Cleveland Foundation
- Assets
- $2.3b
- Revenue
- $120.0m
- Investments
- $1.2b
- Employees
- 105
- Location
- Cleveland, OH
- Founding
- 02/1945
- Data as of
- 12/2019
- EIN
- 34-0714588
Organization Overview
Cleveland Foundation is located in Cleveland, OH. The organization was established in 1945. According to its NTEE Classification (T31) the organization is classified as: Community Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 12/2019, Cleveland Foundation employed 105 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations.
For the year ending 12/2019, Cleveland Foundation generated $120.0m in total revenue. The organization has seen a slow decline revenue. Over the past 5 years, revenues have fallen by an average of (0.5%) each year. All expenses for the organization totaled $176.2m during the year ending 12/2019. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Cleveland Foundation has awarded 3,680 individual grants totaling $511,338,677. 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
2019
Describe the Organization's Mission:
Part 3 - Line 1
THE CLEVELAND FOUNDATION'S MISSION IS TO ENHANCE THE LIVES OF ALL RESIDENTS OF GREATER CLEVELAND, NOW AND FOR GENERATIONS TO COME, BY WORKING TOGETHER WITH OUR DONORS TO BUILD COMMUNITY ENDOWMENT, ADDRESS NEEDS THROUGH GRANTMAKING, AND PROVIDE LEADERSHIP ON KEY COMMUNITY ISSUES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CLEVELAND FOUNDATION IS A GRANTMAKING ORGANIZATION. APPROXIMATELY HALF OF THE GRANTS AUTHORIZED IN 2019 WERE DIRECTED BY THE BOARD TOWARD STRATEGIC INITIATIVES AND COMMUNITY RESPONSIVE REQUESTS THAT ADDRESS VITAL COMMUNITY NEEDS IN GREATER CLEVELAND AND TO RESPOND TO EMERGING CHARITABLE OPPORTUNITIES IN A WIDE RANGE OF CHARITABLE ORGANIZATIONS IN GREATER CLEVELAND. PROGRAM AREAS INCLUDE ARTS AND CULTURE, ECONOMIC DEVELOPMENT, EDUCATION, ENVIRONMENT, HEALTH, NEIGHBORHOODS AND YOUTH & HUMAN SERVICES. IN ADDITION, INITIATIVES INCLUDE LEADERSHIP DEVELOPMENT AND DIGITAL EXCELLENCE.THE OTHER HALF OF THE GRANTS AUTHORIZED IN 2019 WERE DESIGNATED OR ADVISED BY DONORS TO THE CLEVELAND FOUNDATION IN VARIOUS TRUSTS, DESIGNATED FUNDS, DONOR ADVISED FUNDS, OR SUPPORTING ORGANIZATIONS. THESE GRANTS FURTHER THE CHARITABLE PURPOSES OF THE CLEVELAND FOUNDATION AND ARE MADE TO OTHER CHARITABLE ORGANIZATIONS AND PROGRAMS FOR THE BENEFIT OF THE CLEVELAND FOUNDATION AND ITS CHARITABLE PURPOSES. MANY OF THESE GRANTS ALIGN WITH THE FOREGOING PROGRAM AREAS.IN TOTAL, THE LARGEST AREAS OF GRANTMAKING IN 2019 ARE EDUCATION AND SCHOLARSHIP (29%), YOUTH AND HUMAN SERVICES (22%), HEALTH (14%), NEIGHBORHOODS AND HOUSING (12%), ARTS AND CULTURE (10%), PHILANTHROPIC SECTOR (6%), ECONOMIC DEVELOPMENT (3%) AND ENVIRONMENT (3%).
