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← EQUITY IN THE ARTS FUND

Form 990 for tax year 2023

Filed by EQUITY IN THE ARTS FUND.

Totals

Total revenue
$113,467
Total expenses
$256,631
Contributions and grants received
$0
Grants paid
$214,000
Program service revenue
$0
Investment income
$113,467
Other revenue
$0
Total assets, end of year
$4,652,668
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$4,652,668
Program services expenses (Part IX)
$214,000
Management and general expenses
$42,631
Fundraising expenses
$0
Program service expenses (Part III)
$214,000

Program services were 83.4% 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 $133,899 · excluded $133,899

  • 7a · Gross sales of assets other than inventory

    securities $3,274,166

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

    securities $3,294,598

  • 7c · Gain or loss

    securities -$20,432

  • 7d · Net gain or loss

    total -$20,432 · excluded -$20,432

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $214,000 · program services $214,000

  • 11f · Fees: investment management

    total $7,761 · management and general $7,761

  • 24a · Other expenses: SEE SCHEDULE O

    total $34,670 · management and general $34,670

  • 24e · All other expenses

    total $200 · management and general $200

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $1,195,384 · end of year $1,271,198

  • 11 · Investments: publicly traded securities

    beginning of year $2,730,446 · end of year $3,150,936

  • 12 · Investments: other securities

    beginning of year $237,561 · end of year $230,534

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,883

  • 27 · Net assets without donor restrictions

    beginning of year $4,160,508 · end of year $4,652,668

Mission and programs · 2023

Mission

THE ORGANIZATION IS ORGANIZED AND OPERATED EXCLUSIVELY FOR THE BENEFIT, OF AND TO CARRY OUT THE CHARITABLE AND EDUCATIONAL FUNCTIONS OF THE CLEVELAND FOUNDATION.

Activities or mission (Part I)

THE ORGANIZATION IS ORGANIZED AND OPERATED EXCLUSIVELY FOR THE BENEFIT OF, AND TO CARRY OUT THE CHARITABLE AND EDUCATIONAL FUNCTIONS OF THE CLEVELAND FOUNDATION.

  • GRANTMAKING FOR OR ON BEHALF OF THE CLEVELAND FOUNDATION TO SUPPORT THE CLEVELAND FOUNDATION OR TO CARRY OUT THE CHARITABLE AND EDUCATIONAL FUNCTIONS OF THE CLEVELAND FOUNDATION.

    Expenses $214,000 · Grants $214,000

As filed on the 2023 return.

Listed in Part VII

  • Keisha Gonzalez

    PRESIDENT

    Total calculated
    $183,097
    From this org
    $0
    From related orgs
    $143,347
    Other
    $39,750
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $0 + $143,096 related
    Bonus
    $0
    Other
    $0 + $251 related
    Deferred
    $0 + $14,019 related
    Nontaxable benefits
    $0 + $25,731 related
    Filer's total
    $0 + $183,097 related

  • Lillian Kuri

    VICE PRESIDENT (UNTIL 3/30/23)

    Total calculated
    $483,415
    From this org
    $0
    From related orgs
    $433,391
    Other
    $50,024
    Hours/week
    0.5

    Schedule J breakdown matched by us

    Base
    $0 + $412,947 related
    Bonus
    $0
    Other
    $0 + $20,444 related
    Deferred
    $0 + $39,379 related
    Nontaxable benefits
    $0 + $10,645 related
    Filer's total
    $0 + $483,415 related

  • Luis Gomez

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

  • Zulma Zabala

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

  • Honey Bell-Bey

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

  • Tony Sias

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

  • Deidre McPherson

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

  • Antwoine Washington Eff 33023

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

  • Kevin Conwell Eff 11223

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

  • Boris Oicherman

    SECRETARY

    Total calculated
    $197,841
    From this org
    $0
    From related orgs
    $163,449
    Other
    $34,392
    Hours/week
    0.5

    Schedule J breakdown matched by us

    Base
    $0 + $162,676 related
    Bonus
    $0
    Other
    $0 + $773 related
    Deferred
    $0 + $3,986 related
    Nontaxable benefits
    $0 + $30,406 related
    Filer's total
    $0 + $197,841 related

  • Anthony Gattuso

    TREASURER

    Total calculated
    $168,975
    From this org
    $0
    From related orgs
    $126,866
    Other
    $42,109
    Hours/week
    0.5

    Schedule J breakdown matched by us

    Base
    $0 + $126,605 related
    Bonus
    $0
    Other
    $0 + $261 related
    Deferred
    $0 + $12,043 related
    Nontaxable benefits
    $0 + $30,066 related
    Filer's total
    $0 + $168,975 related

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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 4B
THE CLEVELAND FOUNDATION, THE EQUITY IN THE ARTS FUND'S SUPPORTED ORGANIZATION, PROVIDES THE SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN ("SERP") FOR THE BENEFIT OF CERTAIN MANAGEMENT AND SENIOR LEVEL EMPLOYEES SPECIFIED BY THE PLAN OR OTHERWISE DETERMINED BY THE FOUNDATION AND HAS EXTENDED IT TO ALL OFFICERS WHO ARE AT THE SENIOR VICE PRESIDENT LEVEL AND ABOVE. THE PURPOSE OF THE SERP IS TO PROVIDE BENEFITS TO SERP PARTICIPANTS ON THE SAME BASIS AS ARE PROVIDED TO ALL EMPLOYEES UNDER THE FOUNDATION'S 403(B) PLAN IN THE SITUATIONS WHERE AMOUNTS ALLOCATED UNDER THE 403(B) PLAN ARE LIMITED BY FEDERAL TAX LAW (RESULTING IN A "PREVENTED ALLOCATION"). UNDER THE SERP, EACH YEAR AN AMOUNT EQUAL TO 105.5% OF THE SERP PARTICIPANT'S PREVENTED ALLOCATION IS CREDITED TO HIS OR HER SERP ACCOUNT. BECAUSE THIS AMOUNT IS IMMEDIATELY VESTED AND TAXABLE, A PARTIAL DISTRIBUTION IS MADE TO THE PARTICIPANT DETERMINED WITH REFERENCE TO CURRENT YEAR TAXES. FOLLOWING RETIREMENT, DEATH, OR OTHER TERMINATION OF EMPLOYMENT, THE UNDISTRIBUTED BALANCE OF THE SERP ACCOUNT (WITH EARNINGS CREDITED ANNUALLY AT A RATE DETERMINED WITH REFERENCE TO THE 403(B) PLAN IS DISTRIBUTED TO THE PARTICIPANT IN TWO ANNUAL INSTALLMENTS. NO FUNDS ARE SET ASIDE FOR PAYMENT OF SERP BENEFITS; THEY ARE COMPLETELY UNFUNDED AND EACH PARTICIPANT IS AN UNSECURED CREDITOR OF THE ORGANIZATION. IN 2023, MS. KURI ($13,547) RECEIVED BENEFITS UNDER THE SERP. THE FOUNDATION ALSO ALLOWS FOR PARTICIPANT CONTRIBUTIONS UNDER A 457(B) PLAN. UNDER THE 457(B) PLAN, ELIGIBLE PARTICIPANTS MAY ELECT TO DEFER FUNDS UP TO THE ANNUAL LIMIT IMPOSED BY THE FEDERAL TAX LAW.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

The 10 largest by cash amount. The API serves every itemized grant.

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
12 November 2024
IRS schema version
2023v5.1
Source object
202433209349325283

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