Economic Growth Foundation (EIN 341916518) - Form 990 Financial Analysis & Trantor Score

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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

1997

Legal Domicile

Principal Officer

Baiju Shah

Phone

2165922210

Tax Period

2023-01-01 to 2023-12-31

Economic Growth Foundation, founded in 1997, is a community nonprofit in the Employment sector that reported $4.8M in total revenue in fiscal year 2023. Revenue surged 66% from the prior year, signaling strong growth momentum. Net assets of $11.8M represent 29 months of operating reserves.

Mission

To promote and advance the civic, economic, and cultural growth of Greater Cleveland.

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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 $3,548,234

Program Service Revenue $1,236,214

Investment Income $40,899

Other Revenue $0

TOTAL REVENUE $4,825,347

Expense Breakdown

Grants Paid $0

Salaries & Benefits $2,617,260

Fundraising Expenses $0

Program Expenses $4,565,830

Other Expenses $2,065,372

TOTAL EXPENSES $4,682,632

Year-over-Year Comparison

	2023	2022	Change
Revenue	$4,825,347	$2,912,962	+0.7%
Expenses	$4,682,632	$3,877,223	+0.2%
Net Income	$142,715	$-964,261	-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

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

$1,169,814

Total Directors

Key Employees

$582,970

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Dolan Paul	Chair	2.00	Officer Director	$0	$0	$0
Richardson Sean	Treasurer	2.00	Officer Director	$0	$0	$0
Arnold Craig	Director	1.00	Director	$0	$0	$0
Barlage Nic	Director	1.00	Director	$0	$0	$0
Cavoli James	Director	1.00	Director	$0	$0	$0
Chaikin Scott	Director until 12/23	1.00	Director	$0	$0	$0
Connell Michele	Director	1.00	Director	$0	$0	$0
Cosgrove Bill	Director	1.00	Director	$0	$0	$0
DeWagheneire Severine	Director	1.00	Director	$0	$0	$0
Evans Taylor	Director	1.00	Director	$0	$0	$0
Glass Steven	Director	1.00	Director	$0	$0	$0
Gorman Christopher	Director	1.00	Director	$0	$0	$0
Harmon Brad	Director	1.00	Director	$0	$0	$0
Haslam Dee	Director	1.00	Director	$0	$0	$0
Johnson Kevin	Director	1.00	Director	$0	$0	$0
Kaler Eric	Director	1.00	Director	$0	$0	$0
Komoroski Len	Director until 9/23	1.00	Director	$0	$0	$0
Liebert Rebecca	Director	1.00	Director	$0	$0	$0
Morikis John	Director until 12/23	1.00	Director	$0	$0	$0
Opsitnick Timothy	Director	1.00	Director	$0	$0	$0
Parmentier Jennifer	Director	1.00	Director	$0	$0	$0
Pastore Patrick	Director	1.00	Director	$0	$0	$0
Perez Cheryl	Director	1.00	Director	$0	$0	$0
Read Deborah	Director	1.00	Director	$0	$0	$0
Restivo Neal	Director	1.00	Director	$0	$0	$0
Stanek Michael	Director	1.00	Director	$0	$0	$0
Taylor Jr Eddie	Director	1.00	Director	$0	$0	$0
Whiting Vanessa	Director	1.00	Director	$0	$0	$0
Shah Baiju	President & CEO	4.00	Officer	$59,613	$50,943	$713,309
Ittu Yvette	EVP Finance & Operations	1.00	Officer	$6,521	$58,853	$456,505
Luteran John	MVP, Fin, Operations & Air Services	1.00	Key Emp	$8,276	$40,922	$332,338
Blakemore Patrice	SVP, Equity & Inclusion	40.00	Key Emp	$205,695	$44,937	$250,632
Coates Steven	Controller Finance & Operations	2.00	Highest	$9,325	$27,402	$225,815
Tahan Colleen	Dir, Accounting, Fin. & Operations	3.00	Highest	$10,108	$43,283	$173,708
Nance Christopher	VP, Construction/Inclusive	40.00	Highest	$128,947	$32,725	$161,672
Cox Katie	Director, Fin. Planning & Analysis	8.00	Highest	$24,200	$31,810	$159,175
Platt Craig	Managing Director, IT Sector PT	40.00	Highest	$144,553	$17,465	$162,018

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	$4,825,347	$4,682,632	$12,747,580	$142,715
2022	$2,912,962	$3,877,223	$13,654,480	$-964,261
2021	$2,832,062	$2,536,728	$13,288,983	$295,334
2020	$3,100,506	$2,998,593	$13,192,932	$101,913
2019	$2,233,236	$2,349,509	$12,875,482	$-116,273
2018	$2,776,179	$1,515,136	$12,652,814	$1,261,043
2018	$2,776,179	$1,515,136	$12,652,814	$1,261,043

Economic Growth Foundation