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← EDWARD DRUMMOND LIBBEY ENDOWMENT FUND 20-10-211-0326880

Form 990 for tax year 2023

Filed by EDWARD DRUMMOND LIBBEY ENDOWMENT FUND 20-10-211-0326880.

Totals

Total revenue
$1,770,567
Total expenses
$2,712,165
Contributions and grants received
$0
Grants paid
$2,618,432
Program service revenue
$0
Investment income
$1,788,364
Other revenue
-$17,797
Total assets, end of year
$32,802,448
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$32,802,448
Program services expenses (Part IX)
$2,618,432
Management and general expenses
$93,733
Fundraising expenses
$0
Program service expenses (Part III)
$2,618,432

Program services were 96.5% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 3 · Investment income

    total $1,094,257 · excluded $1,094,257

  • 7a · Gross sales of assets other than inventory

    securities $8,849,873

  • 7b · Less cost or other basis and sales expenses

    securities $8,155,766

  • 7c · Gain or loss

    securities $694,107

  • 7d · Net gain or loss

    total $694,107 · excluded $694,107

  • 11d · All other revenue

    total -$17,797 · excluded -$17,797

  • 11e · Other revenue, total

    -$17,797

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $2,618,432 · program services $2,618,432

  • 7 · Other salaries and wages

    total $3,000 · management and general $3,000

  • 11b · Fees: legal

    total $17,552 · management and general $17,552

  • 11c · Fees: accounting

    total $1,050 · management and general $1,050

  • 11f · Fees: investment management

    total $62,896 · management and general $62,896

  • 24a · Other expenses: FOREIGN TAXES

  • 24b · Other expenses: OAG FILING

  • 24e · All other expenses

    total $9,235 · management and general $9,235

Balance sheet

Part X, book values.

  • 11 · Investments: publicly traded securities

    beginning of year $32,802,553 · end of year $31,908,061

  • 12 · Investments: other securities

    beginning of year $951,726 · end of year $894,387

  • 29 · Capital stock, trust principal or current funds

    beginning of year $33,754,279 · end of year $32,802,448

Mission and programs · 2023

Mission

The E D Libbey Endowment Trust makes grants to the Toledo Museum of Art structured under the following funds. The endowment fund is for corporate purposes. The music fund is for building maintenance. The Art School fund is for construction and maintenance of a school for the fine arts. The residuary fund is for wages and art purchases. The trust was established through the will of E D Libbey. Keybank is agent for trustee.

  • Grants made to the Toledo Museum of Art are to support the primary exempt purpose of the trust.

    Expenses $2,618,432 · Grants $2,618,432

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • THOMAS YOUNG

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • CLINTON O LONGNECKER

    TRUSTEE

    Total calculated
    $3,000
    From this org
    $3,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • BETSY BRADY

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • DEKE WELLES

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • WILLIAM MCDONELL

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • DENNIS JOHNSON

    CHAIRMAN AND CEO

    Total calculated
    $0
    Hours/week
    1

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2023
Filed
31 October 2024
IRS schema version
2023v6.0
Source object
202501139349302100

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