Civic Intelligence

South Central Ct Regional Economic Dev Corp Regional Growth Partnership

990 • Fiscal year 2020 • EIN 06-1455545

Jul 01, 2019 to Jun 30, 2020 • Filed on May 15, 2021

Organization Profilewww.rexdevelopment.org
195 Church StreetNew Haven, CT 06510

(203) 821-3682

Siviq Scores

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

Liabilities / Assets

68th percentile

0.19x

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

2020 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2020

Liabilities / Revenue

81st percentile

0.92x

Higher debt load relative to revenue than 81% of similar nonprofits.

2020 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2020

Net Margin

76th percentile

31%

Higher net margin than 76% of similar nonprofits.

2020 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2020

Top Officer Pay

61st percentile

$0

Higher top officer pay than 61% of similar nonprofits.

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

2020 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2020

Asset Growth

52nd percentile

4.2%

Faster asset growth than 52% of similar nonprofits.

2020 filings • 501(c)4 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Revenue Growth

26th percentile

-13%

Faster revenue growth than 26% of similar nonprofits.

2020 filings • 501(c)4 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets68th percentile

Assets

Up

$1,718,411

Up $69,850 (+4.2%) from 2019

Net Assets

Up

$1,385,801

Up $111,307 (+8.7%) from 2019

Liabilities

Down

$332,610

Down $41,457 (-11%) from 2019

Revenue And Expenses
Liabilities / Revenue81st percentileNet Margin76th percentile

Revenue

Down

$362,459

Down $53,097 (-13%) from 2019

Expenses

Down

$251,152

Down $37,999 (-13%) from 2019

Net Income

Down

$111,307

Down $15,098 (-12%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth52nd percentile

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

$2.0M$1.5M$1.0M$500K$0Assets 2011: $681,506Liabilities 2011: $425,531Net Assets 2011: $255,9752011Assets 2012: $874,642Liabilities 2012: $276,699Net Assets 2012: $597,9432012Assets 2013: $952,431Liabilities 2013: $298,276Net Assets 2013: $654,1552013Assets 2014: $1,294,523Liabilities 2014: $712,220Net Assets 2014: $582,3032014Assets 2015: $1,493,290Liabilities 2015: $893,346Net Assets 2015: $599,9442015Assets 2016: $1,269,155Liabilities 2016: $678,605Net Assets 2016: $590,5502016Assets 2017: $1,533,014Liabilities 2017: $425,922Net Assets 2017: $1,107,0922017Assets 2018: $1,541,265Liabilities 2018: $393,176Net Assets 2018: $1,148,0892018Assets 2019: $1,648,561Liabilities 2019: $374,067Net Assets 2019: $1,274,4942019Assets 2020: $1,718,411Liabilities 2020: $332,610Net Assets 2020: $1,385,8012020Assets 2021: $1,660,692Liabilities 2021: $283,011Net Assets 2021: $1,377,6812021Assets 2022: $1,610,396Liabilities 2022: $270,705Net Assets 2022: $1,339,6912022Assets 2023: $1,645,283Liabilities 2023: $275,260Net Assets 2023: $1,370,0232023Assets 2024: $1,605,373Liabilities 2024: $286,962Net Assets 2024: $1,318,4112024

Highlighted filing

2020

Assets$1,718,411
Liabilities$332,610
Net Assets$1,385,801
Open 2020 Filing

Operations Trend

Revenue Growth26th percentile

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

$1.5M$1.0M$500K$0-$500KExpenses 2011: $528,7662011Expenses 2012: $891,8962012Revenue 2013: $538,925Expenses 2013: $482,713Net Income 2013: $56,2122013Revenue 2014: $290,791Expenses 2014: $362,643Net Income 2014: -$71,8522014Revenue 2015: $583,714Expenses 2015: $566,074Net Income 2015: $17,6402015Revenue 2016: $401,765Expenses 2016: $411,159Net Income 2016: -$9,3942016Revenue 2017: $1,003,283Expenses 2017: $486,740Net Income 2017: $516,5432017Revenue 2018: $439,630Expenses 2018: $398,633Net Income 2018: $40,9972018Revenue 2019: $415,556Expenses 2019: $289,151Net Income 2019: $126,4052019Revenue 2020: $362,459Expenses 2020: $251,152Net Income 2020: $111,3072020Revenue 2021: $257,037Expenses 2021: $265,157Net Income 2021: -$8,1202021Revenue 2022: $235,860Expenses 2022: $273,849Net Income 2022: -$37,9892022Revenue 2023: $409,755Expenses 2023: $379,423Net Income 2023: $30,3322023Revenue 2024: $415,593Expenses 2024: $467,205Net Income 2024: -$51,6122024

Highlighted filing

2020

Revenue$362,459
Expenses$251,152
Net Income$111,307
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
May 15, 2021
Return Version
2019v5.2
Gross Receipts
$362,459
Mission and Program Overview

