Team Neo Foundation
- Assets
- $3.6m
- Revenue
- $8.0m
- Investments
- $0.0
- Employees
- 45
- Location
- Cleveland, OH
- Founding
- 06/2000
- Data as of
- 12/2023
- EIN
- 34-1885407
Organization Overview
Team Neo Foundation is located in Cleveland, OH. The organization was established in 2000. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Team Neo Foundation employed 45 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Team Neo Foundation 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 12/2023, Team Neo Foundation generated $8.0m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 8.3% each year. All expenses for the organization totaled $8.2m during the year ending 12/2023. While expenses have increased by 7.6% per year over the past 5 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TEAM NEO FOUNDATIONS MISSION IS TO ENHANCE THE ECONOMY OF NORTHEAST OHIO BY COLLABORATING WITH OUR NETWORK PARTNERS AND OTHERS TO ATTRACT NEW BUSINESSES, HELP THOSE THAT ARE HERE GROW AND ACCELERATE THE IMPACT OF INNOVATION IN THE REGION.
Describe the Organization's Program Activity:
GROWING OUR DIVERSE INDUSTRY BASE - LEVERAGE OUR DEEP SUPPLY CHAIN AND PARTNER RELATIONSHIPS ACROSS THE REGIONS DIVERSE INDUSTRY BASE TO DRIVE INNOVATION, INTEGRATE TECHNOLOGY, DEVELOP NEW MARKETS AND CREATE EQUITABLE OPPORTUNITY FOR A HIGHLY-TRAINED WORKFORCE.
ADDRESS THE TALENT SUPPLY-DEMAND GAP - GROWING REGIONAL TALENT ALIGNMENT THROUGH BETTER DATA AND COORDINATED STRATEGIES.
PROMOTE AND ENGAGE THE REGION - TELLING STORIES, PROMOTING ASSETS AND SHARING DATA INSIGHTS TO ADVANCE TEAM NEO, LIFT OUR PARTNERS AND IMPROVE NORTHEAST OHIOS REGIONAL COMPETITIVENESS AND PROSPERITY.
GROW A PIPELINE OF COMPETITIVE SITES - IMPACT THE REGIONAL LANDSCAPE THROUGH THOUGHTFUL COMMERCIAL AND INDUSTRIAL DEVELOPMENT IN LOCATIONS THAT ARE DRIVING A COMPETITIVE REGION AND OFFERING MORE EQUITABLE OPPORTUNITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brendan Buescher Director | Trustee | 1 | $0 |
Deborah Hoover Director | Trustee | 1 | $0 |
Nicholas Buzzelli Director | Trustee | 1 | $0 |
Frank Carrino Director | Trustee | 1 | $0 |
Christopher Bast Director | Trustee | 1 | $0 |
Dr Albert Green Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Baruch Superior Llc Rent | 12/30/23 | $199,464 |
Advantage Growth Solutions Llc Consulting | 12/30/23 | $113,741 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $2,250 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $7,704,846 |
| Noncash contributions included in lines 1a–1f | $1,105 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,707,096 |
| Total Program Service Revenue | $185,498 |
| Investment income | $13,944 |
| 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 | $7,995,598 |
| 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. | $1,692,922 |
| Compensation of current officers, directors, key employees. | $220,080 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,452,976 |
| Pension plan accruals and contributions | $106,425 |
| Other employee benefits | $209,396 |
| Payroll taxes | $282,762 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $15,588 |
| Fees for services: Accounting | $29,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,158,053 |
| Advertising and promotion | $179,078 |
| Office expenses | $81,319 |
| Information technology | $158,214 |
| Royalties | $0 |
| Occupancy | $151,955 |
| Travel | $230,489 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $333,427 |
| Interest | $8,596 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $71,579 |
| Insurance | $13,866 |
| All other expenses | $62,466 |
| Total functional expenses | $8,243,282 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $698,133 |
| Savings and temporary cash investments | $101,486 |
| Pledges and grants receivable | $539,619 |
| Accounts receivable, net | $454,474 |
| 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 | $225,553 |
| Net Land, buildings, and equipment | $312,531 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,294,727 |
| Total assets | $3,626,523 |
| Accounts payable and accrued expenses | $288,786 |
| Grants payable | $0 |
| Deferred revenue | $31,500 |
| 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 | $1,227,566 |
| Total liabilities | $1,547,852 |
| Net assets without donor restrictions | $1,809,971 |
| Net assets with donor restrictions | $268,700 |
| 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 | $3,626,523 |