Civic Intelligence

Housatonic Industrial Development Corp

EIN 23-7061237 • 501(c)4 • Danbury, CT

Profile

Organization is designed to further the economic development in the state of connecticut and to promote and assist the growth and development of small business concerns in that geographic region.

57 North Street 407Danbury, CT 06810

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

77th percentile

0.08x

Higher debt load relative to assets than 77% of similar nonprofits.

501(c)4 • <$500k nonprofits • Source year 2024

Liabilities / Revenue

79th percentile

0.10x

Higher debt load relative to revenue than 79% of similar nonprofits.

501(c)4 • <$500k nonprofits • Source year 2024

Net Margin

16th percentile

-34%

Higher net margin than 16% of similar nonprofits.

501(c)4 • <$500k nonprofits • Source year 2024

Top Officer Pay

98th percentile

$72,000

Higher top officer pay than 98% of similar nonprofits.

Top officer pay equals 56.7% of source-year revenue.

501(c)4 • <$500k nonprofits • Source year 2024

Asset Growth

26th percentile

-22%

Faster asset growth than 26% of similar nonprofits.

501(c)4 • <$500k nonprofits • Annualized from 2023 to 2024

Revenue Growth

25th percentile

-28%

Faster revenue growth than 25% of similar nonprofits.

501(c)4 • <$500k nonprofits • Annualized from 2023 to 2024

Assets

Down

$151,849

Down $42,866 (-22%) from 2023

Liabilities

Up

$12,300

Up $300 (+2.5%) from 2023

Net Assets

Down

$139,549

Down $43,166 (-24%) from 2023

Revenue

Down

$127,022

Down $48,372 (-28%) from 2023

Expenses

Up

$170,188

Up $5,669 (+3.4%) from 2023

Net Income

Down

-$43,166

Down $54,041 (-497%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$300K$200K$100K$0Assets 2012: $214,828Liabilities 2012: $10,428Net Assets 2012: $204,4002012Assets 2013: $233,152Liabilities 2013: $15,369Net Assets 2013: $217,7832013Assets 2014: $220,856Liabilities 2014: $13,287Net Assets 2014: $207,5692014Assets 2015: $240,504Liabilities 2015: $21,470Net Assets 2015: $219,0342015Assets 2016: $249,524Liabilities 2016: $37,129Net Assets 2016: $212,3952016Assets 2017: $215,289Liabilities 2017: $29,319Net Assets 2017: $185,9702017Assets 2018: $190,842Liabilities 2018: $15,999Net Assets 2018: $174,8432018Assets 2019: $183,941Liabilities 2019: $13,700Net Assets 2019: $170,2412019Assets 2020: $157,537Liabilities 2020: $9,000Net Assets 2020: $148,5372020Assets 2021: $208,085Liabilities 2021: $49,276Net Assets 2021: $158,8092021Assets 2022: $191,140Liabilities 2022: $19,300Net Assets 2022: $171,8402022Assets 2023: $194,715Liabilities 2023: $12,000Net Assets 2023: $182,7152023Assets 2024: $151,849Liabilities 2024: $12,300Net Assets 2024: $139,5492024

Highlighted filing

2024

Assets$151,849
Liabilities$12,300
Net Assets$139,549

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$400K$300K$200K$100K$0-$100KExpenses 2012: $334,9372012Expenses 2013: $224,0292013Revenue 2014: $227,019Expenses 2014: $237,233Net Income 2014: -$10,2142014Revenue 2015: $230,080Expenses 2015: $218,615Net Income 2015: $11,4652015Revenue 2016: $216,173Expenses 2016: $222,812Net Income 2016: -$6,6392016Revenue 2017: $191,397Expenses 2017: $217,822Net Income 2017: -$26,4252017Revenue 2018: $185,568Expenses 2018: $196,695Net Income 2018: -$11,1272018Revenue 2019: $165,737Expenses 2019: $170,339Net Income 2019: -$4,6022019Revenue 2020: $143,104Expenses 2020: $164,808Net Income 2020: -$21,7042020Revenue 2021: $173,756Expenses 2021: $163,484Net Income 2021: $10,2722021Revenue 2022: $176,305Expenses 2022: $163,274Net Income 2022: $13,0312022Revenue 2023: $175,394Expenses 2023: $164,519Net Income 2023: $10,8752023Revenue 2024: $127,022Expenses 2024: $170,188Net Income 2024: -$43,1662024

