Fund For Our Economic Future Of Northeast Ohio
- Assets
- $9.1m
- Revenue
- $3.7m
- Investments
- $0.0
- Employees
- 6
- Location
- Cleveland, OH
- Founding
- 12/2009
- Data as of
- 12/2021
- EIN
- 27-0606927
Organization Overview
Fund For Our Economic Future Of Northeast Ohio is located in Cleveland, OH. The organization was established in 2009. According to its NTEE Classification (S12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Fund For Our Economic Future Of Northeast Ohio employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Fund For Our Economic Future Of Northeast Ohio is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Fund For Our Economic Future Of Northeast Ohio generated $3.7m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (8.1%) each year. All expenses for the organization totaled $4.0m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Fund For Our Economic Future Of Northeast Ohio has awarded 82 individual grants totaling $15,635,458. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
DEDICATED TO ADVANCING ECONOMIC GROWTH AND EQUITABLE ACCESS TO OPPORTUNITY FOR THE PEOPLE OF NORTHEAST OHIO.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FUND PROGRAM SERVICES ARE AS FOLLOWS: 1.GROWTH AND OPPORTUNITY GRANTS: ORGANIZATIONS ADVANCING JOB CREATION, JOB PREPARATION, AND JOB ACCESS FOR NORTHEAST OHIO. 2. REGIONAL STRATEGY DEVELOPMENT: SUPPORT FOR A SHARED REGIONAL ECONOMIC COMPETITIVENESS STRATEGY THAT STRENGTHENS GROWTH AND OPPORTUNITY. 3. CIVIC UNDERSTANDING OF GROWTH AND OPPORTUNITY, INCLUDING COMMUNITY ENGAGEMENT AND MEASUREMENT AND RESEARCH GRANTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bethia Burke Cullis President | Officer | 37.5 | $266,354 |
Bradley Whitehead Senior Advisor | 24 | $193,852 | |
Johnathan Floyd Director Of Finance And Admin | Officer | 37.5 | $127,425 |
Mark J Samolczyk Chair | OfficerTrustee | 1 | $0 |
Denise Griggs Treasurer | OfficerTrustee | 1 | $0 |
Adam Briggs Secretary | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,743,382 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,743,382 |
| Total Program Service Revenue | $0 |
| Investment income | $79 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,744,961 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,240,107 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $276,813 |
| Compensation of current officers, directors, key employees. | $61,510 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $743,615 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $89,195 |
| Payroll taxes | $66,350 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $11,250 |
| Fees for services: Accounting | $28,384 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $177,063 |
| Advertising and promotion | $0 |
| Office expenses | $6,900 |
| Information technology | $26,265 |
| Royalties | $0 |
| Occupancy | $66,748 |
| Travel | $1,019 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $20 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $6,630 |
| All other expenses | $18,142 |
| Total functional expenses | $4,009,673 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,749,176 |
| Savings and temporary cash investments | $250,000 |
| Pledges and grants receivable | $1,053,984 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $6,462 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,239 |
| Total assets | $9,063,861 |
| Accounts payable and accrued expenses | $76,861 |
| Grants payable | $818,048 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $894,909 |
| Net assets without donor restrictions | $6,098,120 |
| Net assets with donor restrictions | $2,070,832 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $9,063,861 |
Grants Awarded
Over the last fiscal year, Fund For Our Economic Future Of Northeast Ohio has awarded $1,658,708 in support to 9 organizations.
| Grant Recipient | Amount |
|---|---|
Cleveland, OH PURPOSE: JOB PREPARATION | $435,044 |
Akron, OH PURPOSE: JOB PREPARATION | $395,000 |
Cleveland, OH PURPOSE: JOB ACCESS | $225,000 |
Cleveland, OH PURPOSE: JOB CREATION | $162,708 |
Cleveland, OH PURPOSE: JOB PREPARATION | $152,916 |
Cleveland, OH PURPOSE: JOB CREATION | $120,000 |
Grants Recieved
Over the last fiscal year, we have identified 7 grants that Fund For Our Economic Future Of Northeast Ohio has recieved totaling $542,222.
| Awarding Organization | Amount |
|---|---|
Cleveland Foundation Cleveland, OH PURPOSE: TO HONOR THE HARD WORK AND DEDICATION BRADFORD DAVY HAS PROVIDED TO THE STRATEGY TEAM OF THE CLEVELAND FOUNDATION'S RAPID RESPONSE FUND | $191,000 |
Burton D Morgan Foundation Inc Hudson, OH PURPOSE: EXEMPT PURPOSE OF ORGANIZATION | $165,000 |
Community Foundation Of Lorain County Elyria, OH PURPOSE: PROGRAM SUPPORT | $50,000 |
Kresge Foundation Troy, MI PURPOSE: THIS GRANT ONE OF FOUR SEEKING TO PROMOTE THE USE OF FEDERAL FUNDS TO ADVANCE EQUITY IN SHARED PROSPERITY PARTNERSHIP CITIESPROVIDES SUPPORT TO THE FUND FOR OUR ECONOMIC FUTURE TO COMMISSION RESEARCH ON FACTORS INFLUENCING WHICH WORKERS ARE RETURNING TO WORK --AND WHICH ARE NOT-- AFTER THE HEIGHT OF THE COVID-19 PANDEMIC. | $50,000 |
Akron Community Foundation Akron, OH PURPOSE: TO SUPPORT A CREATIVE SPACE TO DRIVE EQUITABLE ECONOMIC GROWTH IN SUMMIT COUNTY | $34,000 |
Sisters Of Charity Foundation Of Cleveland Cleveland, OH PURPOSE: Collaborative Relationship & Community Efforts | $30,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Neighborhood Progress Inc Cleveland, OH | $14,988,219 | $7,783,828 |
Access Ventures Inc Louisville, KY | $43,826,766 | $16,386,169 |
Fund For Our Economic Future Of Northeast Ohio Cleveland, OH | $9,063,861 | $3,744,961 |
Baum Family Foundation Hastings, MI | $10,431,479 | $1,291,317 |
Egbert M Freese Foundation Galion, OH | $9,775,286 | $868,185 |
Fishtown Kensington Area Business Improvement District Inc Philadelphia, PA | $471,400 | $763,974 |
West Central Development Corporation Perrysburg, OH | $4,806,920 | $1,182,846 |
Thomas P And Sondra D Sheehan Charitable Foundation Fishers, IN | $5,927,664 | $430,035 |
Silver Beach Shadowland Saint Joseph, MI | $1,430,963 | $437,280 |
Wayne County-Detroit Cde Inc Detroit, MI | $4,766,254 | $730,026 |
Joint Economic Development Initiative Of Southern Ohio Jackson, OH | $6,947 | $427,000 |
Community Rewards Services Lexington, OH | $578 | $388,612 |