R C Musson & Katharine M Musson Charitable Foundation
- Assets
- $2.8m
- Revenue
- $108.8k
- Investments
- $2.7m
- Employees
- 0
- Location
- Akron, OH
- Founding
- 06/1987
- Data as of
- 12/2022
- EIN
- 34-1549070
Organization Overview
R C Musson & Katharine M Musson Charitable Foundation is located in Akron, OH. The organization was established in 1987. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. R C Musson & Katharine M Musson Charitable Foundation 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 12/2022, R C Musson & Katharine M Musson Charitable Foundation generated $108.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (3.8%) each year. All expenses for the organization totaled $216.5k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (3.6%) per year over the past 4 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, R C Musson & Katharine M Musson Charitable Foundation has awarded 152 individual grants totaling $481,245. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
NO DIRECT ACTIVITES. THE FOUNDATION MAKES GIFTS TO QUALIFIED 501(C)(3) CHARITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Irvin J Musson III President | 5 | $6,750 | |
Robert S Segers Treasurer | 8 | $8,850 | |
Joseph Musson Vice President | 5 | $6,750 | |
William J Segers Secretary | 5 | $6,750 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $101,718 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $7,131 |
| Capital Gain Net Income | $7,131 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $108,849 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $29,100 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $3,768 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $612 |
| Total operating and administrative expenses | $67,548 |
| Contributions, gifts, grants paid | $149,000 |
| Total expenses and disbursements | $216,548 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $102,283 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $2,762,616 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, R C Musson & Katharine M Musson Charitable Foundation has awarded $149,000 in support to 46 organizations.
| Grant Recipient | Amount |
|---|---|
913 THE SUMMIT PURPOSE: PROGRAMMING | $2,500 |
ACCESS INC PURPOSE: CHARITABLE | $2,500 |
AKRON ART MUSEUM PURPOSE: FAMILY DAYS PROGRAM | $2,000 |
AKRON DEVELOPMENT CORPORATION PURPOSE: OPERATING EXPENSES | $1,000 |
AKRON INNER CITY SOCCER CLUB PURPOSE: YOUTH DEVELOPMENT PROGRAMS | $1,500 |
AKRON PUBLIC SCHOOLS PURPOSE: SPECIAL EDUCATION PROGRAMS | $2,500 |