THE CONNECTICUT ECONOMIC RESOURCE … - Form 990 Financial Data

🔒

Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

Sign in with your work email to view Tuckman-Chang indicators

Financial Trends

Organization Details

Formation Year

1993

Legal Domicile

Principal Officer

JOHN W BOURDEAUX

Phone

8605717136

Tax Period

2024-01-01 to 2024-12-31

THE CONNECTICUT ECONOMIC RESOURCE CENTER INC, founded in 1993, is a community nonprofit that reported $5.3M in total revenue in fiscal year 2024. Expenses of $4.7M left a modest 12% surplus.

Mission

ADVANCECT IS A PRIVATE NONPROFIT CORPORATION THAT DRIVES JOB CREATION AND NEW CAPITAL INVESTMENT IN CONNECTICUT THROUGH HIGH-IMPACT ECONOMIC DEVELOPMENT INCLUDING BUSINESS ATTRACTION, RETENTION, AND EXPANSION.

Program Service Accomplishments

Program 1

Expenses: $4,131,066 Revenue: $2,747,200

ADVANCECT WORKS TO ENGAGE, RETAIN AND RECRUIT BUSINESSES, AND GROW THE CONNECTICUT ECONOMY FOR THE BENEFIT OF THE STATE'S COMPANIES AND RESIDENTS. IN COLLABORATION WITH THE STATE OF CONNECTICUT...

ADVANCECT WORKS TO ENGAGE, RETAIN AND RECRUIT BUSINESSES, AND GROW THE CONNECTICUT ECONOMY FOR THE BENEFIT OF THE STATE'S COMPANIES AND RESIDENTS. IN COLLABORATION WITH THE STATE OF CONNECTICUT DEPARTMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT, ADVANCECT OPERATES AS THE PLACE WHERE BUSINESS, GOVERNMENT, HIGHER EDUCATION AND NONPROFITS COME TOGETHER TO IMPLEMENT HIGH IMPACT AND INCLUSIVE ECONOMIC DEVELOPMENT SOLUTIONS TO IMPROVE QUALITY OF LIFE FOR ALL.

🔒

Trantor Score

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

Sign in to view Trantor Score and financial metrics

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

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $2,501,333

Program Service Revenue $2,746,550

Investment Income $97,464

Other Revenue $650

TOTAL REVENUE $5,345,997

Expense Breakdown

Grants Paid $0

Salaries & Benefits $2,911,414

Fundraising Expenses $0

Program Expenses $4,131,066

Other Expenses $1,818,823

TOTAL EXPENSES $4,730,237

Year-over-Year Comparison

	2024	2023	Change
Revenue	$5,345,997	$5,035,626	+0.1%
Expenses	$4,730,237	$4,722,183	+0.0%
Net Income	$615,760	$313,443	+1.0%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

🔒

Financial Health Indicators

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

Financial Distress Indicator

Liquidity & Cash Position

Sign in to view all financial metrics

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

Governance

Voting Members

Independent Members

Employees

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

$295,118

Total Directors

Key Employees

$232,299

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
R ADAM NORWITT	CO-CHAIR	2.00	Officer Director	$0	$0	$0
JUDY OLIAN	CO-CHAIR	2.00	Officer Director	$0	$0	$0
DAN O'KEEFE	DIRECTOR & TREASURER	2.00	Officer Director	$0	$0	$0
JOSH GEBALLE	SECRETARY	2.00	Director	$0	$0	$0
DONALD ALLAN	DIRECTOR	0.50	Director	$0	$0	$0
FRANK REYNOLDS	DIRECTOR	0.50	Director	$0	$0	$0
GREG BUTLER	DIRECTOR	0.50	Director	$0	$0	$0
MARGARET KEANE	DIRECTOR	0.50	Director	$0	$0	$0
KATHLEEN SILARD	DIRECTOR	0.50	Director	$0	$0	$0
CARLTON HIGHSMITH	DIRECTOR	0.50	Director	$0	$0	$0
JAMES SMITH	DIRECTOR	0.50	Director	$0	$0	$0
JUDY MARKS	DIRECTOR	0.50	Director	$0	$0	$0
JAY WILLIAMS	DIRECTOR	0.50	Director	$0	$0	$0
JEFFREY SONNENFELD SR	DIRECTOR	0.50	Director	$0	$0	$0
RAJ RAMACHANDRAN	DIRECTOR	0.50	Director	$0	$0	$0
JOHN CIULLA	DIRECTOR	0.50	Director	$0	$0	$0
STACEY KENNEDY	DIRECTOR	0.50	Director	$0	$0	$0
PETER L DENIOUS	DIRECTOR	0.50	Director	$0	$0	$0
LUTZ LABISCH	DIRECTOR	0.50	Director	$0	$0	$0
LOUIS LU	DIRECTOR	0.50	Director	$0	$0	$0
JEFFREY FLAKS	DIRECTOR	0.50	Director	$0	$0	$0
SALIL PAREKH	DIRECTOR	0.50	Director	$0	$0	$0
JOHN W BOURDEAUX	PRESIDENT & CEO	40.00	Officer	$271,173	$23,945	$295,118
CATHERINE SCANGARELLA	VP BUSINESS DEVELOPMENT	40.00	Key Emp	$209,160	$23,139	$232,299
SHIRAR MUGLER	VP, MARKETING	40.00	Highest	$131,945	$32,208	$164,153
RACHEL GRETENCORD	VP, RESEARCH	40.00	Highest	$143,265	$14,574	$157,839
PATRICIA MCLAUGHLIN	VP OPERATIONS	40.00	Highest	$126,839	$18,701	$145,540
LISA MERCURIO	VP BUSINESS DEVELOPMENT	40.00	Highest	$114,986	$29,753	$144,739
TIMOTHY MILLER	SENIOR DIR, BUSINESS DEVEL	40.00	Highest	$130,760	$18,777	$149,537

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
2024	$5,345,997	$4,730,237	$4,715,567	$615,760
2023	$5,035,626	$4,722,183	$3,903,297	$313,443
2022	$4,786,663	$4,370,375	$4,751,498	$416,288
2021	$4,805,353	$3,880,975	$3,997,158	$924,378
2020	$4,111,834	$3,804,934	$2,511,393	$306,900

THE CONNECTICUT ECONOMIC RESOURCE CENTER INC