2023-11-14T15:52:18-06:00 2022-12-31 420714325 RSM US LLP 30 South Wacker Dr Suite 3300 Chicago IL 606063392 990 2022-01-01 341916518 Economic Growth Foundation ECON 2165922210 1240 Huron Road E 300 Cleveland OH 44115 Yvette M Ittu Exec VP - Finance & Operations 2166213300 2023-11-14 1 Yvette Ittu XXX-XX-XXXX 1 Rebekuh Eley P01247672 3126343400 2023-11-14 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z Baiju Shah 1240 Huron Road E 300 Cleveland OH 44115 2912962 0 X N/A X 1997 OH To promote and advance the civic, economic, and cultural growth of Greater Cleveland. 22 22 0 27 0 0 1893165 2256711 936999 640651 1898 15600 0 0 2832062 2912962 0 0 0 0 1474511 1501898 0 0 0 1062217 2375325 2536728 3877223 295334 -964261 13288983 13654480 521857 1967162 12767126 11687318 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 1886643 0 640651 Inclusive Opportunity:Abundant talent requires inclusive opportunity. The Equity & Inclusion Team has been working since 2001 to close the racial disparities in jobs, income, and wealth, by growing businesses owned by people of color and increasing workforce diversity, equity and inclusion. Our focus is diversity at all levels of enterprises, from team members to the executive suite and ownership. We work with partners to grow minority business enterprises by providing access to customer opportunities and targeted advisory services. We expand diversity in medium and high-wage positions by reducing barriers, sharing best practices on welcoming environments, and developing mentorship networks. Lastly, we ensure digital equity through device donations, affordable broadband access, and digital literacy support for all residents. The below further highlights our priorities and accomplishments.Growing Minority Business Enterprises: We are focused on increasing the number, scope, and scale of minority-owned businesses. Through the Ohio MBDA Business Center and Emerging Developers Initiatives, businesses can access targeted growth resources and advisors. Our advisors serve over 200 minority business enterprises (MBEs) and have prepared them to win contracts and other large-scale federal investments that were deployed at the state and local levels. In 2022, secured contracts for MBEs totaled nearly $132 million, and 140 jobs were created and retained for MBEs.Additionally, with supplemental coronavirus relief funding, staff researched and identified 153 funding sources, including 95 grant opportunities, 47 loan programs, 8 Tax Credit Programs, and 3 bonding programs for more than 350 MBEs. The team worked with these MBEs ensuring they were prepared to take full advantage of the opportunities available to them. Our signature events represent how our thought leadership has supported the region, including our Construction Summit that led to working session with the local government to create a community benefits agreement.Increasing Workforce Diversity: We serve as a convener and resource for employers on diversity, equity, and inclusion. Our workshops and conferences include a CEO Forum and the annual Equity & Inclusion Conference, engaging leaders to commit to action. We also provide an E&I assessment tool to help companies identify their strengths and opportunities for improvement. EGF hosted its 14th annual Equity & Inclusion Conference teaching Greater Cleveland and surrounding area employers how to effectively capitalize on diversity, equity and inclusion in the workplace.Promoting Digital Equity: We are a partner in the Greater Cleveland Digital Equity Coalition, a collective initiative of Cleveland's corporate, philanthropic, governmental, K-12, higher education, health care, workforce, and community-based organizations. The coalition secures device donations, advocates for affordable broadband, and promotes digital navigators. It also fosters public-private partnerships towards the goal of 100 percent of residents being connected. The 2022 Census estimates 91 percent of households in our region have internet, which is an increase of 10 percent prepandemic (equals 50,000 households). 