Manufacturing Advocacy & Growth Network Inc
- Assets
- $22.7m
- Revenue
- $24.2m
- Investments
- $0.0
- Employees
- 71
- Location
- Cleveland, OH
- Founding
- 04/1985
- Data as of
- 06/2022
- EIN
- 34-1455043
Organization Overview
Manufacturing Advocacy & Growth Network Inc, operating under the name Magnet, is located in Cleveland, OH. The organization was established in 1985. According to its NTEE Classification (S11) the organization is classified as: Single Organization Support, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, Magnet employed 71 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Magnet 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 06/2022, Magnet generated $24.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 18.8% each year . All expenses for the organization totaled $15.2m during the year ending 06/2022. While expenses have increased by 10.6% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO SUPPORT, EDUCATE AND CHAMPION MANUFACTURING IN OHIO.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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.
WORK FORCE/ECEC: WORK FORCE FACILITATES PROGRAMS BETWEEN STUDENTS/ADULTS AND LOCAL MANUFACTURERS WHO TRAIN THEM IN MANUFACTURING CAREERS AND TECHNICAL CERTIFICATIONS.
NEW VENTURES: OUR GOAL TO ASSIST EARLY-STAGE, PRODUCT-FOCUSED BUSINESSES REACH MARKET ENTRY FASTER WITH REDUCED TECHNICAL RISK. THE NEW VENTURES AT MAGNET OFFERS SUBJECT MATTER EXPERTISE, PARTNERSHIPS AND CONNECTIONS WITH PROFESSIONALS IN NORTHEAST OHIO, ALONG WITH ACCESS TO REGIONAL TECHNICAL ASSETS THAT AN ENTREPRENEUR MAY NEED TO BRING A VISION TO LIFE. INCUBATOR SERVICES INCLUDE THE AVAILABILITY OF HIGH QUALITY, SECURED OFFICE, MANUFACTURING, AND LAB SPACE AS WELL AS THE USE OF SHARED BUSINESS EQUIPMENT AND CONFERENCE ROOM WITH VERY COMPETITIVE LEASE TERMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marcia Ballinger Board Member | Trustee | 1 | $0 |
John Brandt Board Member | Trustee | 1 | $0 |
Peter Broer Board Member | Trustee | 1 | $0 |
Felix Brueck Board Chair - 1st Half | OfficerTrustee | 1 | $0 |
Scott Cade Board Member | Trustee | 1 | $0 |
Larry Fulton Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
The Krill Co Inc Construction Of New Magnet Headquarters | 6/29/22 | $6,050,735 |
Towards Employment Workforce Development | 6/29/22 | $398,039 |
Bialosky & Partners Architects Llc Design/architect Firm For New Magnet Hea | 6/29/22 | $303,463 |
Midstate Recreation Design/architect Firm For New Stem Playg | 6/29/22 | $271,634 |
South Shore Controls Engineering | 6/29/22 | $259,512 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $8,723,302 |
| All other contributions, gifts, grants, and similar amounts not included above | $10,783,448 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $19,506,750 |
| Total Program Service Revenue | $4,662,716 |
| Investment income | $0 |
| 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 | $24,169,466 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $1,212,248 |
| Compensation of current officers, directors, key employees. | $240,928 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,550,903 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $558,286 |
| Payroll taxes | $661,241 |
| Fees for services: Management | $4,968 |
| Fees for services: Legal | $147,268 |
| Fees for services: Accounting | $27,713 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,826,272 |
| Advertising and promotion | $238,952 |
| Office expenses | $114,916 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $90,817 |
| Travel | $1,022,737 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $18,466 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $332,733 |
| Insurance | $79,713 |
| All other expenses | $68,933 |
| Total functional expenses | $15,157,138 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,714 |
| Savings and temporary cash investments | $2,381,275 |
| Pledges and grants receivable | $4,149,592 |
| Accounts receivable, net | $5,023,997 |
| 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 | $282,788 |
| Net Land, buildings, and equipment | $10,756,267 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $68,172 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $22,665,805 |
| Accounts payable and accrued expenses | $2,226,036 |
| Grants payable | $0 |
| Deferred revenue | $14,433 |
| 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 | $2,209,367 |
| Other liabilities | $0 |
| Total liabilities | $4,449,836 |
| Net assets without donor restrictions | $15,292,886 |
| Net assets with donor restrictions | $2,923,083 |
| 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 | $22,665,805 |