THE CLEVELAND FOUNDATION

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1914

Legal Domicile

Principal Officer

LILLIAN KURI

Phone

2168613810

Tax Period

2023-01-01 to 2023-12-31

THE CLEVELAND FOUNDATION, founded in 1914, is a major nonprofit in the Philanthropy & Grantmaking sector that reported $370.4M in total revenue in fiscal year 2023. Revenue surged 58% from the prior year, signaling strong growth momentum. The organization ran a surplus of $184.5M, a strong 50% operating margin.

Mission

ENHANCE THE LIVES OF ALL RESIDENTS OF GREATER CLEVELAND, NOW AND FOR GENERATIONS TO COME, BY WORKING TOGETHER WITH OUR DONORS TO BUILD COMMUNITY ENDOWMENT, ADDRESS NEEDS THROUGH GRANTMAKING, AND PROVIDE LEADERSHIP ON KEY COMMUNITY ISSUES.

Program Service Accomplishments

Program 1

Expenses: $166,685,835 Revenue: $1,084,246

THE CLEVELAND FOUNDATION IS A GRANTMAKING ORGANIZATION. APPROXIMATELY HALF OF THE GRANTS AUTHORIZED IN 2023 WERE DIRECTED BY THE BOARD TOWARD STRATEGIC INITIATIVES AND COMMUNITY RESPONSIVE REQUESTS THAT ADDRESS VITAL COMMUNITY NEEDS IN GREATER CLEVELAND AND RESPONDED TO EMERGING CHARITABLE NEEDS. PROGRAM AREAS INCLUDE ARTS AND CULTURE, ECONOMIC DEVELOPMENT, EDUCATION, ENVIRONMENT, HEALTH, NEIGHBORHOODS AND YOUTH & HUMAN SERVICES. IN ADDITION, INITIATIVES INCLUDE LEADERSHIP DEVELOPMENT, DIGITAL EXCELLENCE, RACIAL EQUITY & JUSTICE AND DEMOCRACY & ACCESS TO INFORMATION.THE OTHER HALF OF THE GRANTS AUTHORIZED IN 2023 WERE DESIGNATED OR ADVISED BY DONORS TO THE CLEVELAND FOUNDATION IN VARIOUS TRUSTS, DESIGNATED FUNDS, DONOR ADVISED FUNDS, OR SUPPORTING ORGANIZATIONS. THESE GRANTS FURTHER THE CHARITABLE PURPOSES OF THE CLEVELAND FOUNDATION AND ARE MADE TO OTHER CHARITABLE ORGANIZATIONS AND PROGRAMS FOR THE BENEFIT OF THE CLEVELAND FOUNDATION AND ITS CHARITABLE PURPOSES. THESE GRANTS ALIGN WITH THE FOREGOING PROGRAM AREAS AND INCLUDE THESE IMPORTANT PROGRAMS OF THE FOUNDATION: THE CLEVELAND BLACK FUTURES FUND, FRIENDS OF THE BAIL PROJECT, AND THE GREATER CLEVELAND DIGITAL EQUITY FUND.IN TOTAL, THE LARGEST AREAS OF GRANTMAKING IN 2023 WERE HUMAN SERVICES (27%), PHILANTHROPIC SECTOR (17%), EDUCATION AND SCHOLARSHIP (14%), NEIGHBORHOODS AND HOUSING (14%), ARTS AND CULTURE (11%), ENVIRONMENT (8%), HEALTH (6%), , AND ECONOMIC DEVELOPMENT (3%).

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $300,352,110

Program Service Revenue $344,515

Investment Income $68,917,538

Other Revenue $739,731

TOTAL REVENUE $370,353,894

Expense Breakdown

Grants Paid $157,358,428

Salaries & Benefits $14,000,647

Fundraising Expenses $6,791,296

Program Expenses $166,685,835

Other Expenses $14,488,794

TOTAL EXPENSES $185,847,869

Year-over-Year Comparison

	2023	2022	Change
Revenue	$370,353,894	$234,720,202	+0.6%
Expenses	$185,847,869	$160,647,426	+0.2%
Net Income	$184,506,025	$74,072,776	+1.5%

Key Indicators

✓ Grants to Organizations ✓ Grants to Individuals ✓ Lobbying ✗ Political Activity ✓ Foreign Activities ✓ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

