Civic Intelligence

Norwich Community Development Corporation

EIN 06-1066148 • 501(c)3 • Norwich, CT

Profile

The purpose of the Norwich Community Development Corporation is to further the economic development of the Norwich community through growth and development of the Norwich Business Park, revitalization of the Downtown Norwich area, and preservation of the historic Norwich Harbor and waterfront, by recognizing existing industry and commerce, furthering their expansion, and encouraging and assisting in attracting new development for the community and the Norwich area.

66 Franklin StNorwich, CT 06360

www.askncdc.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

82nd percentile

0.63x

Higher debt load relative to assets than 82% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Liabilities / Revenue

93rd percentile

4.10x

Higher debt load relative to revenue than 93% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Net Margin

32nd percentile

-1.1%

Higher net margin than 32% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Top Officer Pay

15th percentile

$0

Higher top officer pay than 15% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Asset Growth

51st percentile

4.6%

Faster asset growth than 51% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Revenue Growth

2nd percentile

-76%

Faster revenue growth than 2% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets82nd percentile

Assets

Up

$10,110,394

Up $444,423 (+4.6%) from 2023

Liabilities

Up

$6,407,974

Up $461,748 (+7.8%) from 2023

Net Assets

Down

$3,702,420

Down $17,325 (-0.5%) from 2023

Operations
Liabilities / Revenue93rd percentileNet Margin32nd percentile

Revenue

Down

$1,564,391

Down $4,872,656 (-76%) from 2023

Expenses

Down

$1,581,716

Down $4,130,664 (-72%) from 2023

Net Income

Down

-$17,325

Down $741,992 (-102%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth51st percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$15M$10M$5.0M$0Assets 2011: $14,677,269Liabilities 2011: $9,148,520Net Assets 2011: $5,528,7492011Assets 2012: $14,277,368Liabilities 2012: $8,668,168Net Assets 2012: $5,609,2002012Assets 2013: $13,697,416Liabilities 2013: $8,156,361Net Assets 2013: $5,541,0552013Assets 2014: $13,093,531Liabilities 2014: $7,614,657Net Assets 2014: $5,478,8742014Assets 2015: $12,250,173Liabilities 2015: $7,057,402Net Assets 2015: $5,192,7712015Assets 2016: $11,652,661Liabilities 2016: $6,733,196Net Assets 2016: $4,919,4652016Assets 2017: $10,430,311Liabilities 2017: $5,844,083Net Assets 2017: $4,586,2282017Assets 2018: $9,522,099Liabilities 2018: $5,245,601Net Assets 2018: $4,276,4982018Assets 2019: $8,530,709Liabilities 2019: $4,521,943Net Assets 2019: $4,008,7662019Assets 2020: $11,556,251Liabilities 2020: $7,886,098Net Assets 2020: $3,670,1532020Assets 2021: $6,304,160Liabilities 2021: $2,962,239Net Assets 2021: $3,341,9212021Assets 2022: $5,168,285Liabilities 2022: $2,173,207Net Assets 2022: $2,995,0782022Assets 2023: $9,665,971Liabilities 2023: $5,946,226Net Assets 2023: $3,719,7452023Assets 2024: $10,110,394Liabilities 2024: $6,407,974Net Assets 2024: $3,702,4202024

