Civic Intelligence

Cure Innovations LLC

990 • Fiscal year 2022 • EIN 46-3840398

Jul 01, 2021 to Jun 30, 2022 • Filed on May 15, 2023

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

70th percentile

0.22x

Higher debt load relative to assets than 70% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

94th percentile

3.22x

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

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Net Margin

5th percentile

-69%

Higher net margin than 5% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

80th percentile

$131,997

Higher top officer pay than 80% of similar nonprofits.

Top officer pay equals 42.2% of source-year revenue.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Asset Growth

31st percentile

-4.4%

Faster asset growth than 31% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

26th percentile

-11%

Faster revenue growth than 26% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets70th percentile

Assets

Down

$4,610,501

Down $212,824 (-4.4%) from 2021

Net Assets

Down

$3,602,861

Down $216,170 (-5.7%) from 2021

Liabilities

Up

$1,007,640

Up $3,346 (+0.3%) from 2021

Revenue And Expenses
Liabilities / Revenue94th percentileNet Margin5th percentile

Revenue

Down

$312,505

Down $40,356 (-11%) from 2021

Expenses

Up

$528,675

Up $48,808 (+10%) from 2021

Net Income

Down

-$216,170

Down $89,164 (-70%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth31st 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

2022

Assets$4,610,501
Liabilities$1,007,640
Net Assets$3,602,861
Open 2022 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

2022

Revenue$312,505
Expenses$528,675
Net Income-$216,170
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
May 15, 2023
Return Version
2021v4.0
Gross Receipts
$471,926
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$4,325,363$4,184,061▼ $141,302
Cash and Non-Interest-Bearing Accounts$493,730$408,485▼ $85,245
Prepaid Expenses and Deferred Charges$240$10,825▲ $10,585
Accounts Receivable$3,992$7,130▲ $3,138
Total Assets$4,823,325$4,610,501▼ $212,824
Liabilities
Mortgage Notes Payable Secured by Investment Property$972,165$937,699▼ $34,466
Accounts Payable and Accrued Expenses$4,252$28,111▲ $23,859
Deferred Revenue$4,438$23,438▲ $19,000
Other Liabilities$23,439$18,392▼ $5,047
Total Liabilities$1,004,294$1,007,640▲ $3,346
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$3,819,031$3,602,861▼ $216,170
Total Net Assets Fund Balance$3,819,031$3,602,861▼ $216,170
Total Liabilities and Net Assets / Fund Balance$4,823,325$4,610,501▼ $212,824

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$3,467,331$693,678$4,161,009
Buildings$520,000-$520,000
Equipment$66,730$101,368$168,098
Land$130,000-$130,000
Compensation and Service Providers
Top Officer Pay80th percentile

Employees

NameTitleFull / Part TimeOtherTotal
Dawn HocevarPresident &PT$131,997$131,997
Stanley ChoyChair & Trea-$38,500$38,500

Board Members and Trustees

NameTitle
Abhijit BanerjeeDirector
Cynthia D GreenDirector
David I ScheerDirector
Eleanore SeibertDirector
Erika SmithDirector
J Dormer StephenDirector
Jackie SchumacherDirector
John G HoustonDirector
Josh GeballeDirector
Kaile ZaggerDirector
Mostafa AnalouiDirector
Raja MangipudyDirector
Robert BettigoleDirector
Paul HughesSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$312,505
Change in Net Assets
$-216,170
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$346,657
Salaries, Compensation, and Employee Benefits$182,018
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$147,250$7,750-$155,000
Depreciation Depletion$136,968$7,209-$144,177
Other Expenses$57,286--$57,286
Interest$50,986$2,683-$53,669
Office Expenses$51,002$319-$51,321
Other Employee Benefits$17,765$935-$18,700
Fees for Services Other$16,098$847-$16,945
Information Technology$11,378$603-$11,981
Payroll Taxes$7,827$491-$8,318
Fees for Services Accounting$6,698$352-$7,050
Advertising$4,010$218-$4,228
Total Functional Expenses$507,268$21,407$0$528,675
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$18,392
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, Page 6, Part VI, Line 3

“The organization has delegated control of the daily accounting function to cliftonlarsonallen (previously blum shapiro).”

Form 990, Page 6, Part VI, Line 6

“The organization with members or shockholders.”

Form 990, Page 6, Part VI, Line 7A

“Connecticut united for research excellence, inc (cure) is the sole member of cure innovations, llc.”

Form 990, Page 6, Part VI, 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, Page 6, Part VI, Line 8B

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

Form 990, Page 6, Part VI, Line 11B

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

Form 990, Page 6, Part VI, Line 12C

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

Form 990, Page 6, Part VI, 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 hocevar's 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
Phone
2034702720
Address
93 SHENNECOSSETT RD, GROTON, CT 06340

Signing Officer

Name
Stanley Choy
Title
Chair & Treasurer
Phone
2034702720
Signed
2023-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Stanley Choy
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 DR STE 1, GLASTONBURY, CT 06033
Preparer
Amber D Tucker
Phone
8606573651
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 3, Part X

“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, 2022, 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, 2022, the organization's federal and state tax returns generally remain open for examination for three years from the date filed.”

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE 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, 2022, 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, 2022, THE ORGANIZATION'S FEDERAL AND STATE TAX RETURNS GENERALLY REMAIN OPEN FOR EXAMINATION FOR THREE YEARS FROM THE DATE FILED.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION HAS DELEGATED CONTROL OF THE DAILY ACCOUNTING FUNCTION TO CLIFTONLARSONALLEN (PREVIOUSLY BLUM SHAPIRO).
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION WITH MEMBERS OR SHOCKHOLDERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2CONNECTICUT UNITED FOR RESEARCH EXCELLENCE, INC (CURE) IS THE SOLE MEMBER OF CURE INNOVATIONS, LLC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3CONNECTICUT 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.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATION DOES NOT HAVE COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE FORM 990 IS REVIEWED AND APPROVED BY MANAGEMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE CO-CHAIRS AND PRESIDENT MONITOR COMPLIANCE WITH THE POLICY.
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 DAWN HOCEVAR'S 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.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 8B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8FORM 990, PART VII
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Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,610,501
Liabilities
$1,007,640
Net assets
$3,602,861
Revenue
$312,505
Expenses
$528,675
Net income
-$216,170
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