Economic Growth Foundation

“The sole member of Economic Growth Foundation is Greater Cleveland Partnership, an Ohio nonprofit corporation.”

“Finance staff in conjunction with tax preparers 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. The returns are provided to the Audit/Finance and Executive Committees for review and comment. The final version of the Form 990 is given electronically and/or by hard copy to each board member for review prior to submission.”

“The board of Directors and staff of the GCP are expected to maintain the highest ethical standards in conducting the business of the GCP. The board and staff conflict of interest policies are intended to provide clear guidance to ensure that the GCP'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 the board 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, NAVEX Global, Inc. The disinterested members of the GCP Executive Committee shall make a determination as to whether a conflict exists and what subsequent action, if any, is appropriate. The GCP Executive Committee shall inform the Board of such determination and action. The Board shall retain the right to modify or reverse such determination and action, and shall retain the ultimate enforcement authority with respect to the interpretation and application of this policy. 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 the staff policy will subject the employee to discipline, up to and including, immediate discharge. When questions arise concerning any aspect of this policy, or to report violations, employees should contact the human resources department or the confidential and independent 24-hour helpline provider, NAVEX Global, Inc.”

“Salaries of EGF staff have been subjected to review by a compensation committee created by its parent, the Greater Cleveland Partnership. The committee's responsibilities include approving compensation for employees of the organization including the President/CEO. An annual performance evaluation process is conducted for all employees. Compensation for all employees is evaluated against the market. The compensation committee utilizes the resources of an independent consulting firm in the evaluation process to provide local and national compensation comparable data. The results of the latest survey (GCP executive compensation study - February 2024) provided that direct pay and indirect pay programs reflect market medians. All compensation and benefits information reported on this return is paid by the Greater Cleveland Partnership (GCP) to employees of that organization who split their time among GCP and several related organizations. Allocations have been made between the filing organization and two related organizations to, more accurately, report compensation and benefit expenses applicable to each organization.”

“A copy of the governing documents, conflict of interest policy and financial statements are available upon request for the same period of disclosure as set forth in IRC Section 6104(d).”

“The financial statements and related statements of activities, functional expenses, and cash flows of the Economic Growth Foundation (EGF) were audited on a consolidated basis. Refer to Form 990 Schedule R for details of the related organizations.”

“Consulting: Program service expenses 416,480. Management and general expenses 426. Fundraising expenses 0. Total expenses 416,906. Marketing: Program service expenses 140,342. Management and general expenses 0. Fundraising expenses 0. Total expenses 140,342.”

“The organization has a committee that is responsible for oversight of the audit and selection of independent accountants. The process has not changed from the prior year.”