Civic Intelligence

Cure Innovations LLC

990 • Fiscal year 2020 • EIN 46-3840398

Jul 01, 2019 to Jun 30, 2020 • Filed on May 05, 2021

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

61st percentile

0.19x

Higher debt load relative to assets than 61% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Liabilities / Revenue

92nd percentile

2.55x

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

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Net Margin

16th percentile

-19%

Higher net margin than 16% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Top Officer Pay

82nd percentile

$140,000

Higher top officer pay than 82% of similar nonprofits.

Top officer pay equals 38.2% of source-year revenue.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Asset Growth

45th percentile

3.8%

Faster asset growth than 45% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Revenue Growth

74th percentile

19%

Faster revenue growth than 74% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets61st percentile

Assets

Up

$4,881,311

Up $178,209 (+3.8%) from 2019

Net Assets

Down

$3,946,037

Down $68,123 (-1.7%) from 2019

Liabilities

Up

$935,274

Up $246,332 (+36%) from 2019

Revenue And Expenses
Liabilities / Revenue92nd percentileNet Margin16th percentile

Revenue

Up

$366,769

Up $59,117 (+19%) from 2019

Expenses

Up

$434,892

Up $83,003 (+24%) from 2019

Net Income

Down

-$68,123

Down $23,886 (-54%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth45th 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

2020

Assets$4,881,311
Liabilities$935,274
Net Assets$3,946,037
Open 2020 Filing

Operations Trend

Revenue Growth74th 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

2020

Revenue$366,769
Expenses$434,892
Net Income-$68,123
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
May 5, 2021
Return Version
2019v5.1
Gross Receipts
$509,221
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$4,298,454$4,361,257▲ $62,803
Cash and Non-Interest-Bearing Accounts$391,222$508,180▲ $116,958
Accounts Receivable$1,569$8,094▲ $6,525
Prepaid Expenses and Deferred Charges$11,857$3,780▼ $8,077
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$4,703,102$4,881,311▲ $178,209
Other Assets Total$0$0→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$642,498$842,322▲ $199,824
Accounts Payable and Accrued Expenses$20,844$62,692▲ $41,848
Other Liabilities$19,890$18,705▼ $1,185
Deferred Revenue$5,710$11,555▲ $5,845
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$688,942$935,274▲ $246,332
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$4,014,160$3,946,037▼ $68,123
Net Assets With Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$4,014,160$3,946,037▼ $68,123
Total Liabilities and Net Assets / Fund Balance$4,703,102$4,881,311▲ $178,209

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$3,613,020$451,701$4,064,721
Buildings$520,000-$520,000
Equipment$98,237$67,761$165,998
Land$130,000-$130,000
Compensation and Service Providers
Top Officer Pay82nd percentile

Employees

NameTitleFull / Part TimeOtherTotal
Dawn HocevarPresident & CEOFT$140,000$140,000
Stanley ChoyCo-Chair and Treasurer-$38,500$38,500

Board Members and Trustees

NameTitle
Peter FarinaCo-Chair
Carine BoustanyDirector
David ScheerDirector
Eleanor TandlerDirector
Elizabeth SullivanDirector
Erika SmithDirector
J Dormer StephenDirector
John BurkhardtDirector
John HoustonDirector
Megan RosengartenDirector
Mostafa AnalouiDirector
Richard JacobDirector
Robert BettigoleDirector
Todd ArnoldDirector
Paul HughesSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$12,000
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$354,769
All Other Contributions
$12,000
Change in Net Assets
$-68,123
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$267,076
Salaries, Compensation, and Employee Benefits$167,816
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$140,500$4,500-$145,000
Depreciation Depletion$125,560$6,608-$132,168
Other Expenses$51,344$2,702-$54,046
Interest$27,639$1,455-$29,094
Fees for Services Accounting$18,620$980-$19,600
Other Employee Benefits$14,500$763-$15,263
Insurance$11,757$619-$12,376
Office Expenses$7,917$406-$8,323
Payroll Taxes$7,194$359-$7,553
Information Technology$6,354$334-$6,688
Advertising$3,202$168-$3,370
Fees for Services Other$1,340$71-$1,411
Total Functional Expenses$415,927$18,965$0$434,892
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$18,705
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 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
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 CliftonLarsonAllen (previously 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
2021-05-05
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dawn Hocevar
Formed
2013
Legal Domicile
Ct
Voting Board Members
17
Independent Board Members
15
Employees
1

Preparer

Firm
Fiondella Milone & LaSaracina LLP
Address
300 Winding Brook Drive, Glastonbury, CT 06033
Preparer
Amber D Tucker Director
Phone
8606573651
Supplemental Narrative

Financial Statement Notes

FIN 48 (ASC 740) Disclosure

“The Organization has received an exemption from the Internal Revenue Service (IRS) from federal income taxes under Section 501(c)(3) of the Internal Revenue Code. The Organization is required to make the appropriate tax payments on any income considered unrelated to its exempt purpose. Management of the Organization evaluates all significant tax positions required by GAAP. At June 30, 2020, management stated it does not have any tax position that would require the recording of any additional tax liability nor does it have any unrealized tax benefits that would either increase of decrease within the next twelve months. The Organizations income tax returns are subject to examination by the appropriate taxing jurisdictions. As of June 30, 2020, the Organizations federal and state tax returns generally remain open for examination for three years from the date filed.”

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IRS990/Form990PartVIISectionAGrp/PersonNm0Dawn Hocevar
IRS990/Form990PartVIISectionAGrp/PersonNm1Stanley Choy
IRS990/Form990PartVIISectionAGrp/PersonNm2Peter Farina
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IRS990/Form990PartVIISectionAGrp/PersonNm4Todd Arnold
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IRS990/Form990PartVIISectionAGrp/TitleTxt0President & CEO
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IRS990/Form990PartVIISectionAGrp/TitleTxt12Director
IRS990/Form990PartVIISectionAGrp/TitleTxt13Director
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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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IRS990ScheduleA/First5Years170Ind0X

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,881,311
Liabilities
$935,274
Net assets
$3,946,037
Revenue
$366,769
Expenses
$434,892
Net income
-$68,123
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