Civic Intelligence

Southeastern Connecticut Enterprise Region Corporation

990 • Fiscal year 2018 • EIN 22-2973506

Jul 01, 2017 to Jun 30, 2018 • Filed on Nov 26, 2018

19 Thames StreetGroton, CT 06340

(860) 437-4659

Siviq Scores

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

Liabilities / Assets

36th percentile

0.07x

Higher debt load relative to assets than 36% of similar nonprofits.

2018 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2018

Liabilities / Revenue

69th percentile

0.41x

Higher debt load relative to revenue than 69% of similar nonprofits.

2018 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2018

Net Margin

38th percentile

0.0%

Higher net margin than 38% of similar nonprofits.

2018 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2018

Top Officer Pay

20th percentile

$0

Higher top officer pay than 20% of similar nonprofits.

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

2018 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2018

Asset Growth

24th percentile

-4.2%

Faster asset growth than 24% of similar nonprofits.

2018 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2017 to 2018

Revenue Growth

37th percentile

-0.2%

Faster revenue growth than 37% of similar nonprofits.

2018 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2017 to 2018

Assets

Down

$7,000,345

Down $303,320 (-4.2%) from 2017

Net Assets

Up

$6,535,931

Up $139 (+0.0%) from 2017

Liabilities

Down

$464,414

Down $303,459 (-40%) from 2017

Revenue

Down

$1,127,705

Down $2,690 (-0.2%) from 2017

Expenses

Up

$1,127,566

Up $22,985 (+2.1%) from 2017

Net Income

Down

$139

Down $25,675 (-99%) from 2017

Historical Trend

Balance Sheet Trend

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

$10M$5.0M$0Assets 2011: $7,342,700Liabilities 2011: $187,463Net Assets 2011: $7,155,2372011Assets 2012: $8,284,359Liabilities 2012: $1,168,195Net Assets 2012: $7,116,1642012Assets 2013: $7,319,696Liabilities 2013: $220,337Net Assets 2013: $7,099,3592013Assets 2014: $6,892,605Liabilities 2014: $201,595Net Assets 2014: $6,691,0102014Assets 2015: $6,778,372Liabilities 2015: $199,495Net Assets 2015: $6,578,8772015Assets 2016: $7,490,458Liabilities 2016: $980,480Net Assets 2016: $6,509,9782016Assets 2017: $7,303,665Liabilities 2017: $767,873Net Assets 2017: $6,535,7922017Assets 2018: $7,000,345Liabilities 2018: $464,414Net Assets 2018: $6,535,9312018Assets 2019: $6,753,780Liabilities 2019: $188,500Net Assets 2019: $6,565,2802019Assets 2020: $6,925,212Liabilities 2020: $338,482Net Assets 2020: $6,586,7302020Assets 2021: $7,847,183Liabilities 2021: $174,872Net Assets 2021: $7,672,3112021Assets 2022: $8,675,526Liabilities 2022: $259,684Net Assets 2022: $8,415,8422022Assets 2023: $8,711,019Liabilities 2023: $700,968Net Assets 2023: $8,010,0512023Assets 2024: $8,374,310Liabilities 2024: $145,760Net Assets 2024: $8,228,5502024Assets 2025: $9,839,274Liabilities 2025: $624,843Net Assets 2025: $9,214,4312025

Highlighted filing

2018

Assets$7,000,345
Liabilities$464,414
Net Assets$6,535,931

Operations Trend

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

$4.0M$3.0M$2.0M$1.0M$0-$1.0MExpenses 2011: $1,067,6932011Revenue 2012: $958,749Expenses 2012: $998,090Net Income 2012: -$39,3412012Expenses 2013: $1,134,4382013Revenue 2014: $1,065,748Expenses 2014: $1,480,246Net Income 2014: -$414,4982014Revenue 2015: $1,216,332Expenses 2015: $1,298,056Net Income 2015: -$81,7242015Revenue 2016: $1,151,234Expenses 2016: $1,179,348Net Income 2016: -$28,1142016Revenue 2017: $1,130,395Expenses 2017: $1,104,581Net Income 2017: $25,8142017Revenue 2018: $1,127,705Expenses 2018: $1,127,566Net Income 2018: $1392018Revenue 2019: $1,140,421Expenses 2019: $1,111,072Net Income 2019: $29,3492019Revenue 2020: $1,281,194Expenses 2020: $1,259,744Net Income 2020: $21,4502020Revenue 2021: $2,659,837Expenses 2021: $1,574,256Net Income 2021: $1,085,5812021Revenue 2022: $2,397,817Expenses 2022: $1,654,286Net Income 2022: $743,5312022Revenue 2023: $1,855,907Expenses 2023: $2,261,698Net Income 2023: -$405,7912023Revenue 2024: $3,420,333Expenses 2024: $2,827,788Net Income 2024: $592,5452024Revenue 2025: $3,307,605Expenses 2025: $2,321,724Net Income 2025: $985,8812025

