Northwest Connecticut Community Foundation Inc
- Assets
- $136.1m
- Revenue
- $10.0m
- Investments
- $120.0k
- Employees
- 0
- Location
- Torrington, CT
- Founding
- 02/2000
- Data as of
- 12/2021
- EIN
- 06-1565733
Organization Overview
Northwest Connecticut Community Foundation Inc is located in Torrington, CT. The organization was established in 2000. According to its NTEE Classification (T31) the organization is classified as: Community Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Northwest Connecticut Community Foundation Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Northwest Connecticut Community Foundation Inc generated $10.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.6% each year. All expenses for the organization totaled $6.3m during the year ending 12/2021. While expenses have increased by 6.2% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Northwest Connecticut Community Foundation Inc has awarded 435 individual grants totaling $22,849,324. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO ENRICH THE QUALITY OF LIFE FOR RESIDENTS OF NORTHWEST CONNECTICUT BY INSPIRING LOCAL PHILANTHROPY, CONVENING STAKEHOLDERS IN COMMUNITY WELFARE, STRENGTHENING THE REGIONAL NONPROFITS NETWORK AND FOSTERING COLLABORATIVE FUNDING PARTNERSHIPS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INCOME AND APPRECIATION FROM INVESTMENTS, BASED ON A TOTAL RETURN APPROACH, IS DISTRIBUTED IN THE FORM OF GRANTS AND SCHOLARSHIPS ANNUALLY TO QUALIFIED PUBLIC CHARITIES AND STUDENTS AS CHOSEN BY THE FOUNDATION'S BOARD OF DIRECTORS. IN 2021, GRANTS IN THE AMOUNT OF $4,126,019 WERE AWARDED AND FINANCIAL ASSISTANCE IN THE FORM OF SCHOLARSHIPS WAS PROVIDED IN THE AMOUNT OF $210,525.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
F Robert Petricone 2nd Vice Chair | OfficerTrustee | 2 | $0 |
Jim Blackketter Secretary | OfficerTrustee | 2 | $0 |
Don Mayland Treasurer | OfficerTrustee | 2 | $0 |
Adrian Selby 1st Vice Chair | OfficerTrustee | 2 | $0 |
Anne Sutherland Fuchs Chairman | OfficerTrustee | 2 | $0 |
Guy Rovezzi President | Officer | 35 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,797,235 |
| Noncash contributions included in lines 1a–1f | $2,307,807 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,797,235 |
| Total Program Service Revenue | $0 |
| Investment income | $2,980,572 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,943,563 |
| Net Income from Fundraising Events | $790 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,989,668 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $4,126,019 |
| Grants and other assistance to domestic individuals. | $210,525 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $230,401 |
| Compensation of current officers, directors, key employees. | $80,113 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $607,905 |
| Pension plan accruals and contributions | $18,924 |
| Other employee benefits | $82,433 |
| Payroll taxes | $56,904 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $701,920 |
| Fees for services: Other | $28,796 |
| Advertising and promotion | $38,759 |
| Office expenses | $15,609 |
| Information technology | $52,756 |
| Royalties | $0 |
| Occupancy | $60,484 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $75 |
| Interest | $1,833 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $14,420 |
| Insurance | $9,617 |
| All other expenses | $13,285 |
| Total functional expenses | $6,347,974 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $20 |
| Savings and temporary cash investments | $2,905,217 |
| Pledges and grants receivable | $230,758 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $50,000 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $18,669 |
| Net Land, buildings, and equipment | $121,150 |
| Investments—publicly traded securities | $6,598,597 |
| Investments—other securities | $120,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $126,092,788 |
| Total assets | $136,137,199 |
| Accounts payable and accrued expenses | $9,132 |
| Grants payable | $3,143,420 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $1,940 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $24,697,917 |
| Total liabilities | $27,852,409 |
| Net assets without donor restrictions | $107,162,056 |
| Net assets with donor restrictions | $1,122,734 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $136,137,199 |
Grants Awarded
Over the last fiscal year, Northwest Connecticut Community Foundation Inc has awarded $3,553,482 in support to 86 organizations.
| Grant Recipient | Amount |
|---|---|
Storrs, CT PURPOSE: General Support and Scholarships | $233,600 |
Torrington, CT PURPOSE: Support Bilingual Comm. Hlth Assoc | $221,600 |
West Cornwall, CT PURPOSE: General Support | $210,395 |
Torrington, CT PURPOSE: General Support | $176,250 |
Torrington, CT PURPOSE: General and Program Support | $162,549 |
Falls Village, CT PURPOSE: General Support | $140,800 |
Grants Recieved
Over the last fiscal year, we have identified 13 grants that Northwest Connecticut Community Foundation Inc has recieved totaling $450,939.
| Awarding Organization | Amount |
|---|---|
Melva Bucksbaum Family Foundation Chicago, IL PURPOSE: ALL CONTRIBUTIONS MADE FOR THE INTENT ESTABLISHED BY THE VARIOUS CHARITIES | $250,000 |
Connecticut Community Foundation Inc Waterbury, CT PURPOSE: SUE STRISIK GROSSMAN FUND BALANCE TRANSFER | $86,954 |
The Northwest Connecticut Community Foundation Trust Torrington, CT PURPOSE: General operating support | $60,134 |
Schwab Charitable Fund San Francisco, CA PURPOSE: PUBLIC, SOCIETAL BENEFIT | $26,400 |
Organization Name not Listed PURPOSE: ENDOWMENT FUND FOR IMPROVING THE WELFARE OF THE GREATER NORTHWEST CONNECTICUT COMMUNITY IN SERVING CHARITABLE, SCIENTIFIC OR EDUCATIONAL PURPOSES FOR THE BETTERMENT OF THE GREATER NEW ENGLAND REGION | | $20,000 |
Mullins Family Foundation Nashville, TN PURPOSE: UNRESTRICTED GIFT | $2,000 |
Endowment Analysis
| Beg. Balance | $117,672,254 |
| Earnings | $12,861,991 |
| Admin Expense | $893,774 |
| Net Contributions | $4,899,389 |
| Grants | $4,659,290 |
| Ending Balance | $129,880,570 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Community Foundation Of Western Massachusetts Springfield, MA | $263,677,089 | $50,890,910 |
Essex County Community Foundation Incorporated Danvers, MA | $116,029,343 | $28,414,247 |
Community Foundations Of The Hudson Valley Poughkeepsie, NY | $96,104,226 | $20,607,422 |
The Berkshire Taconic Community Foundation Inc Sheffield, MA | $235,546,714 | $26,961,716 |
Greater Worcester Community Foundation Inc Worcester, MA | $200,476,252 | $22,847,423 |
Community Foundation Of Herkimer And Oneida Counties Inc Utica, NY | $207,402,752 | $30,922,448 |
Community Foundation Of Eastern Connecticut New London, CT | $123,416,332 | $10,480,728 |
Southcoast Community Foundation Inc New Bedford, MA | $53,147,669 | $13,725,688 |
The Community Foundation For The Greater Capital Region Inc Albany, NY | $120,227,075 | $24,885,752 |
Connecticut Community Foundation Inc Waterbury, CT | $154,014,275 | $11,174,882 |
Adirondack Foundation Lake Placid, NY | $81,334,603 | $18,009,853 |
New York City Partnership Foundation Inc New York, NY | $45,208,462 | $5,342,641 |