Connecticut Society Of Certified Public Accountants
- Assets
- $2.7m
- Revenue
- $2.4m
- Investments
- $0.0
- Employees
- 14
- Location
- Rocky Hill, CT
- Founding
- 03/1943
- Data as of
- 03/2024
- EIN
- 06-0762300
Organization Overview
Connecticut Society Of Certified Public Accountants is located in Rocky Hill, CT. The organization was established in 1943. According to its NTEE Classification (B99) the organization is classified as: Education N.E.C., under the broad grouping of Education and related organizations. As of 03/2024, Connecticut Society Of Certified Public Accountants employed 14 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Connecticut Society Of Certified Public Accountants is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 03/2024, Connecticut Society Of Certified Public Accountants generated $2.4m in total revenue. The organization has seen a slow decline revenue. Over the past 9 years, revenues have fallen by an average of (2.7%) each year. All expenses for the organization totaled $2.4m during the year ending 03/2024. As we would expect to see with falling revenues, expenses have declined by (2.8%) per year over the past 9 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2024
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF THE CTCPA IS TO BE THE PROFESSIONAL ASSOCIATION IN CT THAT PROMOTES AND SUPPORTS STATE CPAS THROUGH ADVOCACY, COMMUNITY AND EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ADVOCACY - TO PROTECT THE CERTIFIED PUBLIC ACCOUNTING PROFESSION FROM ADVERSE LEGISLATION AND REGULATION AND TO UPHOLD THE PUBLIC INTEREST IN TRANSPARENT FINANCIAL REPORTING. THE CTCPA INTERACTS WITH SUCH GROUPS AS THE CONNECTICUT GENERAL ASSEMBLY, CONNECTICUT DEPARTMENT OF REVENUE SERVICES, CONNECTICUT DEPARTMENT OF BANKING, INTERNAL REVENUE SERVICE, DEPARTMENT OF LABOR, STATE BOARD OF ACCOUNTANCY, DEPARTMENT OF CONSUMER PROTECTION, FINANCIAL ACCOUNTING STANDARDS BOARD AND GOVERNMENTAL ACCOUNTING STANDARDS BOARD. SERVING 6,280 MEMBERS.
MEMBER SERVICES AND COMMUNICATIONS - TO PROVIDE A HOME FOR CPAS IN PUBLIC ACCOUNTING, PRIVATE INDUSTRY, EDUCATION, AND GOVERNMENT TO MEET, DISCUSS, AND ADDRESS ENHANCING PROFESSIONAL QUALITY IN A CHANGING ENVIRONMENT. THE CTCPA PROVIDES OPPORTUNITIES FOR SOCIAL INTERACTION BETWEEN CPAS, WITH ASSOCIATED PROFESSIONS, AND WITH RELEVANT REGULATORY AGENCIES. SERVING 6,280 MEMBERS.
PROFESSIONAL DEVELOPMENT - LICENSED CPAS ARE REQUIRED BY LAW TO OBTAIN 40 HOURS OF CONTINUING PROFESSIONAL EDUCATION (CPE) EACH YEAR. AS PROFESSIONAL STANDARDS, TAX LAWS, AND BUSINESS PRACTICES CHANGE, THE CPA MUST CONTINUALLY WORK TO STAY CURRENT. THE CTCPA PROVIDES IN-PERSON AND ON-LINE CONTINUING PROFESSIONAL EDUCATION AND ADMINISTERS THE CONNECTICUT PEER REVIEW PROGRAM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Timothy Hedley Chair | OfficerTrustee | 1 | $0 |
Kevin Lawlor Chair-Elect | OfficerTrustee | 1 | $0 |
Mary Manfredi Treasurer | OfficerTrustee | 1 | $0 |
Muhammad Malloy Secretary | OfficerTrustee | 1 | $0 |
Amber Moore Advisory Council Chair | Trustee | 1 | $0 |
Christopher King Member-At-Large | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Don Farmer Cpa Pa Cpe Provider | 3/30/23 | $130,953 |
Lori Street Cfo And Accounting | 3/30/23 | $121,465 |
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 | $3,200 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,200 |
| Total Program Service Revenue | $2,372,899 |
| Investment income | $58,132 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $10,429 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$24,059 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,444,253 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $287,393 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $623,280 |
| Pension plan accruals and contributions | $33,330 |
| Other employee benefits | $32,637 |
| Payroll taxes | $60,301 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,330 |
| Fees for services: Accounting | $67,332 |
| Fees for services: Lobbying | $49,719 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $190,973 |
| Advertising and promotion | $2,662 |
| Office expenses | $81,976 |
| Information technology | $181,345 |
| Royalties | $0 |
| Occupancy | $234,112 |
| Travel | $32,375 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $260,714 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $27,653 |
| Insurance | $0 |
| All other expenses | $16,258 |
| Total functional expenses | $2,427,853 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $744,480 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $27,402 |
| 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 | $33,797 |
| Net Land, buildings, and equipment | $39,720 |
| Investments—publicly traded securities | $1,742,683 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $137,262 |
| Total assets | $2,725,344 |
| Accounts payable and accrued expenses | $144,861 |
| Grants payable | $0 |
| Deferred revenue | $226,629 |
| 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 | $126,612 |
| Total liabilities | $498,102 |
| Net assets without donor restrictions | $2,227,242 |
| 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 | $2,725,344 |