Civic Intelligence

Connecticut Minority Supplier Development Council

990 • Fiscal year 2021 • EIN 06-1025890

Jan 01, 2021 to Dec 31, 2021 • Filed on Sep 08, 2022

157 Church Street 19th FloorNew Haven, CT 06510

(203) 288-9744

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

68th percentile

0.21x

Higher debt load relative to assets than 68% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

70th percentile

0.27x

Higher debt load relative to revenue than 70% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Net Margin

74th percentile

30%

Higher net margin than 74% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

95th percentile

$302,809

Higher top officer pay than 95% of similar nonprofits.

Top officer pay equals 21.4% of source-year revenue.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Asset Growth

74th percentile

26%

Faster asset growth than 74% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

58th percentile

20%

Faster revenue growth than 58% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Assets

Up

$1,812,694

Up $378,776 (+26%) from 2020

Net Assets

Up

$1,438,332

Up $431,036 (+43%) from 2020

Liabilities

Down

$374,362

Down $52,260 (-12%) from 2020

Revenue

Up

$1,411,834

Up $236,196 (+20%) from 2020

Expenses

Up

$986,401

Up $174,204 (+21%) from 2020

Net Income

Up

$425,433

Up $61,992 (+17%) from 2020

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$3.0M$2.0M$1.0M$0Assets 2011: $820,192Liabilities 2011: $24,026Net Assets 2011: $796,1662011Assets 2012: $882,953Liabilities 2012: $5,623Net Assets 2012: $877,3302012Assets 2013: $988,450Liabilities 2013: $96,296Net Assets 2013: $892,1542013Assets 2014: $902,844Liabilities 2014: $146,797Net Assets 2014: $756,0472014Assets 2015: $801,745Liabilities 2015: $403,855Net Assets 2015: $397,8902015Assets 2016: $942,224Liabilities 2016: $567,139Net Assets 2016: $375,0852016Assets 2017: $696,041Liabilities 2017: $303,154Net Assets 2017: $392,8872017Assets 2018: $672,605Liabilities 2018: $297,657Net Assets 2018: $374,9482018Assets 2019: $930,613Liabilities 2019: $338,352Net Assets 2019: $592,2612019Assets 2020: $1,433,918Liabilities 2020: $426,622Net Assets 2020: $1,007,2962020Assets 2021: $1,812,694Liabilities 2021: $374,362Net Assets 2021: $1,438,3322021Assets 2022: $2,034,113Liabilities 2022: $271,610Net Assets 2022: $1,762,5032022Assets 2023: $2,500,695Liabilities 2023: $249,450Net Assets 2023: $2,251,2452023Assets 2024: $2,724,143Liabilities 2024: $210,453Net Assets 2024: $2,513,6902024

Highlighted filing

2021

Assets$1,812,694
Liabilities$374,362
Net Assets$1,438,332

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2011: $1,369,382Expenses 2011: $1,191,570Net Income 2011: $177,8122011Revenue 2012: $1,770,381Expenses 2012: $1,689,217Net Income 2012: $81,1642012Revenue 2013: $1,992,221Expenses 2013: $1,977,397Net Income 2013: $14,8242013Revenue 2014: $2,212,131Expenses 2014: $2,348,238Net Income 2014: -$136,1072014Revenue 2015: $1,949,924Expenses 2015: $2,138,629Net Income 2015: -$188,7052015Revenue 2016: $1,612,598Expenses 2016: $1,637,148Net Income 2016: -$24,5502016Revenue 2017: $1,202,970Expenses 2017: $1,216,746Net Income 2017: -$13,7762017Revenue 2018: $1,087,646Expenses 2018: $1,054,431Net Income 2018: $33,2152018Revenue 2019: $1,014,635Expenses 2019: $851,784Net Income 2019: $162,8512019Revenue 2020: $1,175,638Expenses 2020: $812,197Net Income 2020: $363,4412020Revenue 2021: $1,411,834Expenses 2021: $986,401Net Income 2021: $425,4332021Revenue 2022: $1,831,252Expenses 2022: $1,417,207Net Income 2022: $414,0452022Revenue 2023: $2,200,658Expenses 2023: $1,757,836Net Income 2023: $442,8222023Revenue 2024: $1,901,688Expenses 2024: $1,668,775Net Income 2024: $232,9132024

Highlighted filing

2021

Revenue$1,411,834
Expenses$986,401
Net Income$425,433
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Sep 8, 2022
Return Version
2021v4.2
Gross Receipts
$1,911,523
Mission and Program Overview

