2022-11-10T09:17:58-06:00 2021-12-31 420714325 RSM US LLP 30 South Wacker Dr Suite 3300 Chicago IL 606063392 990 2021-01-01 341916518 Economic Growth Foundation ECON 2165922210 1240 Huron Road E 300 Cleveland OH 44115 Yvette M Ittu Exec VP - Finance & Operations 2166213300 2022-11-04 1 Yvette Ittu 999009999 Rebekuh Eley P01247672 3126343400 2022-11-04 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z Baiju Shah 1240 Huron Road E 300 Cleveland OH 44115 2832062 0 X N/A X 1997 OH To promote and advance the civic, economic, and cultural growth of Greater Cleveland. 16 16 0 19 0 0 2149384 1893165 937367 936999 13755 1898 0 0 3100506 2832062 0 0 0 0 1269114 1474511 0 0 0 1729479 1062217 2998593 2536728 101913 295334 13192932 13288983 610443 521857 12582489 12767126 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 1881282 936999 Inclusive Opportunity:Abundant talent requires inclusive opportunity. 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. Lasty, we promote digital equity through device donations, affordable broadband access, and digital literacy support for all residents. The below further highlights our priorities:Growing Minority Business Enterprises: We are focused on increasing the number, scope, and scale of minority-owned businesses of all sizes. Through the Ohio MBDA Business Center, Business Growth Collaborative, and Emerging Developers Initiatives businesses can access targeted growth resources and advisors. Customer opportunities are provided through supplier initiatives such as CommitCLE, The Inclusion Marketplace, and the Construction Diversity Initiatives. We partnered with a Cleveland business journal to launch a new awards program for organizations that are best-in-class for diversity and inclusion. The awards are based on our Equity & Inclusion assessment. The annual Inclusion conference hosted over 300 participants and offered a wide variety of workshops to attendees. EGF opened the Ohio Minority Business Development Agency in partnership with business chambers across the state. Funded by the Department of Commerce, this agency supports scaling of MBEs. It leverages CommitCLE, a program key to scaling minority-based enterprises and received pledges from 22 companies to significantly increase supplier diversity. Increasing Workforce Diversity: EGF serves as a convener and resource for employers on diversity, equity, and inclusion. Our workshops and conferences include quarterly Diversity Professionals Group meetings, the annual Inclusion Conference and the CEO Forum Series, engaging the region's leaders to commit to action on racial equity and inclusion. We also provide a self-assessment tool to help companies identify their strengths and opportunities for improvement towards their diversity goals. EGF partnered with a Seattle based tech apprenticeship program by bringing them to Cleveland focusing on inclusive tech talent development and skills-based review of candidates. Ensuring Digital Equity: EGF leads the device donation and advocacy efforts for 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, high-quality broadband, and promotes digital navigators to assist residents in both accessing these resources and learning how to use them. The coalition fosters public-private partnerships towards the goal of 100% of residents being connected. 457900 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.Career Exposure: EGF supports college and career readiness for students through public-private partnerships among schools and employers. Initiatives include serving as an anchor organization for Cleveland's PACE program and engaging businesses through ProCorps which provides career exposure, True2U, which provides eighth-graders support to explore their strengths, and Academies of Cleveland, which focuses on career pathways that drive economic growth.RITE: The leading industry-driven IT workforce alliance in Greater Cleveland and the tech talent arm of EGF, is dedicated to building a diverse and skilled talent pipeline for in-demand IT careers. RITE accelerates the development of a quality talent pipeline by mobilizing employers, optimizing regional efforts, and delivering programming. To date, RITE has engaged more than 130 regional employers, 46 strategic alliances and program partners that include eight institutions of higher education, and over 209 high schools impacting 9,200 students across the region. 