Civic Intelligence

Southeastern Connecticut Enterprise Region Corporation

990 • Fiscal year 2021 • EIN 22-2973506

Jul 01, 2020 to Jun 30, 2021 • Filed on Nov 09, 2021

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

26th percentile

0.02x

Higher debt load relative to assets than 26% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Liabilities / Revenue

31st percentile

0.07x

Higher debt load relative to revenue than 31% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Net Margin

82nd percentile

41%

Higher net margin than 82% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Top Officer Pay

68th percentile

$165,505

Higher top officer pay than 68% of similar nonprofits.

Top officer pay equals 6.2% of source-year revenue.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Asset Growth

59th percentile

13%

Faster asset growth than 59% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2020 to 2021

Revenue Growth

89th percentile

108%

Faster revenue growth than 89% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2020 to 2021

Assets

Up

$7,847,183

Up $921,971 (+13%) from 2020

Net Assets

Up

$7,672,311

Up $1,085,581 (+16%) from 2020

Liabilities

Down

$174,872

Down $163,610 (-48%) from 2020

Revenue

Up

$2,659,837

Up $1,378,643 (+108%) from 2020

Expenses

Up

$1,574,256

Up $314,512 (+25%) from 2020

Net Income

Up

$1,085,581

Up $1,064,131 (+4961%) from 2020

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

2021

Assets$7,847,183
Liabilities$174,872
Net Assets$7,672,311

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

2021

Revenue$2,659,837
Expenses$1,574,256
Net Income$1,085,581
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Nov 9, 2021
Return Version
2020v4.0
Gross Receipts
$2,659,837
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$4,161,263$4,114,170▼ $47,093
Investments Program Related$1,640,209$2,487,588▲ $847,379
Cash and Non-Interest-Bearing Accounts$624,610$706,707▲ $82,097
Accounts Receivable$110,215$291,090▲ $180,875
Savings and Temporary Cash Investments$166,639$168,794▲ $2,155
Pledges and Grants Receivable$187,505$42,744▼ $144,761
Land, Buildings, and Equipment, Net$23,337$22,187▼ $1,150
Prepaid Expenses and Deferred Charges$11,434$13,903▲ $2,469
Total Assets$6,925,212$7,847,183▲ $921,971
Liabilities
Unsecured Notes Loans Payable$70,000--
Other Liabilities$66,064$67,349▲ $1,285
Accounts Payable and Accrued Expenses$67,464$57,523▼ $9,941
Deferred Revenue$134,954$50,000▼ $84,954
Total Liabilities$338,482$174,872▼ $163,610
Net Assets / Fund Balance
Net Assets With Donor Restrictions$6,182,326$7,271,780▲ $1,089,454
Net Assets Without Donor Restrictions$404,404$400,531▼ $3,873
Total Net Assets Fund Balance$6,586,730$7,672,311▲ $1,085,581
Total Liabilities and Net Assets / Fund Balance$6,925,212$7,847,183▲ $921,971

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$22,187$252,370$274,557
Investment Program Related Org$2,487,588--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Nancy CowserExecutive DiFT$153,245$12,260$165,505
Nancy CowserExecutive Director-$153,245$12,260$165,505

Board Members and Trustees

NameTitle
Mark R OefingerChair
Ayanti GrantBoard Member
David HammondBoard Member
Ed DombroskasBoard Member
Ernest MuccioBoard Member
Felix ReyesBoard Member
Gabriel SternBoard Member
Gary Goeschel IiBoard Member
Holly CheesemanBoard Member
Maria HannaBoard Member
Maria MirandaBoard Member
Mark HillBoard Member
Naomi OtternessBoard Member
Paul FormicaBoard Member
Robert CongdonBoard Member
Ronald McdanielBoard Member
Susan AdamsBoard Member
Thayne HutchinsBoard Member
Tony SheridanBoard Member
Wendy BuryBoard Member
Sean Nugent1st Vice CHA
Chris Jewell2nd Vice CHA
Michael CareyImmediate Pa
Donna SimpsonSecretary
Charles SeemanTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$2,397,713
Program Service Revenue
$32,074
Investment Income
$230,050
Other Revenue
$0
All Other Contributions
$169,203
Change in Net Assets
$1,085,581

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,410,899
Revenue Not Reported on Financial Statements
$248,938
Other Revenue Adjustments
$248,938
Total Revenue per Audited Statements
$2,410,899
Total Revenue per Form 990
$2,659,837
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,053,359
Other Expenses$520,897
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$630,115$31,397-$661,512
Current Officers, Directors, Trustees, and Key Employees$153,245--$153,245
Other Employee Benefits$89,160$9,656-$98,816
Payroll Taxes$70,569$3,006-$73,575
Pension Plan Contributions$51,711$14,500-$66,211
Office Expenses$23,687$17,478-$41,165
Occupancy$20,000$20,136-$40,136
Advertising$13,087$19,093-$32,180
All Other Expenses$193,066$-165,777-$27,289
Fees for Services Accounting$8,800$7,700-$16,500
Other Expenses$5,560$8,332-$13,892
Conferences and Meetings-$12,061-$12,061
Travel$10,524$321-$10,845
Fees for Services Legal$8,686$81-$8,767
Insurance-$4,725-$4,725
Depreciation Depletion-$1,151-$1,151
Total Functional Expenses$1,573,055$1,201$0$1,574,256

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$1,574,256
Expenses per Audited Statements$1,325,318
Total Expenses per Audited Statements$1,325,318
Expenses Not Reported on Financial Statements$248,938
Other Expense Adjustments$248,938
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$67,349
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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, 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
Charles Seeman
Title
Treasurer
Phone
8604374659
Signed
2021-11-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mark R Oefinger
Formed
1987
Legal Domicile
Ct
Voting Board Members
25
Independent Board Members
25
Employees
13

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, Part XI, Line 9

Allowance for doubtful loans -248,938 allowance for doubtful loans 248,938

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

Schedule D, Page 4, Part XI, Line 4B

Allowance for doubtful loans 248,938

Schedule D, Page 4, Part XII, Line 4B

Allowance for doubtful loans 248,938

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IRS990/ProgSrvcAccomActy3Grp/Desc0EXPENSES INCURRED TO UPDATE THE COMPREHENSIVE ECONOMIC DEVELOPMENT STRATEGY.
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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