2021-11-11T12:16:42-06:00 2020-12-31 420714325 RSM US LLP 30 South Wacker Dr Suite 3300 Chicago IL 606063392 990 2020-01-01 341916518 Economic Growth Foundation ECON 2165922210 1240 Huron Road E No 300 Cleveland OH 44115 Yvette M Ittu Exec VP - Finance & Operations 2166213300 2021-11-11 1 Yvette Ittu 999009999 Rebekuh Eley P01247672 3126343400 2021-11-11 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z Baiju Shah 1240 Huron Road E No 300 Cleveland OH 44115 3100506 0 X N/A X 1997 OH To promote and advance the civic, economic, and cultural growth of Greater Cleveland. 19 19 0 21 0 0 1230182 2149384 966167 937367 36887 13755 0 0 2233236 3100506 0 0 0 0 1138507 1269114 0 0 0 1211002 1729479 2349509 2998593 -116273 101913 12875482 13192932 394906 610443 12480576 12582489 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 1657504 937367 Equity & Inclusion:The Equity & Inclusion division 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. There were several accomplishments throughout the year including the following:The Marketplace: The Inclusion Marketplace, is an online portal connecting minority-owned businesses (MBEs) with opportunities for growth. A virtual space that serves as a searchable database of MBEs allowing buyers and suppliers to accelerate each of their respective activities, the portal provides MBE suppliers with direct connections (Continuation) to business opportunities and business growth services.Organizational Assessment: This annual assessment used by 158 companies in 2020 provides Quantitative and Qualitative evaluation of the confidentially to each organization that is a management tool to help companies implement strategies for diversity, equity and inclusion inclusive of the boardroom and the total organization.CommitCle: CommitCle is a cohort of major buying organizations focused on increasing their local supplier diversity spend by tracking and working together. The organizations identify an annual goal, utilize the Inclusion Marketplace and agree to sponsor, mentor or champion 3 MBE firms each year.The Business Growth Collaborative (BGC) brings together 21 Northeast Ohio nonprofits to build a resource ecosystem that is easy to navigate and meets the needs of diverse entrepreneurs and small business owners. The 21 partners regularly meet to determine how to collectively help clients grow and develop. The BGC's works to catalyze economic growth through more equitable wealth and job creation.Construction Diversity Initiative: The Construction Diversity Initiative convenes minority /majority contractors, developers, assistance groups, bonding agents, owners and financial institutions to increase the use of Minority Business Enterprises (MBEs) and Female Business Enterprises (FBEs) on major construction projects. This public-private collaboration presents economic development priorities based on Community Benefits Agreements (CBAs) containing specific actions that project owners can pursue to increase the participation and wealth-building opportunities for local construction workers and local female- and minority-owned businesses in the construction industry. 834802 Talent:The Talent initiative connects employers to a workforce ecosystem critical to building a skilled and diverse talent pipeline ready for the jobs of today and tomorrow. Additionally, ensuring that the region has abundant and diverse talent that is well-prepared at all skill levels for today's employers is a top priority. EGF is a catalyst, convenor, and advocate for numerous partnerships that connect employers to talent development organizations. Some of the accomplishments for the year include:Early Talent Pipeline: Students and young adults are the foundational link of the talent pipeline. The organization, representing the (Continuation) business community as a Cleveland Plan stakeholder, continues to contribute to the development of college and career readiness for Cleveland students, through True2U and other K-12 initiatives to develop Cleveland's future workforce. Employer-led Sector Partnership: As a Workforce Connect Sector Partnership intermediary, EGF convenes local employers from key industries and workforce service providers