Highlighted filing

2024

Revenue$127,022
Expenses$170,188
Net Income-$43,166

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.52$0.12$1.40$1.27$1.70$0.43
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.95$0.12$1.83$1.75$1.65$0.11
2022Detailed filing. Detailed filing data is available for this year.$1.91$0.19$1.72$1.76$1.63$0.13
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.08$0.49$1.59$1.74$1.63$0.10
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.58$0.09$1.49$1.43$1.65$0.22
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.84$0.14$1.70$1.66$1.70$0.05
2018Detailed filing. Detailed filing data is available for this year.$1.91$0.16$1.75$1.86$1.97$0.11
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.15$0.29$1.86$1.91$2.18$0.26
2016Detailed filing. Detailed filing data is available for this year.$2.50$0.37$2.12$2.16$2.23$0.07
2015Detailed filing. Detailed filing data is available for this year.$2.41$0.21$2.19$2.30$2.19$0.11
2014XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.21$0.13$2.08$2.27$2.37$0.10
2013XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.33$0.15$2.18$2.24
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.15$0.10$2.04$3.35
Latest Detailed Filing

The latest 2024 filing currently has linked XML that has not been fully parsed yet. Showing the latest detailed filing from 2022 below.

Jump To
Filing Snapshot
Filing Period
Oct 1, 2021 to Sep 30, 2022
Signed
Dec 19, 2022
Return Version
2021v4.2
Gross Receipts
$176,305
Mission and Program Overview

Mission

Organization is designed to further the economic development in the state of connecticut and to promote and assist the growth and development of small business concerns in that geographic region.

Mortgage loans to promote the growth of small businesses in association with the small business administration.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$123,389$101,930▼ $21,459
Land, Buildings, and Equipment, Net$73,483$70,454▼ $3,029
Accounts Receivable-$7,020-
Prepaid Expenses and Deferred Charges$5,507$5,559▲ $52
Total Assets$208,085$191,140▼ $16,945
Other Assets Total$5,706$6,177▲ $471
Liabilities
Unsecured Notes Loans Payable$22,581--
Other Liabilities$19,760$12,500▼ $7,260
Accounts Payable and Accrued Expenses$6,935$6,800▼ $135
Total Liabilities$49,276$19,300▼ $29,976
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$158,809$171,840▲ $13,031
Total Net Assets Fund Balance$158,809$171,840▲ $13,031
Total Liabilities and Net Assets / Fund Balance$208,085$191,140▼ $16,945

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$68,927$67,172$136,099
Other Land Buildings$1,527$52,415$53,942
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Leonard VolpeExecutive DirectorFT$72,000$72,000

Board Members and Trustees

NameTitle
Elizabeth StockerChairman , Treasurer, Assi
Michael YaoVice President
Augustus RyerDirector
Francis G PennarolaDirector
Leonard MediavillaDirector
Nelson MerchanDirector
Pj PruntyDirector
Thomas VitaleDirector
Kevin McmahonSecretary/assistant Treasu
Revenue and Support

Revenue Composition

Contributions and Grants
$22,581
Program Service Revenue
$153,577
Investment Income
$147
Other Revenue
$0
Change in Net Assets
$13,031
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$119,346
Other Expenses$43,928
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$72,000--$72,000
Other Salaries and Wages-$36,390-$36,390
Occupancy$7,515$3,780-$11,295
Payroll Taxes$6,225$3,111-$9,336
Insurance$6,961--$6,961
Fees for Services Accounting-$6,800-$6,800
Fees for Services Other$3,388$1,749-$5,137
Information Technology-$4,628-$4,628
Office Expenses$4,445--$4,445
Depreciation Depletion-$4,054-$4,054
Other Employee Benefits-$1,620-$1,620
Other Expenses-$395-$395
Conferences and Meetings$213--$213
Total Functional Expenses$100,747$62,527$0$163,274
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
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Refundable Deposits$12,500
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
Audit committee
No
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
No
Other officer compensation reviewed
No
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

Tax return is distributed to board of directors and approval of draft is obtained prior to filing.

Form 990, Part VI, Section B, Line 12C

Policy is regularly discussed at all employee and board meetings.

Form 990, Part VI, Section C, Line 19

UPON REQUEST.

Filing and Contact Details

Filer

Filer Name
Housatonic Industrial Development Corp
EIN
23-7061237
Phone
2037430306
Address
57 NORTH STREET 407, DANBURY, CT 06810

Signing Officer

Name
Michael Yao
Title
Vice President
Phone
2037430306
Signed
2022-12-19
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Leonard Volpe Jr
Formed
1969
Legal Domicile
Ct
Voting Board Members
10
Independent Board Members
9
Employees
2
Volunteers
0

Preparer

Firm
Fiorita Kornhaas & Company Pc
Address
146 DEER HILL AVE, DANBURY, CT 06810
Preparer
Robert Kornhaas
Phone
2037901040
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

The corporation has implemented asc 740 "accounting for uncertainty in tax positions and accordingly, the corporation has evaluated its tax positions and determined that its postions are more likely than not to be sustained on examination.

