Gateway Economic Development Corporation Of Greater Cleveland
- Assets
- $401.4m
- Revenue
- $30.1m
- Investments
- $0.0
- Employees
- 15
- Location
- Cleveland, OH
- Founding
- 06/1992
- Data as of
- 12/2021
- EIN
- 34-1650917
Organization Overview
Gateway Economic Development Corporation Of Greater Cleveland is located in Cleveland, OH. The organization was established in 1992. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Gateway Economic Development Corporation Of Greater Cleveland employed 15 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Gateway Economic Development Corporation Of Greater Cleveland 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 12/2021, Gateway Economic Development Corporation Of Greater Cleveland generated $30.1m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (11.8%) each year. All expenses for the organization totaled $60.8m during the year ending 12/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROMOTE ECONOMIC DEVELOMENT IN ORDER TO PREVENT THE CONDITIONS OF BLIGHT AND DETERIORATION HISTORICALLY EXISTING IN THE AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GATEWAY ECONOMIC DEVELOPMENT CORPORATION OF CLEVELAND IS ORGANIZED TO CONSTRUCT, OWN AND PROVIDE FOR THE OPERATION OF A SPORTS FACILITY, WHICH INCLUDES A BASEBALL STADIUM, ARENA AND A JOINT DEVELOPMENT SITE. THE SPORTS FACILITY WAS BUILT IN ORDER TO PREVENT THE SPREAD OF BLIGHT AND DETERIORATION HISTORICALLY EXISTING IN THE AREA. IN THIS WAY, THE CORPORATION IS LESSENING THE BURDENS OF GOVERNMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Todd Greathouse Executive Di | Officer | 40 | $150,858 |
Brian Kelly Controller | Officer | 40 | $129,143 |
Davita Russell Trustee - Pa | Trustee | 1 | $0 |
Teri Acosta Trustee - Pa | Trustee | 1 | $0 |
Ken Silliman Trustee - Pa | Trustee | 1 | $0 |
Matt Carroll Trustee - Pa | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Relmec Mechanical Llc Construction | 12/30/21 | $3,836,478 |
Securitas Security Services Usa Security | 12/30/21 | $510,973 |
Creative Concepts Flooring Systems Cosntruction | 12/30/21 | $479,256 |
Logicalis Wireless Serv | 12/30/21 | $844,844 |
Whiting-turner Contracting Co Construction | 12/30/21 | $3,353,912 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $27,727,601 |
| Investment income | $72 |
| 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 | $30,122,951 |
| 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. | $280,001 |
| Compensation of current officers, directors, key employees. | $87,874 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $429,738 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $159,417 |
| Payroll taxes | $53,238 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $135,017 |
| Fees for services: Accounting | $18,605 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $50,368 |
| Advertising and promotion | $0 |
| Office expenses | $47,291 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $10,945,430 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $28,707,164 |
| Insurance | $25,111 |
| All other expenses | $741,793 |
| Total functional expenses | $60,760,724 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $797,058 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $69,751 |
| Net Land, buildings, and equipment | $400,557,031 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $401,423,840 |
| Accounts payable and accrued expenses | $1,605,199 |
| Grants payable | $0 |
| Deferred revenue | $364,005 |
| 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 | $301,683,465 |
| Other liabilities | $240,000 |
| Total liabilities | $303,892,669 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| 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 | $97,531,171 |
| Total liabilities and net assets/fund balances | $401,423,840 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Cincinnati Center City Development Corporation Cincinnati, OH | $365,563,062 | $43,403,938 |
Gateway Economic Development Corporation Of Greater Cleveland Cleveland, OH | $401,423,840 | $30,122,951 |
Capitol South Community Urban Redevelopment Corporation Columbus, OH | $40,052,734 | $27,422,003 |
Harristown Development Corporation Harrisburg, PA | $29,766,695 | $19,028,512 |
The Center Of Workforce Innovations Inc Valparaiso, IN | $2,958,255 | $14,608,336 |
Community Action Of South Eastern West Virginia Bluefield, WV | $9,324,400 | $12,779,130 |
Cintrifuse Cincinnati, OH | $9,097,086 | $17,758,065 |
Walnut Hills Redevelopment Foundation Inc Cincinnati, OH | $7,399,538 | $1,025,062 |
Midtown Detroit Inc Detroit, MI | $6,098,841 | $4,938,478 |
Pittsburgh Downtown Partnership Pittsburgh, PA | $5,197,454 | $6,457,703 |
Bellvue Gardens Community Urban Redevelopment Corporation Cincinnati, OH | $29,237,042 | $3,964,847 |
Detriot Economic Growth Association Detroit, MI | $6,651,865 | $5,567,044 |