Civic Intelligence

Community Economic Development Fund Foundation Inc.

990 • Fiscal year 2014 • EIN 06-1380472

Jan 01, 2014 to Dec 31, 2014 • Filed on Aug 31, 2015

Organization ProfileWWW.CEDF.COM

View Organization Page

965 East Main StreetMeriden, CT 06450

(203) 235-2333

Siviq Scores

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

Liabilities / Assets

60th percentile

0.36x

Higher debt load relative to assets than 60% of similar nonprofits.

2014 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2014

Liabilities / Revenue

92nd percentile

3.84x

Higher debt load relative to revenue than 92% of similar nonprofits.

2014 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2014

Net Margin

82nd percentile

26%

Higher net margin than 82% of similar nonprofits.

2014 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2014

Top Officer Pay

55th percentile

$186,251

Higher top officer pay than 55% of similar nonprofits.

Top officer pay equals 9.6% of source-year revenue.

2014 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2014

Asset Growth

35th percentile

0.0%

Faster asset growth than 35% of similar nonprofits.

2014 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2013 to 2014

Revenue Growth

84th percentile

33%

Faster revenue growth than 84% of similar nonprofits.

2014 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2013 to 2014

Balance Sheet
Liabilities / Assets60th percentile

Assets

Up

$20,835,462

Up $3,398 (+0.0%) from 2013

Net Assets

Up

$13,415,362

Up $297,042 (+2.3%) from 2013

Liabilities

Down

$7,420,100

Down $293,644 (-3.8%) from 2013

Revenue And Expenses
Liabilities / Revenue92nd percentileNet Margin82nd percentile

Revenue

Up

$1,930,107

Up $476,705 (+33%) from 2013

Expenses

Up

$1,424,869

Up $17,031 (+1.2%) from 2013

Net Income

Up

$505,238

Up $459,674 (+1009%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth35th percentile

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

$30M$20M$10M$0Assets 2010: $20,666,305Liabilities 2010: $8,177,644Net Assets 2010: $12,488,6612010Assets 2011: $20,956,748Liabilities 2011: $8,270,827Net Assets 2011: $12,685,9212011Assets 2012: $19,896,971Liabilities 2012: $6,918,036Net Assets 2012: $12,978,9352012Assets 2013: $20,832,064Liabilities 2013: $7,713,744Net Assets 2013: $13,118,3202013Assets 2014: $20,835,462Liabilities 2014: $7,420,100Net Assets 2014: $13,415,3622014Assets 2015: $20,390,166Liabilities 2015: $7,484,437Net Assets 2015: $12,905,7292015Assets 2016: $20,469,439Liabilities 2016: $7,188,462Net Assets 2016: $13,280,9772016Assets 2017: $20,508,702Liabilities 2017: $6,937,161Net Assets 2017: $13,571,5412017Assets 2018: $19,424,088Liabilities 2018: $6,567,058Net Assets 2018: $12,857,0302018Assets 2019: $19,913,291Liabilities 2019: $6,055,859Net Assets 2019: $13,857,4322019Assets 2020: $19,959,783Liabilities 2020: $6,344,866Net Assets 2020: $13,614,9172020Assets 2021: $21,016,441Liabilities 2021: $6,356,783Net Assets 2021: $14,659,6582021Assets 2022: $20,499,835Liabilities 2022: $6,593,552Net Assets 2022: $13,906,2832022Assets 2023: $20,904,533Liabilities 2023: $6,656,099Net Assets 2023: $14,248,4342023Assets 2024: $22,066,926Liabilities 2024: $7,036,855Net Assets 2024: $15,030,0712024