107

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

⚠ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✓ Engaged in Lobbying

✓ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$3,364,884

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CONNIE HILL-JOHNSON	CHAIRMAN AND DIRECTOR	4.00	Officer Director	$0	$0	$0
CARRIE CARPENTER	VICE CHAIR AND DIRECTOR	2.00	Officer Director	$0	$0	$0
RONALD ADRINE	DIRECTOR	2.00	Director	$0	$0	$0
FRED BIDWELL	DIRECTOR	2.00	Director	$0	$0	$0
MARGOT COPELAND	DIRECTOR	2.00	Director	$0	$0	$0
KATHLEEN FERRY	DIRECTOR	2.00	Director	$0	$0	$0
REVDRROBIN HEDGEMAN	DIRECTOR	2.00	Director	$0	$0	$0
DAVID HELLER	DIRECTOR	2.00	Director	$0	$0	$0
CAREY JAROS	DIRECTOR	2.00	Director	$0	$0	$0
STEWART KOHL	DIRECTOR	2.00	Director	$0	$0	$0
RANDELL MCSHEPARD	DIRECTOR	2.00	Director	$0	$0	$0
RONALD RATNER	DIRECTOR	2.00	Director	$0	$0	$0
MARIA SPANGLER	DIRECTOR	2.00	Director	$0	$0	$0
RICHARD STOVSKY	DIRECTOR	2.00	Director	$0	$0	$0
GRAHAM VEYSEY	DIRECTOR	2.00	Director	$0	$0	$0
RONALD RICHARD	PRESIDENT & CEO (THRU 7/31/23)	60.00	Officer	$524,315	$59,378	$583,693
LILLIAN KURI	PRESIDENT & CEO (EFF.8/1/23)	60.00	Officer	$433,391	$50,024	$483,415
ROSANNE POTTER	CHIEF GROWTH OFFICER/CFO/TREASURER	50.00	Officer	$358,115	$62,541	$420,656
INDIA LEE	SENIOR VICE PRESIDENT (THUR 3/2/23)	50.00	Officer	$61,472	$10,992	$72,464
LEON WILSON	CHIEF TECHNOLOGY&INFORMATION OFFICER	50.00	Officer	$215,724	$44,863	$260,587
MONICA BROWN	VICE PRESIDENT (THUR 10/2/23)	50.00	Officer	$233,826	$30,912	$264,738
COLETTE JONES	CHIEF MARKETING OFFICER	50.00	Officer	$226,226	$31,513	$257,739
GINGER MLAKAR	SENIOR VICE PRESENT/GENERAL COUNSEL	50.00	Officer	$217,242	$51,600	$268,842
LETA OBERTACZ	SENIOR VICE PRESIDENT	50.00	Officer	$293,568	$28,504	$322,072
LESLIE A DUNFORD	VICE PRESIDENT	50.00	Officer	$179,247	$38,862	$218,109
MEGAN WILSON	CORPORATE SECRETARY (THUR 9/30/23)	50.00	Officer	$110,775	$19,907	$130,682
COURTNEY LEHMANN	CORPORATE SECRETARY (EFF 10/1/23))	50.00	Officer	$65,986	$15,901	$81,887
HELEN WILLIAMS	VICE PRESIDENT	50.00	Highest	$219,848	$43,178	$263,026
DALE ANGLIN	VICE PRESIDENT-PROGRAM	50.00	Highest	$203,996	$31,494	$235,490
KATHY PARKER	VICE PRESIDENT & CONTROLLER	50.00	Highest	$177,864	$41,809	$219,673
KATHLEEN HALLISSEY	SENIOR PROGRAM DIRECTOR	50.00	Highest	$167,807	$47,912	$215,719
TERRI EASON	SR.DIRECTOR-PHILANTHROPY EQUITY INITIATIVES	50.00	Highest	$163,455	$46,210	$209,665

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$370,353,894	$185,847,869	$2,940,696,456	$184,506,025
2022	$234,720,202	$160,647,426	$2,479,675,814	$74,072,776
2021	$179,374,020	$144,962,005	$2,806,690,965	$34,412,015
2020	$116,704,950	$147,398,382	$2,462,394,752	$-30,693,432
2019	$120,009,767	$176,182,289	$2,266,165,971	$-56,172,522
2018	$142,432,596	$120,523,232	$2,008,984,578	$21,909,364