GATEWAY ECONOMIC DEVELOPMENT CORPO… - 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

1990

Legal Domicile

Principal Officer

TODD GREATHOUSE

Phone

2164204071

Tax Period

2023-01-01 to 2023-12-31

GATEWAY ECONOMIC DEVELOPMENT CORPORATION OF GREATER CLEVELAND, founded in 1990, is a mid-sized nonprofit in the Community Improvement sector that reported $82.3M in total revenue in fiscal year 2023. Revenue surged 156% from the prior year, signaling strong growth momentum. The organization ran a surplus of $30.4M, a strong 37% operating margin.

Mission

PROMOTE ECONOMIC DEVELOPMENT IN ORDER TO PREVENT THE CONDITIONS OF BLIGHT AND DETERIORATION HISTORICALLY EXISTING IN THE AREA.

Program Service Accomplishments

Program 1

Expenses: $50,799,323 Revenue: $78,960,009

GATEWAY ECONOMIC DEVELOPMENT CORPORATION OF CLEVELAND IS ORGANIZED TO CONSTRUCT, OWN AND PROVIDE FOR THE OPERATION OF A SPORTS FACILITY, WHICH INCLUDES A BASEBALL STADIUM, ARENA AND A JOINT...

GATEWAY ECONOMIC DEVELOPMENT CORPORATION OF CLEVELAND IS ORGANIZED TO CONSTRUCT, OWN AND PROVIDE FOR THE OPERATION OF A SPORTS FACILITY, WHICH INCLUDES A BASEBALL STADIUM, ARENA AND A JOINT DEVELOPMENT SITE. THE SPORTS FACILITY WAS BUILT IN ORDER TO PREVENT THE SPREAD OF BLIGHT AND DETERIORATION HISTORICALLY EXISTING IN THE AREA. IN THIS WAY, THE CORPORATION IS LESSENING THE BURDENS OF GOVERNMENT.

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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 $0

Program Service Revenue $78,960,009

Investment Income $13,641

Other Revenue $3,328,627

TOTAL REVENUE $82,302,277

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,383,226

Fundraising Expenses $0

Program Expenses $51,229,857

Other Expenses $50,546,551

TOTAL EXPENSES $51,929,777

Year-over-Year Comparison

	2023	2022	Change
Revenue	$82,302,277	$32,203,082	+1.6%
Expenses	$51,929,777	$54,327,161	0.0%
Net Income	$30,372,500	$-22,124,079	-2.4%

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

N/A

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

$253,108

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
TODD GREATHOUSE	EXECUTIVE DI	40.00	Officer	$164,403	$0	$164,403
KEN SILLIMAN	TRUSTEE - PA	1.00	Director	$0	$0	$0
MATT CARROLL	TRUSTEE - PA	1.00	Director	$0	$0	$0
DAVITA RUSSELL	TRUSTEE - PA	1.00	Director	$0	$0	$0
RON KING	TRUSTEE - PA	1.00	Director	$0	$0	$0
AHMED ABONAMAH	TRUSTEE - PA	1.00	Director	$0	$0	$0
PAUL J VALVODA	CONTROLLER	40.00	Officer	$88,705	$0	$88,705

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	$82,302,277	$51,929,777	$429,804,499	$30,372,500
2022	$32,203,082	$54,327,161	$383,176,733	$-22,124,079
2021	$30,122,951	$60,760,724	$401,423,840	$-30,637,773
2020	$46,953,957	$36,814,355	$429,645,920	$10,139,602
2019	$173,873,362	$32,465,366	$424,574,050	$141,407,996
2018	$126,298,393	$32,020,085	$276,474,909	$94,278,308

GATEWAY ECONOMIC DEVELOPMENT CORPORATION OF GREATER CLEVELAND