Civic Intelligence

Cure Innovations LLC

990 • Fiscal year 2017 • EIN 46-3840398

Jul 01, 2016 to Jun 30, 2017 • Filed on Nov 08, 2017

Organization ProfileCURECOMMONS.ORG
760 Chapel Street The GroveNew Haven, CT 06510

(203) 470-2720

Siviq Scores

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

Liabilities / Assets

57th percentile

0.14x

Higher debt load relative to assets than 57% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Liabilities / Revenue

85th percentile

0.95x

Higher debt load relative to revenue than 85% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Net Margin

88th percentile

39%

Higher net margin than 88% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Top Officer Pay

84th percentile

$150,000

Higher top officer pay than 84% of similar nonprofits.

Top officer pay equals 20.9% of source-year revenue.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Asset Growth

77th percentile

16%

Faster asset growth than 77% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2016 to 2017

Revenue Growth

2nd percentile

-77%

Faster revenue growth than 2% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets57th percentile

Assets

Up

$4,787,728

Up $661,067 (+16%) from 2016

Net Assets

Up

$4,105,648

Up $283,786 (+7.4%) from 2016

Liabilities

Up

$682,080

Up $377,281 (+124%) from 2016

Revenue And Expenses
Liabilities / Revenue85th percentileNet Margin88th percentile

Revenue

Down

$719,024

Down $2,354,749 (-77%) from 2016

Expenses

Up

$435,238

Up $134,412 (+45%) from 2016

Net Income

Down

$283,786

Down $2,489,161 (-90%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth77th percentile

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

$6.0M$4.0M$2.0M$0Assets 2016: $4,126,661Liabilities 2016: $304,799Net Assets 2016: $3,821,8622016Assets 2017: $4,787,728Liabilities 2017: $682,080Net Assets 2017: $4,105,6482017Assets 2018: $4,700,811Liabilities 2018: $642,414Net Assets 2018: $4,058,3972018Assets 2019: $4,703,102Liabilities 2019: $688,942Net Assets 2019: $4,014,1602019Assets 2020: $4,881,311Liabilities 2020: $935,274Net Assets 2020: $3,946,0372020Assets 2021: $4,823,325Liabilities 2021: $1,004,294Net Assets 2021: $3,819,0312021Assets 2022: $4,610,501Liabilities 2022: $1,007,640Net Assets 2022: $3,602,8612022Assets 2023: $4,513,049Liabilities 2023: $1,036,054Net Assets 2023: $3,476,9952023Assets 2024: $4,431,109Liabilities 2024: $1,144,782Net Assets 2024: $3,286,3272024

Highlighted filing

2017

Assets$4,787,728
Liabilities$682,080
Net Assets$4,105,648
Open 2017 Filing

Operations Trend

Revenue Growth2nd percentile

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

$4.0M$3.0M$2.0M$1.0M$0-$1.0MRevenue 2016: $3,073,773Expenses 2016: $300,826Net Income 2016: $2,772,9472016Revenue 2017: $719,024Expenses 2017: $435,238Net Income 2017: $283,7862017Revenue 2018: $344,688Expenses 2018: $391,939Net Income 2018: -$47,2512018Revenue 2019: $307,652Expenses 2019: $351,889Net Income 2019: -$44,2372019Revenue 2020: $366,769Expenses 2020: $434,892Net Income 2020: -$68,1232020Revenue 2021: $352,861Expenses 2021: $479,867Net Income 2021: -$127,0062021Revenue 2022: $312,505Expenses 2022: $528,675Net Income 2022: -$216,1702022Revenue 2023: $437,421Expenses 2023: $563,287Net Income 2023: -$125,8662023Revenue 2024: $420,556Expenses 2024: $611,224Net Income 2024: -$190,6682024

Highlighted filing

2017

Revenue$719,024
Expenses$435,238
Net Income$283,786
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
Nov 8, 2017
Return Version
2016v3.0
Gross Receipts
$794,664
Mission and Program Overview

Mission

To provide a research incubator facility, including educational programming to entrepeneurs, for fledgling biomedical and technology companies.

To provide a research incubator facility to support fledgling bioscience and technology companies.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$226,452$4,571,792▲ $4,345,340
Cash and Non-Interest-Bearing Accounts$307,056$212,281▼ $94,775
Accounts Receivable$1,508$3,655▲ $2,147
Total Assets$4,126,661$4,787,728▲ $661,067
Other Assets Total$3,591,645$0▼ $3,591,645
Liabilities
Mortgage Notes Payable Secured by Investment Property-$559,790-
Deferred Revenue$185,585$96,320▼ $89,265
Accounts Payable and Accrued Expenses$116,378$15,527▼ $100,851
Other Liabilities$2,836$10,443▲ $7,607
Total Liabilities$304,799$682,080▲ $377,281
Net Assets / Fund Balance
Unrestricted Net Assets$3,821,862$4,105,648▲ $283,786
Total Net Assets Fund Balance$3,821,862$4,105,648▲ $283,786
Total Liabilities and Net Assets / Fund Balance$4,126,661$4,787,728▲ $661,067

