2024-11-14T17:08:41-06:00 2023-12-31 420714325 RSM US LLP 6 S Patterson Blvd Dayton OH 45402 990 2023-01-01 341916518 Economic Growth Foundation ECON 2165922210 1240 Huron Road E 300 Cleveland OH 44115 Yvette M Ittu Exec VP - Finance & Operations 2166213300 2024-11-13 1 1 Karen O Crim P00368385 9372980201 2024-11-13 2023 2024-10-15 13:58:12Z Baiju Shah 1240 Huron Road E 300 Cleveland OH 44115 4825347 0 X N/A X 1997 OH To promote and advance the civic, economic, and cultural growth of Greater Cleveland. 25 25 0 28 0 0 2256711 3548234 640651 1236214 15600 40899 0 0 2912962 4825347 0 0 0 0 1501898 2617260 0 0 0 2375325 2065372 3877223 4682632 -964261 142715 13654480 12747580 1967162 916096 11687318 11831484 X To promote and advance the civic, economic, and cultural growth of Greater Cleveland as a place to live, work, and conduct business. 0 0 2044736 0 1203714 Equity and Inclusion:Our focus is on promoting diversity across all levels of enterprises, from team members to executives and ownership. We collaborate with partners to support the growth of minority-owned businesses by providing access to customer opportunities and specialized advisory services. We also work to increase diversity in medium and high-wage roles by removing barriers, sharing best practices for creating inclusive environments, and developing mentorship networks. Additionally, we promote digital equity through initiatives such as device donations, affordable broadband access, and digital literacy support for all residents. The following outlines our key priorities: Grow minority business enterprises through advisory services and access to customers: Grow minority business enterprises boosts job creation within communities, creating employment opportunities and supporting local economies. This is crucial for the development of our region. In 2023, we received significant positive news regarding minority businesses: Cleveland allocated $10 million to enhance minority participation in the construction sector, and the U.S. Secretary of Commerce praised Greater Cleveland Partnership's minority business development center, which serves over 150 companies.Expand diversity in senior and mid-level leadership positions: Diverse leadership teams bring a variety of perspectives, experiences, and problem-solving approaches, leading to more informed and balanced decision-making. Our region was committed to diversity and inclusion to attract top talent from various backgrounds and retain high-quality employees. Forbes America recognized 10 companies in the area as the Best Employers for Diversity. Also, Greater Cleveland companies' board of directors' diversity exceeds national trends.Ensure digital equity through device donations, affordable broadband access and support: Digital equity ensures that all individuals, regardless of their socioeconomic status, have access to the same opportunities for education, employment, and personal development. Without it, those without adequate access to technology are at a disadvantage. In 2023, City, county, state, and foundation partners invested $80 million to expand broadband access. Ensuring digital equity is essential for creating a more equitable and inclusive society, where everyone has the tools and opportunities to succeed in the digital age. 1948645 0 25000 Talent:Dynamic businesses require a steady supply of talent to thrive. Our focus is on work-based learning for both current and future job markets. We collaborate with partners to boost enrollments and completions in degree and certificate programs for growth sectors, and to enhance internships, apprenticeships, and co-op opportunities through industry-led partnerships with educational institutions and training providers. Additionally, we aim to increase career awareness among high school students through exposure and placement programs that create clear pathways to employment.Increase degree and certificate completions and retain graduates: Our region has seen a net increase in college-educated individuals over the past six years. A more educated workforce often leads to increased innovation and productivity, driving economic development and attracting higher-value industries. Expand internships, apprenticeships, co-ops and tech credentials: Summer in the Land is a community initiative and series of events aimed at showcasing and celebrating the vibrancy of Greater Cleveland during the summer months. It typically includes a variety of activities designed to engage residents and visitors, promote local businesses, and highlight the region's cultural, recreational, and social offerings. Summer in the Land attracts over 1,000 interns from 300+ companies.Broaden career awareness among high school students through exposure programs: Early career exposure helps students, and their families plan for post-secondary education and career paths, making the transition from high school to higher education or the workforce smoother and more strategic. Also, by learning about different professions and industries early, students can start developing relevant skills and interests, aligning their education with their career aspirations. As a result, in 2023, Ohio's budget features the largest increases ever recorded for college aid and technical career training. 