Highlighted filing

2024

Assets$10,110,394
Liabilities$6,407,974
Net Assets$3,702,420
Open 2024 Filing

Operations Trend

Revenue Growth2nd percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$8.0M$6.0M$4.0M$2.0M$0-$2.0MExpenses 2011: $883,2682011Expenses 2012: $887,5052012Revenue 2013: $879,804Expenses 2013: $947,949Net Income 2013: -$68,1452013Revenue 2014: $865,869Expenses 2014: $940,479Net Income 2014: -$74,6102014Revenue 2015: $900,850Expenses 2015: $1,185,835Net Income 2015: -$284,9852015Revenue 2016: $917,073Expenses 2016: $1,181,458Net Income 2016: -$264,3852016Revenue 2017: $803,481Expenses 2017: $1,136,718Net Income 2017: -$333,2372017Revenue 2018: $768,771Expenses 2018: $1,078,501Net Income 2018: -$309,7302018Revenue 2019: $939,612Expenses 2019: $1,207,344Net Income 2019: -$267,7322019Revenue 2020: $911,046Expenses 2020: $1,249,659Net Income 2020: -$338,6132020Revenue 2021: $823,908Expenses 2021: $1,152,140Net Income 2021: -$328,2322021Revenue 2022: $928,313Expenses 2022: $1,275,156Net Income 2022: -$346,8432022Revenue 2023: $6,437,047Expenses 2023: $5,712,380Net Income 2023: $724,6672023Revenue 2024: $1,564,391Expenses 2024: $1,581,716Net Income 2024: -$17,3252024

Highlighted filing

2024

Revenue$1,564,391
Expenses$1,581,716
Net Income-$17,325
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$10,110,394
Liabilities
$6,407,974
Net assets
$3,702,420
Revenue
$1,564,391
Expenses
$1,581,716
Net income
-$17,325
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$10.1$6.41$3.70$1.56$1.58$0.02
2023Detailed filing. Detailed filing data is available for this year.$9.67$5.95$3.72$6.44$5.71$0.72
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.17$2.17$3.00$0.93$1.28$0.35
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$6.30$2.96$3.34$0.82$1.15$0.33
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$11.6$7.89$3.67$0.91$1.25$0.34
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.53$4.52$4.01$0.94$1.21$0.27
2018Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$9.52$5.25$4.28$0.77$1.08$0.31
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$10.4$5.84$4.59$0.80$1.14$0.33
2016Detailed filing. Detailed filing data is available for this year.$11.7$6.73$4.92$0.92$1.18$0.26
2015Detailed filing. Detailed filing data is available for this year.$12.3$7.06$5.19$0.90$1.19$0.28
2014Detailed filing. Detailed filing data is available for this year.$13.1$7.61$5.48$0.87$0.94$0.07
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$13.7$8.16$5.54$0.88$0.95$0.07
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$14.3$8.67$5.61$0.89
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$14.7$9.15$5.53$0.88
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
May 14, 2025
Return Version
2023v6.0
Gross Receipts
$1,564,391
Mission and Program Overview

Mission

To further the economic development of the Norwich community through growth and development of the Norwich Business Park, revitalization of the Downtown Norwich area, and preservation of the historic Norwich Harbor and waterfront, by recognizing existing industry and commerce, furthering their expansion, and encouraging and assisting in attracting new development for the community and the Norwich area.

To further the economic development of the Norwich Community through growth and development of the Norwich Business Park, revitalization of the downtown Norwich area, and preservation of the historic Norwich Harbor and waterfront, by recognizing existing industry and commerce, furthering their expansion, and encouraging and assiting in attracting new development for the community and Norwich area

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Program Related$5,289,098$4,939,098▼ $350,000
Land, Buildings, and Equipment, Net$3,962,446$3,955,575▼ $6,871
Cash and Non-Interest-Bearing Accounts$174,292$649,841▲ $475,549
Accounts Receivable$83,087$443,837▲ $360,750
Savings and Temporary Cash Investments$117,692$117,765▲ $73
Prepaid Expenses and Deferred Charges$7,021$3,623▼ $3,398
Total Assets$9,665,971$10,110,394▲ $444,423
Other Assets Total$32,335$655▼ $31,680
Liabilities
Mortgage Notes Payable Secured by Investment Property$5,790,948$5,788,699▼ $2,249
Deferred Revenue-$500,338-
Accounts Payable and Accrued Expenses$155,278$118,937▼ $36,341
Total Liabilities$5,946,226$6,407,974▲ $461,748
Net Assets / Fund Balance
Net Assets With Donor Restrictions$3,284,183$3,702,420▲ $418,237
Net Assets Without Donor Restrictions$435,562$0▼ $435,562
Total Net Assets Fund Balance$3,719,745$3,702,420▼ $17,325
Total Liabilities and Net Assets / Fund Balance$9,665,971$10,110,394▲ $444,423