who collaborate to develop critical employer-driven strategies responding to workforce issues and needs. Talent, in partnership with GCP INGEAR, is working to build sector-based strategies that meet the needs of our region's employers while ensuring that a diverse pipeline of jobseekers have access to training and career pathways that build sustainable wealth and equitable economic outcomes. RITE facilitates the employer-led Workforce Connect IT Sector Partnership. EGF also acts as co-intermediary with MAGNET for Workforce Connect Manufacturing.Additionally, Northeast Ohio employers can find the right solutions to solve their critical talent shortages through the virtual TalentHub. The Hub is a constantly evolving clearinghouse of workforce development service providers, curriculum development resources, best practices and opportunities to connect with your company's future workforce. 264000 Innovation:The Cleveland Innovation Project - an alliance of the Cleveland Foundation, Fund For Our Economic Future, Greater Cleveland Partnership, JumpStart, and TeamNEO and supported by a steering committee comprised of corporate and civic leaders - is a regional strategy effort with a balanced mission of strengthening technology-based economic growth and prosperity for all Greater Cleveland residents. Since 2019, the alliance, steering committee, and more than 150 business, entrepreneurial, institutional, and nonprofit leaders have developed and launched integrated initiatives towards the vision of Cleveland being a Leading Midwest Region for Technology-led Growth & Inclusion by 2030.The following initiatives are strengthening the region's innovation ecosystem:-Boost STEM Talent: Align and expand education and training programs-post-secondary through post-graduate-to prepare many and diverse individuals for STEM careers.-Catalyze a Capital Continuum: Foster and provide access to a robust range of private capital sources to start and scale businesses.-Expedite Digital Equity: Ensure every resident has access to in-home high-quality broadband for learning, working, and living by 2022.-Enhance Innovation Zones: Develop the region's primary innovation geographies-the Health-Tech and Opportunity Corridors. 88744 Advocacy: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. In 2018, the organization assumed staff leadership of the coalition's work. 40216 Business Growth ServicesTo say that 2020 brought challenges is clearly an understatement. No one could have anticipated the impact Greater Cleveland's business community and constituents would face during the COVID-19 Pandemic. When the GCP INGEAR business platform launched in February 2020, it did so in direct response to its members. The leadership called for it to create a dedicated comprehensive business information portal as a priority deliverable of the Forward CLE strategic plan. It had no idea the important role and impact the platform would play when the COVID-19 pandemic hit Northeast Ohio. Less than 30 days after launch, immediately following Governor DeWine's mandated shut down, INGEAR quickly pivoted to become a primary COVID-19 resource portal. Over the course of the next 12 weeks, the site registered over 18,000 users spanning 37 states and several countries. Some of the specific accomplishments include:-Created the COVID-19 resource page providing businesses and individuals with real-time updates regarding access to local, state and federal resources and assistance.-In partnership with essential businesses, established INGEAR Employers Now Hiring page prioritizing businesses' needs and providing displaced individuals direct connections to essential businesses with thousands of job openings. -Issued the COVID-19 Businesses Impact Survey within 48 hours of Governor DeWine's shutdown orders.-Created the INGEAR B2B platform with over 80 businesses listed to drive procurement and contracting opportunities. 