Civic Intelligence

Northwest Connecticut Community Foundation Inc.

990 • Fiscal year 2018 • EIN 06-1565733

Jan 01, 2018 to Dec 31, 2018 • Filed on May 13, 2019

PO Box 1144 33 East Main StreetTorrington, CT 06790

(860) 626-1245

Siviq Scores

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

Liabilities / Assets

42nd percentile

0.20x

Higher debt load relative to assets than 42% of similar nonprofits.

2018 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2018

Liabilities / Revenue

88th percentile

2.91x

Higher debt load relative to revenue than 88% of similar nonprofits.

2018 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2018

Net Margin

87th percentile

39%

Higher net margin than 87% of similar nonprofits.

2018 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2018

Top Officer Pay

21st percentile

$198,590

Higher top officer pay than 21% of similar nonprofits.

Top officer pay equals 2.9% of source-year revenue.

2018 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2018

Asset Growth

11th percentile

-7.5%

Faster asset growth than 11% of similar nonprofits.

2018 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2017 to 2018

Revenue Growth

20th percentile

-5.8%

Faster revenue growth than 20% of similar nonprofits.

2018 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2017 to 2018

Assets

Down

$96,887,293

Down $7,895,424 (-7.5%) from 2017

Net Assets

Down

$77,163,149

Down $6,020,894 (-7.2%) from 2017

Liabilities

Down

$19,724,144

Down $1,874,530 (-8.7%) from 2017

Revenue

Down

$6,784,772

Down $420,473 (-5.8%) from 2017

Expenses

Down

$4,135,992

Down $72,447 (-1.7%) from 2017

Net Income

Down

$2,648,780

Down $348,026 (-12%) from 2017

Historical Trend

Balance Sheet Trend

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

$200M$150M$100M$50M$0Assets 2010: $13,059,530Liabilities 2010: $4,198,100Net Assets 2010: $8,861,4302010Assets 2011: $44,032,403Liabilities 2011: $5,422,790Net Assets 2011: $38,609,6132011Assets 2012: $66,684,331Liabilities 2012: $8,250,560Net Assets 2012: $58,433,7712012Assets 2013: $75,305,672Liabilities 2013: $9,666,549Net Assets 2013: $65,639,1232013Assets 2014: $81,795,330Liabilities 2014: $12,756,608Net Assets 2014: $69,038,7222014Assets 2015: $82,774,811Liabilities 2015: $14,365,836Net Assets 2015: $68,408,9752015Assets 2016: $89,064,799Liabilities 2016: $18,099,378Net Assets 2016: $70,965,4212016Assets 2017: $104,782,717Liabilities 2017: $21,598,674Net Assets 2017: $83,184,0432017Assets 2018: $96,887,293Liabilities 2018: $19,724,144Net Assets 2018: $77,163,1492018Assets 2019: $108,649,509Liabilities 2019: $22,258,726Net Assets 2019: $86,390,7832019Assets 2020: $122,635,352Liabilities 2020: $24,555,855Net Assets 2020: $98,079,4972020Assets 2021: $136,137,199Liabilities 2021: $27,852,409Net Assets 2021: $108,284,7902021Assets 2022: $124,859,463Liabilities 2022: $25,235,105Net Assets 2022: $99,624,3582022Assets 2023: $141,690,594Liabilities 2023: $29,817,817Net Assets 2023: $111,872,7772023Assets 2024: $154,484,336Liabilities 2024: $33,091,108Net Assets 2024: $121,393,2282024

