Civic Intelligence

Northwest Connecticut Community Foundation Inc.

990 • Fiscal year 2022 • EIN 06-1565733

Jan 01, 2022 to Dec 31, 2022 • Filed on Jul 14, 2023

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

41st percentile

0.20x

Higher debt load relative to assets than 41% of similar nonprofits.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2022

Liabilities / Revenue

80th percentile

1.65x

Higher debt load relative to revenue than 80% of similar nonprofits.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2022

Net Margin

93rd percentile

58%

Higher net margin than 93% of similar nonprofits.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2022

Top Officer Pay

18th percentile

$248,174

Higher top officer pay than 18% of similar nonprofits.

Top officer pay equals 1.6% of source-year revenue.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2022

Asset Growth

25th percentile

-8.3%

Faster asset growth than 25% of similar nonprofits.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2021 to 2022

Revenue Growth

90th percentile

53%

Faster revenue growth than 90% of similar nonprofits.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2021 to 2022

Assets

Down

$124,859,463

Down $11,277,736 (-8.3%) from 2021

Net Assets

Down

$99,624,358

Down $8,660,432 (-8.0%) from 2021

Liabilities

Down

$25,235,105

Down $2,617,304 (-9.4%) from 2021

Revenue

Up

$15,274,377

Up $5,284,709 (+53%) from 2021

Expenses

Up

$6,473,362

Up $125,388 (+2.0%) from 2021

Net Income

Up

$8,801,015

Up $5,159,321 (+142%) from 2021

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

2022

Assets$124,859,463
Liabilities$25,235,105
Net Assets$99,624,358

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

2022

Revenue$15,274,377
Expenses$6,473,362
Net Income$8,801,015
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Jul 14, 2023
Return Version
2022v5.0
Gross Receipts
$15,274,377
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$6,598,597$14,670,984▲ $8,072,387
Savings and Temporary Cash Investments$2,905,217$3,212,984▲ $307,767
Pledges and Grants Receivable$230,758$1,799,000▲ $1,568,242
Land, Buildings, and Equipment, Net$121,150$132,436▲ $11,286
Investments Other Securities$120,000$120,000→ $0
Prepaid Expenses and Deferred Charges$18,669$59,495▲ $40,826
Other Notes and Loans Receivable, Net$50,000$0▼ $50,000
Accounts Receivable-$21,000-
Cash and Non-Interest-Bearing Accounts$20$20→ $0
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Program Related-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$136,137,199$124,859,463▼ $11,277,736
Other Assets Total$126,092,788$104,843,544▼ $21,249,244
Liabilities
Other Liabilities$24,697,917$22,093,042▼ $2,604,875
Grants Payable$3,143,420$3,119,489▼ $23,931
Accounts Payable and Accrued Expenses$9,132$22,574▲ $13,442
Mortgage Notes Payable Secured by Investment Property$1,940--
Total Liabilities$27,852,409$25,235,105▼ $2,617,304
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$107,162,056$98,600,433▼ $8,561,623
Net Assets With Donor Restrictions$1,122,734$1,023,925▼ $98,809
Total Net Assets Fund Balance$108,284,790$99,624,358▼ $8,660,432
Total Liabilities and Net Assets / Fund Balance$136,137,199$124,859,463▼ $11,277,736

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$65,971$109,827$175,798
Equipment$27,635$59,110$86,745
Leasehold Improvements$38,830$11,338$50,168
Other Assets Org$3,150--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2022$129,880,570$10,555,174▼ $15,554,664-$118,034,677
2021$117,672,254$4,899,389▲ $12,861,991-$129,880,570
2020$104,769,391$4,396,258▲ $14,583,974-$117,672,254
2019$94,425,741$1,503,253▲ $14,751,249-$104,769,391
2018$102,722,101$1,451,050▼ $6,500,064-$94,242,975
Compensation and Service Providers

Employees

NameTitleFull / Part TimeOtherTotal
Julia ScharnbergVP Comm EngageFT$105,708$105,708

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$10,552,875
Program Service Revenue
$31,000
Investment Income
$4,398,400
Other Revenue
$292,102
All Other Contributions
$10,552,875
Change in Net Assets
$8,801,015

