Gateway Economic Development Corporation of Greater Cleveland

Analysis

Gateway Economic Development Corporation of Greater Cleveland is a registered charity in United States, based in Cleveland, OH. It received its IRS tax-exemption ruling in June 1992, 34 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Gateway Economic Development Corporation of Greater Cleveland reported income of $82.3m and spending of $51.9m, leaving 37% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income fell from $173.9m to $82.3m (-53%), an average of -17% a year. The sharpest change came in the year to December 2023, when income rose by 156%. Over the whole period it spent 65% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Gateway Economic Development Corporation of Greater Cleveland sits at the 100th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 99th percentile, and in the 99th percentile within OH. Charities of a similar size with the same main cause include 1199 Seiu League Training and Upgrading Fund ($81.9m), Waterstone Supporting Organization Trust 1 ($82.6m) and Goodwill Industries of San Diego County ($81.8m).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 96% of the total. Compensation of current officers, directors and key employees was $253k (0.5% of expenses). Other salaries and wages came to $750k. At year end it held assets of $429.8m against liabilities of $324.0m, net assets of $105.8m. It reported 16 employees.