Raw XML Appendix380 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

Path#Value
IRS990/AccountantCompileOrReviewInd01
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IRS990/BooksInCareOfDetail/PhoneNum02037430306
IRS990/BooksInCareOfDetail/USAddress/AddressLine1Txt057 NORTH STREET ROOM 407
IRS990/BooksInCareOfDetail/USAddress/CityNm0DANBURY
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IRS990/Form990PartVIISectionAGrp/TitleTxt0CHAIRMAN , TREASURER, ASSI
IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt2SECRETARY/ASSISTANT TREASU
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6EXECUTIVE DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
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IRS990/ProgramServiceRevenueGrp/Desc3INTEREST ON MORTGAGES
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0100079
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt136030
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt210116
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt37352
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0100079
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt136030
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt210116
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt37352
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt022581
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt099
IRS990/PYOtherExpensesAmt044294
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt0151076
IRS990/PYRevenuesLessExpensesAmt010272
IRS990/PYSalariesCompEmpBnftPaidAmt0119190
IRS990/PYTotalExpensesAmt0163484
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0173756
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt013031
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt0153577
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0123389
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0101930
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt068927
IRS990ScheduleD/BuildingsGrp/DepreciationAmt067172
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt0136099
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt01527
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt052415
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt053942
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt012500
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0REFUNDABLE DEPOSITS
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE CORPORATION HAS IMPLEMENTED ASC 740 "ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS AND ACCORDINGLY, THE CORPORATION HAS EVALUATED ITS TAX POSITIONS AND DETERMINED THAT ITS POSTIONS ARE MORE LIKELY THAN NOT TO BE SUSTAINED ON EXAMINATION.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt070454
IRS990ScheduleD/TotalLiabilityAmt012500
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0TAX RETURN IS DISTRIBUTED TO BOARD OF DIRECTORS AND APPROVAL OF DRAFT IS OBTAINED PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1POLICY IS REGULARLY DISCUSSED AT ALL EMPLOYEE AND BOARD MEETINGS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION C, LINE 19
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0CT
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0208085
IRS990/TotalAssetsEOYAmt0191140
IRS990/TotalAssetsGrp/BOYAmt0208085
IRS990/TotalAssetsGrp/EOYAmt0191140
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt022581
IRS990/TotalEmployeeCnt02
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt062527
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0100747
IRS990/TotalFunctionalExpensesGrp/TotalAmt0163274
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt049276
IRS990/TotalLiabilitiesEOYAmt019300
IRS990/TotalLiabilitiesGrp/BOYAmt049276
IRS990/TotalLiabilitiesGrp/EOYAmt019300
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0158809
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0171840
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0100747
IRS990/TotalProgramServiceRevenueAmt0153577
IRS990/TotalReportableCompFromOrgAmt072000
IRS990/TotalRevenueGrp/ExclusionAmt0147
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0153577
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0176305
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0208085
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0191140
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt022581
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt057 NORTH STREET
IRS990/USAddress/CityNm0DANBURY
IRS990/USAddress/StateAbbreviationCd0CT
IRS990/USAddress/ZIPCd006810
IRS990/VotingMembersGoverningBodyCnt010
IRS990/VotingMembersIndependentCnt09
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd01
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd03
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0MICHAEL YAO
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0VICE PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum02037430306
ReturnHeader/BusinessOfficerGrp/SignatureDt02022-12-19
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0HOUSATONIC INDUSTRIAL DEVELOPMENT CORP
ReturnHeader/Filer/BusinessNameControlTxt0HOUS
ReturnHeader/Filer/EIN0237061237
ReturnHeader/Filer/PhoneNum02037430306
ReturnHeader/Filer/USAddress/AddressLine1Txt057 NORTH STREET 407
ReturnHeader/Filer/USAddress/CityNm0DANBURY
ReturnHeader/Filer/USAddress/StateAbbreviationCd0CT
ReturnHeader/Filer/USAddress/ZIPCd006810
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0061183747
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0FIORITA KORNHAAS & COMPANY PC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0146 DEER HILL AVE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0DANBURY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0CT
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd006810
ReturnHeader/PreparerPersonGrp/PhoneNum02037901040
ReturnHeader/PreparerPersonGrp/PreparationDt02022-11-30
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0ROBERT KORNHAAS
ReturnHeader/ReturnTs02022-12-19T10:00:43-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0MICHAEL
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0YAO
ReturnHeader/TaxPeriodBeginDt02021-10-01
ReturnHeader/TaxPeriodEndDt02022-09-30
ReturnHeader/TaxYr02021

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