Southeastern Connecticut Enterprise Region Corporation
- Assets
- $8.7m
- Revenue
- $2.4m
- Investments
- $0.0
- Employees
- 16
- Location
- Groton, CT
- Founding
- 05/1989
- Data as of
- 06/2022
- EIN
- 22-2973506
Organization Overview
Southeastern Connecticut Enterprise Region Corporation is located in Groton, CT. The organization was established in 1989. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, Southeastern Connecticut Enterprise Region Corporation employed 16 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Southeastern Connecticut Enterprise Region Corporation 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, Southeastern Connecticut Enterprise Region Corporation generated $2.4m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.1% each year . All expenses for the organization totaled $1.7m during the year ending 06/2022. While expenses have increased by 5.0% 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
VISION: SECTER IS THE LEAD REGIONAL ECONOMIC DEVELOPMENT RESOURCE, STIMULATING GROWTH AND PROSPERITY IN SOUTHEASTERN CONNECTICUT MISSION: MAKING SOUTHEASTERN CONNECTICUT STRONGER AND MORE VIBRANT BY 2030 VALUES: SECTER BELIEVES: -IN SUPPORTING AND MAKING OUR CLIENTS AND COMMUNITIES SUCCESSFUL -OUR BOARD AND STAFF ARE REFLECTIVE OF THE CLIENTS WE SERVE -IN VALUING OUR EMPLOYEES AND REWARDING INTEGRITY, TEAMWORK INNOVATION, AND EXCELLENCE -IN COLLABORATING WITH AND BEING RESPONSIVE TO CLIENTS AND PARTNERS -IN BEING ACCOUNTABLE FISCALLY AND PROFESSIONALLY TO ALL STAKEHOLDERS -IN ADVOCATING FOR OUR CLIENTS, OUR SERVICES, AND OUR COMMUNITY -IN DIVERSITY AND INCLUSIVENESS
Describe the Organization's Program Activity:
Part 3 - Line 4a
EXPENSES DIRECTLY INCURRED IN CONNECTION WITH THE PROCUREMENT TECHNICAL ASSISTANCE CENTER PROGRAM
EXPENSES DIRECTLY INCURRED IN CONNECTION WITH THE REVOLVING LOAN FUND PROGRAMS. LOANS ARE MADE TO SOUTHEASTERN CT BUSINESSES TO PROMOTE JOB GROWTH IN THE AREA.
EXPENSES INCURRED TO UPDATE THE COMPREHENSIVE ECONOMIC DEVELOPMENT STRATEGY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Wendy Bury 2nd Vice Cha | OfficerTrustee | 1 | $0 |
Michael Carey Immediate Pa | OfficerTrustee | 1 | $0 |
Sean Nugent 1st Vice Cha | OfficerTrustee | 1 | $0 |
Mark R Oefinger Chair | OfficerTrustee | 1 | $0 |
Charles Seeman Treasurer | OfficerTrustee | 1 | $0 |
Donna Simpson Secretary | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,073,629 |
| All other contributions, gifts, grants, and similar amounts not included above | $100,623 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,174,252 |
| Total Program Service Revenue | $26,643 |
| Investment income | $211,886 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$14,964 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,397,817 |
| 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. | $112,831 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $764,325 |
| Pension plan accruals and contributions | $73,398 |
| Other employee benefits | $57,213 |
| Payroll taxes | $81,473 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $6,615 |
| Fees for services: Accounting | $16,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $32,345 |
| Office expenses | $61,562 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $42,579 |
| Travel | $32,347 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,880 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,645 |
| Insurance | $4,817 |
| All other expenses | $35,803 |
| Total functional expenses | $1,654,286 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $139,552 |
| Savings and temporary cash investments | $169,384 |
| Pledges and grants receivable | $159,958 |
| Accounts receivable, net | $214,569 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,082,351 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $10,405 |
| Net Land, buildings, and equipment | $5,577 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $3,893,730 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $8,675,526 |
| Accounts payable and accrued expenses | $53,391 |
| Grants payable | $0 |
| Deferred revenue | $139,145 |
| 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 | $67,148 |
| Total liabilities | $259,684 |
| Net assets without donor restrictions | $270,378 |
| Net assets with donor restrictions | $8,145,464 |
| 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 | $8,675,526 |
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