Highlighted filing

2018

Revenue$1,127,705
Expenses$1,127,566
Net Income$139
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
Nov 26, 2018
Return Version
2017v2.3
Gross Receipts
$1,127,705
Mission and Program Overview

Mission

Vision: secter is the lead regional economic development resource, stimulating growth and prosperity in southeastern connecticut mission: making southeastern connecticut stronger and more vibrant by 2030 values: secter believes: -in supporting and making our clients and communities successful -our board and staff are reflective of the clients we serve -in valuing our employees and rewarding integrity, teamwork innovation, and excellence -in collaborating with and being responsive to clients and partners -in being accountable fiscally and professionally to all stakeholders -in advocating for our clients, our services, and our community -in diversity and inclusiveness

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$4,859,659$4,810,432▼ $49,227
Investments Program Related$1,988,307$1,454,498▼ $533,809
Cash and Non-Interest-Bearing Accounts$108,062$288,133▲ $180,071
Savings and Temporary Cash Investments$158,000$260,244▲ $102,244
Accounts Receivable$130,470$101,719▼ $28,751
Pledges and Grants Receivable$26,066$53,152▲ $27,086
Prepaid Expenses and Deferred Charges$16,394$17,519▲ $1,125
Land, Buildings, and Equipment, Net$16,707$14,648▼ $2,059
Total Assets$7,303,665$7,000,345▼ $303,320
Liabilities
Other Liabilities$664,259$352,852▼ $311,407
Accounts Payable and Accrued Expenses$53,412$66,887▲ $13,475
Deferred Revenue$50,202$44,675▼ $5,527
Total Liabilities$767,873$464,414▼ $303,459
Net Assets / Fund Balance
Temporarily Rstr Net Assets$6,144,691$6,154,414▲ $9,723
Unrestricted Net Assets$391,101$381,517▼ $9,584
Total Net Assets Fund Balance$6,535,792$6,535,931▲ $139
Total Liabilities and Net Assets / Fund Balance$7,303,665$7,000,345▼ $303,320

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$14,648$248,393$263,041
Investment Program Related Org$1,454,498--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Michael CareyChairman
Ayanti GrantBoard Member
David HammondBoard Member
Donna SimpsonBoard Member
Ernest MuccioBoard Member
Gabriel SternBoard Member
Gary GoeschelBoard Member
James ButlerBoard Member
John BeauregardBoard Member
John W Bill SheehanBoard Member
Maria MirandaBoard Member
Naomi OtternessBoard Member
Patricia PaesaniBoard Member
Paul FormicaBoard Member
Robert MillsBoard Member
Ronald McdanielBoard Member
Sean NugentBoard Member
Susan AdamsBoard Member
Thayne HutchinsBoard Member
Todd PostlerBoard Member
Tony SheridanBoard Member
Zachary TomblinBoard Member
Mark R Oefinger1st Vice CHA
Ed Dombroskas2nd Vice CHA
Charles SeemanRetired Pres
Richard EricksonSecretary
Robert CongdonTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$827,319
Program Service Revenue
$56,966
Investment Income
$243,420
Other Revenue
$0
All Other Contributions
$117,167
Change in Net Assets
$139

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,127,705
Total Revenue per Audited Statements
$1,127,705
Total Revenue per Form 990
$1,127,705
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$861,308
Other Expenses$266,258
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$537,499$21,795-$559,294
Current Officers, Directors, Trustees, and Key Employees-$130,775-$130,775
Other Employee Benefits$41,295$17,399-$58,694
Payroll Taxes$44,816$13,149-$57,965
Pension Plan Contributions$43,334$11,246-$54,580
Occupancy$17,668$23,169-$40,837
Conferences and Meetings$29,246$4,362-$33,608
All Other Expenses$168,132$-145,794-$22,338
Other Expenses$9,925$6,806-$16,731
Fees for Services Accounting$3,000$12,500-$15,500
Advertising$13,232$1,547-$14,779
Fees for Services Legal$10,291$2,875-$13,166
Office Expenses$10,685$2,137-$12,822
Travel$10,741$517-$11,258
Insurance$290$4,760-$5,050
Depreciation Depletion-$2,059-$2,059
Total Functional Expenses$1,002,579$124,987$0$1,127,566

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,127,566
Total Expenses per Audited Statements$1,127,566
Total Expenses per Form 990$1,127,566
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Funding Source$352,852
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

The audited financial statement is reviewed with management, including the chairman and treasurer. Upon satisfactory completion of the review, the form 990 is reviewed by manangement and signed by the treasurer.