Mission

None

To Promote Economic Development in the South Central Region of Connecticut.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$983,879$990,433▲ $6,554
Cash and Non-Interest-Bearing Accounts$236,034$312,005▲ $75,971
Accounts Receivable$231,657$218,982▼ $12,675
Savings and Temporary Cash Investments$196,991$196,991→ $0
Land, Buildings, and Equipment, Net$0$0→ $0
Total Assets$1,648,561$1,718,411▲ $69,850
Liabilities
Other Liabilities$324,932$324,932→ $0
Accounts Payable and Accrued Expenses$49,135$7,678▼ $41,457
Total Liabilities$374,067$332,610▼ $41,457
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,274,494$1,385,801▲ $111,307
Total Net Assets Fund Balance$1,274,494$1,385,801▲ $111,307
Total Liabilities and Net Assets / Fund Balance$1,648,561$1,718,411▲ $69,850

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$0$11,828$11,828
Compensation and Service Providers
Top Officer Pay61st percentile

Board Members and Trustees

NameTitle
First Selctman Jamie CosgroveDirector
First Selctman Michael FredaDirector
Joe FerraioloDirector
John EmraDirector
Mayor Toni HarpDirector
Shelly SaczynskiDirector
Vin PetriniDirector
Will GinsbergDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$362,459
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$142,554
Change in Net Assets
$111,307
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$251,152
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Management$138,316$46,105-$184,421
Advertising$26,434--$26,434
Fees for Services Other$9,225$3,075-$12,300
Occupancy$6,413$2,138-$8,551
Insurance$2,985$995-$3,980
Office Expenses$2,658$886-$3,544
Conferences and Meetings$1,875$626-$2,501
Fees for Services Accounting$1,875$625-$2,500
Fees for Services Legal$493$164-$657
Other Expenses$116$39-$155
Total Functional Expenses$194,972$56,180$0$251,152
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
In-house lobbying only
No
Subject to proxy tax
Yes
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Refundable Advances$324,932
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
No
Other officer compensation reviewed
No
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 copy of the Organization's 990 was provided to the governing body before it was filed.”

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

“The Organization regularly monitors compliance with this policy through inquiry of its governing body.”

Form 990, Part VI, Section C, line 19

“The Organization makes its governing documents, conflict of interest policy and financial statements available upon request.”

Filing and Contact Details

Filer

Filer Name
South Central CT Regional Economic Dev
EIN
06-1455545
Phone
2038213682
Address
195 Church Street, New Haven, CT 06510
Doing Business As
REX Development

Signing Officer

Name
virginia kozlowski
Title
Executive Director
Phone
2038213682
Signed
2021-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Virginia Kozlowski
Formed
1995
Legal Domicile
Ct
Voting Board Members
8
Independent Board Members
8
Employees
0
Volunteers
0

Preparer

Firm
Michael J Paolini CPA
Address
174 Cherry Street, Milford, CT 06460
Phone
2038760445
Supplemental Narrative

Financial Statement Notes

Part X, Line 2:

“The Organization is a not-for-profit corporation exempt from federal income taxes under Section 501(c) (4) of the Internal Revenue Code. On January 1, 2009, the Organization adopted the recognition requirements for uncertain income tax positions as required by generally accepted accounting principles, with no cumulative effect adjustment required. Income tax benefits are recognized for income tax positions taken or expected to be taken in a tax return, only when it is determined that the income tax position will more likely than not be sustained upon examination by taxing authorities. The Organization has analyzed tax positions taken for filing with the Internal Revenue Service and all state jurisdictions where it operates. The Organization believes that income tax filing positions will be sustained upon examination and does not anticipate any adjustments that would result in material adverse effects on the Organizations financial condition, results of operations or cash flows. Accordingly, the Organization has no recorded any reserves, or related accruals for interest and penalties for uncertain income tax positions as of June 30, 2020. The Organization is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Organization believes it is no longer subject to income tax examinations for years prior to 2007. The Organizations policy is to classify income tax related interest and penalties in interest expense and other expenses, respectively.”

Part XI, Line 2D - Other Adjustments:

“Loss on Disposal of Equiment Netted Against Investment Income”

Part XII, Line 2D - Other Adjustments:

“Loss on Disposal of Equiment Netted Against Investment Income”

