Manufacturing Advocacy & Growth Network Inc

Nonprofit profile at a glance

EIN
341455043
IRS 990 coverage
2014–2024
Forms available
Form 990 2024
Location
Cleveland, OH, USA
Phone
2165431222
Rating
79
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Single Organization Support

Official website

Reported finances

Revenue
$20,420,680
Expenses
$20,384,373
Assets
$23,149,037
Liabilities
$3,549,560

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

44 people listed

Executive titles in this filing

  • ETHAN KARP (PRESIDENT & CEO)
  • MATTHEW FIELDMAN (EXECUTIVE DIRECTOR, AMERICA WORKS)
  • KIRK K NEISWANDER (PRESIDENT & FOUNDER, EDGE)

Highest reported compensation

  • ETHAN KARP (PRESIDENT & CEO): $596,360 total reported compensation
  • ARAM NERPOUNI (CHIEF WORKFORCE ADVANCEMENT OFFICER): $324,016 total reported compensation
  • MICHAEL O'DONNELL (CHIEF OPERATING OFFICER): $272,166 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Our mission is to drive northeast Ohio manufacturing growth. We work primarily with small- and medium-sized companies, which make up 98% of the region's nearly 10,000 manufacturers.

What it reported doing in 2024

Growth services: magnet is an organization dedicated to helping manufacturers grow and compete in 24 counties in northeast Ohio. As part of the Ohio manufacturing extension partnership (mep), magnet provides consulting and engineering services to ne Ohio small and mid-sized manufacturers. These services including process innovation, automation, product design and development, quality management, commercialization, sales & marketing, cyber security, operations and employee engagement, employee development and retention, talent pipeline, start-up services and more. Magnet also supports, educates, and champions ne Ohio manufacturing.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 79
  • Transparency & Controls: 70
  • Accountability: 100
  • Sustainability: 37
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 80.1%; rating input score 80
  • Program expense ratio: 80%; rating input score 80
  • Fundraising efficiency: $38.61 raised per $1 spent on fundraising; rating input score 71; 71st percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • 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; 66th 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: 0.2%; rating input score 33; 33rd percentile among comparable filings
  • Total-asset coverage ratio: 1.14; rating input score 41; 41st percentile among comparable filings
  • Liabilities to assets ratio: 0.15; rating input score 65; 65th percentile among comparable filings
  • Officer compensation ratio: 12.1%; rating input score 14; 14th percentile among comparable filings

Growth

  • Program expense growth: 11.5% per year; rating input score 100; 75th percentile among comparable filings
  • Revenue growth: 11.3% per year; rating input score 100; 78th percentile among comparable filings
  • Asset growth: 15.3% per year; rating input score 100; 81st percentile among comparable filings

Details

  • Where the money goes: 80.1% of revenue deployed · 80% of spending went to programs
  • Governance: 28 of 28 board members independent · 9 of 9 filing controls reported
  • Programs: 4 filed program accomplishments · $16.3M in reported program spending
  • Leadership: top reported pay $596K · 44 people listed · 1 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $1.8M reported
  • Consistency: 30 of 30 current checks pass
  • Schedules: 7 filed schedules · includes major donors and executive pay
  • Filing history: 11 filing years from 2014 to 2024
  • Contacts: How to reach this organization
  • Money network: 10 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Sustainability: Operating margin scored 33/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 41/100.
  • High — Sustainability: Officer compensation ratio scored 14/100.