Civic Intelligence

Cma-Severance John L Tw

EIN 34-6506884 • 501(c)3 • Brooklyn, OH

Profile

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).

4900 Tiedeman Rd Mc Oh-01-49-0150Brooklyn, OH 44144

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

3rd percentile

0.00x

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

501(c)3 • $50M-$100M nonprofits • Source year 2024

Liabilities / Revenue

4th percentile

0.00x

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

501(c)3 • $50M-$100M nonprofits • Source year 2024

Net Margin

94th percentile

68%

Higher net margin than 94% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Source year 2024

Top Officer Pay

54th percentile

$386,273

Higher top officer pay than 54% of similar nonprofits.

Top officer pay equals 3.0% of source-year revenue.

501(c)3 • $50M-$100M nonprofits • Source year 2024

Asset Growth

79th percentile

16%

Faster asset growth than 79% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Annualized from 2023 to 2024

Revenue Growth

99th percentile

546%

Faster revenue growth than 99% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Annualized from 2023 to 2024

Assets

Up

$64,091,830

Up $8,700,206 (+16%) from 2023

Liabilities

Flat

$0

Flat from 2023

Net Assets

Up

$64,091,830

Up $8,700,206 (+16%) from 2023

Revenue

Up

$13,036,691

Up $11,019,600 (+546%) from 2023

Expenses

Down

$4,167,851

Down $45,086 (-1.1%) from 2023

Net Income

Up

$8,868,840

Up $11,064,686 (+504%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$80M$60M$40M$20M$0Assets 2019: $59,662,372Liabilities 2019: $0Net Assets 2019: $59,662,3722019Assets 2020: $58,165,574Liabilities 2020: $0Net Assets 2020: $58,165,5742020Assets 2021: $58,831,389Liabilities 2021: $0Net Assets 2021: $58,831,3892021Assets 2022: $57,587,472Liabilities 2022: $0Net Assets 2022: $57,587,4722022Assets 2023: $55,391,624Liabilities 2023: $0Net Assets 2023: $55,391,6242023Assets 2024: $64,091,830Liabilities 2024: $0Net Assets 2024: $64,091,8302024

Highlighted filing

2024

Assets$64,091,830
Liabilities$0
Net Assets$64,091,830

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$15M$10M$5.0M$0-$5.0MRevenue 2019: $4,318,339Expenses 2019: $3,832,836Net Income 2019: $485,5032019Revenue 2020: $2,331,201Expenses 2020: $3,827,999Net Income 2020: -$1,496,7982020Revenue 2021: $4,464,253Expenses 2021: $3,798,438Net Income 2021: $665,8152021Revenue 2022: $3,316,435Expenses 2022: $4,560,349Net Income 2022: -$1,243,9142022Revenue 2023: $2,017,091Expenses 2023: $4,212,937Net Income 2023: -$2,195,8462023Revenue 2024: $13,036,691Expenses 2024: $4,167,851Net Income 2024: $8,868,8402024

Highlighted filing

2024

Revenue$13,036,691
Expenses$4,167,851
Net Income$8,868,840

Filings

Latest Detailed Filing

The latest 2024 filing currently has linked XML that has not been fully parsed yet. Showing the latest detailed filing from 2022 below.

Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
May 1, 2023
Return Version
2022v5.0
Gross Receipts
$6,298,838
Mission and Program Overview

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).

Balance Sheet Detail
LineBeginningEndChange
Assets
Cap Stk Tr Prin Current Funds$58,831,389$57,587,472▼ $1,243,917
Investments Other Securities$58,253,339$56,732,402▼ $1,520,937
Savings and Temporary Cash Investments$578,050$855,070▲ $277,020
Total Assets$58,831,389$57,587,472▼ $1,243,917
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Total Net Assets Fund Balance$58,831,389$57,587,472▼ $1,243,917
Total Liabilities and Net Assets / Fund Balance$58,831,389$57,587,472▼ $1,243,917

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$56,732,402--
Compensation and Service Providers