Asset Categories

AssetBook ValueDepreciationBasis
Investment Program Related Org$4,939,098--
Land$3,691,000--
Equipment$264,575$158,816-
Compensation and Service Providers
Top Officer Pay15th percentile

Board Members and Trustees

NameTitle
Rebecca AlbertsChairwoman
Kevin BrownPresident
Christopher JewellVice Chair
Angelina GardnerMember
Bryan HayesMember
Chris LaRoseMember
John G HarrisMember
John Paul MereenMember
John SalomoneMember
Lynn M PerryMember
Peter NystromMember
Rev Benjamin GreenMember
Shiela HayesMember
Swarnjit SinghMember
Robert SyaleySecretary
John ManciniTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,476,004
Program Service Revenue
$0
Investment Income
$88,387
Other Revenue
$0
All Other Contributions
$343,922
Change in Net Assets
$-17,325
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,254,553
Salaries, Compensation, and Employee Benefits$327,163
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$296,012--$296,012
Occupancy$202,250--$202,250
Fees for Services Legal$56,782--$56,782
Office Expenses$43,472--$43,472
Other Employee Benefits$31,151--$31,151
Fees for Services Accounting$25,665--$25,665
Other Expenses$6,986--$6,986
Fees for Services Management$1,469--$1,469
Total Functional Expenses$1,581,716$0$0$1,581,716
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
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
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, line 11B

“A draft of the form 990 is electronically distributed to each member of the board of directors prior to filing with the irs.”

Form 990, Part VI, Section B, line 12C

“The conflict of interest policy requires annual completion of conflict of interest questionnaires. Each actual or potential conflict of interest that is disclosed is carefully examined and appropriate measures are put into place to maintain the balance between ensuring fair an honest deliberations and encouraging participation of qualified representatives in ncdc.”

Form 990, Part VI, Section B, line 15

“The president's compensation is set by using comparable information from similarly situated organizations. It is approved by the executive committee and the board of directors and documented in the board minutes.”

Form 990, Part VI, Section C, line 19

“The governing documents, conflict of interest policy, and financial statements are available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Norwich Community Development Corporatio
EIN
06-1066148
Phone
8608876964
Address
66 Franklin St, Norwich, CT 06360

Signing Officer

Name
Kevin Brown
Title
President
Phone
8608849171
Signed
2025-05-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kevin Brown
Formed
1963
Legal Domicile
Ct
Voting Board Members
15
Independent Board Members
15
Employees
5
Volunteers
0

Preparer

Firm
HRT Advisors LLC
Address
1340 Sullivan Avenue, South Windsor, CT 06074
Preparer
G Martin Henry Jr CPA
Phone
8606445825
Supplemental Narrative

Financial Statement Notes

Part X, Line 2:

“Norwich community development corporation recognizes the effect of income tax positions only if those positions are more likely than not to not be sustained. Management believes that ncdc has no uncertain tax positions that would require financial statement recognition or disclosure. Generally, federal authorities may examine the company's tax return for three years from the filing date. The current and prior three years remain subject to examination as of june 30, 2022.”

Raw XML AppendixShowing 400 of 464 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