Highlighted filing

2018

Assets$96,887,293
Liabilities$19,724,144
Net Assets$77,163,149

Operations Trend

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

$20M$15M$10M$5.0M$0-$5.0MExpenses 2010: $913,5932010Expenses 2011: $1,260,8262011Expenses 2012: $2,500,2142012Revenue 2013: $4,521,701Expenses 2013: $3,652,771Net Income 2013: $868,9302013Revenue 2014: $5,991,934Expenses 2014: $3,873,595Net Income 2014: $2,118,3392014Revenue 2015: $5,987,181Expenses 2015: $4,153,554Net Income 2015: $1,833,6272015Revenue 2016: $4,201,188Expenses 2016: $3,328,706Net Income 2016: $872,4822016Revenue 2017: $7,205,245Expenses 2017: $4,208,439Net Income 2017: $2,996,8062017Revenue 2018: $6,784,772Expenses 2018: $4,135,992Net Income 2018: $2,648,7802018Revenue 2019: $4,704,039Expenses 2019: $6,812,808Net Income 2019: -$2,108,7692019Revenue 2020: $8,121,452Expenses 2020: $5,421,265Net Income 2020: $2,700,1872020Revenue 2021: $9,989,668Expenses 2021: $6,347,974Net Income 2021: $3,641,6942021Revenue 2022: $15,274,377Expenses 2022: $6,473,362Net Income 2022: $8,801,0152022Revenue 2023: $11,882,458Expenses 2023: $6,799,763Net Income 2023: $5,082,6952023Revenue 2024: $7,628,637Expenses 2024: $6,996,920Net Income 2024: $631,7172024

Highlighted filing

2018

Revenue$6,784,772
Expenses$4,135,992
Net Income$2,648,780
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
May 13, 2019
Return Version
2018v3.1
Gross Receipts
$6,787,522
Mission and Program Overview

Mission

To enrich the quality of life for residents of northwest Connecticut by inspiring local philanthropy, convening stakeholders in community welfare, strengthening the regional nonprofits network and fostering collaborative funding partnerships.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$5,985,669$5,214,054▼ $771,615
Savings and Temporary Cash Investments$3,267,438$1,003,514▼ $2,263,924
Investments Other Securities$120,000$120,000→ $0
Land, Buildings, and Equipment, Net$104,635$90,530▼ $14,105
Prepaid Expenses and Deferred Charges$19,178$16,771▼ $2,407
Inventories for Sale or Use-$8,391-
Pledges and Grants Receivable$500$0▼ $500
Cash and Non-Interest-Bearing Accounts$70$20▼ $50
Accounts Receivable-$0-
Other Notes and Loans Receivable, Net-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Program Related-$0-
Intangible Assets-$0-
Total Assets$104,782,717$96,887,293▼ $7,895,424
Other Assets Total$95,285,227$90,434,013▼ $4,851,214
Liabilities
Other Liabilities$20,374,567$18,346,321▼ $2,028,246
Grants Payable$1,165,300$1,339,176▲ $173,876
Mortgage Notes Payable Secured by Investment Property$49,466$37,827▼ $11,639
Accounts Payable and Accrued Expenses$9,341$820▼ $8,521
Total Liabilities$21,598,674$19,724,144▼ $1,874,530
Net Assets / Fund Balance
Unrestricted Net Assets$82,995,988$76,988,321▼ $6,007,667
Temporarily Rstr Net Assets$188,055$174,828▼ $13,227
Total Net Assets Fund Balance$83,184,043$77,163,149▼ $6,020,894
Total Liabilities and Net Assets / Fund Balance$104,782,717$96,887,293▼ $7,895,424

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$69,548$67,676$137,224
Equipment$1,710$53,729$55,439
Leasehold Improvements$19,272$1,846$21,118
Other Assets Org$3,150--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2018$102,722,101$1,451,050▼ $6,500,064-$94,425,741
2017$87,660,248$3,014,153▲ $15,559,816-$102,722,101
2016$81,291,486$929,274▲ $8,141,174-$87,660,248
2015$80,325,301$4,571,295▲ $1,430,895$10,000$81,291,486
2014$74,698,127$2,945,505▲ $6,639,524-$80,325,301
Compensation and Service Providers

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$1,884,065
Program Service Revenue
$5,890
Investment Income
$4,643,330
Other Revenue
$251,487
All Other Contributions
$1,778,513
Change in Net Assets
$2,648,780

