Economic Growth Foundation

What it reported doing in 2024

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.

Financial Efficiency

• Mission deployment rate: 88.3%; rating input score 88
• Program expense ratio: 97.4%; rating input score 97
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 92.3%; rating input score 92; 10th percentile among comparable filings
• Pay-setting controls: 5 of 6 controls in place; rating input score 83
  • Compensation committee: Pass
  • Independent consultant: Pass
  • Other Form 990s reviewed: Pass
  • Written employment contract: Missing
  • Compensation survey or study: Pass
  • Board or committee approval: Pass
• Foreign activity oversight: Limited
• Grant itemization coverage: Limited
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
• Governance controls: 9 of 9 controls in place; rating input score 100
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: Pass
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 9.5%; rating input score 62; 62nd percentile among comparable filings
• Total-asset coverage ratio: 2.98; rating input score 73; 73rd percentile among comparable filings
• Liabilities to assets ratio: 0.05; rating input score 70; 70th percentile among comparable filings
• Officer compensation ratio: 21%; rating input score 11; 11th percentile among comparable filings

Growth

• Program expense growth: 9.5% per year; rating input score 100; 62nd percentile among comparable filings
• Revenue growth: 1.9% per year; rating input score 100; 20th percentile among comparable filings
• Asset growth: 2% per year; rating input score 100; 19th percentile among comparable filings