Civic Intelligence

Northeast Ohio Technology Coalition Inc

990 • Fiscal year 2014 • EIN 34-1316549

Jan 01, 2014 to Dec 31, 2014 • Filed on Nov 13, 2015

Organization ProfileWWW.NORTECH.ORG

View Organization Page

737 Bolivar Road No 1000Cleveland, OH 44115

(216) 363-6883

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

62nd percentile

0.22x

Higher debt load relative to assets than 62% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2014

Liabilities / Revenue

35th percentile

0.05x

Higher debt load relative to revenue than 35% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2014

Net Margin

3rd percentile

-77%

Higher net margin than 3% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2014

Top Officer Pay

98th percentile

$511,092

Higher top officer pay than 98% of similar nonprofits.

Top officer pay equals 28.8% of source-year revenue.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2014

Asset Growth

1st percentile

-79%

Faster asset growth than 1% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2013 to 2014

Revenue Growth

7th percentile

-35%

Faster revenue growth than 7% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2013 to 2014

Balance Sheet
Liabilities / Assets62nd percentile

Assets

Down

$416,171

Down $1,549,894 (-79%) from 2013

Net Assets

Down

$325,472

Down $1,373,654 (-81%) from 2013

Liabilities

Down

$90,699

Down $176,240 (-66%) from 2013

Revenue And Expenses
Liabilities / Revenue35th percentileNet Margin3rd percentile

Revenue

Down

$1,773,987

Down $968,919 (-35%) from 2013

Expenses

Down

$3,147,641

Down $138,328 (-4.2%) from 2013

Net Income

Down

-$1,373,654

Down $830,591 (-153%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth1st percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$4.0M$3.0M$2.0M$1.0M$0Assets 2010: $2,886,435Liabilities 2010: $502,111Net Assets 2010: $2,384,3242010Assets 2011: $3,163,686Liabilities 2011: $327,198Net Assets 2011: $2,836,4882011Assets 2012: $2,522,718Liabilities 2012: $280,529Net Assets 2012: $2,242,1892012Assets 2013: $1,966,065Liabilities 2013: $266,939Net Assets 2013: $1,699,1262013Assets 2014: $416,171Liabilities 2014: $90,699Net Assets 2014: $325,4722014

Highlighted filing

2014

Assets$416,171
Liabilities$90,699
Net Assets$325,472
Open 2014 Filing

Operations Trend

Revenue Growth7th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $5,219,1012010Expenses 2011: $3,776,2892011Expenses 2012: $4,032,8362012Revenue 2013: $2,742,906Expenses 2013: $3,285,969Net Income 2013: -$543,0632013Revenue 2014: $1,773,987Expenses 2014: $3,147,641Net Income 2014: -$1,373,6542014

Highlighted filing

2014

Revenue$1,773,987
Expenses$3,147,641
Net Income-$1,373,654
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Nov 13, 2015
Return Version
2014v5.0
Gross Receipts
$1,773,987
Mission and Program Overview

Mission

Northeast ohio technology coalition, inc. ("nortech") works to revitalize northeast ohio by accelerating the growth of innovation clusters in the region's emerging industries. Nortech engages companies and colleges/universities for business, funding and research opportunities that create jobs, attract capital and have a long-term, economic impact. Nortech also promotes northeast ohio as a hub of innovation to attract resources to the region.

To champion growth in northeast ohio's high tech economy.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$819,893$229,832▼ $590,061
Pledges and Grants Receivable$1,036,944$130,648▼ $906,296
Land, Buildings, and Equipment, Net$53,620$39,071▼ $14,549
Accounts Receivable$42,589$14,497▼ $28,092
Prepaid Expenses and Deferred Charges$13,019$2,123▼ $10,896
Total Assets$1,966,065$416,171▼ $1,549,894
Liabilities
Accounts Payable and Accrued Expenses$196,311$90,699▼ $105,612
Grants Payable$70,628--
Total Liabilities$266,939$90,699▼ $176,240
Net Assets / Fund Balance
Unrestricted Net Assets$758,845$284,024▼ $474,821
Temporarily Rstr Net Assets$940,281$41,448▼ $898,833
Total Net Assets Fund Balance$1,699,126$325,472▼ $1,373,654
Total Liabilities and Net Assets / Fund Balance$1,966,065$416,171▼ $1,549,894

