THE CONNECTICUT ECONOMIC RESOURCE CENTER INC

EIN: 061369657

NEW HAVEN, CT

Total Revenue
$5,345,997
Total Expenses
$4,730,237
Total Assets
$4,715,567
Net Assets
$3,163,120
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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year
1993
Legal Domicile
CT
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 NONPROFIT THAT WORKS TO GROW THE CONNECTICUT ECONOMY.

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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 (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
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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
22
Independent Members
22
Employees
28
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
4
$295,118
Total Directors
22
$0
Key Employees
1
$232,299
Highest Compensated
5
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
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