Economic Growth Foundation

Analysis

Economic Growth Foundation is a registered charity in United States, based in Cleveland, OH. It received its IRS tax-exemption ruling in June 2000, 26 years ago. Its declared purposes cover employment, 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, Economic Growth Foundation reported income of $4.8m and spending of $4.7m, spending 97% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $2.2m to $4.8m (+116%), an average of +21% a year. The sharpest change came in the year to December 2023, when income rose by 66%. Over the whole period it spent 103% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Economic Growth Foundation sits at the 92nd percentile: it is larger than about 92% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 92nd percentile within OH. Charities of a similar size with the same main cause include Manufacturing Skill Standards Council ($4.8m), Tacolcy Economic Development Corporation Inc ($4.8m) and Prairie Opportunity Inc ($4.8m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 74% and program service revenue 26% of the total. Compensation of current officers, directors and key employees was $347k (7.4% of expenses). Other salaries and wages came to $1.6m. At year end it held assets of $12.7m against liabilities of $916k, net assets of $11.8m.