Highlighted filing

2014

Assets$20,835,462
Liabilities$7,420,100
Net Assets$13,415,362
Open 2014 Filing

Operations Trend

Revenue Growth84th percentile

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

$3.0M$2.0M$1.0M$0-$1.0MExpenses 2010: $1,979,5452010Expenses 2011: $1,650,5112011Revenue 2012: $2,208,290Expenses 2012: $1,557,174Net Income 2012: $651,1162012Revenue 2013: $1,453,402Expenses 2013: $1,407,838Net Income 2013: $45,5642013Revenue 2014: $1,930,107Expenses 2014: $1,424,869Net Income 2014: $505,2382014Revenue 2015: $1,217,697Expenses 2015: $1,183,568Net Income 2015: $34,1292015Revenue 2016: $1,301,302Expenses 2016: $1,132,297Net Income 2016: $169,0052016Revenue 2017: $1,742,882Expenses 2017: $1,570,910Net Income 2017: $171,9722017Revenue 2018: $1,711,220Expenses 2018: $1,747,395Net Income 2018: -$36,1752018Revenue 2019: $1,868,404Expenses 2019: $1,778,267Net Income 2019: $90,1372019Revenue 2020: $1,722,719Expenses 2020: $1,722,625Net Income 2020: $942020Revenue 2021: $2,229,141Expenses 2021: $2,001,342Net Income 2021: $227,7992021Revenue 2022: $2,219,165Expenses 2022: $2,035,384Net Income 2022: $183,7812022Revenue 2023: $2,433,942Expenses 2023: $2,249,503Net Income 2023: $184,4392023Revenue 2024: $2,343,607Expenses 2024: $2,200,300Net Income 2024: $143,3072024

Highlighted filing

2014

Revenue$1,930,107
Expenses$1,424,869
Net Income$505,238
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Aug 31, 2015
Return Version
2014v5.0
Gross Receipts
$7,666,009
Mission and Program Overview

Mission

To strengthen neighborhood economies by providing flexible financing and technical support to businesses, community organizations and initiatives in communities throughout connecticut. We help to stabilize and grow small businesses so individuals can realize their dreams, families can celebrate increased financial independence, and communities can prosper. Community economic development fund (cedf) was created in 1994 to revitalize distressed neighborhoods in low to moderate income communities throughout connecticut by improving the business and community economic conditions. We help small businesses stabilize and grow: we provide access to capital to start up, existing businesses, and community organizations who cannot obtain financing elsewhere and we offer educational workshops, business advisory services, and other resources necessary to ensure businesses are successful.

Strengthen neighborhood economics by providing flexible financing and consulting support to non-bankable micro-enterprises and low and moderate income individuals throughout the state of connecticut.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$9,814,092$9,672,428▼ $141,664
Land, Buildings, and Equipment, Net$2,359,546$2,293,076▼ $66,470
Cash and Non-Interest-Bearing Accounts$1,612,260$1,608,885▼ $3,375
Other Notes and Loans Receivable, Net$1,294,497$1,373,047▲ $78,550
Accounts Receivable$400,746$517,035▲ $116,289
Prepaid Expenses and Deferred Charges$46,684$17,007▼ $29,677
Total Assets$20,832,064$20,835,462▲ $3,398
Other Assets Total$5,304,239$5,353,984▲ $49,745
Liabilities
Mortgage Notes Payable Secured by Investment Property$7,388,593$7,106,124▼ $282,469
Accounts Payable and Accrued Expenses$184,752$173,577▼ $11,175
Deferred Revenue$79,496$79,496→ $0
Other Liabilities$60,903$60,903→ $0
Total Liabilities$7,713,744$7,420,100▼ $293,644
Net Assets / Fund Balance
Unrestricted Net Assets$11,040,323$11,262,633▲ $222,310
Permanently Rstr Net Assets$2,000,000$2,000,000→ $0
Temporarily Rstr Net Assets$77,997$152,729▲ $74,732
Total Net Assets Fund Balance$13,118,320$13,415,362▲ $297,042
Total Liabilities and Net Assets / Fund Balance$20,832,064$20,835,462▲ $3,398

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,776,044$371,124$2,147,168
Land$500,000-$500,000
Equipment$17,032$103,685$120,717
Other Assets Org$245,205--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2014$1,981,819-▲ $88,318-$2,055,897
2013$2,030,635-▲ $75,993-$1,981,819
Compensation and Service Providers
Top Officer Pay55th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Donna WertenbachPresidentFT$68,610$15,203$83,813
Michael P SweeneyCFOPT$33,053$40,398$73,451