Mission

Assisting minority owned companies

Assisting minority owned companies in establishing and promoting their business by fostering business relationships between minority suppliers and major purchasers.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$753,998$880,047▲ $126,049
Investments in Publicly Traded Securities$450,205$553,187▲ $102,982
Savings and Temporary Cash Investments$34,545$249,137▲ $214,592
Accounts Receivable$188,546$122,231▼ $66,315
Prepaid Expenses and Deferred Charges$2,834$6,007▲ $3,173
Land, Buildings, and Equipment, Net$3,790$2,085▼ $1,705
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$1,433,918$1,812,694▲ $378,776
Other Assets Total$0$0→ $0
Liabilities
Deferred Revenue$389,191$324,729▼ $64,462
Accounts Payable and Accrued Expenses$30,270$39,607▲ $9,337
Other Liabilities$3,741$10,026▲ $6,285
Mortgage Notes Payable Secured by Investment Property$3,420$0▼ $3,420
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$426,622$374,362▼ $52,260
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,007,296$1,438,332▲ $431,036
Net Assets With Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$1,007,296$1,438,332▲ $431,036
Total Liabilities and Net Assets / Fund Balance$1,433,918$1,812,694▲ $378,776

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$2,085$38,596$40,681
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Peter F Hurst JrPresident & CEOFT$258,547$44,262$302,809

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$1,119,172
Program Service Revenue
$154,700
Investment Income
$63,646
Other Revenue
$74,316
All Other Contributions
$206,646
Change in Net Assets
$425,433

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,410,303
Revenue Not Reported on Financial Statements
$1,531
Revenue Not Reported on Form 990
$71,491
Other Revenue Adjustments
$1,531
Total Revenue per Audited Statements
$1,481,794
Total Revenue per Form 990
$1,411,834
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$811,679
Other Expenses$174,722
Total Fundraising Expense$92,506
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$328,424$64,784$27,724$420,932
Current Officers, Directors, Trustees, and Key Employees$183,859$78,214$40,736$302,809
All Other Expenses$14,625$42,768$2,999$60,392
Payroll Taxes$37,427$7,163$4,092$48,682
Occupancy$23,398$4,431$3,323$31,152
Other Employee Benefits$7,038$23,024-$30,062
Fees for Services Accounting-$16,020-$16,020
Advertising$6,218$9,697-$15,915
Insurance$7,220$2,222$1,666$11,108
Pension Plan Contributions$5,976$1,839$1,379$9,194
Office Expenses$4,882$1,502$1,127$7,511
Depreciation Depletion$1,108$341$256$1,705
Fees for Service Investment Mgmnt Fees-$1,531-$1,531
Other Expenses$5,341$1,503$1,233$1,503
Travel$790--$790
Interest-$15-$15
Total Functional Expenses$635,614$258,281$92,506$986,401

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,050,758
Total Expenses per Form 990$986,401
Expenses per Audited Statements$984,870
Expenses Not Reported on Form 990$65,888
Expenses Not Reported on Financial Statements$1,531
Other Expense Adjustments$1,531
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$140,204
Fundraising Direct Expenses$65,888
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Expo$71,852$71,852$46,966$24,886
Gala$68,352$68,352$18,922$49,430
Total Events$140,204$140,204$65,888$74,316
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Other Liabilities$10,026
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Part VI, Line 11B

A copy of the Form 990 is first given to the President & CEO and the Finance Director for review. A meeting is then scheduled with members of the Finance Committee for review. Questions, if any, are then presented to the outside CPA firm who prepared the return, for clarification. Upon receipt of satisfactory answers to all questions, the Form 990 is then approved and the outside CPA firm is instructed to finalize the return.

Part VI, Line 12C

During every board meeting, whenever the Board is engaged in discussion relating to activities conducted by the Organization (entering into a contract, hiring personnel, etc.) the issue of the existence of a conflict of interest is routinely considered.

Part VI, Line 15A

In determining the compensation for the Organization's Executive Director and Key Employees the organization's Board of Directors considers the following factors: Level of Education, Experience, Compensation paid by other similar organizations and the financial status of the Organization. The Board may also consult with an outside personnel agency. All discussions pertaining to decisions reached are documented.

Part VI, Line 15B

The Organization follows the same procedures for determining compensation for other Officers and Key Employees as it does for the CEO and other Top-Level Management. See the response for Part VI, Line 15a.

Part VI, Line 19

Governing documents, conflict of interest policies, and financial statements are published on the organization's website and furnished upon request.

