SPIRIT OF CLEVELAND INC

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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

1996

Legal Domicile

Principal Officer

David Gilbert President and CEO

Phone

2168756600

Tax Period

2023-01-01 to 2023-12-31

SPIRIT OF CLEVELAND INC, founded in 1996, is a small nonprofit in the Human Services sector that reported $880K in total revenue in fiscal year 2023. Revenue surged 2050% from the prior year, signaling strong growth momentum. The organization ran a surplus of $444K, a strong 50% operating margin.

Mission

The Spirit of Cleveland's primary exempt purpose is to provide training programs to enhance the Cleveland visitor experience and destination development projects to strengthen Cleveland as a visitor destination.

Program Service Accomplishments

Program 1

Expenses: $400,000 Revenue: $0

Spirit of Cleveland entered into an agreement with the City of Cleveland to administer grantmaking for the newly created Major Events Fund. As part of the agreement, Spirit of Cleveland disbursed...

Spirit of Cleveland entered into an agreement with the City of Cleveland to administer grantmaking for the newly created Major Events Fund. As part of the agreement, Spirit of Cleveland disbursed funding to Forbes Media to pay for expenses related to the Forbes Under 30 event in October 2023. The expenses were deemed eligible for reimbursement by the grant review committee and included event production and marketing costs.

Program 2

Expenses: $20,000 Revenue: $0

The Spirit of Cleveland sponsored a study to evaluate the management and programming of downtown Cleveland's public spaces, with the goals of determining how to efficiently and effectively manage...

The Spirit of Cleveland sponsored a study to evaluate the management and programming of downtown Cleveland's public spaces, with the goals of determining how to efficiently and effectively manage day-to-day programming, maintenance, marketing, and operations of Downtown Cleveland's core public spaces and developing a simple, transparent, and seamless process for events to be hosted in Downtown Cleveland. The study supported the community's focus on building an inclusive, thriving Downtown neighborhood for residents, building a more welcoming community, improving perceptions, and attracting talent, business, visitors, and investment.

Program 3

Expenses: $15,855 Revenue: $0

The Spirit of Cleveland received a grant from the KeyBank Foundation for the design and implementation of an educational series about marketing and communications for small and medium-sized...

The Spirit of Cleveland received a grant from the KeyBank Foundation for the design and implementation of an educational series about marketing and communications for small and medium-sized hospitality businesses, with a focus on minority-owned organizations.

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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 $878,000

Program Service Revenue $0

Investment Income $1,582

Other Revenue $0

TOTAL REVENUE $879,582

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $435,855

Other Expenses $435,855

TOTAL EXPENSES $435,855

Year-over-Year Comparison

	2023	2022	Change
Revenue	$879,582	$40,920	+20.5%
Expenses	$435,855	$109,244	+3.0%
Net Income	$443,727	$-68,324	-7.5%

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

N/A

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
David Gilbert	President and Secretary	1	Officer Director	$0	$0	$0
Michael Jeans	Treasurer	0.5	Officer Director	$0	$0	$0
Ann Zoller	Trustee	0.5	Director	$0	$0	$0
Jon Pinney	Chair	0.5	Officer Director	$0	$0	$0

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	$879,582	$435,855	$476,456	$443,727
2022	$40,920	$109,244	$32,680	$-68,324
2021	$55,138	$50,536	$163,940	$4,602
2020	$1,922,253	$1,842,347	$625,396	$79,906
2019	$2,039,108	$2,029,610	$437,475	$9,498
2018	$1,468,820	$1,578,157	$441,903	$-109,337