758275 0 0 Talent:Dynamic businesses need abundant talent to grow. Our focus is work-based learning for in-demand jobs, both for today and into the future. We work with partners not only to increase degree and certificate program enrollments and completions in growth sectors, but also to expand internships, apprenticeships, and co-ops and support for participants, through industry-led partnerships with educational institutions and training providers. We also focus on broadening career awareness among high school students through exposure and placement programs that build pathways to employment. Our areas of focus include:Industry Led Partnerships: Sector partnerships are dynamic collaborations of employers, universities, and workforce providers in which employer-led strategies develop and connect talent to jobs and career pathways. Through these efforts, we are working to meet in-demand industry needs and supporting inclusive talent development and advancement for sustainable career paths. Partnerships have been launched in the Manufacturing, Information Technology, Healthcare, and Construction sectors.Work Based Learning: Internships, apprenticeships, and other experiential learning opportunities benefit both students and employers and help the region develop and retain talent from colleges and universities. Internships and Co-ops augment classroom learning with experience in a professional setting. Apprenticeships are skills-based training programs that create diverse talent pipelines for employers while providing opportunities for individuals to attain a post-secondary credential with a career track. During 2022, EGF was awarded an US Department of Labor grant; Apprenticeship Building America totaling $5.8M that it will use to launch a Registered Apprenticeship Hub and advance the Equity in Registered Apprenticeship Programs Hub (E-RAP), which prepares employers and employer intermediaries to adopt equitable RAP and pre-apprenticeship practices.The organization was also awarded $1M from a local foundation to support a Higher Education STEM internship program and to create internships at Cuyahoga County businesses in the STEM and manufacturing fields, available to students at local Universities and other higher education institutions. 806272 0 0 Innovation:A thriving region is built on dynamic businesses. We promote growth and innovation for businesses of all sizes. We work with partners to promote expansions by connecting companies to growth incentives, real estate options, and talent solutions. We serve small and middle-market businesses by sharing funding opportunities, offering cost-saving benefits, and hosting forums for exchanging ideas and creating connections. Lastly, we expand innovation activity for start-ups, corporates, and research institutions (including federal facilities) through sector strategies, industry-institution 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. 203478 0 0 Appealing communities play a crucial role in attracting and retaining dynamic businesses and talent. Our focus is next-generation allure for working, living, and playing in Greater Cleveland. We work with partners to enhance our downtown and waterfronts through inter-connected and inclusive residential, commercial, and public space developments. We invest in neighborhoods for both residential and commercial corridor development aligned with accessible and efficient transit. We encourage resources for expanding amenities including parks, arts and culture, sports, and other recreational offerings. Also, since we understand the economic and social benefits of air services, we work closely with the city of Cleveland and other organizations to improve the air services for both business and leisure travel.Enhancing our downtown: Beginning in 2021 and throughout 2022, EGF, through its parent Organization GCP, partnered with the Mayor of the City of Cleveland and his administration to lead a planning process to redevelop the Downtown Cleveland Lakefront. GCP formed a task force of five working groups and more than 150 participants to advance the initiative.Advocating for Amenities: We are a catalyst and advocate for ensuring that the region has and maintains a vibrant range of offerings in arts and culture, parks and trails, sports and entertainment and air services. These provide a high quality of life and attract companies and talent to the region. Our Air Service taskforce worked with other partners and community leaders to secure non-stop flights between Cleveland and Seattle along with international service from Cleveland to Dublin, with connections to Europe and Middle East. 102060 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. 