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded12$274,195Fair market Value
Total Noncash Contributions12$274,195-
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$2,743,743
Salaries, Compensation, and Employee Benefits$721,258
Other Expenses$670,991
Total Fundraising Expense$120,459
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$2,604,893--$2,604,893
Other Salaries and Wages$294,656$96,247$32,778$423,681
Fees for Service Investment Mgmnt Fees$201,626$201,625-$403,251
Current Officers, Directors, Trustees, and Key Employees$79,469$87,414$27,824$194,707
Grants to Domestic Individuals$138,850--$138,850
Other Employee Benefits$36,978$18,153$5,990$61,121
Occupancy$31,578$15,502$5,115$52,195
Payroll Taxes$25,258$12,399$4,092$41,749
Information Technology$20,843$10,232$3,377$34,452
All Other Expenses$10,021$7,226$10,401$27,648
Advertising$14,819$7,275$2,400$24,494
Depreciation Depletion$12,215$5,996$1,979$20,190
Office Expenses$12,009$5,895$1,945$19,849
Fees for Services Other$9,414$4,621$1,525$15,560
Other Expenses$8,893$4,094$1,351$8,893
Insurance$4,674$2,294$757$7,725
Travel$1,238$608$201$2,047
Interest-$1,766-$1,766
Total Functional Expenses$3,528,123$487,410$120,459$4,135,992
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
VNA NorthwestBantam, CT501(c)(3)General Support$353,423
NW Connecticut YMCATorrington, CT501(c)(3)General and Program Support$281,226
University of CT FoundationStorrs, CT501(c)(3)General Support and Scholarships$229,950
Little Guild of St FrancisWest Cornwall, CT501(c)(3)General Support$198,119
Warner TheatreTorrington, CT501(c)(3)General Support$161,275
Center for Cancer TorringtonLitchfield, CT501(c)(3)For Patient Assistance$150,250
Last Post Cat Refuge VILFalls Village, CT501(c)(3)General Support$138,600
NW CT Community CollegeWinsted, CT501(c)(3)General Support & Student EmergFund$127,550
Beardsley & Memorial LibraryWinsted, CT501(c)(3)General Support$114,975
Educated Canines Assist DisabTorrington, CT501(c)(3)Capital Campaign$100,000
McCall FoundationTorrington, CT501(c)(3)Programming & Renovations$91,400
Cornwall Conservation TrustWest Cornwall, CT501(c)(3)Land Purchases$72,932
Greenwoods Scholarship FoundWinsted, CT501(c)(3)General Support$69,300
Inst American Indian StudiesWashington, CT501(c)(3)General Support$60,000
FISH of Northwestern CTTorrington, CT501(c)(3)Repairs & Computers$47,100
WL Gilbert Trust CorpWinsted, CT501(c)(3)Semi-Annual Distributions$45,675
We Adopt Greyhounds IncGlastonbury, CT501(c)(3)General Support$45,675
Charlotte Hungerford HospitalTorrington, CT501(c)(3)Opiate Task Force &various programs$32,400
Winchester School DistrictWinsted, CT501(c)(3)Community Playground$32,000
Winsted Area Child Care CtrWinsted, CT501(c)(3)General Support & Critical Needs$30,925
Norfolk CT Childrens FoundNorfolk, CT501(c)(3)General Operations$30,000
Winchester Youth ServiceMain St, CT501(c)(3)General Support$27,975
NW CT Community FoundationTorrington, CT501(c)(3)Various Programs$26,417
Music MountainLakeville, CT501(c)(3)Ticketing Sys/Lighting&Support$25,550
Quahog Bay ConservancyHarpswell, ME501(c)(3)General Support$25,000
Winsted Health Ctr FoundationWinsted, CT501(c)(3)Monthly Disbursements$24,000
