Independent Connecticut Petroleum Association Inc

EIN: 237106331

Cromwell, CT

Total Revenue
$1,211,926
Total Expenses
$976,361
Total Assets
$1,684,520
Net Assets
$1,633,217
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1950
Legal Domicile
CT
Principal Officer
Christian A Herb
Phone
8606154130
Tax Period
2024-01-01 to 2024-12-31

Independent Connecticut Petroleum Association Inc, founded in 1950, is a community nonprofit that reported $1.2M in total revenue in fiscal year 2024. Revenue grew 18% year-over-year, indicating healthy expansion. The organization ran a surplus of $236K, a strong 19% operating margin.

Mission

To strengthen and protect the future of the petroleum industry and its member companies through the conduct of such activities as trade shows, seminars, consumer education and legislative reasearch.

Program Service Accomplishments

Program 1
Expenses: $73,037 Revenue: $110,724

Board of director meeting and convention

Program 2
Revenue: $825,189

Tradeshow; management seminars; affinity program relating to insurance education for members

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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 $23,965
Program Service Revenue $1,158,171
Investment Income $28,220
Other Revenue $1,570
TOTAL REVENUE $1,211,926

Expense Breakdown

Grants Paid $0
Salaries & Benefits $398,817
Fundraising Expenses $0
Program Expenses $73,037
Other Expenses $577,544
TOTAL EXPENSES $976,361

Year-over-Year Comparison

2024 2023 Change
Revenue $1,211,926 $1,025,549 +0.2%
Expenses $976,361 $921,018 +0.1%
Net Income $235,565 $104,531 +1.3%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required
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Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

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Liquidity & Cash Position

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Governance

Voting Members
31
Independent Members
31
Employees
5
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
$191,269
Total Directors
32
$191,269
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Christian A Herb President 40.00
Officer Director
$165,753 $25,516 $191,269
Stephen H Sack Jr Chair 2.00
Officer Director
$0 $0 $0
Michael Matarese Vice Chair 2.00
Officer Director
$0 $0 $0
Fred Lord Treasurer / Secretary 4.00
Officer Director
$0 $0 $0
Kate Childs Immediate Past President 2.00
Officer Director
$0 $0 $0
Peter Aziz Director 2.00
Director
$0 $0 $0
Rick Bologna Director 2.00
Director
$0 $0 $0
John Bowman Director 2.00
Director
$0 $0 $0
David Daniels Director 2.00
Director
$0 $0 $0
Jamie Densmore Director 2.00
Director
$0 $0 $0
Catherine Erasmus Director 2.00
Director
$0 $0 $0
David Foster Director 2.00
Director
$0 $0 $0
Roy Friedman Director 2.00
Director
$0 $0 $0
Richard Gada Sr Director 2.00
Director
$0 $0 $0
Samuel Gault Director 2.00
Director
$0 $0 $0
Eric Gottier Director 2.00
Director
$0 $0 $0
Jeff Jennings Director 2.00
Director
$0 $0 $0
Richard Johnson Director 2.00
Director
$0 $0 $0
John McCusker Director 2.00
Director
$0 $0 $0
Matthew Mitchell Director 2.00
Director
$0 $0 $0
George Perrelli Director 2.00
Director
$0 $0 $0
Howard Peterson Director 2.00
Director
$0 $0 $0
Sharon Peterson Director 2.00
Director
$0 $0 $0
Peter Russell Director 2.00
Director
$0 $0 $0
Paula Ryan Director 2.00
Director
$0 $0 $0
Susan Santopietro Director 2.00
Director
$0 $0 $0
Gary Sippin Director 2.00
Director
$0 $0 $0
David Sousa Director 2.00
Director
$0 $0 $0
Greg Stafstrom Director 2.00
Director
$0 $0 $0
Jennifer Tracey-Carlo Director 2.00
Director
$0 $0 $0
Frank Troiano Director 2.00
Director
$0 $0 $0
Stephen Rosentel Director 2.00
Director
$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
2024 $1,211,926 $976,361 $1,684,520 $235,565
2023 $1,025,549 $921,018 $1,487,061 $104,531
2022 $884,447 $936,749 $1,465,781 $-52,302
2021 $1,081,773 $759,023 $1,487,163 $322,750
2020 $698,308 $653,507 $1,149,509 $44,801
2019 $773,280 $716,861 $1,060,411 $56,419
2018 $875,296 $820,340 $1,005,308 $54,956
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