MANUFACTURING ADVOCACY & GROWTH NE… - Form 990 Financial Data

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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

1984

Legal Domicile

Principal Officer

ED KNEITEL

Phone

2166300500

Tax Period

2022-07-01 to 2023-06-30

MANUFACTURING ADVOCACY & GROWTH NETWORK INC, founded in 1984, is a mid-sized nonprofit in the Community Improvement sector that reported $18.1M in total revenue in fiscal year 2022. Revenue fell 25% from the prior year — a significant decline worth monitoring.

Mission

TO HELP MANUFACTURERS GROW AND COMPETE IN NORTHEAST OHIO, ESPECIALLY THE 98% OF STARTUP TO MEDIUM-SIZED MANUFACTURERS THAT DRIVE OUR ECONOMY. MAGNET ROLLS UP ITS SLEEVES TO PROVIDE HANDS-ON SUPPORT RANGING FROM NEW PRODUCT DESIGN TO OPERATIONS AND BRINGS EDUCATION AND BUSINESS TOGETHER TO CREATE TOMORROW'S MANUFACTURERS.

Program Service Accomplishments

Program 1

Expenses: $8,821,562 Revenue: $3,178,073

GROWTH SERVICES: MAGNET IS AN ORGANIZATION DEDICATED TO HELPING MANUFACTURERS GROW AND COMPETE IN 24 COUNTIES IN NORTHEAST OHIO. AS PART OF THE OHIO MANUFACTURING EXTENSION PARTNERSHIP (MEP), MAGNET PROVIDES CONSULTING AND ENGINEERING SERVICES TO NE OHIO SMALL AND MID-SIZED MANUFACTURERS. THESE SERVICES INCLUDING PROCESS INNOVATION, AUTOMATION, PRODUCT DESIGN AND DEVELOPMENT, QUALITY MANAGEMENT, COMMERCIALIZATION, SALES & MARKETING, CYBER SECURITY, OPERATIONS AND EMPLOYEE ENGAGEMENT, EMPLOYEE DEVELOPMENT AND RETENTION, TALENT PIPELINE, START-UP SERVICES AND MORE. MAGNET ALSO SUPPORTS, EDUCATES, AND CHAMPIONS NE OHIO MANUFACTURING.

Program 2

Expenses: $3,448,012 Revenue: $3,204,308

TALENT (WORKFORCE/ECEC): WORK FORCE FACILITATES PROGRAMS BETWEEN STUDENTS/ADULTS AND LOCAL MANUFACTURERS WHO TRAIN THEM IN MANUFACTURING CAREERS AND TECHNICAL CERTIFICATIONS.

Program 3

Expenses: $645,606 Revenue: $231,299

NEW VENTURES: OUR GOAL TO ASSIST EARLY-STAGE, PRODUCT-FOCUSED BUSINESSES REACH MARKET ENTRY FASTER WITH REDUCED TECHNICAL RISK. THE NEW VENTURES AT MAGNET OFFERS SUBJECT MATTER EXPERTISE...

NEW VENTURES: OUR GOAL TO ASSIST EARLY-STAGE, PRODUCT-FOCUSED BUSINESSES REACH MARKET ENTRY FASTER WITH REDUCED TECHNICAL RISK. THE NEW VENTURES AT MAGNET OFFERS SUBJECT MATTER EXPERTISE, PARTNERSHIPS AND CONNECTIONS WITH PROFESSIONALS IN NORTHEAST OHIO, ALONG WITH ACCESS TO REGIONAL TECHNICAL ASSETS THAT AN ENTREPRENEUR MAY NEED TO BRING A VISION TO LIFE. INCUBATOR SERVICES INCLUDE THE AVAILABILITY OF HIGH QUALITY, SECURED OFFICE, MANUFACTURING, AND LAB SPACE AS WELL AS THE USE OF SHARED BUSINESS EQUIPMENT AND CONFERENCE ROOM WITH VERY COMPETITIVE LEASE TERMS.