Colebrook CongregationalColebrook, CT501(c)(3)General Support$23,625
Goshen Community Care&HospiceGoshen, CT501(c)(3)General Support$20,739
NW CT Chamber Edu FoundationTorrington, CT501(c)(3)Support ReadALoud Program$18,600
Torrington Winsted RotaryTorrington, CT501(c)(4)Support the 2018 Pet Parade$18,000
Housatonic Valley AssocWest Cornwall, CT501(c)(3)General Support$16,500
LARC IncTorrington, CT501(c)(3)Programs & Camperships$15,925
New Hartford PTONew Hartford, CT501(c)(3)Various Program Support$15,781
Litchfield Community CenterLitchfield, CT501(c)(3)General program support$15,300
Hertitage Land Pres TrustTorrington, CT501(c)(3)General Support$15,000
New Beginnings of NW HillsTorrington, CT501(c)(3)Support Gathering Place$15,000
Washington Art AssociationWashington, CT501(c)(3)General Support$14,334
Warren Cong ChurchWarren, CT501(c)(3)Clock Tower Renovation$13,800
TriArts at the Sharon PlayhouseSharon, CT501(c)(3)Unrestricted Grant$13,665
Canaan Child Care CenterCanaan, CT501(c)(3)Computers & Reaccreditation Costs$12,600
Kent Library AssociationKend, CT501(c)(3)Support Planned Giving Consultant$11,500
Colebrook Associates IncColebrook, CT501(c)(3)General Support$11,025
Cornell UniversityIthica, NY501(c)(3)General Support$11,025
Tufts Univ School of Vet MedNorht Grafton, MA501(c)(3)General Support$11,025
Yankee Golden Retriever RescuHudson, MA501(c)(3)Semi-Annual Distribtuions$11,025
Greenwoods Counseling ReferalLitchfield, CT501(c)(3)IT Hardware & Service Upgrades$11,000
United Church of ChristCornwall, CT501(c)(3)Staffing & Critical Needs$10,290
CT Coalition to End HomelessHartford, CT501(c)(3)Emergency Funding$10,000
Crescendo IncLakeville, CT501(c)(3)General Support$10,000
Friends of Litch Com GreenwayLitchfield, CT501(c)(3)Support Construction Costs$10,000
Litchfield Performing ArtsLitchfield, CT501(c)(3)Scholarships & Stage for Festival$9,500
Colebrook Historical SocietyColebrook, CT501(c)(3)General Support$8,700
Jr Achievement of SW NEHartford, CT501(c)(3)Support Multiple Programs$8,500
Church of Christ Cong-NorfolkNorfolk, CT501(c)(3)Discretionary Fund & YE Needs$7,916
New Hartford Historical SocNew Hartford, CT501(c)(3)Walkway$7,881
Community Kitchen TorringtonTorrington, CT501(c)(3)Critical YE needs/Equipment$7,500
Cornwall Foundation FundWest Cornwall, CT501(c)(3)General Support$7,000
Hands of GracePine Meadow, CT501(c)(3)Refridgerator & YE Needs$6,500
Nutmeg Ballet ConservatoryTorrington, CT501(c)(3)Scholarships & Gen Support$6,500
Town of NorfolkNorfolk, CT501(c)(3)Support Low Income Families$6,333
Susan B AnthonyTorrington, CT501(c)(3)General Support$6,155
NW Hills Council of GovSalisbury, CT501(c)(3)Support Programming$6,109
Civic Life ProjectCornwall Bridge, CT501(c)(3)program Expansion$6,000
Housatonic Youth Services BurFalls Village, CT501(c)(3)Website & YE Needs$6,000
Helping Hands Chore ServiceWinsted, CT501(c)(3)Support Funding of Services$5,500
YMCA Camp Mohawk IncLitchfield, CT501(c)(3)General and Program Support$5,300
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$4,310
Fundraising Direct Expenses$2,750
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

