Team Neo Foundation
- Assets
- $3.0m
- Revenue
- $6.4m
- Investments
- $0.0
- Employees
- 38
- Location
- Cleveland, OH
- Founding
- 06/2000
- Data as of
- 12/2021
- 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 12/2021, Team Neo Foundation employed 38 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 12/2021, Team Neo Foundation generated $6.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $6.5m during the year ending 12/2021. While expenses have increased by 1.2% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TEAM NEO FOUNDATION'S 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:
ADVANCING TECHNOLOGY ADOPTION - WE ARE BUILDING REGIONAL INNOVATION CLUSTERS BY CONNECTING COMPANIES, ACADEMIC AND RESEARCH INSTITUTIONS WITH OPPORTUNITIES TO COLLABORATE AND TAKE ADVANTAGE OF NEW TECHNOLOGIES SUCH AS ADDITIVE AND SMART MANUFACTURING THAT BUILD ON THE INDUSTRIAL, ORGANIZATIONAL AND WORKFORCE STRENGTHS OF THE REGION. THESE CLUSTERS ENCOURAGE TECHNOLOGY ADOPTION NECESSARY TO DRIVE GROWTH AND IMPROVE THE COMPETITIVENESS OF NORTHEAST OHIO COMPANIES, WHILE ALSO INTRODUCING COMPANIES OUTSIDE THE REGION TO DEEP MANUFACTURING SUPPLY CHAIN THAT EXISTS HERE.
PROMOTE TEAM NEO, THE REGION AND NETWORK PERFORMANCE - TEAM NEO OFFERS LOCAL PARTNERS A BIGGER, MORE POWERFUL PLATFORM TO HIGHLIGHT THE MERITS OF INVESTING IN NORTHEAST OHIO BY HIGHLIGHTING UNIQUE STRENGTHS AND ECONOMIC ATTRIBUTES OF EACH MARKET, WHILE ARTICULATING THE VALUE OF BEING A PART OF THE LARGER NORTHEAST OHIO REGION, INCLUDING OUR CRITICAL MASS AS ONE REGION WITH ITS INTEGRATED SUPPLY CHAINS, 2 MILLION WORKERS, 20-PLUS COLLEGES AND UNIVERSITIES, ETC. WE BELIEVE THIS APPROACH MAKES INVESTING IN NORTHEAST OHIO A COMPELLING ALTERNATIVE IN COMPARISON TO OTHER WELL-KNOWN LOCATIONS.
STRENGTHENED, BETTER COORDINATED REGIONAL NETWORK - AS THE JOBS OHIO NETWORK PARTNER, TEAM NEO ALIGNS AND AMPLIFIES LOCAL ECONOMIC DEVELOPMENT EFFORTS IN NORTHEAST OHIO'S 18 COUNTY REGION TO CREATE JOBS AND BUILD A MORE ROBUST ECONOMY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Koehler CEO | Officer | 40 | $427,078 |
James Foran Senior Vp, Industry & Innovation | Officer | 40 | $232,906 |
Christine Nelson Vp, Project Mgt, Site Strategies & Talent | Officer | 40 | $179,729 |
Laura Hudak Asst Secr/treas | Officer | 40 | $161,815 |
Dawn Southard Vp, Investor Relations | 40 | $144,360 | |
Jacob Duritsky Vp, Strategy And Research | 40 | $142,655 |
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 | $6,222,211 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,222,211 |
| Total Program Service Revenue | $113,527 |
| Investment income | $321 |
| 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 | $6,381,649 |
| 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. | $1,133,641 |
| Compensation of current officers, directors, key employees. | $138,443 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,499,409 |
| Pension plan accruals and contributions | $100,053 |
| Other employee benefits | $234,058 |
| Payroll taxes | $231,565 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $15,812 |
| Fees for services: Accounting | $25,905 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $916,813 |
| Advertising and promotion | $210,401 |
| Office expenses | $68,771 |
| Information technology | $122,569 |
| Royalties | $0 |
| Occupancy | $199,500 |
| Travel | $93,341 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $216,243 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $58,666 |
| Insurance | $9,451 |
| All other expenses | $55,819 |
| Total functional expenses | $6,453,326 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,034,980 |
| Savings and temporary cash investments | $526,954 |
| Pledges and grants receivable | $691,707 |
| Accounts receivable, net | $336,814 |
| 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 | $238,768 |
| Net Land, buildings, and equipment | $122,950 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $30,583 |
| Total assets | $2,982,756 |
| Accounts payable and accrued expenses | $554,086 |
| Grants payable | $0 |
| Deferred revenue | $41,525 |
| 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 | $42,140 |
| Total liabilities | $637,751 |
| Net assets without donor restrictions | $2,100,005 |
| Net assets with donor restrictions | $245,000 |
| 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 | $2,982,756 |
Grants Recieved
Over the last fiscal year, we have identified 9 grants that Team Neo Foundation has recieved totaling $556,490.
| Awarding Organization | Amount |
|---|---|
Fund For Our Economic Future Of Northeast Ohio Cleveland, OH PURPOSE: JOB ACCESS | $225,000 |
Timken Foundation Of Canton Canton, OH PURPOSE: TWO-YEAR OPERATING SUPPORT | $125,000 |
Sherwin-Williams Foundation Cleveland, OH PURPOSE: CIVIC & OTHER COMMUNITY DEVELOPMENT | $100,000 |
Westfield Insurance Foundation Westfield Center, OH PURPOSE: GENERAL DONATION | $35,000 |
Stark Community Foundation Inc Canton, OH PURPOSE: PROGRAM SUPPORT | $21,800 |
Aultman Health Foundation Canton, OH PURPOSE: TEAM NEO 2021 INVESTMENT PARTNER COMMITMENT | $17,500 |
Endowment Analysis
| Beg. Balance | $303,106 |
| Net Contributions | $120,000 |
| Other Expense | $178,106 |
| Ending Balance | $245,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Pidc Financing Corp Philadelphia, PA | $6,556,052 | $18,403,713 |
Visit Indy Inc Indianapolis, IN | $20,981,890 | $14,589,218 |
Purchase Area Development District Inc Mayfield, KY | $0 | $14,269,202 |
The Convention And Visitors Bureau Of Greater Cleveland Inc Cleveland, OH | $25,296,918 | $17,425,666 |
Ridc Regional Growth Fund Pittsburgh, PA | $36,670,171 | $9,947,122 |
Columbus Downtown Development Corporation Columbus, OH | $118,710,723 | $12,117,471 |
Delaware County Economic Development Oversight Board Media, PA | $2,255,958 | $10,697,300 |
Metropolitan Detroit Convention & Vistors Bureau Detroit, MI | $36,765,048 | $14,015,809 |
Alleghenies Planning And Development Commission Altoona, PA | $25,721,818 | $9,986,298 |
Greater Philadelphia Tourism Marketing Corporation Philadelphia, PA | $11,403,385 | $8,019,397 |
Detroit Economic Growth Corp Detroit, MI | $7,209,211 | $10,420,774 |
Lawrence Economic Development Corporation South Point, OH | $62,339,240 | $9,945,474 |