Conncorp Llc
- Assets
- $36.8m
- Revenue
- $7.2m
- Investments
- $0.0
- Employees
- 28
- Location
- New Haven, CT
- Founding
- Data as of
- 12/2022
- EIN
- 82-3795053
Organization Overview
Conncorp Llc is located in New Haven, CT. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Conncorp Llc employed 28 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Conncorp Llc 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 12/2022, Conncorp Llc generated $7.2m in total revenue. All expenses for the organization totaled $2.8m during the year ending 12/2022. While expenses have increased by 77.7% per year over the past 2 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 DRIVE ECONOMIC DEVELOPMENT AND ECONOMIC JUSTICE IN IMPOVERISHED COMMUNITIES (SEE SCH O)OUR MISSION IS TO DRIVE ECONOMIC DEVELOPMENT AND ECONOMIC JUSTICE IN IMPOVERISHED COMMUNITIES BY INVESTING IN LOCAL COMMERCIAL AND RESIDENTIAL REAL ESTATE, AND MINORITY-OWNED BUSINESSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EFFECTIVE SEPTEMBER 23, 2021, CONNCORP LLC RECEIVED TAX EXEMPT STATUS. PRIOR TO SEPTEMBER 23, 2021, THE ORGANIZATION WAS A WHOLLY OWNED DISREGARDED ENTITY THAT OPERATED ITS PROGRAMS THROUGH AN AFFILIATED TAX-EXEMPT ENTITY CONNECTICUT CENTER FOR ARTS & TECHNOLOGY ("CONNCAT"). THE OPERATIONS PRIOR TO SEPTEMBER 23, 2021 WERE INCLUDED ON CONNCAT'S FORM 990. THE "PRIOR YEAR" ACTIVITY REPORTED ON THIS RETURN DOES NOT REPRESENT A FULL YEAR'S ACTIVITY.CONNCORP IS FOCUSED ON ECONOMIC DEVELOPMENT IN NEW HAVEN. CONNCORP WAS DESIGNED TO ADVANCE CONNCAT'S MISSION TO PROVIDE OPPORTUNITIES TO NEW HAVEN'S UNDERSERVED RESIDENTS. (SEE SCHEDULE O)OUR KEY ACTIVITIES INCLUDE THE ACQUISITION AND REVITALIZATION OF COMMERCIAL PROPERTIES AS WELL AS INVESTMENT IN NEW AND EXISTING LOCAL COMMUNITY-BASED BUSINESSES. CONNCORP ALSO SEEKS TO ATTRACT BUSINESSES TO NEW HAVEN AND, ULTIMATELY, TO CATALYZE AND SUPPORT A PLACE-BASED IMPACT INVESTING ECOSYSTEM IN THE CITY.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Carlton Highsmith Board Chair / Treasurer | OfficerTrustee | 0.5 | $0 |
Erik Clemons CEO / President & Secretary | OfficerTrustee | 20 | $267,151 |
Paul Mccraven Vice President | OfficerTrustee | 40 | $168,799 |
Genevive Walker Board Director (to 12/12/22) | Trustee | 0.5 | $0 |
Alan Bowie Board Director | Trustee | 0.5 | $0 |
Malcolm Ellis Board Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $121,320 |
| All other contributions, gifts, grants, and similar amounts not included above | $7,257,318 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,378,638 |
| Total Program Service Revenue | $275,370 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$486,909 |
| 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 | $7,168,100 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $25,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $855,507 |
| Compensation of current officers, directors, key employees. | $855,507 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $879,060 |
| Pension plan accruals and contributions | $14,132 |
| Other employee benefits | $116,703 |
| Payroll taxes | $114,619 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,550 |
| Fees for services: Accounting | $106,781 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $92,956 |
| Advertising and promotion | $69,408 |
| Office expenses | $328,704 |
| Information technology | $23,690 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $10,380 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $11,417 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $62,501 |
| Insurance | $92,504 |
| All other expenses | $15,076 |
| Total functional expenses | $2,823,988 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $791,583 |
| Savings and temporary cash investments | $425,840 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $139,902 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $52,158 |
| Prepaid expenses and deferred charges | $204,303 |
| Net Land, buildings, and equipment | $19,085,785 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $16,085,330 |
| Total assets | $36,784,901 |
| Accounts payable and accrued expenses | $589,879 |
| 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 | $404,408 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $16,021,596 |
| Total liabilities | $17,015,883 |
| Net assets without donor restrictions | $19,769,018 |
| 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 | $36,784,901 |