Employees

NameTitleBaseTotal
-Trustee$370,757$370,757

Board Members and Trustees

NameTitle
Russ KlimczukCMA Asst Treasurer of Finance
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$3,316,435
Other Revenue
$0
Change in Net Assets
$-1,243,914
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$4,180,457
Salaries, Compensation, and Employee Benefits$370,757
Other Expenses$9,135
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$4,180,457--$4,180,457
Current Officers, Directors, Trustees, and Key Employees-$370,757-$370,757
All Other Expenses-$8,085-$8,085
Fees for Services Accounting-$1,050-$1,050
Total Functional Expenses$4,180,457$379,892$0$4,560,349
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
The Cleveland Museum of ArtCleveland, OH107(b)(1)(A)(vi)Used for the Purchase of Works of Art.$4,180,457
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
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
Yes
Management duties delegated
No

Governance Explanations

Part VI, Line 12A

Non conflict of interest policy exists for the trust. Keybank n a has a corporate conflict of interest policy.

Part VI, Line 14

The trust has no written document retention or destruction policy. Keybank n a has a corporate document retention and destruction policy.

Part VI, Line 15 A and B

Keybank is sole trustee, is compensated as such, and makes all decisions with respect to the operation and administration of the trust.

EXPLANATION FOR FORM 990, PAGE 6, PART VI, LINE 1A

KEYBANK IS SOLE TRUSTEE.

EXPLANATION FOR FORM 990, PAGE 6, PART VI, LINE 7B

CMA has the right to approve the investment policy statements with respect to the trust.

EXPLANATION FOR FORM 990, PAGE 6, PART VI, LINE 8A

Keybank's administration documents all meetings and written actions taken during the year.

EXPLANATION FOR FORM 990, PAGE 6, PART VI, LINE 8B

Keybank's administration documents all meetings and written actions taken during the year.

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

All returns are prepared and thoroughly reviewed by our tax vendor and/or internal professional tax department.

Form 990, Page 6, Part VI, Line 19

Documents are avaialbe upon request by phone and deliveredwithin 2 weeks of the request.

Filing and Contact Details

Filer

Filer Name
John L Severance
EIN
34-6506884
Phone
2168134556
Address
4900 TIEDEMAN ROAD OH-01-49-0381, BROOKLYN, OH 44144

Signing Officer

Name
Keybank Byp S Chmura
Title
Vice President
Phone
2168134556
Signed
2023-05-01
Discuss with paid preparer
Yes

Organization Details

Formed
1945
Legal Domicile
Oh
Voting Board Members
1
Independent Board Members
0
Employees
0

Preparer

Firm
Pricewaterhousecoopers Llp
Address
1850 N CENTRAL AVE STE 700, PHOENIX, AZ 85004
Preparer
Jeffrey E Kuhlin
Phone
4123556000
Supplemental Narrative

