Civic Intelligence

Cure Innovations LLC

990 • Fiscal year 2021 • EIN 46-3840398

Jul 01, 2020 to Jun 30, 2021 • Filed on May 10, 2022

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

68th percentile

0.21x

Higher debt load relative to assets than 68% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

94th percentile

2.85x

Higher debt load relative to revenue than 94% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Net Margin

7th percentile

-36%

Higher net margin than 7% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

84th percentile

$146,059

Higher top officer pay than 84% of similar nonprofits.

Top officer pay equals 41.4% of source-year revenue.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Asset Growth

23rd percentile

-1.2%

Faster asset growth than 23% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

26th percentile

-3.8%

Faster revenue growth than 26% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets68th percentile

Assets

Down

$4,823,325

Down $57,986 (-1.2%) from 2020

Net Assets

Down

$3,819,031

Down $127,006 (-3.2%) from 2020

Liabilities

Up

$1,004,294

Up $69,020 (+7.4%) from 2020

Revenue And Expenses
Liabilities / Revenue94th percentileNet Margin7th percentile

Revenue

Down

$352,861

Down $13,908 (-3.8%) from 2020

Expenses

Up

$479,867

Up $44,975 (+10%) from 2020

Net Income

Down

-$127,006

Down $58,883 (-86%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth23rd 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

2021

Assets$4,823,325
Liabilities$1,004,294
Net Assets$3,819,031
Open 2021 Filing

Operations Trend

Revenue Growth26th 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

2021

Revenue$352,861
Expenses$479,867
Net Income-$127,006
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
May 10, 2022
Return Version
2020v4.1
Gross Receipts
$503,431
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$4,361,257$4,325,363▼ $35,894
Cash and Non-Interest-Bearing Accounts$508,180$493,730▼ $14,450
Accounts Receivable$8,094$3,992▼ $4,102
Prepaid Expenses and Deferred Charges$3,780$240▼ $3,540
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$4,881,311$4,823,325▼ $57,986
Other Assets Total$0$0→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$842,322$972,165▲ $129,843
Other Liabilities$18,705$23,439▲ $4,734
Deferred Revenue$11,555$4,438▼ $7,117
Accounts Payable and Accrued Expenses$62,692$4,252▼ $58,440
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$935,274$1,004,294▲ $69,020
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$3,946,037$3,819,031▼ $127,006
Net Assets With Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$3,946,037$3,819,031▼ $127,006
Total Liabilities and Net Assets / Fund Balance$4,881,311$4,823,325▼ $57,986

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$3,594,551$566,458$4,161,009
Buildings$520,000-$520,000
Equipment$80,812$85,186$165,998
Land$130,000-$130,000
Compensation and Service Providers
Top Officer Pay84th percentile

Employees

NameTitleFull / Part TimeOtherTotal
Dawn HocevarPresident & CEOPT$146,059$146,059
Stanley ChoyCo-Chair and Treasurer-$38,500$38,500

Board Members and Trustees

NameTitle
Peter FarinaCo-Chair
Cynthia D GreenDirector
David I ScheerDirector
Eleanore SeibertDirector
Elizabeth SullivanDirector
Erika SmithDirector
Isaac RoDirector
J Dormer StephenDirector
Jackie SchumacherDirector
John G HoustonDirector
Megan RosengartenDirector
Mostafa AnalouiDirector
Raja MangipudyDirector
Richard JacobDirector
Robert BettigoleDirector
Paul HughesSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$352,861
Change in Net Assets
$-127,006
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$309,096
Salaries, Compensation, and Employee Benefits$170,771
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$140,250$4,750-$145,000
Depreciation Depletion$126,312$6,643-$132,955
Other Expenses$51,473--$51,473
Interest$43,655$2,298-$45,953
Office Expenses$41,767$375-$42,142
Other Employee Benefits$17,308$910-$18,218
Fees for Services Other$18,053$74-$18,127
Information Technology$9,048$476-$9,524
Payroll Taxes$7,175$378-$7,553
Fees for Services Accounting$4,200$1,100-$5,300
Advertising$3,441$181-$3,622
Total Functional Expenses$462,682$17,185$0$479,867
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$23,439
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
% CLIFTONLARSONALLEN
Phone
2034702720
Address
93 Shennecossett Rd, Groton, CT 06340

Signing Officer

Name
Dawn Hocevar
Title
President & CEO
Phone
2034702720
Signed
2022-05-10
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

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, 2021, 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 Organization's income tax returns are subject to examination by the appropriate taxing jurisdictions. As of June 30, 2021, the Organization's federal and state tax returns generally remain open for examination for three years from the date filed.”

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Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,823,325
Liabilities
$1,004,294
Net assets
$3,819,031
Revenue
$352,861
Expenses
$479,867
Net income
-$127,006
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