418055 0 7500 Innovation:A thriving region relies on vibrant businesses. We drive growth and innovation across companies of all sizes by collaborating with partners to offer growth incentives, real estate opportunities, and talent solutions. We support small and mid-sized businesses by providing access to funding, cost-saving benefits, and opportunities for networking and idea exchange. Additionally, we boost innovation for start-ups, corporations, and research institutions, including federal facilities, through targeted sector strategies, partnerships, and increased funding.Innovation Initiatives: Through the Cleveland Innovation Project, the region has enhanced sector initiatives in smart and sustainable manufacturing, life sciences, and water tech and enabling initiatives to grow venture capital and innovation corridors. 88205 0 0 The Great Lakes Metro Chamber Coalition is a collective of chambers of commerce across the Great Lakes region that jointly advocate on core policy issues, including water quality, immigration reform, trade, and transportation and infrastructure. EGF is a founding member of this coalition. The organization continues to staff and lead the coalition's work. 66189 0 0 Attractive communities are essential for drawing in and keeping vibrant businesses and talented individuals. Our priority is creating a next-generation appeal for working, living, and playing in Greater Cleveland. We collaborate with partners to enhance our downtown and waterfront areas through interconnected and inclusive developments in residential, commercial, and public spaces. We also invest in neighborhoods, focusing on both residential growth and commercial corridor development, ensuring they are supported by accessible and efficient transit. Additionally, we advocate for resources to expand amenities such as parks, arts and culture, sports, and other recreational activities. Recognizing the economic and social benefits of strong air services, we work closely with the city of Cleveland and other organizations to enhance air travel options for both business and leisure.Enhance downtown and waterfronts: In 2023, we continued to partner with the Mayor of the City of Cleveland and his administration to lead a planning process to redevelop the Downtown Cleveland Lakefront. City reveals North Coast Master Plan for lakefront and enters into an agreement for riverfront development.Expand recreational amenities including parks, arts and culture, and sports: GCP serves as a catalyst and advocate for maintaining and enhancing the region's vibrant array of arts and culture, parks and trails, sports and entertainment, and air services. These offerings contribute to a high quality of life and play a key role in attracting businesses and talent to the area. 154394 0 0 4565830 1 1 0 0 0 0 0 0 1 0 1 0 1 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 33 0 1 0 0 0 0 0 0 1 1 0 0 0 0 0 0 X 25 25 0 0 0 0 1 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 OH X John Luteran 2166213300 1240 Huron Road E No 300 Cleveland OH 44115 Dolan Paul Chair 2.00 4.00 X X 0 0 0 Richardson Sean Treasurer 2.00 4.00 X X 0 0 0 Arnold Craig Director 1.00 2.00 X 0 0 0 Barlage Nic Director 1.00 2.00 X 0 0 0 Cavoli James Director 1.00 2.00 X 0 0 0 Chaikin Scott Director until 12/23 1.00 2.00 X 0 0 0 Connell Michele Director 1.00 2.00 X 0 0 0 Cosgrove Bill Director 1.00 2.00 X 0 0 0 DeWagheneire Severine Director 1.00 2.00 X 0 0 0 Evans Taylor Director 1.00 2.00 X 0 0 0 Glass Steven Director 1.00 2.00 X 0 0 0 Gorman Christopher Director 1.00 2.00 X 0 0 0 Harmon Brad Director 1.00 2.00 X 0 0 0 Haslam Dee Director 1.00 2.00 X 0 0 0 Johnson Kevin Director 1.00 2.00 X 0 0 0 Kaler Eric Director 1.00 2.00 X 0 0 0 Komoroski Len Director until 9/23 1.00 2.00 X 0 0 0 Liebert Rebecca Director 1.00 2.00 X 0 0 0 Morikis John Director until 12/23 1.00 2.00 X 0 0 0 Opsitnick Timothy Director 1.00 2.00 X 0 0 0 Parmentier Jennifer Director 1.00 2.00 X 0 0 0 Pastore Patrick Director 1.00 2.00 X 0 0 0 Perez Cheryl Director 1.00 2.00 X 0 0 0 Read Deborah Director 1.00 2.00 X 0 0 0 Restivo Neal Director 1.00 2.00 X 0 0 0 Stanek Michael Director 1.00 2.00 X 0 0 0 Taylor Jr Eddie Director 1.00 2.00 X 0 0 0 Whiting Vanessa Director 1.00 2.00 X 0 0 0 Shah Baiju President & CEO 4.00 36.00 X 59613 602753 50943 Ittu Yvette EVP Finance & Operations 1.00 39.00 X 6521 391131 58853 Luteran John MVP, Fin, Operations & Air Services 1.00 39.00 X 8276 283140 40922 Blakemore Patrice SVP, Equity & Inclusion 40.00 0.00 X 205695 0 44937 Coates Steven Controller Finance & Operations 2.00 38.00 X 9325 189088 27402 Tahan Colleen Dir, Accounting, Fin. & Operations 3.00 37.00 X 10108 120317 