Civic Intelligence

Edward Drummond Libbey Endowment Fund 20-10-211-0326880

990 • Fiscal year 2023 • EIN 34-6400765

Jul 01, 2022 to Jun 30, 2023 • Filed on Feb 13, 2024

Organization ProfileN/A
4900 Tiedeman Road Oh-01-49-0381Brooklyn, OH 44144

(419) 259-6197

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

3rd percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Liabilities / Revenue

3rd percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Net Margin

20th percentile

-9.2%

Higher net margin than 20% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Top Officer Pay

9th percentile

$0

Higher top officer pay than 9% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Asset Growth

25th percentile

-0.7%

Faster asset growth than 25% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Revenue Growth

16th percentile

-20%

Faster revenue growth than 16% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets3rd percentile

Assets

Down

$33,754,279

Down $230,292 (-0.7%) from 2022

Net Assets

Down

$33,754,279

Down $230,292 (-0.7%) from 2022

Liabilities

Flat

$0

Flat from 2022

Revenue And Expenses
Liabilities / Revenue3rd percentileNet Margin20th percentile

Revenue

Down

$2,406,240

Down $611,489 (-20%) from 2022

Expenses

Up

$2,628,392

Up $133,550 (+5.4%) from 2022

Net Income

Down

-$222,152

Down $745,039 (-142%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth25th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$40M$30M$20M$10M$0Assets 2021: $33,449,701Liabilities 2021: $0Net Assets 2021: $33,449,7012021Assets 2022: $33,984,571Liabilities 2022: $0Net Assets 2022: $33,984,5712022Assets 2023: $33,754,279Liabilities 2023: $0Net Assets 2023: $33,754,2792023Assets 2024: $32,802,448Liabilities 2024: $0Net Assets 2024: $32,802,4482024

Highlighted filing

2023

Assets$33,754,279
Liabilities$0
Net Assets$33,754,279
Open 2023 Filing

Operations Trend

Revenue Growth16th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$4.0M$2.0M$0-$2.0MRevenue 2021: $3,205,966Expenses 2021: $2,462,398Net Income 2021: $743,5682021Revenue 2022: $3,017,729Expenses 2022: $2,494,842Net Income 2022: $522,8872022Revenue 2023: $2,406,240Expenses 2023: $2,628,392Net Income 2023: -$222,1522023Revenue 2024: $1,770,567Expenses 2024: $2,712,165Net Income 2024: -$941,5982024

Highlighted filing

2023

Revenue$2,406,240
Expenses$2,628,392
Net Income-$222,152
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Feb 13, 2024
Return Version
2022v5.0
Gross Receipts
$4,096,166
Mission and Program Overview

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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cap Stk Tr Prin Current Funds$33,984,571$33,754,279▼ $230,292
Investments in Publicly Traded Securities$32,989,296$32,802,553▼ $186,743
Investments Other Securities$995,275$951,726▼ $43,549
Total Assets$33,984,571$33,754,279▼ $230,292
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Total Net Assets Fund Balance$33,984,571$33,754,279▼ $230,292
Total Liabilities and Net Assets / Fund Balance$33,984,571$33,754,279▼ $230,292
Compensation and Service Providers
Top Officer Pay9th percentile

Board Members and Trustees

NameTitle
Dennis JohnsonChairman and CEO
Betsy BradyTrustee
Clinton O LongneckerTrustee
Deke WellesTrustee
Thomas YoungTrustee
William McdonnellTrustee
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$2,401,659
Other Revenue
$4,581
Change in Net Assets
$-222,152
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$2,521,733
Other Expenses$106,659
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$2,521,733--$2,521,733
Fees for Service Investment Mgmnt Fees-$61,863-$61,863
All Other Expenses-$43,320-$43,320
Fees for Services Legal-$1,476-$1,476
Total Functional Expenses$2,521,733$106,659$0$2,628,392
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
The Toledo Museum of ArtToledo, OH170(b)(1)(A)(vi)FOR PURPOSES OUTLINED IN ORGANIZATION'S MISSION STATEMENT.$2,521,733
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11-description of Process for Review

“The return is compiled by Keybank as agent, and sent to the Chairman for further review and signature, and is then filed. Keybank provides a copy of the 990 to each trustee prior the the July meeting, where it is reviewed and ratified.”

