Thames River Innovation Places Inc
- Assets
- $126.0k
- Revenue
- $297.9k
- Investments
- $0.0
- Employees
- 1
- Location
- Groton, CT
- Founding
- 05/2019
- Data as of
- 06/2022
- EIN
- 83-0544046
Organization Overview
Thames River Innovation Places Inc is located in Groton, CT. The organization was established in 2019. According to its NTEE Classification (C34) the organization is classified as: Land Resources Conservation, under the broad grouping of Environment and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Thames River Innovation Places 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 06/2022, Thames River Innovation Places Inc generated $297.9k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (32.9%) each year. All expenses for the organization totaled $396.9k during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (25.5%) per year over the past 4 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2019, Thames River Innovation Places Inc has awarded 24 individual grants totaling $1,179,837. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THAMES RIVER INNOVATION PLACE BUILDS PROSPERITY IN THE THAMES RIVER REGION THROUGH AUTHENTIC INNOVATION, COLLABORATION AND DIVERSE PARTNERSHIPS. OUR GROUP IS AN UNPRECEDENTED ALLIANCE OF PUBLIC, PRIVATE, AND NONPROFIT SECTORS IN THE COMMUNITIES OF NEW LONDON AND GROTON IN SOUTHEASTERN CONNECTICUT. MAJOR INSTITUTIONS ARE COLLABORATING TO DESIGN A BLUEPRINT FOR THE FUTURE OF OUR COMMUNITIES THAT INTEGRATES EXISTING PLANS AN PROJECTS WITH NEW IDEAS THAT LEVERAGE AND ENHANCE ALL THAT IS UNIQUES ABOUT THIS PLACE AT THE MOUTH OF TE THAMES RIVER. THAMES RIVER INNOVATION IS SUPPORTED BY CTNEXT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
NAVAL MARITIME CONSORTIUM NMC - TRIP'S FIRST PROGRAM TO "SPIN-OUT- AND BECOME ITS OWN ENTITY (501-C3). THE NMC IS AN ACTIVE NETWORK OF MEMBER COMPANIES, COMMUNITY PARTNERS, AND OEMS THAT COLLECTIVELY ADDRESSES CHALLENGES, SHARES SOLUTIONS, AND COLLABORATES TO DEVELOP OPPORTUNITIES WITHIN THE GROWING BLUE TECH INDUSTRIAL SECTOR. OUR PROGRAMS AND GOALS FOCUS ON NAVAL SUBMARINE SHIPBUILDING AND OFFSHORE WIND SUPPLY CHAINS WITHIN AND AROUND NEW ENGLAND.
ADMIN
SPARK MAKERSPACE IS A 501 (C)(3) NON-PROFIT CORPORATION THAT SUPPORTS MAKERS WITH THE SPACE, EQUIPMENT, EDUCATION, AND COMMUNITY TO CREATE A SPARK IN THEIR CREATIVITY. THEIR GOAL IS TO BE A VIBRANT COMMUNITY HUB FOR MAKING, CREATIVITY, AND COLLABORATION IN SOUTHEASTERN CT.DURING FYE 6/30/21, TRIP SUPPORTED SPARK BY ALLOWING THEM TO COMPLETE THEIR RENOVATIONS.
WBDC BLUE-STREAM - THE BLUE STREAM PROGRAM HELPS TO SUPPORT ENTREPRENEURIAL AMBITIONS OF THOSE WHO RELOCATE AND FOR WHOM TRADITIONAL JOBS DO NOT PROVIDE AN EFFECTIVE PROFESSIONAL TRAJECTORY BY OFFERING GROUP TRAINING SESSIONS AND INDIVIDUALIZED COACHING LED BY WBDC BUSINESS ADVISORS, AS WELL AS MICROGRANT PROGRAMS TO INVEST IN BUSINESS CREATION AND CAPITAL NECESSITIES. CURRENT CLIENTS INCLUDE SPOUSES OF SERVICE MEMBERS AND EMPLOYEES OF THE DEPARTMENTS OF DEFENSE AND HOMELAND SECURITY, AND GENERAL DYNAMICS.AFTER A SUCCESSFUL SIX-MONTH PILOT PROGRAM, THE WBDC RECEIVED SECOND-PHASE FUNDING FROM TRIP TO CONTINUE ITS BLUE STREAM PROGRAM, A CUSTOMIZED TRAINING PROGRAM FOR MILITARY SPOUSES AND ENTREPRENEURS RELOCATING TO CONNECTICUT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Elizabeth Pasqualini Executive Di | Trustee | 40 | $49,583 |
Kimberly Kelly President | Officer | 10 | $14,500 |
Susan Adams Director | Trustee | 10 | $0 |
Matthew Gillen Director | Trustee | 1 | $0 |
Kristen Harkness Director | Trustee | 1 | $0 |
Marie Claire Peakman Director | Trustee | 4 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $297,873 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $297,873 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $297,873 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $285,878 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $64,083 |
| Compensation of current officers, directors, key employees. | $64,083 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $3,835 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $6,085 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $26,620 |
| Advertising and promotion | $0 |
| Office expenses | $5,138 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $4,200 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $103 |
| Insurance | $945 |
| All other expenses | $0 |
| Total functional expenses | $396,887 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $111,735 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $13,179 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $1,128 |
| Other assets | $0 |
| Total assets | $126,042 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,585 |
| Total liabilities | $5,585 |
| Net assets without donor restrictions | $120,457 |
| Net assets with donor restrictions | $0 |
| 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 | $126,042 |
Grants Awarded
Over the last fiscal year, Thames River Innovation Places Inc has awarded $285,878 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
CHAMBER OF COMMERCE EASTERN CT PURPOSE: ASSTG ENTREPRENEURS | $11,250 |
NAVAL MARITIME CONSORTIUM PURPOSE: SUPPORT/PROMOTION | $196,241 |
SPARK MAKER SPACE CO PURPOSE: BUILDING & IMPRVMNTS | $30,000 |
WOMEN'S BUSINESS DEV COUNCIL PURPOSE: ASSTG ENTREPRENEURS | $48,387 |