Civic Intelligence

The Northwest Connecticut Community Foundation Trust

990 • Fiscal year 2014 • EIN 06-6114199

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

Organization ProfileWWW.CFNWCT.ORG
PO Box 1144Torrington, CT 06790

(860) 626-1245

Siviq Scores

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

Liabilities / Assets

21st percentile

0.02x

Higher debt load relative to assets than 21% of similar nonprofits.

2014 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2014

Liabilities / Revenue

63rd percentile

0.35x

Higher debt load relative to revenue than 63% of similar nonprofits.

2014 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2014

Net Margin

11th percentile

-20%

Higher net margin than 11% of similar nonprofits.

2014 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2014

Top Officer Pay

66th percentile

$155,741

Higher top officer pay than 66% of similar nonprofits.

Top officer pay equals 49.7% of source-year revenue.

2014 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2014

Asset Growth

34th percentile

-1.0%

Faster asset growth than 34% of similar nonprofits.

2014 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2013 to 2014

Revenue Growth

4th percentile

-55%

Faster revenue growth than 4% of similar nonprofits.

2014 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2013 to 2014

Balance Sheet
Liabilities / Assets21st percentile

Assets

Down

$5,354,964

Down $54,607 (-1.0%) from 2013

Net Assets

Down

$5,246,664

Down $50,994 (-1.0%) from 2013

Liabilities

Down

$108,300

Down $3,613 (-3.2%) from 2013

Revenue And Expenses
Liabilities / Revenue63rd percentileNet Margin11th percentile

Revenue

Down

$313,434

Down $381,390 (-55%) from 2013

Expenses

Up

$377,274

Up $105,466 (+39%) from 2013

Net Income

Down

-$63,840

Down $486,856 (-115%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth34th percentile

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

$8.0M$6.0M$4.0M$2.0M$0Assets 2010: $4,919,175Liabilities 2010: $149,402Net Assets 2010: $4,769,7732010Assets 2011: $4,698,266Liabilities 2011: $117,002Net Assets 2011: $4,581,2642011Assets 2012: $4,997,647Liabilities 2012: $103,542Net Assets 2012: $4,894,1052012Assets 2013: $5,409,571Liabilities 2013: $111,913Net Assets 2013: $5,297,6582013Assets 2014: $5,354,964Liabilities 2014: $108,300Net Assets 2014: $5,246,6642014Assets 2015: $5,042,268Liabilities 2015: $151,700Net Assets 2015: $4,890,5682015Assets 2016: $5,003,919Liabilities 2016: $124,760Net Assets 2016: $4,879,1592016Assets 2017: $5,568,845Liabilities 2017: $113,810Net Assets 2017: $5,455,0352017Assets 2018: $4,912,072Liabilities 2018: $93,150Net Assets 2018: $4,818,9222018Assets 2019: $5,834,077Liabilities 2019: $71,549Net Assets 2019: $5,762,5282019Assets 2020: $6,077,099Liabilities 2020: $62,250Net Assets 2020: $6,014,8492020Assets 2021: $7,370,636Liabilities 2021: $142,025Net Assets 2021: $7,228,6112021Assets 2022: $5,857,770Liabilities 2022: $113,000Net Assets 2022: $5,744,7702022Assets 2023: $5,667,827Liabilities 2023: $87,800Net Assets 2023: $5,580,0272023Assets 2024: $5,966,174Liabilities 2024: $93,901Net Assets 2024: $5,872,2732024

Highlighted filing

2014

Assets$5,354,964
Liabilities$108,300
Net Assets$5,246,664
Open 2014 Filing

Operations Trend

Revenue Growth4th percentile

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

$1.5M$1.0M$500K$0-$500K-$1.0MExpenses 2010: $297,1362010Revenue 2011: -$100,269Expenses 2011: $223,698Net Income 2011: -$323,9672011Expenses 2012: $210,6792012Revenue 2013: $694,824Expenses 2013: $271,808Net Income 2013: $423,0162013Revenue 2014: $313,434Expenses 2014: $377,274Net Income 2014: -$63,8402014Revenue 2015: $102,004Expenses 2015: $315,660Net Income 2015: -$213,6562015Revenue 2016: $321,615Expenses 2016: $477,153Net Income 2016: -$155,5382016Revenue 2017: $783,260Expenses 2017: $370,703Net Income 2017: $412,5572017Revenue 2018: -$151,072Expenses 2018: $395,647Net Income 2018: -$546,7192018Revenue 2019: $1,037,673Expenses 2019: $298,019Net Income 2019: $739,6542019Revenue 2020: $583,665Expenses 2020: $504,593Net Income 2020: $79,0722020Revenue 2021: $428,798Expenses 2021: $333,393Net Income 2021: $95,4052021Revenue 2022: $287,627Expenses 2022: $623,770Net Income 2022: -$336,1432022Revenue 2023: $392,049Expenses 2023: $471,775Net Income 2023: -$79,7262023Revenue 2024: $317,614Expenses 2024: $505,757Net Income 2024: -$188,1432024

