CHARTER OAK STATE COLLEGE FOUNDATION INC

EIN: 060969831 501(c)(3)

NEW BRITAIN, CT

Total Revenue
$414,810
Total Expenses
$413,554
Total Assets
$2,642,214
Net Assets
$2,642,214
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1977
Legal Domicile
CT
Principal Officer
JOYCE PETRELLA
Phone
8605153889
Tax Period
2022-07-01 to 2023-06-30

CHARTER OAK STATE COLLEGE FOUNDATION INC, founded in 1977, is a small nonprofit that reported $415K in total revenue in fiscal year 2022. Revenue surged 69% from the prior year, signaling strong growth momentum. Net assets of $2.6M represent 76 months of operating reserves.

Mission

THE CHARTER OAK STATE COLLEGE FOUNDATION IS DEDICATED TO SUPPORTING FLEXIBLE AND COMPREHENSIVE DEGREE COMPLETION OPPORTUNITIES FOR ADULTS, AND TECHNOLOGY INNOVATIONS THROUGH THE WORK OF CHARTER OAK STATE COLLEGE.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2022)

Revenue Breakdown

Contributions & Grants $356,388
Program Service Revenue $0
Investment Income $64,903
Other Revenue $-6,481
TOTAL REVENUE $414,810

Expense Breakdown

Grants Paid $342,299
Salaries & Benefits $0
Fundraising Expenses $12,710
Program Expenses $342,299
Other Expenses $71,255
TOTAL EXPENSES $413,554

Year-over-Year Comparison

2022 2021 Change
Revenue $414,810 $245,523 +0.7%
Expenses $413,554 $172,621 +1.4%
Net Income $1,256 $72,902 -1.0%
Key Indicators
✓ Grants to Organizations ✓ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
15
Independent Members
15
Employees
N/A
Volunteers
N/A

Governance Policies

✗ Conflict of Interest Policy
✗ Whistleblower Policy
✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
5
$0
Total Directors
15
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
NEAL CUNNINGHAM PRESIDENT 0.00
Officer Director
$0 $0 $0
JOYCE PETRELLA VICE PRESIDENT 0.00
Officer Director
$0 $0 $0
GLENN DAVIS TREASURER 0.00
Officer Director
$0 $0 $0
JOE WAXMAN SECRETARY 0.00
Officer Director
$0 $0 $0
TRACY ALLEN DIRECTOR 0.00
Director
$0 $0 $0
MARCIA ANDERSON-ESSON DIRECTOR 0.00
Director
$0 $0 $0
DAVID CALIBEY DIRECTOR 0.00
Director
$0 $0 $0
JULIO CASIANO DIRECTOR 0.00
Director
$0 $0 $0
ANNE ELWELL DIRECTOR 0.00
Director
$0 $0 $0
JASON JAKUBOWSKI DIRECTOR 0.00
Director
$0 $0 $0
CECILIA KOZLOWSKI DIRECTOR 0.00
Director
$0 $0 $0
SUSAN LEWIS DIRECTOR 0.00
Director
$0 $0 $0
DANIEL PURUSHOTHAM DIRECTOR 0.00
Director
$0 $0 $0
STEVEN TAYLOR DIRECTOR 0.00
Director
$0 $0 $0
BETSY UDAL DIRECTOR 0.00
Director
$0 $0 $0
CAROL HALL EXECUTIVE DIRECTOR 0.00
Officer
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 No data No data No data No data
2024 No data No data No data No data
2023 $414,810 $413,554 $2,642,214 $1,256
2022 $245,523 $172,621 $2,434,416 $72,902
2021 $488,544 $151,081 $2,804,751 $337,463
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