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← SPORTS EVENT DEVELOPMENT FUND

Form 990 for tax year 2022

Filed by SPORTS EVENT DEVELOPMENT FUND.

Totals

Total revenue
$1,024,585
Total expenses
$527,653
Contributions and grants received
$958,750
Grants paid
$524,950
Program service revenue
$0
Investment income
$65,835
Other revenue
$0
Total assets, end of year
$2,904,562
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$2,904,562
Program services expenses (Part IX)
$524,950
Management and general expenses
$2,703
Fundraising expenses
$0
Program service expenses (Part III)
$524,950

Program services were 99.5% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1d · Related organizations

    $958,750

  • 3 · Investment income

    total $65,835 · excluded $65,835

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $524,950 · program services $524,950

  • 11c · Fees: accounting

    total $2,500 · management and general $2,500

  • 24a · Other expenses: REGIS.&SERV.FEES

    total $203 · management and general $203

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $24,589 · end of year $38,699

  • 11 · Investments: publicly traded securities

    beginning of year $2,614,132 · end of year $2,865,863

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,000 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $1,636,721 · end of year $2,404,562

  • 28 · Net assets with donor restrictions

    beginning of year $1,000,000 · end of year $500,000

Mission and programs · 2022

Mission

THE SPORTS EVENT DEVELOPMENT FUND SUPPORTS THE GREATER CLEVELAND SPORTS COMMISSION AND ITS MISSION TO MEASURABLY IMPROVE THE ECONOMY OF GREATER CLEVELAND AND ENRICH THE COMMUNITY BY ATTRACTING, CREATING, MANAGING AND ENHANCING SIGNIFICANT SPORTING AND COMPETITIVE EVENTS.

  • THE ORGANIZATION SUPPORTS THE OPERATIONS AND FURTHERS THE EXEMPT PURPOSES OF THE GREATER CLEVELAND SPORTS COMMISSION, WHICH ATTRACTS AMATEUR AND PROFESSIONAL SPORTING EVENTS TO CLEVELAND AND NORTHEASTERN OHIO. THE GREATER CLEVELAND SPORTS COMMISSION IS A SECTION 501(C)(3) TAX-EXEMPT ORGANIZATION WHICH ATTRACTS SIGNIFICANT SPORTING EVENTS AND ACTIVITIES TO CLEVELAND AND NORTHEAST OHIO.

    Expenses $524,950 · Grants $524,950

As filed on the 2022 return.

Listed in Part VII

  • Carl Grassi

    SECRETARY

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Jeff Friedman

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Fred Disanto

    TREASURER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Mike Gibbons

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • David Gilbert

    PRESIDENT

    Total calculated
    $832,386
    From this org
    $0
    From related orgs
    $581,281
    Other
    $251,105
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $445,410 related
    Bonus
    $0 + $134,135 related
    Other
    $0 + $1,736 related
    Deferred
    $0 + $224,167 related
    Nontaxable benefits
    $0 + $26,938 related
    Filer's total
    $0 + $832,386 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 4B
NONQUALIFIED DEFERRED COMPENSATION PLAN: DAVID GILBERT, PRESIDENT, PARTICIPATES IN A SUPPLEMENTAL NONQUALIFIED DEFERRED COMPENSATION PLAN SPONSORED BY GREATER CLEVELAND SPORTS COMMISSION. ALTHOUGH NOT YET VESTED, MR. GILBERT RECEIVED A CONTRIBUTION OF $216,667 DURING 2022, OF WHICH $108,334 IS AN EXPENSE FOR GREATER CLEVELAND SPORTS COMMISSION AND $108,333 IS AN EXPENSE FOR AN UNRELATED TAX-EXEMPT ORGANIZATION IN ACCORDANCE WITH THE ALLIANCE AGREEMENT BETWEEN THE ORGANIZATIONS.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2022
Filed
2 November 2023
IRS schema version
2022v5.0
Source object
202343079349301414

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