Civic Intelligence

Cure Innovations LLC

990 • Fiscal year 2023 • EIN 46-3840398

Jul 01, 2022 to Jun 30, 2023 • Filed on Apr 03, 2024

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

0.23x

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

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

93rd percentile

2.37x

Higher debt load relative to revenue than 93% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Net Margin

12th percentile

-29%

Higher net margin than 12% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

84th percentile

$155,000

Higher top officer pay than 84% of similar nonprofits.

Top officer pay equals 35.4% of source-year revenue.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Asset Growth

29th percentile

-2.1%

Faster asset growth than 29% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

80th percentile

40%

Faster revenue growth than 80% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets70th percentile

Assets

Down

$4,513,049

Down $97,452 (-2.1%) from 2022

Net Assets

Down

$3,476,995

Down $125,866 (-3.5%) from 2022

Liabilities

Up

$1,036,054

Up $28,414 (+2.8%) from 2022

Revenue And Expenses
Liabilities / Revenue93rd percentileNet Margin12th percentile

Revenue

Up

$437,421

Up $124,916 (+40%) from 2022

Expenses

Up

$563,287

Up $34,612 (+6.5%) from 2022

Net Income

Up

-$125,866

Up $90,304 (+42%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth29th 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

2023

Assets$4,513,049
Liabilities$1,036,054
Net Assets$3,476,995
Open 2023 Filing

Operations Trend

Revenue Growth80th 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

2023

Revenue$437,421
Expenses$563,287
Net Income-$125,866
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Apr 3, 2024
Return Version
2022v5.0
Gross Receipts
$589,041
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$4,184,061$4,055,792▼ $128,269
Cash and Non-Interest-Bearing Accounts$408,485$435,259▲ $26,774
Accounts Receivable$7,130$19,971▲ $12,841
Prepaid Expenses and Deferred Charges$10,825$2,027▼ $8,798
Total Assets$4,610,501$4,513,049▼ $97,452
Liabilities
Mortgage Notes Payable Secured by Investment Property$937,699$901,168▼ $36,531
Accounts Payable and Accrued Expenses$28,111$82,013▲ $53,902
Other Liabilities$18,392$32,362▲ $13,970
Deferred Revenue$23,438$20,511▼ $2,927
Total Liabilities$1,007,640$1,036,054▲ $28,414
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$3,602,861$3,476,995▼ $125,866
Total Net Assets Fund Balance$3,602,861$3,476,995▼ $125,866
Total Liabilities and Net Assets / Fund Balance$4,610,501$4,513,049▼ $97,452

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$520,000--
Land$130,000--
Equipment$50,745$117,353-
Leasehold Improvements$3,355,047$821,347-
Compensation and Service Providers
Top Officer Pay84th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dawn HocevarPresident &PT-$155,000$155,000
Kimberly NashOperating DiFT$100,001-$100,001
Stanley ChoyChair & Trea--$38,500$38,500

Board Members and Trustees

NameTitle
Dawn HocevarPresident & CEO
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
$437,421
Change in Net Assets
$-125,866
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$380,506
Salaries, Compensation, and Employee Benefits$182,781
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$137,206$7,222-$144,428
Other Expenses$72,159$3,608-$75,767
Occupancy$55,979$11,117-$67,096
Interest$49,023$2,580-$51,603
Other Employee Benefits$18,747$987-$19,734
Fees for Services Accounting$17,858$940-$18,798
Office Expenses$9,846$435-$10,281
Payroll Taxes$7,641$406-$8,047
Information Technology$7,098$374-$7,472
Advertising$4,425$233-$4,658
Conferences and Meetings$308$16-$324
Fees for Services Other-$79-$79
Total Functional Expenses$527,540$35,747$0$563,287
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$32,362
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
2024-04-03
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, 2023, 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, 2023, the organization's federal and state tax returns generally remain open for examination for three years from the date filed.”

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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/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16OPERATING DI
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IRS990/MissionDesc0THE ORGANIZATION WAS FORMED TO MANAGE CURE INNOVATION COMMONS, AN INCUBATOR FOR BIOSCIENCE AND OTHER TECHNOLOGIES.
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IRS990/Organization501c3Ind0X
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IRS990/OtherEmployeeBenefitsGrp/TotalAmt019734
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IRS990/OtherRevenueMiscGrp/BusinessCd0999999
IRS990/OtherRevenueMiscGrp/Desc0OTHER REVENUE
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IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt07750
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0147250
IRS990/OtherSalariesAndWagesGrp/TotalAmt0155000
IRS990/PartialLiquidationInd0false
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt0406
IRS990/PayrollTaxesGrp/ProgramServicesAmt07641
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IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt010825
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt02027
IRS990/PrincipalOfficerNm0STANLEY CHOY
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IRS990/PYOtherRevenueAmt0312505
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IRS990/ReportLandBuildingEquipmentInd0true
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IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt012000
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IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt0350361
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt0352053
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IRS990ScheduleD/EquipmentGrp/BookValueAmt050745
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0117353
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IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt03355047
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt0821347
IRS990ScheduleD/LeaseholdImprovementsGrp/InvestmentCostOrOtherBasisAmt04176394
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt032362
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0SECURITY RENT DEPOSITS
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, 2023, 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, 2023, 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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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0DAWN HOCEVAR
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRESIDENT & CEO
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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
IRS990ScheduleR/AssetExchangeInd0false
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd0false

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,513,049
Liabilities
$1,036,054
Net assets
$3,476,995
Revenue
$437,421
Expenses
$563,287
Net income
-$125,866
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