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Organization Details
Founding Year
1967
Phone
(216) 689-5818Main Address
4900 TIEDEMAN ROAD OH-01-49-0381, BROOKLYN, OH, 44144
NTEE Category
Code: T90Z - Philanthropy
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