Board Members and Trustees

NameTitle
Alta LashChair
Kim HealeyVice Chair
Ana AlfaroDirector
Art CasavantDirector
Bonita GrubbsDirector
Carl McclusterDirector
Christopher E BuchholzDirector
Howard F PitkinDirector
Jean-lubin BeaucejourDirector
Kathleen RomagnanoDirector
Mark NolanDirector
Michael LettieriDirector
Richard DemayoDirector
Stephen HuddDirector
Thomas MalloyDirector
William S Callion JrDirector
Timothy D BergstromSecretary
David LevasseurTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$339,762
Program Service Revenue
$470,001
Investment Income
$845,886
Other Revenue
$274,458
All Other Contributions
$143,145
Change in Net Assets
$505,238
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$854,056
Salaries, Compensation, and Employee Benefits$570,813
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$367,595--$367,595
Occupancy$197,367--$197,367
Interest$72,998$99,183-$172,181
Current Officers, Directors, Trustees, and Key Employees$99,000--$99,000
Office Expenses$12,534$80,411-$92,945
Insurance-$89,096-$89,096
Depreciation Depletion$66,492$7,461-$73,953
Fees for Service Investment Mgmnt Fees-$70,545-$70,545
Other Employee Benefits$69,031--$69,031
Payroll Taxes$35,187--$35,187
Travel$28,894$3,831-$32,725
Advertising$17,671--$17,671
Fees for Services Legal$15,288--$15,288
Conferences and Meetings-$10,312-$10,312
Fees for Services Management$7,977--$7,977
All Other Expenses$419$6,586-$7,005
Fees for Services Other$5,432--$5,432
Other Expenses$22,745$758-$758
Total Functional Expenses$1,056,686$368,183$0$1,424,869
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
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
-Key Employee Is a Board Member of Cedf FoundationAn Equity Equivalent Investment AgreementNo$40,000
-Key Employee Is a Board Member of Cedf FoundationAn Equity Equivalent Investment AgreementNo$40,000
-Key Employee Is a Board Member of Cedf FoundationAn Equity Equivalent Investment AgreementNo$5,069
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Amounts Due to Related Parties$60,903
Governance and Compliance

Governance Checklist

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

Governance Explanations

Form 990, Part VI, Section B, Line 11

“The 990 is reviewed by managment prior to being filed.”

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

“The board of directors meets on a regular basis and requires all new members to sign a conflict of interest statement which requires the director to promptly notify the board of any conflicts. The conflict of interest statement is also reviewed and signed annually by all employees, management, and existing and continuing board members.”

Form 990, Part VI, Section B, Line 15A

“Personnel committees review and evaluate executive directors performance. They also obtain listing of compensation for executive directors in similar type organizations and compensation for other non-profit organizations in the local area then present to the full board for comment and approval.”

Form 990, Part VI, Section C, Line 19

“Governing documents are provided upon request”

Filing and Contact Details

Filer

Filer Name
The Community Economic Development Fund Foundation
EIN
06-1380472
Phone
2032352333
Address
965 EAST MAIN STREET, MERIDEN, CT 06450

Signing Officer

Name
Michael Sweeney CPA CFO
Title
CFO
Phone
2032352333
Signed
2015-08-31

Organization Details

Principal Officer
Michael Sweeney
Formed
1993
Legal Domicile
Ct
Voting Board Members
18
Independent Board Members
15
Employees
18
Volunteers
0

Preparer

Firm
Blum Shapiro & Company Pc
Address
29 SOUTH MAIN STREET PO BOX 272000, WEST HARTFORD, CT 06127-2000
Preparer
Mary Kay Curtiss
Phone
8605614000
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Investment income - cedf corp 51,577.”

Financial Statement Notes

PART X, LINE 2:

“The organization implemented the accounting guidance for uncertainty in income taxes. Tax positions initially need to be recognized in the consolidating financial statements when it is more-likely-than-not that the position will be sustained upon examination by the tax authorities. As of december 31, 2014,cedf foundation had no known uncertain tax positions that qualify for either recognition or disclosure in the consolidating financial statements and they believe that they have the appropriate support for income tax positions taken in their tax returns.”

Raw XML AppendixShowing 400 of 652 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.