Filing and Contact Details

Filer

Filer Name
Connecticut Minority Supplier Development
EIN
06-1025890
In Care Of
% JOSE COLON
Phone
2032889744
Address
157 Church Street 19th Floor, New Haven, CT 06510

Signing Officer

Name
Peter F Hurst Jr
Title
president & CEO
Phone
2032889744
Signed
2022-09-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Peter F Hurst Jr
Formed
1985
Legal Domicile
Ct
Voting Board Members
18
Independent Board Members
17
Employees
12

Preparer

Firm
Nanavaty Davenport Studley White
Address
123 South Main St Suite 140, Newtown, CT 06470
Preparer
Glenn J Nanavaty
Phone
2034268500
Supplemental Narrative

Financial Statement Notes

Part X, FIN 48 Footnote

The Council is a nonprofit organization and is exempt from federal and state income taxes as a public charity under Section 501(c)(3) of the Internal Revenue Code. Accordingly, no provision for income taxes has been made in the accompanying financial statements. The Council recognizes the benefits of income tax positions only if those positions are more likely than not of being sustained. The Council is subject to routine audits by the Internal Revenue Service. There are currently no audits for any tax periods in progress and the Council believes that it is no longer subject to audits for years prior to 2018.

Part XI, Line 2D

Portion of expenses dealing directly with fundraising events that have been included on Part VIII, Line 8b of Form 990.

Part XI, Line 4B

Portion of investment management fees reported on Part IX, Line 11f of Form 990 that have been included within net investment income on the financial statements.

Part XII, Line 2D

Portion of expenses dealing directly with fundraising events that have been included on Part VIII, Line 8b of Form 990.

Part XII, Line 4B

Portion of investment management fees reported on Part IX, Line 11f of Form 990 that have been included within net investment income on the financial statements.

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IRS990/Form990PartVIISectionAGrp/PersonNm10Sean Cogdell
IRS990/Form990PartVIISectionAGrp/PersonNm11Monette Knapik
IRS990/Form990PartVIISectionAGrp/PersonNm12Inga Lee Puentes
IRS990/Form990PartVIISectionAGrp/PersonNm13Anthony Samuels
IRS990/Form990PartVIISectionAGrp/PersonNm14Jo-Ann Schlick
IRS990/Form990PartVIISectionAGrp/PersonNm15Michael White
IRS990/Form990PartVIISectionAGrp/PersonNm16Ramon Peralta
IRS990/Form990PartVIISectionAGrp/PersonNm17Kate Weaver
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IRS990/Form990PartVIISectionAGrp/TitleTxt0President & CEO
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IRS990/Form990PartVIISectionAGrp/TitleTxt2Director
IRS990/Form990PartVIISectionAGrp/TitleTxt3Director
IRS990/Form990PartVIISectionAGrp/TitleTxt4Director
IRS990/Form990PartVIISectionAGrp/TitleTxt5Vice Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
IRS990/Form990PartVIISectionAGrp/TitleTxt8Director
IRS990/Form990PartVIISectionAGrp/TitleTxt9Director
IRS990/Form990PartVIISectionAGrp/TitleTxt10Director
IRS990/Form990PartVIISectionAGrp/TitleTxt11Director
IRS990/Form990PartVIISectionAGrp/TitleTxt12Director
IRS990/Form990PartVIISectionAGrp/TitleTxt13Director
IRS990/Form990PartVIISectionAGrp/TitleTxt14Director
IRS990/Form990PartVIISectionAGrp/TitleTxt15Director
IRS990/Form990PartVIISectionAGrp/TitleTxt16Director
IRS990/Form990PartVIISectionAGrp/TitleTxt17Director
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IRS990/MinutesOfCommitteesInd0true
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IRS990/OtherExpensesGrp/ProgramServicesAmt25341
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IRS990/OtherExpensesGrp/TotalAmt28217
IRS990/OtherExpensesGrp/TotalAmt31503
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IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt064784
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IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt01839
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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt06007
IRS990/PrincipalOfficerNm0Peter F Hurst Jr
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0154700
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYBenefitsPaidToMembersAmt00

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.72$0.21$2.51$1.90$1.67$0.23
2023Detailed filing. Detailed filing data is available for this year.$2.50$0.25$2.25$2.20$1.76$0.44
2022Detailed filing. Detailed filing data is available for this year.$2.03$0.27$1.76$1.83$1.42$0.41
2021Detailed filing. Detailed filing data is available for this year.$1.81$0.37$1.44$1.41$0.99$0.43
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.43$0.43$1.01$1.18$0.81$0.36
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.93$0.34$0.59$1.01$0.85$0.16
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.67$0.30$0.37$1.09$1.05$0.03
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.70$0.30$0.39$1.20$1.22$0.01
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.94$0.57$0.38$1.61$1.64$0.02
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.80$0.40$0.40$1.95$2.14$0.19
2014Detailed filing. Detailed filing data is available for this year.$0.90$0.15$0.76$2.21$2.35$0.14
2013Detailed filing. Detailed filing data is available for this year.$0.99$0.10$0.89$1.99$1.98$0.01
2012Summary only. Only limited summary data is available for this year.$0.88$0.01$0.88$1.77$1.69$0.08
2011Summary only. Only limited summary data is available for this year.$0.82$0.02$0.80$1.37$1.19$0.18