Norwich Community Development Corporation Inc
- Assets
- $5.2m
- Revenue
- $928.3k
- Investments
- $0.0
- Employees
- 4
- Location
- Norwich, CT
- Founding
- 05/1983
- Data as of
- 06/2022
- EIN
- 06-1066148
Organization Overview
Norwich Community Development Corporation Inc is located in Norwich, CT. The organization was established in 1983. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, Norwich Community Development Corporation Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Norwich Community Development Corporation 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, Norwich Community Development Corporation Inc generated $928.3k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.2% each year. All expenses for the organization totaled $1.3m during the year ending 06/2022. While expenses have increased by 1.1% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO FURTHER THE ECONOMIC DEVELOPMENT OF THE NORWICH COMMUNITY THROUGH GROWTH AND DEVELOPMENT OF THE NORWICH BUSINESS PARK, REVITALIZATION OF THE DOWNTOWN NORWICH AREA, AND PRESERVATION OF THE HISTORIC NORWICH HARBOR AND WATERFRONT, BY RECOGNIZING EXISTING INDUSTRY AND COMMERCE, FURTHERING THEIR EXPANSION, AND ENCOURAGING AND ASSISTING IN ATTRACTING NEW DEVELOPMENT FOR THE COMMUNITY AND THE NORWICH AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MERCANTILE EXCHANGE - NORWICH COMMUNITY DEVELOPMENT CORPORATION OWNS AN $18.9 MILLION, 81,000 SQUARE FOOT BUILDING IN DOWNTOWN NORWICH. THIS BUILDING HAS A 20-YEAR LEASE FOR WHICH NCDC IS THE LESSOR. THIS IS SHOWN AS A CAPITAL LEASE RECEIVABLE ON THE BOOKS.
GENERAL ECONOMIC DEVELOPMENT - THIS PROGRAM INCLUDES THE FOUNDRY 66 CO-WORK SPACE, THE DOWNTOWN BOND PROGRAM, AND OTHER VARIOUS ECONOMIC DEVELOPMENT RESOURSES FOR THE CITY OF NORWICH AND EASTERN CONNECTICUT.
SPECIAL PROJECTS - THIS PROGRAM SUPPORTS VARIOUS INITIATIVES TAKEN ON BY NORWICH COMMUNITY DEVELOPMENT CORPORATION. THESE INCLUDE BUSINESS PARK NORTH (BPN), GLOBAL CITY NORWICH (GCN), NORWICH REVILATALIZATION PROGRAM (NRP).
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rebecca Alberts Chairwoman | OfficerTrustee | 0.5 | $0 |
Jason Jones Vice Chair | OfficerTrustee | 0.5 | $0 |
Chris Jewell Treasurer | OfficerTrustee | 0.5 | $0 |
Robert Staley Secretary | OfficerTrustee | 0.5 | $0 |
Angelina Gardner Director | Trustee | 0.5 | $0 |
Stacy Gould Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $375,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $132,730 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $507,730 |
| Total Program Service Revenue | $420,505 |
| Investment income | $78 |
| 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 | $928,313 |
| 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. | $119,538 |
| Compensation of current officers, directors, key employees. | $35,861 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $111,579 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $16,233 |
| Payroll taxes | $17,702 |
| Fees for services: Management | $153,132 |
| Fees for services: Legal | $1,153 |
| Fees for services: Accounting | $18,150 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $35,720 |
| Office expenses | $33,827 |
| Information technology | $17,987 |
| Royalties | $0 |
| Occupancy | $223,090 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,030 |
| Interest | $134,790 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $24,927 |
| Insurance | $12,144 |
| All other expenses | $0 |
| Total functional expenses | $1,275,156 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $104,910 |
| Savings and temporary cash investments | $118,137 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $80,950 |
| 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 | $3,743 |
| Net Land, buildings, and equipment | $271,446 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $4,589,099 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $5,168,285 |
| Accounts payable and accrued expenses | $121,895 |
| Grants payable | $0 |
| Deferred revenue | $60,485 |
| 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 | $1,990,827 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $2,173,207 |
| Net assets without donor restrictions | $395,078 |
| Net assets with donor restrictions | $2,600,000 |
| 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 | $5,168,285 |