Conncorp Llc
- Assets
- $15.6m
- Revenue
- $1.8m
- Investments
- $0.0
- Employees
- 28
- Location
- New Haven, CT
- Founding
- Data as of
- 12/2021
- 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 12/2021, 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
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 ARE INCLUDED ON CONNCAT'S FORM 990.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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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Erik Clemons CEO / President & Secretary | OfficerTrustee | 40 | $227,747 |
Anna Blanding Cio | Officer | 40 | $210,769 |
Paul Mccraven Vice President | OfficerTrustee | 40 | $164,214 |
Andrew Aschettino CFO | Officer | 40 | $53,942 |
Carlton Highsmith Board Chair / Treasurer | OfficerTrustee | 0.5 | $0 |
Gerald Jaynes 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 | $19,507 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,723,947 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,743,454 |
| Total Program Service Revenue | $64,353 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $15,493 |
| 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 | $1,823,300 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $13,665 |
| 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. | $226,233 |
| Compensation of current officers, directors, key employees. | $226,233 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $159,137 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $20,316 |
| Payroll taxes | $22,113 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $81,408 |
| Fees for services: Accounting | $7,375 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $150,000 |
| Advertising and promotion | $23,564 |
| Office expenses | $25,197 |
| Information technology | $2,451 |
| Royalties | $0 |
| Occupancy | $96,790 |
| Travel | $4,669 |
| 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 | $13,459 |
| Insurance | $20,156 |
| All other expenses | $0 |
| Total functional expenses | $894,765 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $622,560 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $17,019 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $37,822 |
| Prepaid expenses and deferred charges | $23,630 |
| Net Land, buildings, and equipment | $14,902,968 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $25,250 |
| Total assets | $15,629,249 |
| Accounts payable and accrued expenses | $204,343 |
| 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 | $0 |
| Total liabilities | $204,343 |
| Net assets without donor restrictions | $15,424,906 |
| 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 | $15,629,249 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Conncorp Llc has recieved totaling $85,000.
| Awarding Organization | Amount |
|---|---|
Local Initiatives Support Corporation New York, NY PURPOSE: SEE PART IV | $85,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Brooklyn Navy Yard Development Corporation Brooklyn, NY | $543,633,704 | $68,378,369 |
Cent For Urban Community Svcs New York, NY | $78,734,129 | $72,768,234 |
The Community Preservation Corporation New York, NY | $1,407,109,282 | $65,839,600 |
Quincy Community Action Programs Inc Quincy, MA | $14,865,186 | $43,148,267 |
Westchester Community Opportunity Program Inc Elmsford, NY | $7,932,264 | $37,716,573 |
St Nicks Alliance Corp Brooklyn, NY | $44,353,994 | $35,596,992 |
National Council For Community Development Inc Brooklyn, NY | $24,193,687 | $38,165,020 |
The Community Action Organization Of Western New York Inc Buffalo, NY | $11,956,609 | $31,001,421 |
Community Action Pioneer Valley Inc Greenfield, MA | $7,969,732 | $29,838,934 |
Citizens For Citizens Inc Fall River, MA | $12,279,316 | $29,399,731 |
The Mayors Fund To Advance New York City New York, NY | $28,518,749 | $18,611,480 |
South Shore Community Action Council Inc Plymouth, MA | $12,504,709 | $24,231,175 |