Path#Value
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IRS990/Form990PartVIISectionAGrp/PersonNm0Rebecca Alberts
IRS990/Form990PartVIISectionAGrp/PersonNm1Christopher Jewell
IRS990/Form990PartVIISectionAGrp/PersonNm2John Mancini
IRS990/Form990PartVIISectionAGrp/PersonNm3Robert Syaley
IRS990/Form990PartVIISectionAGrp/PersonNm4Angelina Gardner
IRS990/Form990PartVIISectionAGrp/PersonNm5Rev Benjamin Green
IRS990/Form990PartVIISectionAGrp/PersonNm6John G Harris
IRS990/Form990PartVIISectionAGrp/PersonNm7Shiela Hayes
IRS990/Form990PartVIISectionAGrp/PersonNm8Chris LaRose
IRS990/Form990PartVIISectionAGrp/PersonNm9Swarnjit Singh
IRS990/Form990PartVIISectionAGrp/PersonNm10John Paul Mereen
IRS990/Form990PartVIISectionAGrp/PersonNm11Peter Nystrom
IRS990/Form990PartVIISectionAGrp/PersonNm12Lynn M Perry
IRS990/Form990PartVIISectionAGrp/PersonNm13John Salomone
IRS990/Form990PartVIISectionAGrp/PersonNm14Bryan Hayes
IRS990/Form990PartVIISectionAGrp/PersonNm15Kevin Brown
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IRS990/Form990PartVIISectionAGrp/TitleTxt0Chairwoman
IRS990/Form990PartVIISectionAGrp/TitleTxt1Vice Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt2Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt3Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt4Member
IRS990/Form990PartVIISectionAGrp/TitleTxt5Member
IRS990/Form990PartVIISectionAGrp/TitleTxt6Member
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IRS990/Form990PartVIISectionAGrp/TitleTxt15President
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IRS990/MissionDesc0To further the economic development of the Norwich Community through growth and development of the Norwich Business Park, revitalization of the downtown Norwich area, and preservation of the historic Norwich Harbor and waterfront, by recognizing existing industry and commerce, furthering their expansion, and encouraging and assiting in attracting new development for the community and Norwich area
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IRS990/OtherExpensesGrp/Desc1Technology
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IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc0Direct Financing Lease Receivable
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IRS990ScheduleD/LandGrp/BookValueAmt03691000
IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt03691000
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0NORWICH COMMUNITY DEVELOPMENT CORPORATION RECOGNIZES THE EFFECT OF INCOME TAX POSITIONS ONLY IF THOSE POSITIONS ARE MORE LIKELY THAN NOT TO NOT BE SUSTAINED. MANAGEMENT BELIEVES THAT NCDC HAS NO UNCERTAIN TAX POSITIONS THAT WOULD REQUIRE FINANCIAL STATEMENT RECOGNITION OR DISCLOSURE. GENERALLY, FEDERAL AUTHORITIES MAY EXAMINE THE COMPANY'S TAX RETURN FOR THREE YEARS FROM THE FILING DATE. THE CURRENT AND PRIOR THREE YEARS REMAIN SUBJECT TO EXAMINATION AS OF JUNE 30, 2022.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X, Line 2:
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0A DRAFT OF THE FORM 990 IS ELECTRONICALLY DISTRIBUTED TO EACH MEMBER OF THE BOARD OF DIRECTORS PRIOR TO FILING WITH THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE CONFLICT OF INTEREST POLICY REQUIRES ANNUAL COMPLETION OF CONFLICT OF INTEREST QUESTIONNAIRES. EACH ACTUAL OR POTENTIAL CONFLICT OF INTEREST THAT IS DISCLOSED IS CAREFULLY EXAMINED AND APPROPRIATE MEASURES ARE PUT INTO PLACE TO MAINTAIN THE BALANCE BETWEEN ENSURING FAIR AN HONEST DELIBERATIONS AND ENCOURAGING PARTICIPATION OF QUALIFIED REPRESENTATIVES IN NCDC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE PRESIDENT'S COMPENSATION IS SET BY USING COMPARABLE INFORMATION FROM SIMILARLY SITUATED ORGANIZATIONS. IT IS APPROVED BY THE EXECUTIVE COMMITTEE AND THE BOARD OF DIRECTORS AND DOCUMENTED IN THE BOARD MINUTES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, line 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section C, line 19
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IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DisproportionateAllocationsInd00
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IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/PredominantIncomeTypeTxt0Unrelated
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/PrimaryActivitiesTxt0Managing Member of Ponemah Riverbank Unit A South LLC & Unit A North LLC
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/RelatedOrganizationName/BusinessNameLine1Txt0Ponemah Riverbank Managing Member LLC
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/AddressLine1Txt0241 Hudson Street
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