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ronald B Richard President & CEO | Officer | 60 | $673,070 |
Rosanne S Potter Senior Vice President/cfo/treasurer | Officer | 50 | $288,933 |
Kaye M Ridolfi Senior Vice President | Officer | 50 | $270,183 |
Lillian Kuri Vice President | Officer | 50 | $210,664 |
Michael Murphy Chief Marketing Officer | Officer | 50 | $206,624 |
India Lee Senior Vice President | Officer | 50 | $203,794 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Monticello Associates Investment Advisor | 12/30/19 | $508,333 |
Ernst & Young Llp Audit & Tax Review Services | 12/30/19 | $175,811 |
Thompson Hine Llp Legal Services | 12/30/19 | $278,885 |
Stellar Technology Solutions Software License And Operation | 12/30/19 | $334,078 |
Inbloom Consulting Llc Consultant-campaign Planning & Execution | 12/30/19 | $172,999 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $705,132 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $77,458,483 |
| Noncash contributions included in lines 1a–1f | $21,982,939 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $78,163,615 |
| Total Program Service Revenue | $267,933 |
| Investment income | $29,557,294 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $10,802,562 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $120,009,767 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $153,632,842 |
| Grants and other assistance to domestic individuals. | $542,150 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $2,804,421 |
| Compensation of current officers, directors, key employees. | $285,578 |
| Compensation to disqualified persons | $996,801 |
| Other salaries and wages | $5,648,163 |
| Pension plan accruals and contributions | $703,320 |
| Other employee benefits | $1,234,996 |
| Payroll taxes | $547,477 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $263,042 |
| Fees for services: Accounting | $222,596 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $4,923,579 |
| Fees for services: Other | $804,221 |
| Advertising and promotion | $179,819 |
| Office expenses | $260,180 |
| Information technology | $796,381 |
| Royalties | $0 |
| Occupancy | $1,118,509 |
| Travel | $184,551 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $532,787 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $226,777 |
| Insurance | $67,530 |
| All other expenses | $121,248 |
| Total functional expenses | $176,182,289 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $25,489,571 |
| Savings and temporary cash investments | $221,353,921 |
| Pledges and grants receivable | $4,000 |
| Accounts receivable, net | $4,008,485 |
| 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 | $199,623 |
| Net Land, buildings, and equipment | $548,646 |
| Investments—publicly traded securities | $766,374,743 |
| Investments—other securities | $1,221,420,806 |
| Investments—program-related | $24,714,821 |
| Intangible assets | $0 |
| Other assets | $2,051,355 |
| Total assets | $2,266,165,971 |
| Accounts payable and accrued expenses | $2,577,203 |
| Grants payable | $0 |
| 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 | $213,939,227 |
| Total liabilities | $216,516,430 |
| Net assets without donor restrictions | $1,012,807,819 |
| Net assets with donor restrictions | $1,036,841,722 |
| 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 | $2,266,165,971 |
Grants Awarded
Over the last fiscal year, Cleveland Foundation has awarded $150,806,160 in support to 799 organizations.
| Grant Recipient | Amount |
|---|---|
Cleveland, OH PURPOSE: ENDOWMENT DISTRIBUTION | $51,136,872 |
Cleveland, OH PURPOSE: COMMON APPLICATION 2016 | $5,740,119 |
Shaker Hts, OH PURPOSE: DIANE STEINHILBER NURSING INNOVATION AND EDUCATION FUND | $4,346,614 |
CUYAHOGA COUNTY OFFICE OF EARLY CHILDHOOD PURPOSE: PLANNING FOR ADDRESSING THE EARLY CHLDHOOD MENTAL HEALTH WORKFORCE | $2,287,654 |
Cleveland, OH PURPOSE: REORGANIZATION OF MYCOM TO ALIGN WITH SAY YES TO EDUCATION | $2,015,500 |
Cleveland, OH PURPOSE: CREATING COLLINWOOD UNITED | $1,928,250 |
Grants Recieved
Over the last fiscal year, we have identified 18 grants that Cleveland Foundation has recieved totaling $1,474,605.
| Awarding Organization | Amount |
|---|---|
Akron Community Foundation Akron, OH PURPOSE: TO THE GREATER CLEVELAND COVID-19 RESPONSE FUND TO SUPPORT THE COMMUNITY IT SERVES DURING THIS TIME OF CRISIS | $505,000 |
Robert F Busbey Charitable Foundation Inc Tampa, FL PURPOSE: CHARITABLE | $405,365 |
Council Of Michigan Foundations Inc Grand Haven, MI PURPOSE: GREAT LAKES ONE WATER (GLOW) PARTNERSHIP | $200,000 |
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $53,840 |
Woodruff Foundation Shaker Heights, OH PURPOSE: FOR GREATER CLEVELAND COVID-19 RESPONSE FUND | $50,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: GENERAL SUPPORT | $50,000 |
Endowment Analysis
| Beg. Balance | $1,261,567,528 |
| Earnings | $175,212,072 |
| Admin Expense | $15,534,972 |
| Net Contributions | $28,956,683 |
| Other Expense | $4,151,442 |
| Grants | $59,302,443 |
| Ending Balance | $1,386,747,426 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
American Endowment Foundation Hudson, OH | $3,480,736,124 | $959,495,885 |
Cleveland Foundation Cleveland, OH | $2,266,165,971 | $120,009,767 |
Columbus Foundation Columbus, OH | $1,997,426,344 | $304,494,598 |
Greater Cincinnati Foundation Cincinnati, OH | $736,269,474 | $137,413,135 |
Pittsburgh Foundation Pittsburgh, PA | $1,226,779,411 | $88,473,154 |
Dayton Foundation Dayton, OH | $476,689,140 | $65,647,739 |
The Community Foundation Of Louisville Inc Louisville, KY | $509,922,111 | $119,319,181 |
Community Foundation Of Elkhart County Inc Elkhart, IN | $314,805,317 | $47,812,553 |
Central Indiana Community Foundation Inc Indianapolis, IN | $447,971,651 | $78,063,459 |
Philadelphia Foundation Philadelphia, PA | $414,429,037 | $79,448,283 |
Dayton Foundation Depository Dayton, OH | $35,280,214 | $30,358,874 |
Erie Community Foundation Erie, PA | $259,123,488 | $27,775,400 |