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 Traded14$5,658,449Fair Market Value (FMV)
Total Noncash Contributions14$5,658,449-
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$4,492,599
Salaries, Compensation, and Employee Benefits$1,154,959
Other Expenses$825,804
Total Fundraising Expense$134,804
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$4,225,674--$4,225,674
Other Salaries and Wages$472,103$209,533$45,961$727,597
Fees for Service Investment Mgmnt Fees$354,809$152,060-$506,869
Grants to Domestic Individuals$266,925--$266,925
Current Officers, Directors, Trustees, and Key Employees$126,055$85,156$36,981$248,192
Other Employee Benefits$55,028$27,110$7,630$89,768
Information Technology$42,245$20,812$5,858$68,915
Occupancy$40,757$20,079$5,651$66,487
Payroll Taxes$40,641$20,022$5,636$66,299
Pension Plan Contributions$14,162$6,977$1,964$23,103
All Other Expenses$11,438$3,988$6,766$22,192
Fees for Services Other$13,296$6,550$1,844$21,690
Advertising$12,020$5,921$1,667$19,608
Office Expenses$9,682$4,771$1,343$15,796
Depreciation Depletion$8,903$4,386$1,234$14,523
Insurance$5,513$2,716$764$8,993
Other Expenses$7,439$3,665$8,986$8,986
Interest-$294-$294
Conferences and Meetings-$170-$170
Total Functional Expenses$5,759,062$579,496$134,804$6,473,362
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Little Guild of St FrancisWest Cornwall, CT501(c)(3)General Support$301,761
University of CT FoundationStorrs, CT501(c)(3)General Support and Scholarships$255,500
NW Connecticut YMCATorrington, CT501(c)(3)General and Program Support$248,062
Last Post Cat Refuge VILFalls Village, CT501(c)(3)General Support$154,000
NW CT Community CollegeWinsted, CT501(c)(3)Gen Support, Childcare & Food$140,050
Beardsley & Memorial LibraryWinsted, CT501(c)(3)General Support, Boiler & Programs$134,750
FISH of Northwestern CTTorrington, CT501(c)(3)General & Capital Support$111,115
Cancer Care Fund LitchHillsTorrington, CT501(c)(3)For Patient Assistance$80,000
Susan B AnthonyTorrington, CT501(c)(3)Multiple Programs & General Support$79,210
Greenwoods Scholarship FoundWinsted, CT501(c)(3)General Support$77,000
Charlotte Hungerford HospitalTorrington, CT501(c)(3)Case Manager and Education$76,700
New Beginnings of NW HillsTorrington, CT501(c)(3)Cleaning & Coordinator Support$65,300
Centre for Effective AltruismSan Francisco, CA501(c)(3)Global Health & Development$65,000
Community Kitchen TorringtonTorrington, CT501(c)(3)Critical needs & Operating Support$62,900
United Cong ChurchLittle Compton, RI501(c)(3)N. Garden Project$62,000
New Opportunities IncTorrington, CT501(c)(3)Support bilingual caseworker$60,000
Winsted Area Child Care CtrWinsted, CT501(c)(3)General Support & Kitchen$59,000
Kidsplay Childrens MuseumTorrington, CT501(c)(3)Expansion & Programs$58,500
Salvation ArmyWest Nyack, NY501(c)(3)General Support of S.A. of NW CT$50,750
We Adopt Greyhounds IncGlastonbury, CT501(c)(3)General Support$50,750
Wl Gilbert Trust CorpWinsted, CT501(c)(3)General Support$50,750
Quahog Bay ConservancyHarpswell, ME501(c)(3)General Support$50,000
Housatonic Youth Services BurFalls Village, CT501(c)(3)Program Support$49,767
Litchfield Community CenterLitchfield, CT501(c)(3)Programs & AV Equipment$48,992
Winchester Youth ServiceWinchester, CT501(c)(3)General & Program Support$48,750
Cornwall Conservation TrustWest Cornwall, CT501(c)(3)Scholarships & General Support$44,800
McCall FoundationTorrington, CT501(c)(3)Programming Support & IT$43,100
Friendly Hands Food Bank IncTorrington, CT501(c)(3)General & Program Support$41,850
New Hartford Village CemeteryNew Hartford, CT501(c)(3)Chapel Repairs$40,000
Explorations Charter SchoolWinsted, CT501(c)(3)Technology & STEM Classes$35,000
Winsted Health Ctr FoundationWinsted, CT501(c)(3)Chore Service & General Support$34,538
Greenwoods Counseling ReferalLitchfield, CT501(c)(3)Financial Aid, IT Secury & Psychr$32,550
Norfolk CT Childrens FoundNorfolk, CT501(c)(3)Grant Requests & Scholarships$30,000
After School Arts Program INCWashington Depo, CT501(c)(3)Program Support & Camp$29,875
The Housing CollectiveBridgeport, CT501(c)(3)Support Staff Position$28,950
Colebrook CongregationalColebrook, CT501(c)(3)General Support$26,250
Torrington Public SchoolsTorrington, CTTownHome Visitation & Sports Programs$25,500
NE Airedale Rescue-NEARCornwall Bridge, CT501(c)(3)Unrestricted Support$25,000
Woods Hole Oceanographic InstWoods Hole, MA501(c)(3)Support EnviroSolutions$23,750
Ed AdvanceLitchfield, CT501(c)(3)Program & Visitation Support$22,450
Prime Time HouseTorrington, CT501(c)(3)Employment & Arts Programs$21,200
Canaan Child Care CenterCanaan, CT501(c)(3)Expansion & Operating Expenses$20,700
Connecticut FoodshareWallingford, CT501(c)(3)Food for Connecticut Families$20,000