Additional Explanations

Explanation for Form 990, Part XI, Line 9

ROUNDING

Raw XML AppendixShowing 400 of 415 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 Cleveland Museum of Art and KeyBank maintain a close and continuous relationship with respect to the administration and investments of the trusts.The parties shall continue to meet at least twice a year, in order to review the administration and investments of the trusts.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt1The Cleveland Museum of Art shall have the right at any time to offer its insight or suggestions to KeyBank with respect to the administration or investments of the trust. The Cleveland Museum of Art shall have the authority to approve all investment policy statements with respect to the trusts, as well as any future changes to those investment policy statements.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt2KeyBank will continue to provide to the Cleveland Museum of Art periodic statements at least quarterly, reflecting the book value and market value of all trust investments, and all receipts and disbursements from the trusts. KeyBank will continue to provide to the Cleveland Museum of Art detailed reports reflecting the investment performance of the trusts as compared to relevant
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt3benchmarks. The Cleveland Museum of Art agrees to annually provide to KeyBank copies of its current investment policy. As the sole beneficiary of the trust, the Cleveland Museum of Art has always had complete control over the disposition of income that has been distributed from the trust to the Cleveland Museum of Art.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt4The parties acknowledge that William Hartmann serves on the Board of CMA, and is also a senior executive at KeyBank. This further demonstrates the close relationship between the parties.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART IV, Section D, Line 2
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc1PART IV, Section D, Line 3
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc2PART V, Section D, Line 8
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc3PART V, Section D, Line 8Continued
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc4PART V, Section D, Line 8 Continued
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IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt04180457
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0CLEVELAND MUSEUM OF ART
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IRS990ScheduleD/OtherSecuritiesGrp/Desc0CLEVELAND MUSEUM OF ART CTF
IRS990ScheduleD/OtherSecuritiesGrp/Desc1KT SHORT TERM DEPOSIT FUND
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IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd1C
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IRS990ScheduleI/RecipientTable/CashGrantAmt04180457
IRS990ScheduleI/RecipientTable/IRCSectionDesc0107(b)(1)(A)(vi)
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0USED FOR THE PURCHASE OF WORKS OF ART.
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0THE CLEVELAND MUSEUM OF ART
IRS990ScheduleI/RecipientTable/RecipientEIN0340714336
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt011150 EAST BLVD
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IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0GRANTS ARE MADE TO 501(C)(3) ORGANIZATIONS THAT ARE NAMED IN THE TRUST DOCUMENT. OUR ADMINISTRATIVE REPRESENTATIVES ARE IN PERIODIC CONTACT WITH REPRESENTATIVES OF THE CHARITIES IN ORDER TO BE IN COMPLIANCE WITH THE TRUST PROVISIONS.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0EXPLANATION FOR FORM 990, SCHEDULE I, PART 1, LINE 2
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0NON CONFLICT OF INTEREST POLICY EXISTS FOR THE TRUST. KEYBANK N A HAS A CORPORATE CONFLICT OF INTEREST POLICY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE TRUST HAS NO WRITTEN DOCUMENT RETENTION OR DESTRUCTION POLICY. KEYBANK N A HAS A CORPORATE DOCUMENT RETENTION AND DESTRUCTION POLICY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2KEYBANK IS SOLE TRUSTEE, IS COMPENSATED AS SUCH, AND MAKES ALL DECISIONS WITH RESPECT TO THE OPERATION AND ADMINISTRATION OF THE TRUST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3KEYBANK IS SOLE TRUSTEE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4CMA has the right to approve the investment policy statements with respect to the trust.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5Keybank's administration documents all meetings and written actions taken during the year.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6Keybank's administration documents all meetings and written actions taken during the year.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7ALL RETURNS ARE PREPARED AND THOROUGHLY REVIEWED BY OUR TAX VENDOR AND/OR INTERNAL PROFESSIONAL TAX DEPARTMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8DOCUMENTS ARE AVAIALBE UPON REQUEST BY PHONE AND DELIVEREDWITHIN 2 WEEKS OF THE REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt9ROUNDING
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0PART VI, LINE 12A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1PART VI, LINE 14
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2PART VI, LINE 15 A AND B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3EXPLANATION FOR FORM 990, PAGE 6, PART VI, LINE 1a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4EXPLANATION FOR FORM 990, PAGE 6, PART VI, LINE 7b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5EXPLANATION FOR FORM 990, PAGE 6, PART VI, LINE 8a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6EXPLANATION FOR FORM 990, PAGE 6, PART VI, LINE 8b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PAGE 6, PART VI, LINE 11-DESCRIPTION OF PROCESS FOR REVIEW
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc9EXPLANATION FOR FORM 990, PART XI, LINE 9
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0CLEVELAND MUSEUM OF ART
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ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0KEYBANK BYP S CHMURA
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0VICE PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum02168134556
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-05-01
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0JOHN L SEVERANCE
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ReturnHeader/Filer/PhoneNum02168134556
ReturnHeader/Filer/USAddress/AddressLine1Txt04900 TIEDEMAN ROAD OH-01-49-0381
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