Civic Intelligence

The Northwest Connecticut Community Foundation Trust

990 • Fiscal year 2016 • EIN 06-6114199

Jan 01, 2016 to Dec 31, 2016 • Filed on Sep 11, 2017

Organization ProfileWWW.NORTHWESTCF.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

23rd percentile

0.02x

Higher debt load relative to assets than 23% of similar nonprofits.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2016

Liabilities / Revenue

66th percentile

0.39x

Higher debt load relative to revenue than 66% of similar nonprofits.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2016

Net Margin

7th percentile

-48%

Higher net margin than 7% of similar nonprofits.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2016

Top Officer Pay

71st percentile

$176,683

Higher top officer pay than 71% of similar nonprofits.

Top officer pay equals 54.9% of source-year revenue.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2016

Asset Growth

38th percentile

-0.8%

Faster asset growth than 38% of similar nonprofits.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2015 to 2016

Revenue Growth

97th percentile

215%

Faster revenue growth than 97% of similar nonprofits.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets23rd percentile

Assets

Down

$5,003,919

Down $38,349 (-0.8%) from 2015

Net Assets

Down

$4,879,159

Down $11,409 (-0.2%) from 2015

Liabilities

Down

$124,760

Down $26,940 (-18%) from 2015

Revenue And Expenses
Liabilities / Revenue66th percentileNet Margin7th percentile

Revenue

Up

$321,615

Up $219,611 (+215%) from 2015

Expenses

Up

$477,153

Up $161,493 (+51%) from 2015

Net Income

Up

-$155,538

Up $58,118 (+27%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth38th 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

2016

Assets$5,003,919
Liabilities$124,760
Net Assets$4,879,159
Open 2016 Filing

Operations Trend

Revenue Growth97th 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

2016

Revenue$321,615
Expenses$477,153
Net Income-$155,538
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
Sep 11, 2017
Return Version
2016v3.0
Gross Receipts
$321,615
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$4,173,053$4,041,389▼ $131,664
Savings and Temporary Cash Investments$194,960$103,027▼ $91,933
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$5,042,268$5,003,919▼ $38,349
Other Assets Total$674,255$859,503▲ $185,248
Liabilities
Grants Payable$151,700$124,760▼ $26,940
Total Liabilities$151,700$124,760▼ $26,940
Net Assets / Fund Balance
Unrestricted Net Assets$4,889,591$4,770,069▼ $119,522
Temporarily Rstr Net Assets$977$109,090▲ $108,113
Total Net Assets Fund Balance$4,890,568$4,879,159▼ $11,409
Total Liabilities and Net Assets / Fund Balance$5,042,268$5,003,919▼ $38,349

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$274,611--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2016$4,695,608$1,000▲ $314,530-$4,776,132
2015$5,145,918$1,725▼ $179,517-$4,695,608
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
Compensation and Service Providers
Top Officer Pay71st percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Guy RovezziPresidentPT$169,554$7,129$176,683

Board Members and Trustees

NameTitle
DOUGLAS O'CONNELL ESQChair
Gayle Moraski1st Vice Chair
Alyson Thomson2nd Vice Chair
Adrian SelbyDirector
Anita BaxterDirector
Anne Sutherland FuchsDirector
Don MaylandDirector
F Robert PetriconeDirector
Helen ScovilleDirector
Jeff LalondeDirector
Jim BlackketterDirector
Norman Rogers EsqDirector
Ronald Rosenstein EsqDirector
Thomas BechtleDirector
Christopher Wall EsqSecretary
Vickie Patrick CPATreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$109,167
Program Service Revenue
$0
Investment Income
$211,948
Other Revenue
$500
All Other Contributions
$109,167
Change in Net Assets
$-155,538
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$347,025
Other Expenses$130,128
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$329,125--$329,125
Fees for Services Management-$88,581-$88,581
Fees for Service Investment Mgmnt Fees-$41,547-$41,547
Grants to Domestic Individuals$17,900--$17,900
Total Functional Expenses$347,025$130,128$0$477,153
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Community Foundation of NW CTTorrington, CT501(c)(3)General Operations$200,600
Nw Ct Arts CouncilTorrington, CT501(c)(3)Economic Study,final Phase of Mural$10,000
After School Arts ProgramWashingtondepot, CT501(c)(3)Summer Arts Ed, Interdist String Pr$9,300
Jr Achievement of Sw NeHartford, CT501(c)(3)Support Student Financial Literacy$7,500
Torrington Public SchoolsTorrington, CTTorrington BOEKids Marathon Event and Costs$6,300
Cafta Ct Academy for the ArtsTorrington, CT501(c)(3)Scholarships Forthe Summer Art Camp$5,500
Nw Regional High SchoolWinsted, CT501(c)(3)Cost of Parts & Refurbishing Equip$5,400
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 regularly 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

“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 our 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
2017-09-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Guy Rovezzi
Formed
1970
Legal Domicile
Ct
Voting Board Members
16
Independent Board Members
16
Employees
8
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 Increases

“Change in Value of Split-interest Agreements = $108113”

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/TitleTxt1Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt3Director
IRS990/Form990PartVIISectionAGrp/TitleTxt4Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
IRS990/Form990PartVIISectionAGrp/TitleTxt82ND VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt9Director
IRS990/Form990PartVIISectionAGrp/TitleTxt10Director
IRS990/Form990PartVIISectionAGrp/TitleTxt11Director
IRS990/Form990PartVIISectionAGrp/TitleTxt12Director
IRS990/Form990PartVIISectionAGrp/TitleTxt131ST VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt14Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt15Director
IRS990/Form990PartVIISectionAGrp/TitleTxt16President
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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/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/TotalAmt00
IRS990/PensionPlanContributionsGrp/TotalAmt00
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd0false
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IRS990/PrincipalOfficerNm0GUY ROVEZZI
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IRS990/PYGrantsAndSimilarPaidAmt0184950
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IRS990/PYRevenuesLessExpensesAmt0-213656
IRS990/PYTotalExpensesAmt0315660
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IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0-155538
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0true
IRS990/RelatedOrganizationCtrlEntInd0false
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IRS990/ReportLandBuildingEquipmentInd0false
IRS990/ReportOtherAssetsInd0true
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IRS990/SavingsAndTempCashInvstGrp/EOYAmt0103027
IRS990ScheduleA/CommunityTrustInd0X
IRS990ScheduleA/FactsAndCircumstancesTestTxt0Current 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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IRS990ScheduleD/CYEndwmtFundGrp/ContributionsAmt01000

Document Assets

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$5,003,919
Liabilities
$124,760
Net assets
$4,879,159
Revenue
$321,615
Expenses
$477,153
Net income
-$155,538
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
2016Detailed filing. Detailed filing data is available for this year.$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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