Form 990 for tax year 2023

Filed by CLEVELAND DEVELOPMENT FOUNDATION.

Totals

Total revenue: $62,000
Total expenses: $46,358
Contributions and grants received: $40,000
Grants paid: $0
Program service revenue: $22,000
Investment income: $0
Other revenue: $0
Total assets, end of year: $536,822
Total liabilities, end of year: $490,210
Net assets or fund balances, end of year: $46,612
Program services expenses (Part IX): $46,170
Management and general expenses: $188
Fundraising expenses: $0
Program service expenses (Part III): $46,170

Program services were 99.6% 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.

1f · All other contributions, gifts and grants

$40,000
2a · Program service revenue: Registration Revenue

total $22,000 · related or exempt $22,000

Functional expenses

Part IX, the statement of functional expenses.

11c · Fees: accounting

total $100 · management and general $100
11g · Fees: other

total $22,000 · program services $22,000
12 · Advertising and promotion

total $1,631 · program services $1,631
13 · Office expenses

total $518 · program services $430 · management and general $88
19 · Conferences, conventions and meetings

total $22,109 · program services $22,109

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $225,202 · end of year $508,943
4 · Accounts receivable

beginning of year $0 · end of year $27,808
9 · Prepaid expenses and deferred charges

beginning of year $71 · end of year $71
17 · Accounts payable and accrued expenses

beginning of year $2,500 · end of year $32,347
21 · Escrow or custodial account liability

beginning of year $191,803 · end of year $457,863
27 · Net assets without donor restrictions

beginning of year $780 · end of year $592
28 · Net assets with donor restrictions

beginning of year $30,190 · end of year $46,020

Mission and programs · 2023

Mission

Developing and improving Cleveland Ohio's civic visions.

Activities or mission (Part I)

Developing and improving Cleveland's civic visions.

Educating local officials and business members on Federal Public Policy. In October, the Cleveland Development Foundation through its parent organization Greater Cleveland Partnership hosted members and partners for its annual D.C. Fly-In. Leaders from different sectors, chambers, and advocacy organizations represented the region, meeting with Administration leaders, Members of Congress, and subject-matter experts to discuss important issues impacting Northeast Ohio's businesses and communities. The conference also included a reception to recognize and thank Members of Congress and their staff members.

Expenses $46,170 · Revenue $22,000

As filed on the 2023 return.

Listed in Part VII

Dolan Paul

Chair

Total calculated

$0

Hours/week

2 + 4 related
Richardson Sean

Treasurer

Total calculated

$0

Hours/week

2 + 4 related
Arnold Craig

Director

Total calculated

$0

Hours/week

1 + 2 related
Barlage Nic

Director

Total calculated

$0

Hours/week

1 + 2 related
Cavoli James

Director

Total calculated

$0

Hours/week

1 + 2 related
Chaikin Scott

Director until 12/23

Total calculated

$0

Hours/week

1 + 2 related
Connell Michele

Director

Total calculated

$0

Hours/week

1 + 2 related
Cosgrove Bill

Director

Total calculated

$0

Hours/week

1 + 2 related
DeWagheneire Severine

Director

Total calculated

$0

Hours/week

1 + 2 related
Evans Taylor

Director

Total calculated

$0

Hours/week

1 + 2 related
Glass Steven

Director

Total calculated

$0

Hours/week

1 + 2 related
Gorman Christopher

Director

Total calculated

$0

Hours/week

1 + 2 related
Harmon Brad

Director

Total calculated

$0

Hours/week

1 + 2 related
Haslam Dee

Director

Total calculated

$0

Hours/week

1 + 2 related
Johnson Kevin

Director

Total calculated

$0

Hours/week

1 + 2 related
Kaler Eric

Director

Total calculated

$0

Hours/week

1 + 2 related
Komoroski Len

Director until 9/23

Total calculated

$0

Hours/week

1 + 2 related
Liebert Rebecca

Director

Total calculated

$0

Hours/week

1 + 2 related
Morikis John

Director until 12/23

Total calculated

$0

Hours/week

1 + 2 related
Opsitnick Timothy

Director

Total calculated

$0

Hours/week

1 + 2 related
Parmentier Jennifer

Director

Total calculated

$0

Hours/week

1 + 2 related
Pastore Patrick

Director

Total calculated

$0

Hours/week

1 + 2 related
Perez Cheryl

Director

Total calculated

$0

Hours/week

1 + 2 related
Read Deborah

Director

Total calculated

$0

Hours/week

1 + 2 related
Restivo Neal

Director

Total calculated

$0

Hours/week

1 + 2 related
Stanek Michael

Director

Total calculated

$0

Hours/week

1 + 2 related
Taylor Jr Eddie

Director

Total calculated

$0

Hours/week

1 + 2 related
Whiting Vanessa

Director

Total calculated

$0

Hours/week

1 + 2 related
Shah Baiju

President & CEO

Total calculated

$713,309

From this org

$0

From related orgs

$662,366

Other

$50,943

Hours/week

1 + 39 related

Schedule J breakdown matched by us

Base

$0 + $541,798 related

Bonus

$0 + $115,690 related

Other

$0 + $4,878 related

Deferred

$0 + $16,500 related

Nontaxable benefits

$0 + $34,443 related

Filer's total

$0 + $713,309 related
Ittu Yvette

EVP Finance & Operations

Total calculated

$456,505

From this org

$0

From related orgs

$397,652

Other

$58,853

Hours/week

1 + 39 related

Schedule J breakdown matched by us

Base

$0 + $319,696 related

Bonus

$0 + $41,500 related

Other

$0 + $36,456 related

Deferred

$0 + $32,784 related

Nontaxable benefits

$0 + $26,069 related

Filer's total

$0 + $456,505 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 1a: Salaries of CDF staff have been subjected to review by a compensation committee created by its parent, The Greater Cleveland Partnership. The committee's responsibilities include approving compensation for employees of the organization including the President/CEO. An annual performance evaluation process is conducted for all employees. Compensation for all employees is evaluated against the market. The compensation committee utilizes the resources of an independent consulting firm in the evaluation process to provide local and national compensation comparable data. The results of the latest survey (GCP Executive Compensation Study - February 2020) provided that direct pay and indirect pay programs reflect market medians.
Part I, Line 3: Compensation for the CEO is determined by Greater Cleveland Partnership, a related organization, using the following methods: - Compensation committee - Independent compensation consultant - Form 990 of other organizations - Compensation survey or study - Approval by the board or compensation committee
Part I, Line 4b: The Executive Vice President of Finance and Operations, Yvette Ittu, participates in a supplemental non-qualified 457(f) plan. In 2023, Greater Cleveland Partnership, the parent organization, contributed $26,386 to her 457(f) plan.

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

No itemized grants to organizations 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.

Greater Cleveland Partnership

501(c)(6) · Mobilizes private sector leadership, expertise and resources to create jobs · OH
Economic Growth Foundation

501(c)(3) · To promote & enhance civic, economic, and cultural growth. · OH · controlled entity

Directly controlled by Greater Cleveland Partnership

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

Opportunity Cle Loan Fund LLC

Investments · OH
Advance Cleveland Development Fund

Private sector financing for real estate projects · OH
Jumpstart Next Fund LLC

Investments in entry stage businesses · OH

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

Group Services Inc

C · Small business access to affordable/quality group insurance · OH · controlled entity

Provenance

Return type: form_990
Tax year: 2023
Filed: 13 November 2024
IRS schema version: 2023v5.1
Source object: 202413199349316126

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