Civic Intelligence

Cure Innovations LLC

990 • Fiscal year 2018 • EIN 46-3840398

Jul 01, 2017 to Jun 30, 2018 • Filed on Feb 19, 2019

Organization ProfileCURECOMMONS.ORG
470 James StNew Haven, CT 06513

(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.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Liabilities / Revenue

90th percentile

1.86x

Higher debt load relative to revenue than 90% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Net Margin

17th percentile

-14%

Higher net margin than 17% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Top Officer Pay

63rd percentile

$89,103

Higher top officer pay than 63% of similar nonprofits.

Top officer pay equals 25.9% of source-year revenue.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Asset Growth

38th percentile

-1.8%

Faster asset growth than 38% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Revenue Growth

5th percentile

-52%

Faster revenue growth than 5% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets57th percentile

Assets

Down

$4,700,811

Down $86,917 (-1.8%) from 2017

Net Assets

Down

$4,058,397

Down $47,251 (-1.2%) from 2017

Liabilities

Down

$642,414

Down $39,666 (-5.8%) from 2017

Revenue And Expenses
Liabilities / Revenue90th percentileNet Margin17th percentile

Revenue

Down

$344,688

Down $374,336 (-52%) from 2017

Expenses

Down

$391,939

Down $43,299 (-9.9%) from 2017

Net Income

Down

-$47,251

Down $331,037 (-117%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth38th 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

2018

Assets$4,700,811
Liabilities$642,414
Net Assets$4,058,397
Open 2018 Filing

Operations Trend

Revenue Growth5th 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

2018

Revenue$344,688
Expenses$391,939
Net Income-$47,251
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
Feb 19, 2019
Return Version
2017v2.3
Gross Receipts
$489,603
Mission and Program Overview

Mission

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

The organization was formed to manage CURE Innovation Commons, an incubator for bioscience and other technologies.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$4,571,792$4,428,456▼ $143,336
Cash and Non-Interest-Bearing Accounts$212,281$261,265▲ $48,984
Accounts Receivable$3,655$9,063▲ $5,408
Prepaid Expenses and Deferred Charges$0$2,027▲ $2,027
Savings and Temporary Cash Investments$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$4,787,728$4,700,811▼ $86,917
Other Assets Total$0$0→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$559,790$612,710▲ $52,920
Other Liabilities$10,443$13,943▲ $3,500
Accounts Payable and Accrued Expenses$15,527$12,974▼ $2,553
Deferred Revenue$96,320$2,787▼ $93,533
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$682,080$642,414▼ $39,666
Net Assets / Fund Balance
Unrestricted Net Assets$4,105,648$4,058,397▼ $47,251
Permanently Rstr Net Assets$0$0→ $0
Temporarily Rstr Net Assets$0$0→ $0
Total Net Assets Fund Balance$4,105,648$4,058,397▼ $47,251
Total Liabilities and Net Assets / Fund Balance$4,787,728$4,700,811▼ $86,917

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$3,645,369$225,155$3,870,524
Buildings$520,000-$520,000
Equipment$133,087$32,911$165,998
Land$130,000-$130,000
Compensation and Service Providers
Top Officer Pay63rd percentile

Employees

NameTitleFull / Part TimeOtherTotal
Dawn HocevarPresident & CEO-hired 10/16/17FT$89,103$89,103
Stanley ChoyCo-Chair and Treasurer-$38,500$38,500
Susan FroshauerPresident & CEO-until 10/20/17FT$38,462$38,462

Board Members and Trustees

NameTitle
Peter FarinaCo-Chair
Andrew ZehnerDirector
Anthony SabatelliDirector
David ScheerDirector
Eleanor TandlerDirector
Elizabeth SullivanDirector
Erin DuffyDirector
John BurkhardtDirector
John HoustonDirector
Lawrence WeissDirector
Richard JacobDirector
Robert BettigoleDirector
Todd ArnoldDirector
Frank MarcoSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$208,670
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$136,018
Change in Net Assets
$-47,251
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$283,285
Salaries, Compensation, and Employee Benefits$108,654
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$136,061$8,049-$144,110
Other Salaries and Wages$85,896$4,104-$90,000
Interest$52,146--$52,146
Advertising$35,408$115-$35,523
Fees for Services Accounting$12,163$640-$12,803
Other Employee Benefits$11,547$21-$11,568
Other Expenses$8,701$0-$8,701
Fees for Services Other$8,448$11-$8,459
Insurance$7,832$0$0$7,832
Payroll Taxes$6,928$158-$7,086
Fees for Services Legal$5,169--$5,169
Total Functional Expenses$378,280$13,659$0$391,939
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$11,853
Fundraising Direct Expenses$0
Gaming Direct Expenses$0
Gaming Gross Income$0
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
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Security Rent Deposits$13,943
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 Blum Shapiro.”

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

“Connecticut United for Research Excellence, Inc (CURE) is the sole member 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 identified 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.”

Form 990, Part VII

“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 Dawn Hocevars compensation reported from a related organization in part VII represents compensation for membership and business development services provided to Connecticut United for Research Excellence. The average hours worked as reported for Dawn Hocevar represents her service as a director only for this organization.”

Filing and Contact Details

Filer

Filer Name
CURE Innovations LLC
EIN
46-3840398
In Care Of
% BLUM SHAPIRO
Phone
2034702720
Address
470 James St, New Haven, CT 06513

Signing Officer

Name
Dawn Hocevar
Title
President & CEO
Signed
2019-02-19
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dawn Hocevar
Formed
2013
Legal Domicile
Ct
Voting Board Members
16
Independent Board Members
14
Employees
1

Preparer

Firm
Fiondella Milone & LaSaracina LLP
Address
300 Winding Brook Drive, Glastonbury, CT 06033
Preparer
Lisa LaSaracina Partner
Phone
8606573651
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IRS990/Form990PartVIISectionAGrp/TitleTxt4Director
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IRS990/Form990PartVIISectionAGrp/TitleTxt11Director
IRS990/Form990PartVIISectionAGrp/TitleTxt12Director
IRS990/Form990PartVIISectionAGrp/TitleTxt13Director
IRS990/Form990PartVIISectionAGrp/TitleTxt14President & CEO-until 10/20/17
IRS990/Form990PartVIISectionAGrp/TitleTxt15President & CEO-hired 10/16/17
IRS990/Form990PartVIISectionAGrp/TitleTxt16Co-Chair and Treasurer
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IRS990/MissionDesc0CURE Innovations, LLC (Innovations) was formed to manage CURE Innovation Commons, an incubator for bioscience and other technologies.
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt181
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt216
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt30
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Document Assets

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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,700,811
Liabilities
$642,414
Net assets
$4,058,397
Revenue
$344,688
Expenses
$391,939
Net income
-$47,251
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