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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 (2022)

Revenue Breakdown

Contributions & Grants $11,124,167

Program Service Revenue $6,921,696

Investment Income $93,179

Other Revenue $0

TOTAL REVENUE $18,139,042

Expense Breakdown

Grants Paid $1,442,211

Salaries & Benefits $7,388,886

Fundraising Expenses $212,991

Program Expenses $14,457,362

Other Expenses $10,181,447

TOTAL EXPENSES $19,012,544

Year-over-Year Comparison

	2022	2021	Change
Revenue	$18,139,042	$24,169,466	-0.2%
Expenses	$19,012,544	$15,157,138	+0.3%
Net Income	$-873,502	$9,012,328	-1.1%

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

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

$599,351

Total Directors

Key Employees

$594,137

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
STEPHEN LOVASS	BOARD CHAIR	1.00	Officer Director	$0	$0	$0
AARON SWARTZ	TREASURER	1.00	Officer Director	$0	$0	$0
AARON SWARTZ	BOARD MEMBER	1.00	Director	$0	$0	$0
CAROLEE VANICEK	BOARD MEMBER	1.00	Director	$0	$0	$0
DAVID JARUS	BOARD MEMBER	1.00	Director	$0	$0	$0
DOUG LANCE	BOARD MEMBER	1.00	Director	$0	$0	$0
ED STEELE	BOARD MEMBER	1.00	Director	$0	$0	$0
ELIE MERHEB	BOARD MEMBER	1.00	Director	$0	$0	$0
ERIC HILLENBRAND	BOARD MEMBER	1.00	Director	$0	$0	$0
FELIX M BRUECK	BOARD MEMBER	1.00	Director	$0	$0	$0
JACK H SCHRON	BOARD MEMBER	1.00	Director	$0	$0	$0
JEFFREY SINCLAIR	BOARD MEMBER	1.00	Director	$0	$0	$0
JOHN R BRANDT	BOARD MEMBER	1.00	Director	$0	$0	$0
KEVIN JOHNSON	BOARD MEMBER	1.00	Director	$0	$0	$0
LARRY FULTON	BOARD MEMBER	1.00	Director	$0	$0	$0
MARCIA BALLINGER	BOARD MEMBER	1.00	Director	$0	$0	$0
MICHAEL CANTY	BOARD MEMBER	1.00	Director	$0	$0	$0
MIKE GARVEY	BOARD MEMBER	1.00	Director	$0	$0	$0
PETER BROER	BOARD MEMBER	1.00	Director	$0	$0	$0
SANJAY SINGH	BOARD MEMBER	1.00	Director	$0	$0	$0
SCOTT CADE	BOARD MEMBER	1.00	Director	$0	$0	$0
STEPHEN LOVASS	BOARD MEMBER	1.00	Director	$0	$0	$0
STEVEN SENKFOR	BOARD MEMBER	1.00	Director	$0	$0	$0
TIM ROSENGARTEN	BOARD MEMBER	1.00	Director	$0	$0	$0
TIMOTHY HOLMES	BOARD MEMBER	1.00	Director	$0	$0	$0
ETHAN KARP	PRESIDENT & CEO	40.00	Officer	$441,912	$27,427	$469,339
ED KNEITEL	DIRECTOR OF FINANCE	40.00	Officer	$123,324	$6,688	$130,012
MICHAEL O'DONNELL	VP OF OPERATIONS	40.00	Key Emp	$221,512	$23,362	$244,874
BRANDON CORNUKE	VP OF STRATEGY & INNOVATION	40.00	Key Emp	$179,534	$18,318	$197,852
ARAM NERPOUNI	MANAGING DIRECTOR OF TALENT	40.00	Key Emp	$150,328	$1,083	$151,411
BASSAM KHOURY	DIRECTOR, OPERATIONS EXCEL	40.00	Highest	$184,925	$25,884	$210,809
LEAH EPSTEIN	VP, ENGAGEMENT	40.00	Highest	$175,118	$25,405	$200,523
JOSEPH WORK	SENIOR GROWTH & INNOVATION ADVISOR	40.00	Highest	$163,154	$24,443	$187,597
MICHAEL PINTZ	DIR. OF ENGINEERING SERVICES	40.00	Highest	$157,173	$18,157	$175,330
JOSEPH VINCIQUERRA	SENIOR GROWTH & INNOVATION ADVISOR	40.00	Highest	$150,418	$13,145	$163,563

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
2025	No data	No data	No data	No data
2024	No data	No data	No data	No data
2023	$18,139,042	$19,012,544	$20,641,849	$-873,502
2022	$24,169,466	$15,157,138	$22,665,805	$9,012,328
2021	$13,226,451	$11,559,217	$11,290,279	$1,667,234
2021	$13,226,451	$11,559,217	$11,290,279	$1,667,234
2020	$19,003,780	$17,591,368	$11,109,698	$1,412,412
2019	$10,761,470	$9,947,111	$7,740,197	$814,359
2018	$9,091,084	$8,549,534	$7,136,469	$541,550

MANUFACTURING ADVOCACY & GROWTH NETWORK INC