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$37,898$35,011$72,909
Leasehold Improvements$1,173$45,118$46,291
Compensation and Service Providers
Top Officer Pay98th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Bagley Rebecca OPresident & CEOFT$326,730$184,362$511,092
Brancato JeffreyVP-strategic AccelerationFT$136,519$65,863$202,382
Clayton ByronVP-cluster AccelerationFT$180,394$16,994$197,388
Fahey TimothyDirector of Cluster AccelerationFT$158,176$27,288$185,464
Allport KarenVP-strategic OutreachFT$152,471$19,552$172,023
Hagstrand WilliamDirector of Cluster AccelerationFT$141,991$13,602$155,593
Marion EarlesDirector of Cluster AccelerationFT$132,899$18,358$151,257
Johnathan HolifieldVP-inclusive CompetitivenessFT$134,031$11,626$145,657
Barker RebeccaExecutive Assistant/ SecretaryFT$66,183$8,945$75,128
Grasser LindyDirector of Operations/ TreasurerFT$63,939$7,128$71,067

Board Members and Trustees

NameTitle
Reynolds Timothy MChairman
Hughes DarrellVice Chairman
Laisure Daryl ZVice Chairman
Baeslack Iii Wa BudTrustee
Biro Timothy GTrustee
Broer Peter WTrustee
Burts-cooper EllenTrustee
Church Roy aTrustee
Eisenbrown Steven aTrustee
Garcia RichardTrustee
Gershen Jay aTrustee
Green Albert MTrustee
Harley John Jack WTrustee
Keithley Joseph PTrustee
Lefton Lester aTrustee
Mcgill James WTrustee
Proenza Luis MTrustee
Shular CraigTrustee
Tyrrell Thomas NTrustee
Walker George ETrustee
Revenue and Support

Revenue Composition

Contributions and Grants
$1,772,410
Program Service Revenue
$0
Investment Income
$1,577
Other Revenue
$0
All Other Contributions
$1,020,979
Change in Net Assets
$-1,373,654

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,773,987
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$1,773,987
Total Revenue per Form 990
$1,773,987
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,313,072
Other Expenses$834,569
Total Fundraising Expense$76,858
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,054,419$257,822$43,880$1,356,121
Current Officers, Directors, Trustees, and Key Employees$511,058$124,961$21,268$657,287
Office Expenses$185,572$53,615-$239,187
Fees for Services Other$146,302$47,845-$194,147
Pension Plan Contributions$152,628$23,655$6,930$183,213
Payroll Taxes$95,761$14,841$4,348$114,950
Occupancy$92,559$2,641$325$95,525
Advertising$72,868$221-$73,089
Travel$68,869$174-$69,043
Information Technology$44,083$14,417-$58,500
Other Expenses$22,026$4,691-$26,717
Fees for Services Accounting$13,300$4,350-$17,650
Depreciation Depletion$14,097$402$50$14,549
All Other Expenses$3,434$628-$4,062
Fees for Services Legal$2,774$907-$3,681
Other Employee Benefits$1,250$194$57$1,501
Total Functional Expenses$2,519,269$551,514$76,858$3,147,641

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,147,641
Total Expenses per Audited Statements$3,147,641
Total Expenses per Form 990$3,147,641
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
Yes
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11

“Finance staff, in conjunction with the tax preparer, compiles the information needed to complete the form 990. Upon completion, finance management conducts a detailed review of the return and makes final adjustments, if necessary. Finance management staff reviews the returns with the audit, finance, and executive committees. The final version of the form 990 is given electronically and/or hard copy to each board member for review prior to submission to the irs.”

