Overview
What is Economic Growth Foundation?
The Economic Growth Foundation, based in Cleveland, Ohio, is a nonprofit organization dedicated to fostering civic, economic, and cultural growth in the region. Established in 2001, its Equity & Inclusion Team focuses on reducing racial disparities in employment, income, and wealth by supporting minority-owned businesses and promoting workforce diversity, equity, and inclusion. The foundation accomplishes this through various initiatives, including providing targeted growth resources and advisory services to minority business enterprises (MBEs), helping companies identify strengths and opportunities for improvement in diversity efforts, and promoting digital equity through device donations, affordable broadband access, and digital literacy support. Moreover, the Economic Growth Foundation serves as a convener and resource for employers on diversity, equity, and inclusion, hosting events and workshops to engage leaders and foster a commitment to action.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 95% (Four-Star out of Four Star rating)
The Economic Growth Foundation has received an impressive Four-Star rating from Charity Navigator, highlighting its strong commitment to accountability and financial health. With an overall score of 95%, the foundation demonstrates excellence in its fiscal management, as evidenced by a remarkable program expense ratio of 96.34% and a fundraising efficiency of just $0.002. The organization also boasts a majority independent board with a total of 22 members, ensuring transparency and effective governance.
In addition to financial strength, the foundation has a high culture and community score of 93%. It excels in collecting and utilizing constituent feedback, which reflects its responsiveness to the community's needs and challenges. The foundation's equity strategies score of 89 indicates a solid approach to fostering inclusion and addressing disparities, although there is room for improvement in its data collection and policies related to equity.
While the Economic Growth Foundation has shown a robust operational framework with no material diversions of assets or conflicts of interest, the slight limitations in equity data collection suggest potential areas for growth. Overall, the foundation stands out as a model nonprofit, effectively prioritizing both financial integrity and community engagement.
This AI summary has been generated from information found on Charity Navigator.
Is Economic Growth Foundation legitimate?
Economic Growth Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Economic Growth Foundation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $347,203
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,558,437
For more financial information, click here
What is the mission statement of Economic Growth Foundation?
The Economic Growth Foundation's mission is centered around promoting and advancing the civic, economic, and cultural growth of a specific region. This mission aims to position it as an attractive place for individuals to live, work, and conduct business. The foundation is particularly committed to addressing racial disparities in employment, income, and wealth by growing businesses owned by people of color and increasing workforce diversity, equity, and inclusion. They achieve this by providing access to resources and advisory services for minority business enterprises and reducing barriers for diversity in medium and high-wage positions. Additionally, the foundation ensures digital equity by offering device donations, affordable broadband access, and digital literacy support for all residents.
Who is the CEO of Economic Growth Foundation?
Shah Baiju is the CEO of Economic Growth Foundation The CEO's salary of Economic Growth Foundation is $59,613 and their total compensation is $713,309.
What is the revenue of Economic Growth Foundation?
Economic Growth Foundation's revenue in 2023 was $4,825,347.
Who are the executives of Economic Growth Foundation and what are their salaries?
There 28 volunteers at Economic Growth Foundation.
Here are 37 key members and their salaries (Economic Growth Foundation's CEO's salary is $59,613 and their total compensation is $713,309):
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- Compensation: $59,613
- Related: $602,753
- Other: $50,943
- Compensation: $6,521
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- Other: $31,810
- Compensation: $144,553
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- Other: $17,465
Where can I find the form 990 for Economic Growth Foundation?
Economic Growth Foundation's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Economic Growth Foundation
The Economic Growth Foundation, headquartered in an unspecified location, is dedicated to fostering the civic, economic, and cultural growth of its surrounding community, which it refers to as Greater Cleveland. Its mission is to make Greater Cleveland an attractive place for individuals and businesses to live, work, and conduct business. To achieve this goal, the foundation focuses on promoting inclusivity and opportunity.
The Equity & Inclusion Team, a division of the Economic Growth Foundation, has been working since 2001 to address racial disparities in employment, income, and wealth. This team aims to grow businesses owned by people of color and increase workforce diversity, equity, and inclusion at all levels of enterprises, from team members to the executive suite and ownership. The foundation achieves this by providing access to customer opportunities and targeted advisory services to minority business enterprises (MBEs). It also works on reducing barriers, sharing best practices, and developing mentorship networks for diversifying medium and high-wage positions. Furthermore, the foundation ensures digital equity by donating devices, promoting affordable broadband access, and providing digital literacy support.
In summary, the Economic Growth Foundation is committed to promoting and advancing the growth of Greater Cleveland. Its mission is to make the region an attractive place for individuals and businesses by addressing racial disparities, growing minority business enterprises, increasing workforce diversity, equity, and inclusion, and ensuring digital equity for all residents. This is achieved through various initiatives and partnerships, including targeted growth resources, advisory services, workshops, conferences, and collaboration with other organizations in the Greater Cleveland Digital Equity Coalition.
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Impact
October, 2024
The Economic Growth Foundation (EGF) significantly impacts Greater Cleveland by nurturing inclusive opportunities that foster civic, economic, and cultural development.
A primary focus is the growth of minority-owned businesses. EGF's efforts, particularly through the Ohio MBDA Business Center and Emerging Developers Initiatives, are essential in enhancing the representation of minority business enterprises (MBEs). In 2022 alone, EGF facilitated access to contracts worth nearly $132 million for MBEs and supported the retention and creation of 140 jobs. The foundation's proactive approach has identified over 150 funding opportunities post-COVID-19, ensuring that businesses are equipped to seize available resources.
In addition to fostering entrepreneurship, EGF champions workforce diversity, equity, and inclusion. By serving as a resource for local employers, EGF brings together leaders through workshops and conferences, including the annual Equity & Inclusion Conference. These initiatives encourage actionable commitments to improve workplace diversity and integrate best practices across the region.
Further, EGF addresses digital equity concerns by collaborating with various organizations to improve access to technology and the internet. The efforts of the Greater Cleveland Digital Equity Coalition, which EGF is part of, have helped increase internet access in households by 10 percent since the pandemic, aiming for universal connectivity across the community.
Through these multifaceted strategies—growing minority businesses, enhancing workforce diversity, and promoting digital equity—EGF plays a pivotal role in driving sustainable economic growth and creating a more inclusive environment in Greater Cleveland.
This information is meant to be a general summary of Economic Growth Foundation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Investment Income: $40,899
- Program Service Revenue: $1,236,214
- Gross Receipts: $4,825,347
Assets and Liabilities:
- Total Assets: $13,654,480
- Total Liabilities: $1,967,162
- Net Assets: $11,687,318
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Intercompany
Revenue
$1,019,595
Registration Revenue
Revenue
$164,206
Organization Details
Founding Year
1997
Principal Officer
Shah Baiju
NTEE Category
Code: J22 - Employment
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