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Nonprofiteer
← JOHN L SEVERANCE

Form 990 for tax year 2022

Filed by JOHN L SEVERANCE.

Totals

Total revenue
$3,316,435
Total expenses
$4,560,349
Contributions and grants received
$0
Grants paid
$4,180,457
Program service revenue
$0
Investment income
$3,316,435
Other revenue
$0
Total assets, end of year
$57,587,472
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$57,587,472
Program services expenses (Part IX)
$4,180,457
Management and general expenses
$379,892
Fundraising expenses
$0
Program service expenses (Part III)
$4,180,457

Program services were 91.7% 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 $920,831 · excluded $920,831

  • 7a · Gross sales of assets other than inventory

    securities $5,378,007

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

    securities $2,982,403

  • 7c · Gain or loss

    securities $2,395,604

  • 7d · Net gain or loss

    total $2,395,604 · excluded $2,395,604

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $4,180,457 · program services $4,180,457

  • 5 · Compensation of officers, directors and key employees

    total $370,757 · management and general $370,757

  • 11c · Fees: accounting

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

  • 24e · All other expenses

    total $8,085 · management and general $8,085

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $578,050 · end of year $855,070

  • 12 · Investments: other securities

    beginning of year $58,253,339 · end of year $56,732,402

  • 29 · Capital stock, trust principal or current funds

    beginning of year $58,831,389 · end of year $57,587,472

Mission and programs · 2022

Mission

GRANTS ARE MADE ACCORDING TO THE LAST WILL AND TESTAMENT OFJOHN L SEVERENCE DATED JANUARY 31, 1935 IN CONJUNCTION WITH THE TRUST AGREEMENT DATED DECEMBER 23, 1915 AND THE OPERATING AGREEMENT DATED APRIL 30, 2009. IN COMPLIANCE WITH THE TRUST DOCUMENT, KEYBANK AS TRUSTEE, MAKES GRANTS TO THE CLEVELAND MUSEUM OF ART TO BE USED TO PURCHASE WORKS OF ART. UNDER THE OHIO INSTITUTIONAL TRUST FUNDS ACT OF 1999, THE BENEFICIARY HAS CHOSEN TO RECEIVE THE MAXIMUM OF INCOME BASED ON THE GREATER OF 5% OF AFV OR TRADITIONAL INCOME.KEYBANK MAINTAINS A RESPONSIVENESS TO THE NEEDS AND ACTIVITIES OF THEBENEFICIARIES ORGANIZATION IN THE ATTAINMENT OF ITS MISSION. PLEASE NOTE THE CHARITY HAS A RIGHT TO DIRECT OR APPROVE INVESTMENTS AND THETRUSTEE HAS THE AUTHORITY TO AMEND THE DOCUMENT TO INSURE THECONTINUATION TO QUALIFY AS A 509(A)(3).

  • GRANTS MADE TO THE CLEVELAND MUSEUM OF ART TO BE USED IN THE PURCHASE OF WORKS OF ART.

    Expenses $4,180,457 · Grants $4,180,457

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Russ Klimczuk

    CMA Asst Treasurer of Finance

    Total calculated
    $0

  • Keybank N A

    TRUSTEE

    Total calculated
    $370,757
    From this org
    $370,757
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

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
2022
Filed
1 May 2023
IRS schema version
2022v5.0
Source object
202331289349302738

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