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$3,771,280$99,244$3,870,524
Buildings$520,000-$520,000
Equipment$150,512$15,486$165,998
Land$130,000-$130,000
Compensation and Service Providers
Top Officer Pay84th percentile

Employees

NameTitleFull / Part TimeOtherTotal
Susan FroshauerPresident/CEO -cureFT$150,000$150,000
Stanley ChoyCo-chair/treasurer - Cure-$38,500$38,500

Board Members and Trustees

NameTitle
Peter FarinaCo-chair - Cure
Andrew ZehnerDirector - Cure
Anthony SabatelliDirector - Cure
David I ScheerDirector - Cure
Eleanor L TandlerDirector - Cure
Elizabeth SullivanDirector - Cure
Erin DuffyDirector - Cure
Harry H PennerDirector - Cure
James G BaxterDirector - Cure
John BurkhardtDirector - Cure
John G HoustonDirector - Cure
Lawrence WeissDirector - Cure
Richard JacobDirector - Cure
Rob BettigoleDirector - Cure
Todd E ArnoldDirector - Cure
Frank MarcoSecretary - Cure
Revenue and Support

Revenue Composition

Contributions and Grants
$612,925
Program Service Revenue
$11,525
Investment Income
$0
Other Revenue
$94,574
All Other Contributions
$80,801
Change in Net Assets
$283,786
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$324,237
Salaries, Compensation, and Employee Benefits$111,001
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$115,343--$115,343
Other Salaries and Wages$81,000$9,000-$90,000
Occupancy$72,615$16,473-$89,088
Conferences and Meetings$72,100--$72,100
Fees for Services Accounting$7,315$10,835-$18,150
Other Employee Benefits$12,410$1,379-$13,789
Office Expenses$10,518$1,169-$11,687
Fees for Services Legal$2,213$5,085-$7,298
Payroll Taxes$6,491$721-$7,212
Advertising$3,913$421-$4,334
Insurance$3,290$366-$3,656
Fees for Services Other$771$593-$1,364
Travel$115$13-$128
Other Expenses$27$3-$30
Total Functional Expenses$389,180$46,058$0$435,238
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
Security Rent Deposits$10,443
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
Yes
Backup withholding compliance
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
Yes
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 3

“The organization has delegated control of the daily accounting function to premier accounting group.”

Form 990, Part VI, Section A, Line 7A

“Connecticut united for research excellence, inc. (cure) is the sole member of cure innovations, llc. Due to this relationship, the governing body of cure is identifid as the governing body of cure innovations, llc.”

Form 990, Part VI, Section A, Line 7B

“Connecticut united for research excellence, inc. (cure) is the sole member of cure innovations, llc. Due to this relationship, the governing body of cure is identifid as the governing body of cure innovations, llc. All governance decisions are made by the member.”

Form 990, Part VI, Section A, Line 8B

“The organization does not have committees with authority to act on behalf of the governing body”

Form 990, Part VI, Section B, Line 11B

“The form 990 is reviewed and approved by management.”

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

“The co-chairs and president monitor compliance with the policy.”

Form 990, Part VI, Section B, Line 15

“All compensation must be approved by the president.”

Form 990, Part VI, Section C, Line 19

“The organization does not make its governing documents, conflict of interest policy or financial statements available to the public.”

PART VII: OFFICERS,DIRECTORS,TRUSTEES,KEY EMPLOYEES AND HIGHEST COMPENSATED

“Connecticut united for research excellence, inc.(cure), a 501(c)(3) organization, is the sole manager of cure innovations, llc. The directors listed are the directors of cure. Director stan choy's compensation reported from a related organization in part vii represents compensation for membership and business development services provided to connecticut united for research excellenece. The average hours worked as reported for stan choy represents his service as a director only for this organization.”

Filing and Contact Details

Filer

Filer Name
Cure Innovations LLC
EIN
46-3840398
Phone
2034702720
Address
760 CHAPEL STREET THE GROVE, NEW HAVEN, CT 06510

Signing Officer

Name
Dawn Hocevar President CEO
Title
President & CEO
Phone
2034702720
Signed
2017-11-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dawn Hocevar
Formed
2013
Legal Domicile
Ct
Voting Board Members
18
Independent Board Members
16
Employees
1
Volunteers
0