87000 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. The organization continues to staff and lead the coalition's work. 2426182 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 33 0 1 0 0 0 0 0 0 1 1 0 0 0 0 0 0 X 16 16 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 Roman Joseph President (until 4/30/21) 4.00 36.00 X 176771 1537786 23765 Ittu Yvette EVP Finance & Operations 1.00 39.00 X 6103 366051 58425 Shah Baiju President & CEO (as of 4/12/21) 4.00 36.00 X 38966 338979 21924 Hall Brian SVP, Equity & Inclusion 40.00 0.00 X 287470 0 24896 Marbury Shana General Counsel & SVP, Talent 1.00 39.00 X 5295 280931 23559 Luteran John VP - Finance 1.00 39.00 X 7705 263592 36571 Cheverine Gina MVP, Inclusion & Strategic Dev 34.00 6.00 X 150315 26527 21094 Coates Steven Controller Finance & Operations 2.00 38.00 X 7921 160595 21987 Platt Craig Managing Dir., IT Sector PT 40.00 0.00 X 142068 0 4193 Nance Christopher VP, Construction/Inclusive Talent 40.00 0.00 X 110482 0 30425 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 Gorman Christopher 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 Morikis John Director 1.00 2.00 X 0 0 0 Nance Frederick Director 1.00 2.00 X 0 0 0 Opsitnick Timothy 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 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 933096 2974461 266839 3 0 1 0 0 73004 1820161 1893165 Intercompany 900099 818634 818634 Registration Revenue 900099 118365 118365 936999 1898 1898 2832062 936999 0 1898 X 404390 386466 17924 890225 831276 58949 30163 28032 2131 85096 77503 7593 64637 60406 4231 339 339 4140 4140 715106 715106 1629 1629 26254 26254 23259 17445 5814 68062 61075 6987 7395 7395 49993 49993 8163 7562 601 7376 6902 474 Sponsorships 105272 105272 Memberships 1121 1121 44108 42745 1363 2536728 2426182 110546 0 1427451 978783 355000 1000000 0 516622 564430 51074 50000 50000 0 7150 10744416 10633719 51635 51635 13192932 13288983 23971 29164 60000 30000 303010 146363 223462 316330 610443 521857 X 10947490 10679360 1634999 2087766 12582489 12767126 13192932 13288983 295334 -110697 0 X X 0 1 X 1 0 X 617610 1673604 1230182 2149384 1893165 7563945 617610 1673604 1230182 2149384 1893165 7563945 1076237 6487708 12309 25991 36887 13755 1898 90840 250 250 7655035 5007499 0.84750 0.74230 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 10633719 C 10633719 Intercompany Payable 316330 316330 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 2021, EGF received $88,000 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, 2021 and 2020, 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, 2018 and prior. X X X X X 0 1 0 0 0 0 0 1 0 Roman Joseph President (until 4/30/21) 19081 165992 0 0 157690 1371794 1196 10404 1254 10911 179221 1559101 140466 1221961 Ittu Yvette EVP Finance & Operations 4857 291314 792 47499 454 27238 409 24549 549 32918 7061 423518 396 23754 Shah Baiju President & CEO (as of 4/12/21) 38619 335958 0 0 347 3021 403 3503 1858 16160 41227 358642 0 0 Hall Brian SVP, Equity & Inclusion 245989 0 36880 0 4601 0 11465 0 13431 0 312366 0 0 0 Marbury Shana General Counsel & SVP, Talent 4536 240660 725 38461 34 1810 213 11306 223 11817 5731 304054 0 0 Luteran John VP - Finance 6914 236522 653 22346 138 4724 314 10743 725 24789 8744 299124 0 0 Cheverine Gina MVP, Inclusion & Strategic Dev 137603 24283 11201 1977 1511 267 6066 1070 11864 2094 168245 29691 0 0 Coates Steven Controller Finance & Operations 7020 142336 823 16678 78 1581 326 6604 708 14349 8955 181548 0 0 Part I, Line 4b The Board and prior CEO entered into a deferred compensation agreement in 2005 for the prior CEO to participate in a supplemental non-qualified 457(f) plan. The agreement was periodically reviewed by the Board and Compensation Committee using consultants and market information. Unvested, annual earnings from this arrangement were included in his compensation for GCP and it subsidiary 990's each year since 2005. In 2021, the earnings vested to the prior CEO. This sum represents a payout of those earnings, most of which was previously reported on prior 990's. The Executive Vice President of Finance and Operations, Yvette Ittu, participates in a supplemental non-qualified 457 (f) plan. In 2021, the organization contributed $30,544.20 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 Miscellaneous: Program service expenses 715,106. Management and general expenses 0. Fundraising expenses 0. Total expenses 715,106. 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