Green Planet Company
- Assets
- $2.7m
- Revenue
- $745.0k
- Investments
- $0.0
- Employees
- 1
- Location
- Guilford, CT
- Founding
- 07/2019
- Data as of
- 12/2022
- EIN
- 82-5066584
Organization Overview
Green Planet Company is located in Guilford, CT. The organization was established in 2019. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Green Planet Company 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE PURPOSE OF THE CORPORATION IS TO DEVELOP, REDEVELOP, MANAGE, FINANCE, SPONSOR, INVEST IN, OWN, OPERATE AND/OR EXPAND THE AVAILABILITY OF LOW AND MODERATE INCOME, DISABLED, ELDERLY, MIXED-INCOME AND/OR MIXED-USE AFFORDABLE HOUSING DEVELOPMENTS, OR COMPONENTS THEREOF, IN THE STATE OF CONNECTICUT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DURING 2019 WE WERE ABLE COMPLETE THE PURCHASE OF THE 15 ACRE PROPERTY AT 376 STATE STREET, GUILFORD CT.DURING 2020, WE SUB-DIVIDED THE 15 ACRE PROPERTY AT 376 STATE STREET INTO 4 LOTS. THE EXISTING HOUSE PLUS 3 ACRES OF LAND WERE ON ONE LOT AND WAS SOLD DURING 2020 RESULTING IN A PARTIAL RE-PAYMENT OF THE ACQUISITION LOAN. WORK ON TWO LOTS (ONE 1 ACRE AND ONE 1.5 ACRES) WAS STARTED IN NOVEMBER, 2020 AS STAND ALONE AFFORDABLE HOMEOWNERSHIP HOMES. A SPECIAL PERMIT FROM THE TOWN OF GUILFORD PLANNING AND ZONING COMMISSION WAS GRANTED IN APRIL, 2020 FOR AN 8 UNIT COTTAGE COMMUNITY ON THE REMAINING 9.5 ACRE LOT. WORK ON THE FIRST 2 LOTS (PHASE 1) OF A 10 HOME AFFORDABLE HOMEOWNERSHIP PROJECT IN GUILFORD WAS 90% COMPLETE IN 2021. THE HOMES WERE UNDER CONTRACT WITH A CLOSING SCHEDULED FOR SPRING 2022. PRELIMINARY SITEWORK ON THE REMAINING 8 HOMES (PHASE 2) WAS STARTED. AS OF DECEMBER 31, 2021. DURING 2022, WORK ON THE FIRST 2 HOMES (PHASE 1) OF A 9 HOME AFFORDABLE HOMEOWNERSHIP PROJECT LOCATED AT 376 STATE STREET, GUILFORD, CT WAS COMPLETED AND THE HOMES WERE SOLD. WORK ON THE REMAINING 7 HOMES (PHASE 2) COMMENCED IN JUNE 2022. BY YEARS END, THE 7 HOME PROJECT WAS 40% COMPLETE. AS OF DECEMBER 31, 2022, WE HAVE SPENT A TOTAL OF $2,546,151 (NET OF $1,612,081 OF COSTS REMOVED WITH PROPERTY SOLD IN 2020 AND 2022) ON DEVELOPMENT WORK AND HAVE INCLUDED THESE AMOUNTS ON THE BALANCE SHEET. THESE COSTS INCLUDED THE DEVELOPMENT OF THE PROPERTY AT 376 STATE STREET, GUILFORD CT AND VARIOUS COSTS RELATED TO THE DEVELOPMENT OF THIS PROPERTY THAT INCLUDED SURVEYS, ARCHITECTURAL, ENGINEERING, ENVIRONMENTAL, AND CONSTRUCTION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Betsy Sterzel Board Member | Trustee | 2 | $0 |
George Christopher Widmer President | OfficerTrustee | 40 | $24,000 |
David Provencher Secretary | OfficerTrustee | 2 | $0 |
Michael Baron Treasurer | OfficerTrustee | 2 | $0 |
Linda Brill Board Member | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,175,151 |
| All other contributions, gifts, grants, and similar amounts not included above | $25,063 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,200,214 |
| Total Program Service Revenue | $0 |
| Investment income | $747 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$455,976 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $744,985 |
| 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. | $26,957 |
| Compensation of current officers, directors, key employees. | $2,696 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $2,727 |
| Fees for services: Management | $2,320 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $6,455 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $3,615 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $2,569 |
| Travel | $456 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $4,849 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $8,354 |
| All other expenses | $0 |
| Total functional expenses | $58,302 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $146,201 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,546,151 |
| Total assets | $2,692,352 |
| Accounts payable and accrued expenses | $9,917 |
| 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 | $161,580 |
| Secured mortgages and notes payable | $1,643,049 |
| Unsecured mortgages and notes payable | $102,153 |
| Other liabilities | $0 |
| Total liabilities | $1,916,699 |
| Net assets without donor restrictions | $775,653 |
| 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 | $2,692,352 |