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IRS990/ActivityOrMissionDesc0STRENGTHEN NEIGHBORHOOD ECONOMICS BY PROVIDING FLEXIBLE FINANCING AND CONSULTING SUPPORT TO NON-BANKABLE MICRO-ENTERPRISES AND LOW AND MODERATE INCOME INDIVIDUALS THROUGHOUT THE STATE OF CONNECTICUT.
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt140
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IRS990/Form990PartVIISectionAGrp/TitleTxt0CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt2TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt3SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
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
IRS990/Form990PartVIISectionAGrp/TitleTxt18PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt19CFO
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IRS990/GrossReceiptsAmt07666009
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IRS990/IRPDocumentW2GCnt00
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IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0THE MISSION OF THE COMMUNITY ECONOMIC DEVELOPMENT FUND FOUNDATION IS TO STRENGTHEN NEIGHBORHOOD ECONOMIES BY PROVIDING FLEXIBLE FINANCING AND CONSULTING SUPPORT TO MICRO-ENTERPRISES, SMALL BUSINESSES, COMMUNITY ORGANIZATIONS AND INITIATIVES IN TARGETED COMMUNITIES, AND TO LOW AND MODERATE INCOME INDIVIDUALS THROUGHOUT CONNECTICUT.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
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IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt07106124
IRS990/NetAssetsOrFundBalancesBOYAmt013118320
IRS990/NetAssetsOrFundBalancesEOYAmt013415362
IRS990/NetGainOrLossInvestmentsGrp/ExclusionAmt0453457
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt0453457
IRS990/NetRentalIncomeOrLossGrp/ExclusionAmt0274458
IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt0274458
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NetUnrlzdGainsLossesInvstAmt0-259773
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/ProgramServicesAmt0197367
IRS990/OccupancyGrp/TotalAmt0197367
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt080411
IRS990/OfficeExpensesGrp/ProgramServicesAmt012534
IRS990/OfficeExpensesGrp/TotalAmt092945
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt05304239
IRS990/OtherAssetsTotalGrp/EOYAmt05353984
IRS990/OtherChangesInNetAssetsAmt051577
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt069031
IRS990/OtherEmployeeBenefitsGrp/TotalAmt069031
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IRS990/OtherExpensesGrp/Desc1BUSINESS EDUCATION CENT
IRS990/OtherExpensesGrp/Desc2MEMBERSHIP / SUBSCRIPTI
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt0758
IRS990/OtherExpensesGrp/ProgramServicesAmt038056
IRS990/OtherExpensesGrp/ProgramServicesAmt122745
IRS990/OtherExpensesGrp/TotalAmt038056
IRS990/OtherExpensesGrp/TotalAmt122745
IRS990/OtherExpensesGrp/TotalAmt2758
IRS990/OtherLiabilitiesGrp/BOYAmt060903
IRS990/OtherLiabilitiesGrp/EOYAmt060903
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0367595
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IRS990/OthNotesLoansReceivableNetGrp/BOYAmt01294497
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IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PayrollTaxesGrp/ProgramServicesAmt035187
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IRS990/PoliciesReferenceChaptersInd01
IRS990/PoliticalCampaignActyInd00
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IRS990/PYOtherRevenueAmt0332151
IRS990/PYProgramServiceRevenueAmt0447546
IRS990/PYRevenuesLessExpensesAmt045564
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IRS990/PYTotalRevenueAmt01453402
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0965455
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt01334940
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IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt01057415
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IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt01334940
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IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
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Document Assets

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Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$20,835,462
Liabilities
$7,420,100
Net assets
$13,415,362
Revenue
$1,930,107
Expenses
$1,424,869
Net income
$505,238
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$22.1$7.04$15.0$2.34$2.20$0.14
2023Detailed filing. Detailed filing data is available for this year.$20.9$6.66$14.2$2.43$2.25$0.18
2022Detailed filing. Detailed filing data is available for this year.$20.5$6.59$13.9$2.22$2.04$0.18
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$21.0$6.36$14.7$2.23$2.00$0.23
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$20.0$6.34$13.6$1.72$1.72$0.00
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$19.9$6.06$13.9$1.87$1.78$0.09
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$19.4$6.57$12.9$1.71$1.75$0.04
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$20.5$6.94$13.6$1.74$1.57$0.17
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$20.5$7.19$13.3$1.30$1.13$0.17
2015Detailed filing. Detailed filing data is available for this year.$20.4$7.48$12.9$1.22$1.18$0.03
2014Detailed filing. Detailed filing data is available for this year.$20.8$7.42$13.4$1.93$1.42$0.51
2013Detailed filing. Detailed filing data is available for this year.$20.8$7.71$13.1$1.45$1.41$0.05
2012Summary only. Only limited summary data is available for this year.$19.9$6.92$13.0$2.21$1.56$0.65
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$21.0$8.27$12.7$1.65
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$20.7$8.18$12.5$1.98
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2014 filings • 501(c)3 • $10M-$25M nonprofits