J H Wade Tr For Cleveland Museum Of Art
- Assets
- $28.7m
- Revenue
- $2.1m
- Investments
- $28.5m
- Employees
- 0
- Location
- Brooklyn, OH
- Founding
- 08/1971
- Data as of
- 12/2021
- EIN
- 34-6506247
Organization Overview
J H Wade Tr For Cleveland Museum Of Art is located in Brooklyn, OH. The organization was established in 1971. According to its NTEE Classification (A11) the organization is classified as: Single Organization Support, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. J H Wade Tr For Cleveland Museum Of Art is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, J H Wade Tr For Cleveland Museum Of Art generated $2.1m in total revenue. This represents relatively stable growth, over the past 3 years the organization has increased revenue by an average of 0.8% each year. All expenses for the organization totaled $1.7m during the year ending 12/2021. While expenses have increased by 0.1% per year over the past 3 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
GRANTS ARE MADE ACCORDING TO THE TRUST AGREEMENT DATED JULY 8, 1920 TO THE CLEVELAND MUSEUM OF ART. THE TRUSTEES ARE DIRECTED TO PAY NET INCOME FROM THE TRUST TO THE CLEVELAND MUSEUM OF ART TO BE USED TO PURCHASE WORKS OF ART TO BE EXHIBITED IN ITS MUSEUM BUILDING. 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 THE BENEFICIARY ORGANIZATION IN THE ATTAINMENT OF ITS MISSION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GRANTS MADE TO THE CLEVELAND MUSEUM OF ART TO BE USED IN THE PURCHASE OF WORKS OF ART TO BE EXHIBITED IN ITS MUSEUM BUILDING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Russ Klimczuk Cma Asst Treasurer Of Finance | Trustee | 2 | $0 |
Name Not Listed Trustee | 2 | $30,867 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Investment income | $484,178 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,634,520 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,118,698 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $50,509 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,300 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,708,934 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $281,829 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $28,467,060 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $28,748,889 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $28,748,889 |
| Total liabilities and net assets/fund balances | $28,748,889 |