Form 990, Page 6, Part VI, Line 19

“Documents are available upon request by mail or phone and delivered within 2 weeks.”

Filing and Contact Details

Filer

Filer Name
Libbey E D Endowment Fund Endw
EIN
34-6400765
Phone
4192596197
Address
4900 TIEDEMAN ROAD OH-01-49-0381, BROOKLYN, OH 44144

Signing Officer

Name
Dennis Johnson
Title
Trustee
Phone
4192596197
Signed
2024-02-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dennis Johnson
Formed
1991
Legal Domicile
Oh
Voting Board Members
6
Independent Board Members
6
Employees
0

Preparer

Firm
Pwc US Tax Llp
Address
4300 E CAMELBACK ROAD STE 475, PHOENIX, AZ 85018
Preparer
Jeffrey E Kuhlin
Phone
4123556000
Supplemental Narrative

Additional Explanations

Section B. Policies

“The trust has no written document retention or destruction policy.keyb ank, as agent, has a corporate document retention and destruction poli cy.”

Section B. Policies

“Keybank, as agent, is compensated as such. One officer receives compensation, clinton longenecker. The trustees make all decisions with respect to the operation and administration of the trust.”

Explanation for Form 990, Part XI, Line 9

“Lp distribution timing adj (8100), cost basis adjustment”

