2020-11-12T13:04:12-06:00 2019-12-31 420714325 RSM US LLP 1 S Wacker Drive Ste 800 Chicago IL 60606 990 2019-01-01 341916518 Economic Growth Foundation ECON 2165922210 1240 Huron Road E No 300 Cleveland OH 44115 Yvette M Ittu Exec VP - Finance & Operations 2166213300 2020-11-10 1 Rebekuh Eley P01247672 3126343400 73.8.113.85 2020-11-10 14:51:27 CS P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 26672702914E5EE26F48E546FB914E7C8585E092 2019 2021-01-29 14:40:06Z Joseph D Roman 1240 Huron Road E No 300 Cleveland OH 44115 2233236 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 1673604 1230182 1076584 966167 25991 36887 0 0 2776179 2233236 0 0 0 0 961271 1138507 0 0 0 553865 1211002 1515136 2349509 1261043 -116273 12652814 12875482 55965 394906 12596849 12480576 X To promote and advance the civic, economic, and cultural growth of Greater Cleveland as a place to live, work, and conduct business. 1 0 1546204 966167 The Equity & Inclusion division, formerly the Commission on Economic Inclusion, 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. Ultimately, this work is fueled by the belief that businesses and the region are stronger with greater racial equity.Acting as a convener, an advocate, and a resource, GCP's Equity & Inclusion engages the region's employers to address the systemic racial inequalities which hinder economic growth in our region. Hundreds of professionals, top leaders, volunteers, businesses, and community organizations are engaged with GCP's Equity & Inclusion each year to accomplish these goals.Equity & Inclusion has focused on two parallel and equally important areas: growing businesses owned by people of color and increasing workforce diversity, equity and inclusion through high-quality and effective initiatives, workshops, conferences, and consulting to stimulate minority business growth and increase workforce inclusion. Clients include executives, chief procurement officers, diversity and human resource professionals, small and minority-owned businesses, and regional and national economic development organizations. Some of the major accomplishments this year include:The Equity & Inclusion (E&I) division completed a planning process to develop strategies that answer the question, "How can racially equitable economic development grow our region?" With the support of a taskforce of board members and community leaders, the E&I division developed three strategies, one of which is CommitCLE.CommitCLE: CommitCLE is a comprehensive initiative to facilitate significant growth for minority business enterprises (MBEs). Through this work, a cohort of companies made a commitment to increase supplier diversity spend targeted at growth-oriented minority firms. These companies will:- Grow local and diverse spend - Mentor 2-3 MBE Firms- Utilize The Marketplace to source MBEs and promote opportunitiesCommitCLE is also supported by the Inclusion Marketplace, an online portal connecting MBEs with demand for goods and services. On the supply side, MBEs promote their goods/services, find business opportunities, and bid on work. On the demand side, buyers can post opportunities and source suppliers to diversify their vendor-base. Additionally, the portal connects MBEs to resources, capital, and outreach events. This initiative will close the gap between supply and demand to increase the number of scalable MBEs. 250000 The Cleveland Innovation Project is an initiative used and GCP has led to stimulate innovation to drive inclusive economic growth in the Greater Cleveland area.Cleveland Innovation Project (CIP): GCP and our partners launched the Cleveland Innovation Project (CIP) through collaboration with the Cleveland Foundation, Fund for Our Economic Future, JumpStart and TeamNEO. The CIP is supported by a Steering Committee and Workstream Teams of more than 100 business, entrepreneurial, institutional, and nonprofit leaders - including many GCP members. GCP led this collaborative work through much of 2019.CIP Scope: The CIP's focus is to set Cleveland on a trajectory of sustained, rapid economic growth through focused investments in innovation sectors where we have differentiated assets and there is national or global demand. CIP leverages growth through inclusive techniques to close disparities and make Cleveland the leader in minority-led innovation. CIP supports these sector initiatives by strengthening the innovation ecosystem through encouraging applied research and spinouts, boosting digital and technical talent development and attraction programs, and launching a continuum of private funds to seed and scale companies. Accelerating the innovation economy offers Cleveland an opportunity to compound the impact of revitalization investments that have been and continue to be made throughout our community. 194364 Workforce Development & Education:The Greater Cleveland Partnership is committed to working with its partners in the public and private sectors to ensure that Northeast Ohio creates, attracts and retains a 21st century workforce. As a 501(c)(3), the Economic Growth Foundation supports all of GCP's above Talent initiatives and outcomes that leverage restricted philanthropic dollars. 