Highlighted filing

2014

Revenue$313,434
Expenses$377,274
Net Income-$63,840
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Jul 31, 2015
Return Version
2014v5.0
Gross Receipts
$313,434
Mission and Program Overview

Mission

To enhance quality of life for citizens in its service area by identifying and responding to community needs by providing financial assistance in the form of scholarships and grants to 501(c)(3) organizations.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$4,579,477$4,476,250▼ $103,227
Savings and Temporary Cash Investments$85,014$100,746▲ $15,732
Cash and Non-Interest-Bearing Accounts-$0-
Accounts Receivable-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Land, Buildings, and Equipment, Net-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$5,409,571$5,354,964▼ $54,607
Other Assets Total$745,080$777,968▲ $32,888
Liabilities
Grants Payable$111,912$108,300▼ $3,612
Other Liabilities$1--
Total Liabilities$111,913$108,300▼ $3,613
Net Assets / Fund Balance
Unrestricted Net Assets$5,218,566$5,123,352▼ $95,214
Temporarily Rstr Net Assets$79,092$123,312▲ $44,220
Total Net Assets Fund Balance$5,297,658$5,246,664▼ $50,994
Total Liabilities and Net Assets / Fund Balance$5,409,571$5,354,964▼ $54,607

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$292,459--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2014$5,324,557$2,351▲ $137,230-$5,145,918
2013$4,996,598$83,850▲ $541,960-$5,324,557
2012$4,697,266$7,230▲ $479,219-$4,996,598
2011$5,105,094$1,025▼ $271,141-$4,697,266
Compensation and Service Providers
Top Officer Pay66th percentile

Board Members and Trustees

NameTitle
Thomas BechtleChairman
Guy RovezziPresident
Gayle Moraski2nd Vice Chair
DOUGLAS O'CONNELL ESQVice Chair
Anita BaxterDirector
Christopher Wall EsqDirector
Dan DwyerDirector
F Robert PetriconeDirector
Jim BlackketterDirector
Khurshed BhumgaraDirector
Miki DuisterhofDirector
Norman Rogers EsqDirector
Ronald Rosenstein EsqDirector
William HardingDirector
Roberta Lee AugustRec Secretary
Alyson ThomsonSecretary
Jeff LalondeTreasurer
Vickie Patrick CPATreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$100,713
Program Service Revenue
$0
Investment Income
$170,536
Other Revenue
$42,185
All Other Contributions
$100,713
Change in Net Assets
$-63,840
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$247,217
Other Expenses$130,057
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$225,817--$225,817
Fees for Services Management-$83,905-$83,905
Fees for Service Investment Mgmnt Fees-$46,152-$46,152
Grants to Domestic Individuals$21,400--$21,400
Total Functional Expenses$247,217$130,057$0$377,274
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Community Foundation of NW CTTorrington, CT501(c)(3)General Operations$82,714
Nw Community CallaborativeTorrington, CT501(c)(3)Fund Literacy Treehouse in Museum$20,000
Torrington Police Act LeagueTorrington, CT501(c)(3)Support Pal & Educational Programs$13,445
Torrington Public SchoolsTorrington, CT501(c)(3)Support Enrichment & Kidsmarathon$9,000
Nw Ct Arts CouncilTorrington, CT501(c)(3)Support Infrastructure Transitions$8,000
After School Arts ProgramWashingtondepot, CT501(c)(3)Support Interdisctrict Arts Educa$6,500
PleasantValleyChildrensCtrPleasat Valley, CT501(c)(3)Purchase of Block Set &Storage Shed$6,000
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-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
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
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 and the completed Form 990 at a reguarly scheduled Board Meeting. Those unable to attend are provided one electronically. 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

“Through the inspection of public records, nonprofit governing documents,and due diligence efforts surrounding community affiliations and associations.”

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
Torrington Area Foundation
EIN
06-6114199
Phone
8606261245
Address
PO BOX 1144, TORRINGTON, CT 06790

Signing Officer

Name
Guy Rovezzi
Title
President
Signed
2015-07-31
Discuss with paid preparer
Yes

Organization Details

Formed
1970
Legal Domicile
Ct
Voting Board Members
16
Independent Board Members
16
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 = -$19725”

Financial Statement Notes

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

“To enhance quality of life for citizens in its service area by identifying and responding to community needs by providing financial assistance in the form of scholarships and grants to 501(c)(3) organizations.”

