Civic Intelligence

Cure Innovations LLC

990 • Fiscal year 2019 • EIN 46-3840398

Jul 01, 2018 to Jun 30, 2019 • Filed on Jul 08, 2020

Organization ProfileCURECOMMONS.ORG
93 Shennecossett RdGroton, CT 06340

(203) 470-2720

Siviq Scores

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

Liabilities / Assets

60th percentile

0.15x

Higher debt load relative to assets than 60% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Liabilities / Revenue

92nd percentile

2.24x

Higher debt load relative to revenue than 92% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Net Margin

17th percentile

-14%

Higher net margin than 17% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Top Officer Pay

78th percentile

$125,000

Higher top officer pay than 78% of similar nonprofits.

Top officer pay equals 40.6% of source-year revenue.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Asset Growth

39th percentile

0.0%

Faster asset growth than 39% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Revenue Growth

21st percentile

-11%

Faster revenue growth than 21% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets60th percentile

Assets

Up

$4,703,102

Up $2,291 (+0.0%) from 2018

Net Assets

Down

$4,014,160

Down $44,237 (-1.1%) from 2018

Liabilities

Up

$688,942

Up $46,528 (+7.2%) from 2018

Revenue And Expenses
Liabilities / Revenue92nd percentileNet Margin17th percentile

Revenue

Down

$307,652

Down $37,036 (-11%) from 2018

Expenses

Down

$351,889

Down $40,050 (-10%) from 2018

Net Income

Up

-$44,237

Up $3,014 (+6.4%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth39th 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

2019

Assets$4,703,102
Liabilities$688,942
Net Assets$4,014,160
Open 2019 Filing

Operations Trend

Revenue Growth21st 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

2019

Revenue$307,652
Expenses$351,889
Net Income-$44,237
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Jul 8, 2020
Return Version
2018v3.3
Gross Receipts
$440,015
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$4,428,456$4,298,454▼ $130,002
Cash and Non-Interest-Bearing Accounts$261,265$391,222▲ $129,957
Prepaid Expenses and Deferred Charges$2,027$11,857▲ $9,830
Accounts Receivable$9,063$1,569▼ $7,494
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$4,700,811$4,703,102▲ $2,291
Other Assets Total$0$0→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$612,710$642,498▲ $29,788
Accounts Payable and Accrued Expenses$12,974$20,844▲ $7,870
Other Liabilities$13,943$19,890▲ $5,947
Deferred Revenue$2,787$5,710▲ $2,923
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$642,414$688,942▲ $46,528
Net Assets / Fund Balance
Unrestricted Net Assets$4,058,397$4,014,160▼ $44,237
Permanently Rstr Net Assets$0$0→ $0
Temporarily Rstr Net Assets$0$0→ $0
Total Net Assets Fund Balance$4,058,397$4,014,160▼ $44,237
Total Liabilities and Net Assets / Fund Balance$4,700,811$4,703,102▲ $2,291

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$3,532,792$337,732$3,870,524
Buildings$520,000-$520,000
Equipment$115,662$50,336$165,998
Land$130,000-$130,000
Compensation and Service Providers
Top Officer Pay78th percentile

Employees

NameTitleFull / Part TimeOtherTotal
Dawn HocevarPresident & CEO-hiredFT$125,000$125,000
Stanley ChoyCo-Chair and Treasurer-$38,500$38,500

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
$0
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$307,652
Change in Net Assets
$-44,237
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$236,781
Salaries, Compensation, and Employee Benefits$115,108
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$130,738$38-$130,776
Other Salaries and Wages$90,250$4,750-$95,000
Interest$29,014--$29,014
Fees for Services Accounting$18,519$688-$19,207
Other Employee Benefits$11,927$628-$12,555
Office Expenses$8,678--$8,678
Payroll Taxes$7,195$358-$7,553
Information Technology$6,611--$6,611
Advertising$2,920$154-$3,074
Fees for Services Other$1,229--$1,229
Other Expenses$504$11-$504
Total Functional Expenses$345,262$6,627$0$351,889
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$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$19,890
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
93 Shennecossett Rd, Groton, CT 06340

Signing Officer

Name
Dawn Hocevar
Title
President & CEO
Signed
2020-07-08
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
Dana Litwinka Director
Phone
8606573651
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IRS990/Form990PartVIISectionAGrp/TitleTxt3Director
IRS990/Form990PartVIISectionAGrp/TitleTxt4Director
IRS990/Form990PartVIISectionAGrp/TitleTxt5Director
IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
IRS990/Form990PartVIISectionAGrp/TitleTxt8Director
IRS990/Form990PartVIISectionAGrp/TitleTxt9Director
IRS990/Form990PartVIISectionAGrp/TitleTxt10Director
IRS990/Form990PartVIISectionAGrp/TitleTxt11Director
IRS990/Form990PartVIISectionAGrp/TitleTxt12Director
IRS990/Form990PartVIISectionAGrp/TitleTxt13Director
IRS990/Form990PartVIISectionAGrp/TitleTxt14President & CEO-hired
IRS990/Form990PartVIISectionAGrp/TitleTxt15Co-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/ReportLandBuildingEquipmentInd0true
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IRS990/ReportOtherLiabilitiesInd0true
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Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,703,102
Liabilities
$688,942
Net assets
$4,014,160
Revenue
$307,652
Expenses
$351,889
Net income
-$44,237
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