Team Neo Foundation
Public records show a registered, tax-exempt organization in good standing.
What it says it does
Team NEO Foundation enhances the economy of Northeast Ohio by collaborating with our partners and others to attract new businesses, help those that are here grow and accelerate the impact of innovation in the region. We also help bring together local, regional and state resources to raise the profile of the region and make the case of investment in Northeast Ohio, focusing on proven businesses that will contribute to the regions success. Our Board serves as the Regional Table for Business and Philanthropy around which challenges regarding economic competitiveness are identified, prioritized and advanced.
- Income
- $8.0 million
- Spending
- $8.0 million
- Spent on programs
- 85%
- Reserves
- 2.3 months of spending
- Largest source of income
- donations and private grants, 91%
- Employees
- 40
- Volunteers
- 0
- Highest pay
- $395,700, ceo
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Financial health
Fair: 53 out of 100. Higher than 25% of charities in its peer group (community improvement, $1m to $10m).
Reserves
10 of 35Spendable reserves would cover 2.3 months of spending.
Debt
10 of 20It owes 47% of what it owns.
Living within its means
8 of 15Spending exceeded income by 0% of income.
Income trend
10 of 15Income fell 0% on the year before.
Spending floor
15 of 1585% of spending went to programs and raising each dollar of donations cost 5 cents.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Governance
Strong: 100 out of 100. Higher than 68% of charities in its peer group (community improvement, $1m to $10m).
Independent board
25 of 2536 of 36 voting board members are independent.
Conflict of interest policy
15 of 15Has a written conflict of interest policy.
Whistleblower policy
8 of 8Has a written whistleblower policy.
Record keeping policy
7 of 7Has a written policy on keeping and destroying records.
Board minutes
5 of 5Keeps minutes of board meetings.
Board sees the tax return
10 of 10Gave the board a copy of this return before filing it.
Pay set independently
5 of 5Sets its chief executive's pay through independent review and comparison.
Independent check of accounts
15 of 15Its accounts were audited by an independent accountant.
No reported misuse
10 of 10Reports no diversion of assets, excess benefits or loans to insiders.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Impact evidence
Describes programs. Its tax return describes what it does but we have found no measurable results in it.
Programs described in its return (5)
- $4.5 million spent. Growing our Diverse Industry Base - Leverage our deep supply chain and partner relationships across the regions diverse industry base to drive innovation, integrate technology, develop new markets and create equitable opportunity for a highly-trained workforce.
- $1.1 million spent. Promote and Engage the Region - Telling stories, promoting assets and sharing data insights to advance Team NEO, lift our partners and improve Northeast Ohios regional competitiveness and prosperity.
- $567,869 spent. Grow a Pipeline of Competitive Sites - Impact the regional landscape through thoughtful commercial and industrial development in locations that are driving a competitive region and offering more equitable opportunities.
- $719,830 spent. Address the Talent Supply-Demand Gap - Growing regional talent alignment through better data and coordinated strategies.
- Address the Talent Supply-Demand Gap - Growing regional 719830. 0. 75512.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Legitimacy checks
Is it registered with the IRS? Passed.
Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
Has the IRS revoked its tax-exempt status? Passed.
Not on the IRS automatic revocation list.
Source: Automatic revocation of exemption list, Internal Revenue Service, file dated September 30, 2026.
Are donations tax-deductible? Passed.
On the IRS list of organizations eligible to receive tax-deductible contributions.
Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated September 10, 2026.
Is it keeping up with its IRS filings? Passed.
Most recent return on file covers the year ending December 2024.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
How long has it been tax-exempt? Passed.
Recognized by the IRS since June 2000.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
Is it in good standing with state regulators? Passed.
Not on California's list of charities barred from soliciting. Other states are not yet checked.
Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 7, 2026.
Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.