John L Severance
- Assets
- $58.8m
- Revenue
- $4.5m
- Investments
- $58.3m
- Employees
- 0
- Location
- Brooklyn, OH
- Founding
- 05/1971
- Data as of
- 12/2021
- EIN
- 34-6506884
Organization Overview
John L Severance 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. John L Severance 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, John L Severance generated $4.5m in total revenue. This represents relatively stable growth, over the past 3 years the organization has increased revenue by an average of 1.1% each year. All expenses for the organization totaled $3.8m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
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).
Describe the Organization's Program Activity:
GRANTS MADE TO THE CLEVELAND MUSEUM OF ART TO BE USED IN THE PURCHASE OF WORKS OF ART.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Russ Klimczuk Cma Asst Treasurer Of Finance | Trustee | $0 | |
Name Not Listed Trustee | 3 | $370,757 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Investment income | $994,980 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $3,469,273 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,464,253 |
| 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. | $381,867 |
| 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 | $1,000 |
| 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 | $3,798,438 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $578,050 |
| 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 | $58,253,339 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $58,831,389 |
| 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 | $58,831,389 |
| Total liabilities and net assets/fund balances | $58,831,389 |