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

Other Reported Liabilities

LiabilityAmount
Agency Fund Endowments$18,346,321
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
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

Form 990, Part VI, Line 11B: Form 990 Review Process

The Board and Audit Committee are provided a copy of the audited financial statements and the completed Form 990 at a regualarly scheduled board meeting. Board/Committee Members who are unable to attend are provided electronic copies. The Audit Committee reviews the 990 with the full Board and staff, and opportunities for questions and discussion are provided.

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

Annually the board of directors, staff and key volunteers complete a conflict of interest statement listing all affiliations and those of family members, as well as potential conflict of interest relationships. These statements are kept on file. In all meetings related to grants and contracted services, the board is reminded of this policy and required to recuse themselves from any discussion and voting that could be considered a conflict. It is also monitored through the inspection of public records, non-profit governing documents, and due diligence efforts surrounding community affiliations and associations.

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

Executive Compensation Policy includes an annual review conducted by Foundation's Executive Committee involving an examiniation of supporting data from independently produced reports on Community Foundation compensation by the Council on Foundations, CT Council for Philanthropy, and CT Alliance for Non-profits. Comparable Form 990s are reviewed through Guidestar of like (size and geography) nonprofit organizations.

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

Offered for inspection through website, annual report, periodic communications and by request.

Filing and Contact Details

Filer

Filer Name
Northwest Connecticut Community
EIN
06-1565733
Phone
8606261245
Address
PO BOX 1144 33 EAST MAIN STREET, TORRINGTON, CT 06790

Signing Officer

Name
Guy Rovezzi
Title
President
Signed
2019-05-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Guy Rovezzi
Formed
1999
Legal Domicile
Ct
Voting Board Members
17
Independent Board Members
17
Employees
0
Volunteers
125

Preparer

Firm
King King & Associates Cpas
Address
170 HOLABIRD AVE, WINSTED, CT 06098-1727
Preparer
Robert E King CPA
Phone
8603790215
Supplemental Narrative

Additional Explanations

Other Changes In Net Assets Or Fund Balances - Other Decreases

Change in Value of Split-Interest Agreements = -$18993

Other Changes In Net Assets Or Fund Balances - Other Increases

Reclassification of agency fund = $42223

Financial Statement Notes

Part V, Line 4: Intended uses of the endowment fund.

To enrich the quality of life for residents of northwest Connecticut by inspiring local philanthropy, convening stakeholders in community welfare, strengthening the regional nonprofits network and fostering collaborative funding partnerships.

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IRS990/Form990PartVIISectionAGrp/TitleTxt5Director
IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
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IRS990/Form990PartVIISectionAGrp/TitleTxt12Director
IRS990/Form990PartVIISectionAGrp/TitleTxt13Director
IRS990/Form990PartVIISectionAGrp/TitleTxt14Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt15Director
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$154$33.1$121$7.63$7.00$0.63
2023Detailed filing. Detailed filing data is available for this year.$142$29.8$112$11.9$6.80$5.08
2022Detailed filing. Detailed filing data is available for this year.$125$25.2$99.6$15.3$6.47$8.80
2021Detailed filing. Detailed filing data is available for this year.$136$27.9$108$9.99$6.35$3.64
2020Detailed filing. Detailed filing data is available for this year.$123$24.6$98.1$8.12$5.42$2.70
2019Detailed filing. Detailed filing data is available for this year.$109$22.3$86.4$4.70$6.81$2.11
2018Detailed filing. Detailed filing data is available for this year.$96.9$19.7$77.2$6.78$4.14$2.65
2017Detailed filing. Detailed filing data is available for this year.$105$21.6$83.2$7.21$4.21$3.00
2016Summary only. Only limited summary data is available for this year.$89.1$18.1$71.0$4.20$3.33$0.87
2015Detailed filing. Detailed filing data is available for this year.$82.8$14.4$68.4$5.99$4.15$1.83
2014Detailed filing. Detailed filing data is available for this year.$81.8$12.8$69.0$5.99$3.87$2.12
2013Detailed filing. Detailed filing data is available for this year.$75.3$9.67$65.6$4.52$3.65$0.87
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$66.7$8.25$58.4$2.50
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$44.0$5.42$38.6$1.26
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$13.1$4.20$8.86$0.91