Economic Growth Foundation
Public records show a registered, tax-exempt organization in good standing.
What it says it does
To promote and advance the civic, economic, and cultural growth of Greater Cleveland as a place to live, work, and conduct business.
- Income
- $5.0 million
- Spending
- $4.5 million
- Spent on programs
- 97%
- Reserves
- 29.6 months of spending
- Largest source of income
- fees for its services, 41%
- Employees
- 0
- Volunteers
- 27
- Highest pay
- $746,264, president & 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
Strong: 100 out of 100. Higher than 88% of charities in its peer group (employment, $1m to $10m).
Reserves
35 of 35Spendable reserves would cover 29.6 months of spending.
Debt
20 of 20It owes 5% of what it owns.
Living within its means
15 of 15Income exceeded spending by 10% of income.
Income trend
15 of 15Income rose 3% on the year before.
Spending floor
15 of 1597% of spending went to programs and raising each dollar of donations cost 0 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 65% of charities in its peer group (employment, $1m to $10m).
Independent board
25 of 2525 of 25 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)
- $2.1 million spent. Talent:Dynamic businesses need abundant talent to grow. Our focus is catalyzing business-led initiatives and work-based learning opportunities for in-demand jobs. We collaborate with employers, educators, and career training partners to increase enrollment and completion in degree and credential programs across high-growth industries. We also strengthen pathways into the workforce through internships, apprenticeships, and co-ops driven by industry needs. To build early awareness and engagement, we support programs that connect high school students to career exploration and real-world experiences, helping young people navigate their options and pursue meaningful employment.Retain college graduates: Through the Cleveland Talent Alliance, we helped host record-setting intern engagement events, including Summer in the Land, College Fest and a Winter Career Fair, connecting 1,700+ interns to the region and showcasing local career opportunities. 2024 also saw a rise in college and university enrollments and graduate retention in Greater Cleveland.Expand apprenticeships and tech credentials: In addition, we operated the Apprenticeship Hub with a focus on engaging companies and individuals in apprenticeships in non-traditional industries such as health care, financial services, and hospitality. We also promoted increased usage of tech credentialing to up-skill workers.Broaden career awareness among high school students through exposure programs: Through partnerships, we supported expansions of apprenticeship programs, linking high school and post-secondary students to career pathways. EGF engaged over 2,600 high school students from across the region in career connected learning experiences with industry volunteers from over 50 Northeast Ohio companies and supported the Greater Cleveland Career Consortium's expansion to 10 school districts, to broad access to career-connected and work-based learning programs.
- $1.9 million spent. Inclusive Opportunity:Our focus is on expanding inclusive opportunity and advancing equity across all levels of the business community. We work to grow minority-owned businesses by connecting them to customer opportunities, capital, and targeted advisory services. In collaboration with partners, we help promote inclusive workplace practices.Scale minority business enterprises through advisory services and access to customers: EGF is focused on increasing the number, scope and scale of minority-owned-businesses. Through the Mergers, Acquisitions & Partnerships (MAP) Lab and Emerging Developers Initiatives, businesses can access targeted growth resources and advisors. Customer opportunities are provided through supplier diversity initiatives including CommitCLE and the Construction, Utilities, & Buildings Equity Initiative. In 2024, clients of the Ohio MBDA Business Center secured $110 million in contracts. Also, more than 20 organizations signed onto the City of Cleveland Community Benefits Ordinance MOU, reinforcing commitments to business and workforce opportunity.Increasing Leadership and Workforce Diversity: Diverse leadership strengthens organizations by bringing a wide range of experiences and perspectives to the table. EGF serves as a convener and resource for employers on inclusion. Our workshops and conferences include a CEO Forum and an annual conference engaging human resources leaders.
- $249,505 spent. Innovation:A thriving region depends on the strength and growth of its business community. The Economic Growth Foundation drives innovation by collaborating with partners to support businesses of all sizes, connecting them to growth opportunities, and talent resources. We help small and mid-sized firms access funding, cost-saving programs, and peer networks that foster collaboration. We also accelerate innovation across startups, corporations, and research institutions by advancing sector-specific strategies, supporting cross-sector partnerships, and encouraging investment in new technologies.
- $87,741 spent. The Great Lakes Metro Chamber Coalition is a collective of chambers of commerce across the Great Lakes region that jointly advocate on core policy issues, including water quality, immigration reform, trade, transportation and infrastructure. EGF is a founding member of this coalition. The organization continues to staff and lead the coalition's work.
- $61,642 spent. Appealing communities are essential to attracting and retaining vibrant businesses and talented people. We focus on shaping Greater Cleveland into a dynamic place where people want to live, work, and play. Through collaboration with public and private partners, we advance interconnected, inclusive development across downtown, the waterfront, and surrounding neighborhoods. We invest in both residential growth and commercial revitalization, supported by accessible and efficient transit. We push for better parks and trails, stronger arts and culture, and the kind of sports and entertainment experiences that make a city stand out. We advocate for expanded resources that enhance quality of life, and we work to strengthen air service and connectivity that supports both business and leisure travel.
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 October 13, 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 October 13, 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 October 13, 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 October 13, 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 October 13, 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 21, 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.