Form 990, Part VI, Section B, Line 12C

“The board of directors and staff are expected to maintain the highest ethical standards in conducting the business of nortech. The conflict of interest policy is intended to provide clear guidance to ensure that nortech's business is conducted with integrity, and in compliance with all applicable laws, and in a manner that excludes considerations of personal advantage or gain. All board and staff members shall annually receive a reminder of their agreement to comply with the policy and sign a declaration indicating their acceptance. Any violation of this policy will subject a board member to appropriate action, up to and including removal from the board. When questions arise concerning any aspect of this policy, board members are encouraged to contact the board chair. Violations of this policy should be reported to the board chair or the confidential and independent 24-hour helpline provider, global compliance. The ceo or his/her designee shall make a determination regarding staff members as to whether a conflict exists and what subsequent action, if any, is appropriate. Any violation of this policy will subject the employee to discipline, up to and including immediate discharge. When questions arise concerning any aspect of this policy, employees should contact the human resources department or the confidential and independent 24-hour helpline provider, global compliance.”

Form 990, Part VI, Section C, Line 19

“No documents are available to the public.”

Filing and Contact Details

Filer

Filer Name
Northeast Ohio Technology Coalition Inc
EIN
34-1316549
Phone
2163636883
Address
737 BOLIVAR ROAD NO 1000, CLEVELAND, OH 44115
Doing Business As
Nortech

Signing Officer

Name
Laura Hudak
Title
Vice President, Finance & Admin
Phone
2163636883
Signed
2015-11-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Laura Hudak
Formed
1980
Legal Domicile
Oh
Voting Board Members
17
Independent Board Members
17
Employees
21
Volunteers
20

Preparer

Firm
Rsm US Llp
Address
1001 LAKESIDE AVE SUITE 200, CLEVELAND, OH 44114-1152
Preparer
Zachary Fortsch
Phone
2165231900
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

“Nortech adopted the accounting standard on accounting for uncertainty in income taxes, which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under this guidance, nortech may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on technical merits of the position. Examples of tax positions include the tax exempt status of nortech and various positions related to the potential sources of unrelated business taxable income (ubit). The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also addresses de-recognition, reclassification, interest and penalties on income taxes, and accounting in interim periods. There were no unrecognized tax benefits identified or recorded as liabilities at december 31, 2014 and 2013.”