43283 Nance Christopher VP, Construction/Inclusive 40.00 0.00 X 128947 0 32725 Cox Katie Director, Fin. Planning & Analysis 8.00 32.00 X 24200 103165 31810 Platt Craig Managing Director, IT Sector PT 40.00 0.00 X 144553 0 17465 597238 1689594 348340 12 0 1 0 Mid-America Applied Technologies Corpora 542 North Street Chagrin Falls OH 44022 Consulting Services 175000 1 1879581 1668653 3548234 Intercompany 900099 1019595 1019595 Registration Revenue 900099 164206 164206 52413 52413 1236214 40899 40899 4825347 1236214 0 40899 X 347203 325958 21245 1558437 1495535 62902 61977 59231 2746 516367 508345 8022 133276 129034 4242 374 374 3980 3980 1282557 1282557 22809 22761 48 38215 33517 4698 6908 6908 109611 104464 5147 31095 31095 170384 170127 257 22326 21914 412 Sponsorships 258547 258547 Memberships 939 927 12 117627 114910 2717 4682632 4565830 116802 0 1382926 464564 1000000 932041 553799 560708 44960 187334 50000 0 37919 21772 15500 5597 15069 9903 10518172 10519623 51635 51635 13654480 12747580 74601 149607 330936 323816 1561625 442673 1967162 916096 X 10480920 10491934 1206398 1339550 11687318 11831484 13654480 12747580 142715 1451 0 X X 0 1 X 1 0 X 1230182 2149384 1893165 2256711 3548234 11077676 1230182 2149384 1893165 2256711 3548234 11077676 98052 10979624 36887 13755 1898 15600 40899 109039 11186715 4717398 0.98150 0.90480 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 15500 5597 9903 9903 Investment in Cleveland Development Ptshp II 10519623 C 10519623 Intercompany Payable 442673 442673 X Part IV, Line 2b: The Economic Growth Foundation (EGF) acts in the role of fiscal agent for early stage, community based concepts without a formal corporate structure, whose purpose is consistent with the scope of the EGF. Each early stage concept is provided with a set of formal operating procedures. The EGF does not receive compensation for its duties in connection with any fiscal agent agreements. During 2023, EGF received $250,740 from organizations for which EGF acts as fiscal agent. Part X, Line 2: The Economic Growth Foundation ("EGF") adopted the accounting standard on accounting for uncertainty in income taxes, which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the consolidated financial statements. Under this guidance, EGF may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on technical merits of the position. At December 31, 2023 and 2022, management has evaluated the Organization's tax positions and has concluded that the Organization has taken no uncertain tax positions that require adjustment to the consolidated financial statements to comply with provisions of this guidance. EGF is not subject to tax examinations by tax authorities for the years ending December 31, 2020 and prior. X X X X X 0 1 0 0 0 0 0 1 0 Shah Baiju President & CEO 48762 493036 10412 105278 439 4439 1485 15015 3100 31343 64198 649111 0 0 Ittu Yvette EVP Finance & Operations 5242 314454 681 40819 598 35858 537 32246 428 25642 7486 449019 519 31152 Luteran John MVP, Fin, Operations & Air Services 7448 254805 696 23804 132 4531 422 14431 740 25329 9438 322900 0 0 Blakemore Patrice SVP, Equity & Inclusion 194639 0 8900 0 2156 0 10504 0 34433 0 250632 0 0 0 Coates Steven Controller Finance & Operations 8258 167457 931 18869 136 2762 480 9723 808 16391 10613 215202 0 0 Tahan Colleen Dir, Accounting, Fin. & Operations 9044 107655 1023 12177 41 485 549 6537 2805 33392 13462 160246 0 0 Platt Craig Managing Director, IT Sector PT 139415 0 0 0 5138 0 7480 0 9985 0 162018 0 0 0 Nance Christopher VP, Construction/Inclusive 114271 0 12000 0 2676 0 6821 0 25904 0 161672 0 0 0 Cox Katie Director, Fin. Planning & Analysis 21595 92061 2508 10692 97 412 1293 5512 4751 20254 30244 128931 0 0 Part I, Line 4b The Executive Vice President of Finance and Operations, Yvette Ittu, participates in a supplemental non-qualified 457(f) plan. In 2023, Greater Cleveland Partnership, the parent organization, contributed $26,386 to her 457(f) plan. Part I, Line 7 Incentive compensation of EGF's officers, key employees, and highest compensated employees is discretionary and has been subjected to review by a compensation committee created by its parent, the Greater Cleveland Partnership. Form 990, Part IV, Line 12 Audited Financial Statements: The financial statements and related statements of activities, functional expenses, and cash flows of the Economic Growth Foundation (EGF) were audited on a consolidated basis. Refer to Form 990 Schedule R for details of the related organizations. Form 990, Part VI, Section A, line 6 The sole member of Economic Growth Foundation is Greater Cleveland Partnership, an Ohio nonprofit corporation. Form 990, Part VI, Section B, line 11b Finance staff in conjunction with tax preparers compiles the information needed to complete the Form 990. Upon completion, Finance management conducts a detailed review of the return and makes final adjustments if necessary. The returns are provided to the Audit/Finance and Executive