100000 GCP focuses heavily on attracting, retaining, and expanding in the Greater Cleveland area. CDA Chain Reaction was created to drive investment, development, and business support to targeted neighborhoods and communities. GCP and CDA are joint ventures in CDA Chain Reaction.CDA Chain Reaction: To promote inclusive and thriving neighborhoods in Northeast Ohio by providing innovative financing solutions and technical assistance to catalytic real estate and business development projects. 99313 The GCP Advocacy Team understands the legislative processes and how the results can impact business. We work in close collaboration with our members to ensure their needs are heard at the local, state, and federal levels of government and we generate support for meaningful change on their behalf. We were able to meet our members needs through the Great Lakes Metro Chamber. Great Lakes Metro Chamber: The Great Lakes Metro Chambers 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. Since its founding in 2008, the coalition has become a leading and effective voice on federal policy impacting the Great Lakes region. 199313 2189881 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 17 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 0 OH X John Luteran 2166213300 1240 Huron Road E No 300 Cleveland OH 44115 Roman Joseph President 3.00 37.00 X 71437 621454 279086 Ittu Yvette EVP Finance & Operations 1.00 39.00 X 5833 349833 57041 Hall Brian ED, GCP Equity & Inclusion 40.00 0.00 X 261504 0 35202 Luteran John VP - Finance 1.00 39.00 X 7325 250593 35094 Marbury Shana General Counsel 1.00 39.00 X 4950 262576 20639 Cheverine Gina MGVP, Inclusion & Strategic Prtnrshp 40.00 0.00 X 158857 0 30522 Coates Steven Controller Finance & Operations 3.00 37.00 X 10615 147821 21486 Nance Chris VP, Construction & Inclusive Talent Initiatives 40.00 0.00 X 104536 0 5801 Chaikin Scott 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 Chiricosta Richard Director 1.00 2.00 X 0 0 0 Clark Paul Director, Left as of 4/11/19 1.00 2.00 X 0 0 0 Johnson Kevin Director, as of 1/1/19 1.00 2.00 X 0 0 0 Lopez Joe Director 1.00 2.00 X 0 0 0 Mooney Beth Director 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, as of 1/1/19 1.00 2.00 X 0 0 0 Safier Rion Director 1.00 1.00 X 0 0 0 Schnur Eric Director, as of 1/1/19 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 Toerek Sharon Director, Left as of 6/13/19 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 625057 1632277 484871 4 0 1 0 McKinsey & Company Inc 950 Main Avenue 1200 Cleveland OH 44113 Consulting Services 250000 Vertex Computer Systems 25700 Science Park Drive 280 Beachwood OH 44122 Web Services 129261 2 51250 1178932 1230182 Intercompany Sponsorsh 813410 581329 581329 Cleve Dev Ptrshp II 523900 359166 359166 Registration Revenue 900099 25672 25672 966167 36887 36887 2233236 966167 0 36887 X 387277 369923 17354 571726 502953 68773 19569 17182 2387 91865 82154 9711 68070 61533 6537 4550 4550 849236 819833 29403 8702 5036 3666 70652 62880 7772 3084 1404 1680 40525 35188 5337 22061 22061 43430 43265 165 5875 5216 659 Sponsorships 152489 152312 177 Memberships 1441 253 1188 8957 8688 269 2349509 2189881 159628 0 191638 512817 1630000 1510000 152500 0 469532 292405 50000 50000 17783 9733 10089726 10448892 51635 51635 12652814 12875482 21030 17862 34935 149406 0 227638 55965 394906 X 10506376 10664146 2090473 1816430 12596849 12480576 12652814 12875482 -116273 0 X X 0 1 X 1 0 X 2227977 2825640 617610 1673604 1230182 8575013 2227977 2825640 617610 1673604 1230182 8575013 1999547 6575466 3985 5188 12309 25991 36887 84360 250 250 8659623 3144703 0.75930 0.72320 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 10448892 C 10448892 Intercompany Payable 227638 227638 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. 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, 2019 and 2018, 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, 2016 and prior. X X X X X 0 1 0 0 0 0 0 1 0 Roman Joseph President 57395 499298 13014 113211 1028 8945 25884 225175 2890 25137 100211 871766 0 0 Ittu Yvette EVP Finance & Operations 4715 282803 625 37469 493 29561 384 23031 551 33075 6768 405939 0 0 Hall Brian ED, GCP Equity & Inclusion 233246 0 23870 0 4388 0 10656 0 24546 0 296706 0 0 0 Luteran John VP - Finance 6717 229802 483 16517 125 4274 299 10214 698 23883 8322 284690 0 0 Marbury Shana General Counsel 4436 235305 484 25671 30 1600 195 10359 187 9898 5332 282833 0 0 Cheverine Gina MGVP, Inclusion & Strategic Prtnrshp 143181 0 6282 0 9394 0 6137 0 24385 0 189379 0 0 0 Coates Steven Controller Finance & Operations 9699 135070 838 11663 78 1088 439 6110 1001 13936 12055 167867 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 $81,039 for 2019. The Executive Vice President of Finance and Operations, Yvette Ittu, participates in a supplemental non-qualified 457(f) plan. In 2019, the organization contributed $12,215 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 III, line 2 New program services were started during the year and are listed on Form 990, Part III, line 4d. These program services include CDA Chain Reaction and Great Lakes Metro Chamber. 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 - February 2018) 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 812,833. Management and general expenses 29,403. Fundraising expenses 0. Total expenses 842,236. Marketing: Program service expenses 7,000. Management and general expenses 0. Fundraising expenses 0. Total expenses 7,000. 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 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