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Desc0ADVANCED ENERGY: NORTHEAST OHIO IS HOME TO MORE THAN 500 COMPANIES AND ORGANIZATIONS ENGAGED IN VARIOUS ADVANCED ENERGY SECTORS AND NORTECH HAS CREATED A CLUSTER INITIATIVE TO STIMULATE THE GROWTH OF THE INDUSTRY IN THE REGION. ITS "INSEVEN BY NORTECH" ROADMAPPING PROCESS HAS IDENTIFIED MORE THAN $50 BILLION IN GLOBAL MARKET OPPORTUNITIES FOR NORTHEAST OHIO'S ENERGY STORAGE, SMART GRID, WASTE/BIOMASS TO ENERGY, FUEL CELL AND ENERGY EFFICIENCY SECTORS. TOGETHER, THEY COULD ADD APPROXIMATELY 9,560 JOBS TO THE REGION WITHIN SEVEN YEARS. SERVING AS A FOCAL POINT IN THE REGION'S ADVANCED ENERGY CLUSTER, NORTECH HELPS ITS MEMBERS ACCELERATE THE COMMERCIALIZATION OF NEW PRODUCTS OR TECHNOLOGIES THROUGH INDUSTRY-SPECIFIC CLUSTER SERVICES. THESE SERVICES INCLUDE BUILDING CLUSTER-BASED PROJECT TEAMS, ACCESSING INDUSTRY-RELEVANT PROJECT FUNDING, AND ENGAGING ANCHOR CUSTOMERS. CLUSTER METRICS, INCLUDING THE NUMBER OF JOBS CREATED, PAYROLL GENERATED AND CAPITAL ATTRACTED, ARE USED TO GUIDE THE EVOLUTION OF THESE SERVICES.
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IRS990/Form990PartVIISectionAGrp/TitleTxt0TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt1TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt2TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt3TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt4TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt5TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt6TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt7TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt8TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt9TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt10VICE CHAIRMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt11TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt12VICE CHAIRMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt13TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt14TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt15TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt16CHAIRMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt17TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt18TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt19TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt20PRESIDENT & CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt21EXECUTIVE ASSISTANT/ SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt22DIRECTOR OF OPERATIONS/ TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt23VP-CLUSTER ACCELERATION
IRS990/Form990PartVIISectionAGrp/TitleTxt24VP-STRATEGIC OUTREACH
IRS990/Form990PartVIISectionAGrp/TitleTxt25VP-STRATEGIC ACCELERATION
IRS990/Form990PartVIISectionAGrp/TitleTxt26DIRECTOR OF CLUSTER ACCELERATION
IRS990/Form990PartVIISectionAGrp/TitleTxt27DIRECTOR OF CLUSTER ACCELERATION
IRS990/Form990PartVIISectionAGrp/TitleTxt28DIRECTOR OF CLUSTER ACCELERATION
IRS990/Form990PartVIISectionAGrp/TitleTxt29VP-INCLUSIVE COMPETITIVENESS
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IRS990/MissionDesc0NORTHEAST OHIO TECHNOLOGY COALITION, INC. ("NORTECH") WORKS TO REVITALIZE NORTHEAST OHIO BY ACCELERATING THE GROWTH OF INNOVATION CLUSTERS IN THE REGION'S EMERGING INDUSTRIES. NORTECH ENGAGES COMPANIES AND COLLEGES/UNIVERSITIES FOR BUSINESS, FUNDING AND RESEARCH OPPORTUNITIES THAT CREATE JOBS, ATTRACT CAPITAL AND HAVE A LONG-TERM, ECONOMIC IMPACT. NORTECH ALSO PROMOTES NORTHEAST OHIO AS A HUB OF INNOVATION TO ATTRACT RESOURCES TO THE REGION.
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IRS990/PrincipalOfficerNm0LAURA HUDAK
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IRS990/ProgSrvcAccomActy2Grp/Desc0FLEXMATTERS: FLEXIBLE ELECTRONICS IS A SCIENCE AND MANUFACTURING OPPORTUNITY TO PRINT OR DEPOSIT ULTRA-THIN ELECTRONIC COMPONENTS AND DEVICES ON MATERIALS THAT FLEX, BEND, FOLD OR STRETCH. AN INNOVATION CLUSTER HAS EMERGED AROUND THE FLEXIBLE ELECTRONICS INDUSTRY IN NORTHEAST OHIO, AND NORTECH HAS LAUNCHED AN INITIATIVE CALLED FLEXMATTERS TO ACCELERATE ITS GROWTH. THERE ARE CURRENTLY 59 FLEXMATTERS CLUSTER COMPANIES AND/OR RESEARCH CENTERS. THROUGH ITS ROADMAPPING WORK, NORTECH HAS IDENTIFIED $42 BILLION IN GLOBAL MARKET OPPORTUNITIES FOR THE CLUSTER, WHICH COULD CREATE AN ESTIMATED 3,020 JOBS WITHIN SEVEN YEARS. NORTECH ASSISTS ITS MEMBERS WITH ACCELERATING THE COMMERCIALIZATION OF PRODUCTS THROUGH INDUSTRY-SPECIFIC CLUSTER SERVICES, WHICH INCLUDE BUILDING CLUSTER-BASED PROJECT TEAMS, ACCESSING INDUSTRY-RELEVANT PROJECT FUNDING, AND ENGAGING ANCHOR CUSTOMERS. CLUSTER METRICS, SUCH AS THE NUMBER OF JOBS CREATED, PAYROLL GENERATED AND CAPITAL ATTRACTED, ARE USED TO GUIDE THE EVOLUTION OF THESE SERVICES.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0832719

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Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$416,171
Liabilities
$90,699
Net assets
$325,472
Revenue
$1,773,987
Expenses
$3,147,641
Net income
-$1,373,654
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2014Detailed filing. Detailed filing data is available for this year.$0.42$0.09$0.33$1.77$3.15$1.37
2013Detailed filing. Detailed filing data is available for this year.$1.97$0.27$1.70$2.74$3.29$0.54
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.52$0.28$2.24$4.03
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.16$0.33$2.84$3.78
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.89$0.50$2.38$5.22