Preparer

Firm
BLUM SHAPIRO & COMPANY PC CPA'S
Address
29 S MAIN STREET PO BOX 272000, WEST HARTFORD, CT 06127-2000
Preparer
Lori Budnick
Phone
8605614000
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IRS990/Form990PartVIISectionAGrp/TitleTxt0CO-CHAIR - CURE
IRS990/Form990PartVIISectionAGrp/TitleTxt1CO-CHAIR/TREASURER - CURE
IRS990/Form990PartVIISectionAGrp/TitleTxt2SECRETARY - CURE
IRS990/Form990PartVIISectionAGrp/TitleTxt3PRESIDENT/CEO -CURE
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR - CURE
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR - CURE
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR - CURE
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR - CURE
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR - CURE
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR - CURE
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR - CURE
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR - CURE
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR - CURE
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR - CURE
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR - CURE
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR - CURE
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR - CURE
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR - CURE
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IRS990/MinutesOfCommitteesInd00
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IRS990/MissionDesc0TO PROVIDE A RESEARCH INCUBATOR FACILITY, INCLUDING EDUCATIONAL PROGRAMMING TO ENTREPENEURS, FOR FLEDGLING BIOMEDICAL AND TECHNOLOGY COMPANIES.
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IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt01169
IRS990/OfficeExpensesGrp/ProgramServicesAmt010518
IRS990/OfficeExpensesGrp/TotalAmt011687
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IRS990/OperateHospitalInd00
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IRS990/OrganizationFollowsSFAS117Ind0X
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IRS990/OtherExpensesGrp/Desc0FEES AMD DUES
IRS990/OtherExpensesGrp/Desc1STATE INCOME TAX
IRS990/OtherExpensesGrp/Desc2CREDIT CARD FEES
IRS990/OtherExpensesGrp/Desc3BANK SERVICE CHARGES
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IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt0721
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION HAS DELEGATED CONTROL OF THE DAILY ACCOUNTING FUNCTION TO PREMIER ACCOUNTING GROUP.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1CONNECTICUT UNITED FOR RESEARCH EXCELLENCE, INC. (CURE) IS THE SOLE MEMBER OF CURE INNOVATIONS, LLC. DUE TO THIS RELATIONSHIP, THE GOVERNING BODY OF CURE IS IDENTIFID AS THE GOVERNING BODY OF CURE INNOVATIONS, LLC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2CONNECTICUT UNITED FOR RESEARCH EXCELLENCE, INC. (CURE) IS THE SOLE MEMBER OF CURE INNOVATIONS, LLC. DUE TO THIS RELATIONSHIP, THE GOVERNING BODY OF CURE IS IDENTIFID AS THE GOVERNING BODY OF CURE INNOVATIONS, LLC. ALL GOVERNANCE DECISIONS ARE MADE BY THE MEMBER.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION DOES NOT HAVE COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE FORM 990 IS REVIEWED AND APPROVED BY MANAGEMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE CO-CHAIRS AND PRESIDENT MONITOR COMPLIANCE WITH THE POLICY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6ALL COMPENSATION MUST BE APPROVED BY THE PRESIDENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7THE ORGANIZATION DOES NOT MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY OR FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8CONNECTICUT UNITED FOR RESEARCH EXCELLENCE, INC.(CURE), A 501(C)(3) ORGANIZATION, IS THE SOLE MANAGER OF CURE INNOVATIONS, LLC. THE DIRECTORS LISTED ARE THE DIRECTORS OF CURE. DIRECTOR STAN CHOY'S COMPENSATION REPORTED FROM A RELATED ORGANIZATION IN PART VII REPRESENTS COMPENSATION FOR MEMBERSHIP AND BUSINESS DEVELOPMENT SERVICES PROVIDED TO CONNECTICUT UNITED FOR RESEARCH EXCELLENECE. THE AVERAGE HOURS WORKED AS REPORTED FOR STAN CHOY REPRESENTS HIS SERVICE AS A DIRECTOR ONLY FOR THIS ORGANIZATION.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION A, LINE 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION A, LINE 8B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION B, LINE 11B

Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,787,728
Liabilities
$682,080
Net assets
$4,105,648
Revenue
$719,024
Expenses
$435,238
Net income
$283,786
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$4.43$1.14$3.29$0.42$0.61$0.19
2023Detailed filing. Detailed filing data is available for this year.$4.51$1.04$3.48$0.44$0.56$0.13
2022Detailed filing. Detailed filing data is available for this year.$4.61$1.01$3.60$0.31$0.53$0.22
2021Detailed filing. Detailed filing data is available for this year.$4.82$1.00$3.82$0.35$0.48$0.13
2020Detailed filing. Detailed filing data is available for this year.$4.88$0.94$3.95$0.37$0.43$0.07
2019Detailed filing. Detailed filing data is available for this year.$4.70$0.69$4.01$0.31$0.35$0.04
2018Detailed filing. Detailed filing data is available for this year.$4.70$0.64$4.06$0.34$0.39$0.05
2017Detailed filing. Detailed filing data is available for this year.$4.79$0.68$4.11$0.72$0.44$0.28
2016Summary only. Only limited summary data is available for this year.$4.13$0.30$3.82$3.07$0.30$2.77