Committees for review and comment. The final version of the Form 990 is given electronically and/or by hard copy to each board member for review prior to submission. Form 990, Part VI, Section B, line 12c The board of Directors and staff of the GCP are expected to maintain the highest ethical standards in conducting the business of the GCP. The board and staff conflict of interest policies are intended to provide clear guidance to ensure that the GCP's business is conducted with integrity, and in compliance with all applicable laws, and in a manner that excludes considerations of personal advantage or gain. All board and staff members shall annually receive a reminder of their agreement to comply with the policy and sign a declaration indicating their acceptance. Any violation of the board policy will subject a board member to appropriate action, up to and including, removal from the board. When questions arise concerning any aspect of this policy, board members are encouraged to contact the board chair. Violations of this policy should be reported to the board chair or the confidential and independent 24-hour helpline provider, NAVEX Global, Inc. The disinterested members of the GCP Executive Committee shall make a determination as to whether a conflict exists and what subsequent action, if any, is appropriate. The GCP Executive Committee shall inform the Board of such determination and action. The Board shall retain the right to modify or reverse such determination and action, and shall retain the ultimate enforcement authority with respect to the interpretation and application of this policy. The CEO, or his/her designee shall make a determination regarding staff members as to whether a conflict exists and what subsequent action, if any, is appropriate. Any violation of the staff policy will subject the employee to discipline, up to and including, immediate discharge. When questions arise concerning any aspect of this policy, or to report violations, employees should contact the human resources department or the confidential and independent 24-hour helpline provider, NAVEX Global, Inc. Form 990, Part VI, Section B, line 15 Salaries of EGF staff have been subjected to review by a compensation committee created by its parent, the Greater Cleveland Partnership. The committee's responsibilities include approving compensation for employees of the organization including the President/CEO. An annual performance evaluation process is conducted for all employees. Compensation for all employees is evaluated against the market. The compensation committee utilizes the resources of an independent consulting firm in the evaluation process to provide local and national compensation comparable data. The results of the latest survey (GCP executive compensation study - February 2020) provided that direct pay and indirect pay programs reflect market medians. All compensation and benefits information reported on this return is paid by the Greater Cleveland Partnership (GCP) to employees of that organization who split their time among GCP and several related organizations. Allocations have been made between the filing organization and two related organizations to, more accurately, report compensation and benefit expenses applicable to each organization. Form 990, Part VI, Section C, line 19 A copy of the governing documents, conflict of interest policy and financial statements are available upon request for the same period of disclosure as set forth in IRC Section 6104(D). Form 990, Part IX, line 11g Consulting: Program service expenses 933,135. Management and general expenses 0. Fundraising expenses 0. Total expenses 933,135. Marketing: Program service expenses 349,422. Management and general expenses 0. Fundraising expenses 0. Total expenses 349,422. Form 990, Part XII, Financial Statement and Reporting: The organization has a committee that is responsible for oversight of the audit and selection of independent accountants. The process has not changed from the prior year. Greater Cleveland Partnership 1240 Huron Road E Suite 300 Cleveland OH 44115 340149250 Mobilizes Private Sector leadership, expertise, and resources to create jobs OH 501(c)(6) N/A N/A 0 Cleveland Development Foundation 1240 Huron Road E Suite 300 Cleveland OH 44115 346528498 Developing and improving Cleveland's Civic Visions. OH 501(C)(3) Line 7 Greater Cleveland Partnership 1 Opportunity Cle Loan Fund LLC 1240 Huron Road Ste 300 Cleveland OH 44115 384126152 Investments OH N/A 0 0 Advance Cleveland Development Fund 1240 Huron Road Ste 300 Cleveland OH 44115 461061063 Private sector financing for real estate projects OH N/A 0 0 Jumpstart Next Fund LLC 6701 Carnegie Ave Suite 100 Cleveland OH 44103 273815350 Investments in entry stage businesses OH N/A 0 0 Group Services Inc 1240 Huron Road E Suite 300 Cleveland OH 44115 341402329 Small business access to affordable/quality group insurance OH N/A C 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1