Family Strides IncTorrington, CT501(c)(3)Support home visitation programs$20,000
The American Mural ProjectWinsted, CT501(c)(3)General & Educational Support$17,675
Housatonic Child Care CenterCornwall Bridge, CT501(c)(3)Family scholarships & furniture$17,100
Music MountainLakeville, CT501(c)(3)Programming Support$15,375
Brothers Brother FoundationPittsburgh, PA501(c)(3)Prothesis Program$15,000
Housatonic Valley AssocCornwall Bridge, CT501(c)(3)Unrestricted Support$15,000
Friends of HospiceLitchfield, CT501(c)(3)General Support$13,831
Maria Seymour BrookerMemorialTorrington, CT501(c)(3)Program Support$13,680
United Church of ChristCornwall, CT501(c)(3)Organizational Support & YE Needs$13,000
Educated Canines Assist DisabTorrington, CT501(c)(3)General Support$12,840
Colebrook Associates IncColebrook, CT501(c)(3)General Support$12,250
Cornell UniversityIthica, NY501(c)(3)General Support$12,250
Tufts Univ School of Vet MedNorth Grafton, MA501(c)(3)General Support$12,250
Yankee Golden Retriever RescuHudson, MA501(c)(3)General Support$12,250
Philobolus IncWashingtonDepot, CT501(c)(3)Program Support$12,100
Torrington Youth Serv BureauTorrington, CT501(c)(3)Program Support$12,078
Hands of GracePine Meadow, CT501(c)(3)Food Insecurity$10,600
Five Points GalleryTorrington, CT501(c)(3)Program Support$10,500
Grumbling Gryphons TheaterW Cornwall, CT501(c)(3)General Support$10,495
AmericaresStamford, CT501(c)(3)Support Ukraine Crisis$10,000
CareMerrifield, VA501(c)(3)Support Ukraine Crisis$10,000
Crescendo IncLakeville, CT501(c)(3)General Support$10,000
Doctors Without BoardersNew York, NY501(c)(3)Emerg Relief Fund$10,000
GreenagersSouth Egreen, MA501(c)(3)General Support$10,000
International Rescue CommitteAlbert Lea, MN501(c)(3)Ukraine Crisis Fund$10,000
Journalism Dev NetworkWashington, DC501(c)(3)Independent Journalism Fund$10,000
Save the ChildrenFairfield, CT501(c)(3)Ukraine Crisis$10,000
The Hole in the Wall Gang CmpNew Haven, CT501(c)(3)Organization Support$10,000
USA for UNHCRWashington, DC501(c)(3)Ukrane Crisis$10,000
Washington Art AssociationWashington, CT501(c)(3)To Produce a Semi-annual Newlstter$9,000
Caring for BethlehemBethlehem, CT501(c)(3)Program Assistance$8,425
Food Rescue USNorwalk, CT501(c)(3)General Support$8,025
Goshen Community Care & HospiGoshen, CT501(c)(3)General Support$7,625
Colebrook Historical SocietyColebrook, CT501(c)(3)General Support$7,000
League of Women Voters EdWashington, DC50(c)(3)Unrestrictred Support$7,000
Tri-State Center for theArtsSharon, CT501(c)(3)Education Prog for Low Income child$7,000
YMCA Camp Mohawk IncLitchfield, CT501(c)(3)General and Program Support$6,920
Torrington Police Ath LeagueTorrington, CT501(c)(3)Program Support$6,850
Oliver Wolcott LibraryLitchfield, CT501(c)(3)Program Support & Training$6,300
NW Connecticut Arts CouncilTorrington, CT501(c)(3)Arts Assessment & General Support$6,250
Inst American Indian StudiesWashington, CT501(c)(3)Program Support$6,120
HazonFalls Village, CT501(c)(3)Distribute Fresh Produce$6,000
Joyful NoiseTorrington, CT501(c)(3)Subsidy Support$5,600
Nutmeg Ballet ConservatoryTorrington, CT501(c)(3)General Support$5,500
Winchester School DistrictWinsted, CTTownReading Prog & Family Night$5,300
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

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$21,509,063
CRT Remainder Liabiility$389,923
Lease Liability$194,056
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 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

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, Section B, Line 12C

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 examination of public records regarding non-profit Boards and governance structure, interviews, ByLaw and procedural policies.

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

Executive Compensation Policy includes an annual review conducted by Board Executive Committee involving an examiniation of supporting data from independently produced reports on community foundation compensation by the National Council on Foundations, the CT Council for Philanthropy, and CT NonProfit Alliance and 990 inspection on Guidestar from like (size and geography) nonprofit organizations.

Form 990, Part VI, Section C, Line 19

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
2023-07-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Guy Rovezzi
Formed
1999
Legal Domicile
Ct
Voting Board Members
13
Independent Board Members
13
Employees
0
Volunteers
75

Preparer

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

Additional Explanations

Form 990, Part XI, Line 9

Change in Value of CRT = $608986

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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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