305538 0 0 3756728 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 37 0 1 0 0 0 0 0 0 1 1 0 0 0 0 0 0 X 22 22 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 Stanek Michael Chair 2.00 4.00 X X 0 0 0 DiRocco Joe Treasurer until 9/22 2.00 4.00 X X 0 0 0 Arnold Craig Director 1.00 2.00 X 0 0 0 Cavoli James Director 1.00 2.00 X 0 0 0 Chaikin Scott 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 Dolan Paul Director 1.00 3.00 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 1.00 2.00 X 0 0 0 Lopez Joe Director until 12/22 1.00 2.00 X 0 0 0 Morikis John Director 1.00 2.00 X 0 0 0 Opsitnick Timothy 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 Richardson Sean Director 1.00 2.00 X 0 0 0 Schnur Eric Director until 1/22 1.00 2.00 X 0 0 0 Sundaram Nagarajan 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 Williams Thomas Director until 6/22 1.00 2.00 X 0 0 0 Young John Director until 1/22 1.00 2.00 X 0 0 0 Shah Baiju President & CEO 4.00 36.00 X 57553 581921 45980 Ittu Yvette EVP Finance & Operations 1.00 39.00 X 7151 428899 24378 Luteran John MVP, Fin, Operations & Air Service 1.00 39.00 X 7853 268648 37115 Marbury Shana General Counsel & SVP, Talent 1.00 39.00 X 5076 269309 21830 Hall Brian SVP, Equity & Inclusion 40.00 0.00 X 270241 0 10845 Coates Steven Controller Finance & Operations 2.00 38.00 X 8431 170936 24554 Platt Craig Managing Director, IT Sector PT 40.00 0.00 X 145001 0 4306 Nance Christopher VP, Construction/Inclusive 40.00 0.00 X 115649 0 31442 Collier Freddy SVP, Strategy & New Initiatives 8.00 32.00 X 28325 113299 3121 Grgurevic Marco VP, Minority Business Growth, Equity, and Inclusio 40.00 0.00 X 115417 0 14131 Roman Joseph Former President 0.00 0.00 X 0 291551 0 760697 2124563 217702 12 1 1 0 WTM Development 542 North Street Chagrin Falls OH 44022 Professional Services 325000 Mid-America Applied Technologies Corpora 542 North Street Chagrin Falls OH 44022 Professional Services 125000 CAK Consulting LLC 1841 W 50th Street Cleveland OH 44102 Professional Services 110073 City Architecture Inc 12205 Larchmere Blvd Cleveland OH 44120 Professional Services 107576 4 553474 1703237 2256711 Intercompany 900099 502520 502520 Registration Revenue 900099 138131 138131 640651 15600 15600 2912962 640651 0 15600 X 261720 241122 20598 1017718 950737 66981 32624 29271 3353 101099 90201 10898 88737 83443 5294 356 356 4261 3475 786 1786776 1786776 4336 4336 26893 25504 1389 13592 12871 721 72425 66821 5604 42179 42179 36164 36023 141 11476 10686 790 6741 6319 422 Sponsorships 312704 312704 Memberships 723 723 56699 53537 3162 3877223 3756728 120495 0 978783 1382926 1000000 1000000 516622 553799 51074 44960 50000 50000 7150 37919 15500 431 0 15069 10633719 10518172 51635 51635 13288983 13654480 29164 74601 30000 0 146363 330936 316330 1561625 521857 1967162 X 10679360 10480920 2087766 1206398 12767126 11687318 13288983 13654480 -964261 -115547 0 X X 0 1 X 1 0 X 1673604 1230182 2149384 1893165 2256711 9203046 1673604 1230182 2149384 1893165 2256711 9203046 790579 8412467 25991 36887 13755 1898 15600 94131 9297177 4557768 0.90480 0.84750 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 15500 431 15069 15069 Investment in Cleveland Development Ptshp II 10518172 C 10518172 Intercompany Payable 1561625 1561625 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 2022, EGF received $487,825 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, 2022 and 2021, 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, 2019 and prior. X X X X X 0 1 0 0 0 0 0 1 0 Shah Baiju President & CEO 47000 475220 10125 102375 428 4326 1073 10854 3065 30988 61691 623763 0 0 Ittu Yvette EVP Finance & Operations 5055 303161 1476 88524 620 37214 -31 -1867 431 25845 7551 452877 562 33730 Luteran John MVP, Fin, Operations & Air Service 7181 245670 540 18460 132 4518 327 11175 727 24886 8907 304709 0 0 Marbury Shana General Counsel & SVP, Talent 3813 202318 1110 58890 153 8101 209 11097 195 10329 5480 290735 0 0 Roman Joseph Former President 0 0 0 0 0 291551 0 0 0 0 0 291551 0 100000 Hall Brian SVP, Equity & Inclusion 84009 0 60000 0 126232 0 6203 0 4642 0 281086 0 0 0 Coates Steven Controller Finance & Operations 7641 154926 705 14295 85 1715 402 8156 752 15244 9585 194336 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 2022, the organization contributed $25,435.50 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 2022) provided that direct pay and indirect pay programs reflect market medians. Form 990, Part VI, Section C, line 19 No documents are made available to the public. Form 990, Part IX, line 11g Consulting: Program service expenses 1,778,623. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,778,623. Marketing: Program service expenses 8,153. Management and general expenses 0. Fundraising expenses 0. Total expenses 8,153. 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 GCP Shared Services Inc 1240 Huron Road E Suite 300 Cleveland OH 44115 208637606 Lease Management OH N/A C 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1