Form 990, Page 6, Part VI, Line 12C

All officers & directors are required to sign written conflict of interest declarations which are reviewed by the board.

Form 990, Page 6, Part VI, Line 15A

Annually, in december, the executive director submits a compensation report to the personnel committee for their review and approval. The personnel committee then confers. The executive director is informed of the decision and he then informs the staff. The personnel committee chair notifies the board that action has been completed, and upon request will provide detail.

Form 990, Page 6, Part VI, Line 15B

Annually, in december, the executive director submits a compensation report for all emloyees to the personnel committee for their review and approval. The personnel committee then confers. The executive director is informed of the decision and he then informs the staff. The personnel committee chair notifies the board that action has been completed, and upon request will provide detail.

Form 990, Page 6, Part VI, Line 19

The governing documents of the organization are made available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Southeastern Connecticut Enterprise
EIN
22-2973506
Phone
8604374659
Address
19 THAMES STREET, GROTON, CT 06340

Signing Officer

Name
Robert Congdon
Title
Treasurer
Phone
8604374659
Signed
2018-11-26
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Michael Carey
Formed
1987
Legal Domicile
Ct
Voting Board Members
27
Independent Board Members
27
Employees
12

Preparer

Firm
Hoyt Filippetti & Malaghan LLC
Address
1041 POQUONNOCK RD, GROTON, CT 06340-4211
Preparer
Paul R Filippetti
Phone
8605369685
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

Vision: secter is the lead regional economic development resource, stimulating growth and prosperity in southeastern connecticut mission: making southeastern connecticut stronger and more vibrant by 2030 values: secter believes: -in supporting and making our clients and communities successful -our board and staff are reflective of the clients we serve -in valuing our employees and rewarding integrity, teamwork innovation, and excellence -in collaborating with and being responsive to clients and partners -in being accountable fiscally and professionally to all stakeholders -in advocating for our clients, our services, and our community -in diversity and inclusiveness

Form 990, Page 2, Part III, Line 4D

Expenses incurred to update the comprehensive economic development strategy.

Financial Statement Notes

Schedule D, Page 3, Part X

The internal revenue service has determined that secter is exempt from federal income taxes on exempt function income as a public charity under section 501(c)(3) of the internal revenue code. Consequently, no provision for income taxes has been made in the accompanying financial statements. Secter did not recognize any liability for uncertain tax positions as defined by accounting principles generally accepted in the united states of america.

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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$9.84$0.62$9.21$3.31$2.32$0.99
2024Detailed filing. Detailed filing data is available for this year.$8.37$0.15$8.23$3.42$2.83$0.59
2023Detailed filing. Detailed filing data is available for this year.$8.71$0.70$8.01$1.86$2.26$0.41
2022Detailed filing. Detailed filing data is available for this year.$8.68$0.26$8.42$2.40$1.65$0.74
2021Detailed filing. Detailed filing data is available for this year.$7.85$0.17$7.67$2.66$1.57$1.09
2020Detailed filing. Detailed filing data is available for this year.$6.93$0.34$6.59$1.28$1.26$0.02
2019Detailed filing. Detailed filing data is available for this year.$6.75$0.19$6.57$1.14$1.11$0.03
2018Detailed filing. Detailed filing data is available for this year.$7.00$0.46$6.54$1.13$1.13$0.00
2017Detailed filing. Detailed filing data is available for this year.$7.30$0.77$6.54$1.13$1.10$0.03
2016Detailed filing. Detailed filing data is available for this year.$7.49$0.98$6.51$1.15$1.18$0.03
2015Detailed filing. Detailed filing data is available for this year.$6.78$0.20$6.58$1.22$1.30$0.08
2014Detailed filing. Detailed filing data is available for this year.$6.89$0.20$6.69$1.07$1.48$0.41
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.32$0.22$7.10$1.13
2012Summary only. Only limited summary data is available for this year.$8.28$1.17$7.12$0.96$1.00$0.04
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.34$0.19$7.16$1.07