Raw XML Appendix356 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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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0324932
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Refundable Advances
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Organization is a not-for-profit corporation exempt from federal income taxes under Section 501(c) (4) of the Internal Revenue Code. On January 1, 2009, the Organization adopted the recognition requirements for uncertain income tax positions as required by generally accepted accounting principles, with no cumulative effect adjustment required. Income tax benefits are recognized for income tax positions taken or expected to be taken in a tax return, only when it is determined that the income tax position will more likely than not be sustained upon examination by taxing authorities. The Organization has analyzed tax positions taken for filing with the Internal Revenue Service and all state jurisdictions where it operates. The Organization believes that income tax filing positions will be sustained upon examination and does not anticipate any adjustments that would result in material adverse effects on the Organizations financial condition, results of operations or cash flows. Accordingly, the Organization has no recorded any reserves, or related accruals for interest and penalties for uncertain income tax positions as of June 30, 2020. The Organization is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Organization believes it is no longer subject to income tax examinations for years prior to 2007. The Organizations policy is to classify income tax related interest and penalties in interest expense and other expenses, respectively.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1Loss on Disposal of Equiment Netted Against Investment Income
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2Loss on Disposal of Equiment Netted Against Investment Income
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X, Line 2:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1Part XI, Line 2d - Other Adjustments:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2Part XII, Line 2d - Other Adjustments:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleD/TotalLiabilityAmt0324932
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0A copy of the Organization's 990 was provided to the governing body before it was filed.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The Organization regularly monitors compliance with this policy through inquiry of its governing body.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The Organization makes its governing documents, conflict of interest policy and financial statements available 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 C, line 19
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0CT
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd01
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt01648561
IRS990/TotalAssetsEOYAmt01718411
IRS990/TotalAssetsGrp/BOYAmt01648561
IRS990/TotalAssetsGrp/EOYAmt01718411
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0362459
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt056180
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0194972
IRS990/TotalFunctionalExpensesGrp/TotalAmt0251152
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0374067
IRS990/TotalLiabilitiesEOYAmt0332610
IRS990/TotalLiabilitiesGrp/BOYAmt0374067
IRS990/TotalLiabilitiesGrp/EOYAmt0332610
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt01274494
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01385801
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0194972
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0362459
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt01648561
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01718411
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0195 Church Street 14th Floor
IRS990/USAddress/CityNm0New Haven
IRS990/USAddress/StateAbbreviationCd0CT
IRS990/USAddress/ZIPCd006510
IRS990/VotingMembersGoverningBodyCnt08
IRS990/VotingMembersIndependentCnt08
IRS990/WebsiteAddressTxt0www.rexdevelopment.org
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0virginia kozlowski
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Executive Director
ReturnHeader/BusinessOfficerGrp/PhoneNum02038213682
ReturnHeader/BusinessOfficerGrp/SignatureDt02021-05-15
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0South Central CT Regional Economic Dev
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0Corp Regional Growth Partnership
ReturnHeader/Filer/BusinessNameControlTxt0SOUT
ReturnHeader/Filer/EIN0061455545
ReturnHeader/Filer/PhoneNum02038213682
ReturnHeader/Filer/USAddress/AddressLine1Txt0195 Church Street
ReturnHeader/Filer/USAddress/CityNm0New Haven
ReturnHeader/Filer/USAddress/StateAbbreviationCd0CT
ReturnHeader/Filer/USAddress/ZIPCd006510
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0061281956
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0Michael J Paolini CPA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0174 Cherry Street
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Milford
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0CT
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd006460
ReturnHeader/PreparerPersonGrp/PhoneNum02038760445
ReturnHeader/PreparerPersonGrp/SelfEmployedInd0X
ReturnHeader/ReturnTs02021-05-14T14:25:33-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02019-07-01
ReturnHeader/TaxPeriodEndDt02020-06-30
ReturnHeader/TaxYr02019

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,718,411
Liabilities
$332,610
Net assets
$1,385,801
Revenue
$362,459
Expenses
$251,152
Net income
$111,307
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.61$0.29$1.32$0.42$0.47$0.05
2023Detailed filing. Detailed filing data is available for this year.$1.65$0.28$1.37$0.41$0.38$0.03
2022Detailed filing. Detailed filing data is available for this year.$1.61$0.27$1.34$0.24$0.27$0.04
2021Detailed filing. Detailed filing data is available for this year.$1.66$0.28$1.38$0.26$0.27$0.01
2020Detailed filing. Detailed filing data is available for this year.$1.72$0.33$1.39$0.36$0.25$0.11
2019Detailed filing. Detailed filing data is available for this year.$1.65$0.37$1.27$0.42$0.29$0.13
2018Detailed filing. Detailed filing data is available for this year.$1.54$0.39$1.15$0.44$0.40$0.04
2017Detailed filing. Detailed filing data is available for this year.$1.53$0.43$1.11$1.00$0.49$0.52
2016Detailed filing. Detailed filing data is available for this year.$1.27$0.68$0.59$0.40$0.41$0.01
2015Detailed filing. Detailed filing data is available for this year.$1.49$0.89$0.60$0.58$0.57$0.02
2014Detailed filing. Detailed filing data is available for this year.$1.29$0.71$0.58$0.29$0.36$0.07
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.95$0.30$0.65$0.54$0.48$0.06
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.87$0.28$0.60$0.89
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.68$0.43$0.26$0.53