128960 2885266 1 1 0 0 0 0 0 0 1 0 0 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 11 0 1 0 0 0 0 0 0 1 1 0 0 0 0 0 0 X 19 19 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 Schnur Eric Chair 2.00 4.00 X X 0 0 0 DiRocco Joe Treasurer 2.00 4.00 X X 0 0 0 Arnold Craig Director 1.00 2.00 X 0 0 0 Chaikin Scott Director 1.00 2.00 X 0 0 0 Chiricosta Richard Director 1.00 2.00 X 0 0 0 Christopher Gorman Director 1.00 2.00 X 0 0 0 Johnson Kevin Director 1.00 2.00 X 0 0 0 Lopez Joe Director 1.00 2.00 X 0 0 0 Mooney Beth Director, Left as of 4/22/20 1.00 2.00 X 0 0 0 Morikis John Director 1.00 2.00 X 0 0 0 Nance Frederick 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 Safier Rion Director 1.00 2.00 X 0 0 0 Snyder Barbara 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 Williams Thomas Director 1.00 2.00 X 0 0 0 Young John Director 1.00 2.00 X 0 0 0 Zenty Thomas Director 1.00 2.00 X 0 0 0 Roman Joseph President 4.00 36.00 X 75138 653651 282168 Ittu Yvette EVP Finance & Operations 1.00 39.00 X 5800 347916 50187 Hall Brian ED, GCP Equity & Inclusion 40.00 0.00 X 266553 0 28087 Luteran John VP - Finance 1.00 39.00 X 7184 245734 33293 Marbury Shana General Counsel 1.00 39.00 X 4898 259852 19428 Cheverine Gina MGVP, Inclusion & Strategic Prtnrshp 34.00 6.00 X 138187 24385 18475 Coates Steven Controller Finance & Operations 2.00 38.00 X 7426 150584 18245 505186 1682122 449883 3 0 1 0 McKinsey & Company Inc 950 Main Avenue 1200 Cleveland OH 44113 Consulting Services 250000 1 116880 2032504 2149384 Intercompany Sponsorsh 813410 623218 623218 Cleve Dev Ptrshp II 523900 295524 295524 Registration Revenue 900099 18625 18625 937367 13755 13755 3100506 937367 0 13755 X 361547 346018 15529 720230 658544 61686 22595 20386 2209 95283 89016 6267 69459 64365 5094 329 329 4967 4967 815111 814483 628 1384 1384 85532 80652 4880 9456 8829 627 52034 47092 4942 6719 6717 2 8513 8392 121 8670 8098 572 Sponsorships 688663 683263 5400 Memberships 45582 45582 2519 2445 74 2998593 2885266 113327 0 512817 1427451 1510000 355000 292405 564430 50000 50000 9733 0 10448892 10744416 51635 51635 12875482 13192932 17862 23971 0 60000 149406 303010 227638 223462 394906 610443 X 10664146 10947490 1816430 1634999 12480576 12582489 12875482 13192932 101913 0 X X 0 1 X 1 0 X 2825640 617610 1673604 1230182 2149384 8496420 2825640 617610 1673604 1230182 2149384 8496420 2119305 6377115 5188 12309 25991 36887 13755 94130 250 250 8590800 4082070 0.74230 0.75930 X Schedule A, Part II, Line 10, Explanation of Other Income: Other Revenue - 2017 Amount: $ 250. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 0 Investment in Cleveland Development Ptshp II 10744416 C 10744416 Intercompany Payable 223462 223462 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 2020, EGF received $213,603 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, 2020 and 2019, 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, 2017 and prior. X X X X X 0 1 0 0 0 0 0 1 0 Roman Joseph President 54377 473043 19615 170635 1146 9973 26316 228930 2776 24146 104230 906727 0 0 Ittu Yvette EVP Finance & Operations 4542 272392 693 41562 565 33962 313 18787 510 30577 6623 397280 505 30281 Hall Brian ED, GCP Equity & Inclusion 229991 0 31962 0 4600 0 10629 0 17458 0 294640 0 0 0 Luteran John VP - Finance 6555 224251 497 17003 132 4480 293 10011 653 22336 8130 278081 0 0 Marbury Shana General Counsel 4272 226647 589 31249 37 1956 188 9963 172 9105 5258 278920 0 0 Cheverine Gina MGVP, Inclusion & Strategic Prtnrshp 131084 23132 5601 988 1502 265 5623 992 10081 1779 153891 27156 0 0 Coates Steven Controller Finance & Operations 6740 136667 611 12389 75 1528 302 6126 555 11262 8283 167972 0 0 Part I, Line 4b The President, Joseph D. Roman, participates in a supplemental non-qualified retirement plan. No amount was actively paid to him during the year. The change in actuarial value of this benefit was $85,026 for 2020. The Executive Vice President of Finance and Operations, Yvette Ittu, participates in a supplemental non-qualified 457(f) plan. In 2020, the organization contributed $16,902 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 Services. 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 Services. 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 - April 2020) 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 814,483. Management and general expenses 628. Fundraising expenses 0. Total expenses 815,111. 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