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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/Form990PartVIISectionAGrp/TitleTxt0Director
IRS990/Form990PartVIISectionAGrp/TitleTxt1Vice Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt3Director
IRS990/Form990PartVIISectionAGrp/TitleTxt4Director
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
IRS990/Form990PartVIISectionAGrp/TitleTxt8Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt9Director
IRS990/Form990PartVIISectionAGrp/TitleTxt10Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt11Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt12Director
IRS990/Form990PartVIISectionAGrp/TitleTxt132ND VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt14Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt15Director
IRS990/Form990PartVIISectionAGrp/TitleTxt16Rec Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt17President
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IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
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IRS990/MissionDesc0TO ENHANCE QUALITY OF LIFE FOR CITIZENS IN ITS SERVICE AREA BY IDENTIFYING AND RESPONDING TO COMMUNITY NEEDS BY PROVIDING FINANCIAL ASSISTANCE IN THE FORM OF SCHOLARSHIPS AND GRANTS TO 501(C)(3) ORGANIZATIONS.
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IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt00
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IRS990/OnBehalfOfIssuerInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OrgFiledInLieuOfForm1041Ind0false
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IRS990/OtherRevenueMiscGrp/ExclusionAmt042102
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt083
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IRS990/OtherRevenueTotalAmt042185
IRS990/OtherSalariesAndWagesGrp/TotalAmt00
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IRS990/OwnWebsiteInd0X
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/TotalAmt00
IRS990/PensionPlanContributionsGrp/TotalAmt00
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt00
IRS990/ProfessionalFundraisingInd0false
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt083850
IRS990/PYExcessBenefitTransInd0false
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IRS990ScheduleA/CommunityTrustInd0X
IRS990ScheduleA/FactsAndCircumstancesTestTxt0Prior Year Facts and Circumstances: Established in 1969 as a community Trust, the Torrington Area Foundation for Public Giving is a charitable, tax exempt, publicly supported, philanthropic corporation within the meaning of section 509(a)(1) and 170(b)(1)(A)(vi) of the United States Code established for the purpose of encouraging broad based community support, contributions and local philanthropic resources to meet changing community needs. The mission of the Trust is to collect, hold and manage these resources as a permanent endowment, and to distribute these resources in the form of grants and scholarships guided by a prudent Spending Policy, for local charitable uses and purposes.The organization is governed by a Trust Board of 15 local community leaders, selected for their knowledge of community needs and their involvement in advancing the welfare of Northwest Connecticut and the communities in which they reside.In an effort to provide more flexibility and expertise surrounding the engagement of investment managers and investment vehicles, the Trust established a corporate entity in 1999, known as The Community Foundation of Northwest Connecticut, Inc. Most of the new gifts and contributions are made to the corporate entity. The operations and governance structures of these two entities are substantively the same.Annually, the Torrington Area Foundation conducts and annual appeal from the communities it supports. The combined contributions average $75,000 to $90,000 from approximately 250 to 300 contributors. This broad based community support assists the Foundation in meeting its public support test on an annual basis.
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IRS990ScheduleA/OtherIncome170Grp/TotalAmt052821
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IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt01025
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt01405
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IRS990ScheduleA/UnrelatedBusinessNetIncm170Grp/TotalAmt00

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

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

Open filing
Assets
$5,354,964
Liabilities
$108,300
Net assets
$5,246,664
Revenue
$313,434
Expenses
$377,274
Net income
-$63,840
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.97$0.09$5.87$0.32$0.51$0.19
2023Detailed filing. Detailed filing data is available for this year.$5.67$0.09$5.58$0.39$0.47$0.08
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.86$0.11$5.74$0.29$0.62$0.34
2021Detailed filing. Detailed filing data is available for this year.$7.37$0.14$7.23$0.43$0.33$0.10
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$6.08$0.06$6.01$0.58$0.50$0.08
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.83$0.07$5.76$1.04$0.30$0.74
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.91$0.09$4.82$0.15$0.40$0.55
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.57$0.11$5.46$0.78$0.37$0.41
2016Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.00$0.12$4.88$0.32$0.48$0.16
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.04$0.15$4.89$0.10$0.32$0.21
2014Detailed filing. Detailed filing data is available for this year.$5.35$0.11$5.25$0.31$0.38$0.06
2013Detailed filing. Detailed filing data is available for this year.$5.41$0.11$5.30$0.69$0.27$0.42
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.00$0.10$4.89$0.21
2011Summary only. Only limited summary data is available for this year.$4.70$0.12$4.58$0.10$0.22$0.32
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.92$0.15$4.77$0.30
Peer Organizations

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