Raw XML AppendixShowing 400 of 436 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0THE TOLEDO MUSEUM OF ART HAS A VOICE IN THE INVESTMENT POLICY AS A TRUSTEE OF THE SUPPORTING ORGANIZATION, DENNIS JOHNSON, IS ALSO ON THE BOARD OF DIRECTORS OF THE SUPPORTED ORGANIZATION. THE TRUSTEES OF THE SUPPORTING ORGANIZATION MEET TWICE A YEAR. THE INVESTMENT POLICY IS DISCUSSED AT THESE MEETINGS AND THEN REVIEWED WITH THE SUPPORTED ORGANIZATION THROUGH THE MUTUAL CHAIRMAN/BOARD MEMBER.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt1THE CHAIRMAN OF THE SUPPORTING ORGANIZATION, DENNIS JOHNSON, MEETS YEARLY WITH THE TOLEDO MUSEUM OF ART TO REVIEW DISTRIBUTIONS AND DISCUSS INVESTMENTS.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt2THE TRUSTEES MAINTAIN A CLOSE AND CONTINUOUS WORKING RELATIONSHIP WITH THE TOLEDO MUSEUM OF ART. THE SUPPORTED ORGANIZATION RECEIVES PERIOD IC STATEMENTS REFLECTING ALL ACTIVITY IN THE TRUST REGARDING INCOME, E XPENSES AND INVESTMENTS. THE TRUSTEES WELCOME THE INPUT OF THE SUPPOR TED ORGANIZATION AS TO INVESTMENTS.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART IV,SECTION D,LINE 3
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc1LINE 3 CONTINUED
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc2PART V,SECTION D,LINE 8
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IRS990ScheduleA/MinimumAssetAmountGrp/AdjustedFMVLessIndebtednessGrp/PriorYearAmt056119839
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IRS990ScheduleA/MinimumAssetAmountGrp/AverageMonthlyCashBalancesGrp/PriorYearAmt0442810
IRS990ScheduleA/MinimumAssetAmountGrp/AverageMonthlyFMVOfSecGrp/CurrentYearAmt048339518
IRS990ScheduleA/MinimumAssetAmountGrp/AverageMonthlyFMVOfSecGrp/PriorYearAmt055677029
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IRS990ScheduleA/MinimumAssetAmountGrp/CashDeemedCharitableGrp/PriorYearAmt0841798
IRS990ScheduleA/MinimumAssetAmountGrp/DiscountClaimedAmt00
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IRS990ScheduleA/MinimumAssetAmountGrp/PctOfNetVlNonExemptUseAstGrp/PriorYearAmt01934731
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IRS990ScheduleA/MinimumAssetAmountGrp/TotalMinimumAssetGrp/CurrentYearAmt01697854
IRS990ScheduleA/MinimumAssetAmountGrp/TotalMinimumAssetGrp/PriorYearAmt01934731
IRS990ScheduleA/OtherSupportSumAmt00
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IRS990ScheduleA/SupportedOrganizationsTotalCnt01
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IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0THE TOLEDO MUSEUM OF ART
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IRS990ScheduleA/SupportingOrgType3NonFuncInd0X
IRS990ScheduleA/SupportSumAmt02521733
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IRS990ScheduleI/RecipientTable/CashGrantAmt02521733
IRS990ScheduleI/RecipientTable/IRCSectionDesc0170(b)(1)(A)(vi)
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0FOR PURPOSES OUTLINED IN ORGANIZATION'S MISSION STATEMENT.
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0THE TOLEDO MUSEUM OF ART
IRS990ScheduleI/RecipientTable/RecipientEIN0344434678
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt02445 MUNROE ST
IRS990ScheduleI/RecipientTable/USAddress/CityNm0TOLEDO
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd0OH
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd043620
IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0GRANTS ARE MADE TO THE 501(c)(3) ORGANIZATION NAMED IN THE TRUST DOCUMENT. OUR ADMINISTRATIVE REPRESENTATIVES ARE IN PERIODIC CONTACTWITH REPRESENTATIVES OF THE CHARITY IN ORDER TO BE IN COMPLIANCE WITH THE TRUST PROVISIONS.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0EXPLANATION FOR FORM 990, SCHEDULE I, PART 1, LINE 2
IRS990ScheduleI/Total501c3OrgCnt01
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE TRUST HAS NO WRITTEN DOCUMENT RETENTION OR DESTRUCTION POLICY.KEYB ANK, AS AGENT, HAS A CORPORATE DOCUMENT RETENTION AND DESTRUCTION POLI CY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1KEYBANK, AS AGENT, IS COMPENSATED AS SUCH. ONE OFFICER RECEIVES COMPENSATION, CLINTON LONGENECKER. THE TRUSTEES MAKE ALL DECISIONS WITH RESPECT TO THE OPERATION AND ADMINISTRATION OF THE TRUST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The return is compiled by Keybank as agent, and sent to the Chairman for further review and signature, and is then filed. Keybank provides a copy of the 990 to each trustee prior the the July meeting, where it is reviewed and ratified.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Documents are available upon request by mail or phone and delivered within 2 weeks.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4LP DISTRIBUTION TIMING ADJ (8100), COST BASIS ADJUSTMENT
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0SECTION B. POLICIES
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1SECTION B. POLICIES
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 11-DESCRIPTION OF PROCESS FOR REVIEW
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4EXPLANATION FOR FORM 990, PART XI, LINE 9
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IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd0true
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd0N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0TOLEDO MUSEUM OF ART
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0344434678
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501c3
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0OH
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0ART
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IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalAssetsGrp/EOYAmt033754279
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IRS990/TotalLiabilitiesEOYAmt00
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IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt02521733
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt02406240
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt02406240
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt033984571
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt033754279
IRS990/TotReportableCompRltdOrgAmt00
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IRS990/TypeOfOrganizationTrustInd0X
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IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt017 COREY CREEK RD
IRS990/USAddress/CityNm0TOLEDO

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$33,754,279
Liabilities
$0
Net assets
$33,754,279
Revenue
$2,406,240
Expenses
$2,628,392
Net income
-$222,152
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$32.8$0.00$32.8$1.77$2.71$0.94
2023Detailed filing. Detailed filing data is available for this year.$33.8$0.00$33.8$2.41$2.63$0.22
2022Detailed filing. Detailed filing data is available for this year.$34.0$0.00$34.0$3.02$2.49$0.52
2021Detailed filing. Detailed filing data is available for this year.$33.4$0.00$33.4$3.21$2.46$0.74