Cbia Economic Growth and Opportunity Foundation Inc
Nonprofit profile at a glance
- EIN
- 933453430
- IRS 990 coverage
- 2023–2024
- Forms available
- Form 990 2024
- Location
- Hartford, CT, USA
- Phone
- 8602441911
- Rating
- 55
- Verdict
- MIXED
- Rating confidence
- Standard
- Sector
- Single Organization Support
Reported finances
- Revenue
- $426,702
- Expenses
- $417,358
- Assets
- $307,168
- Liabilities
- $165,846
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
4 people listed
Executive titles in this filing
- Christian L DiPentima (Director and President)
Highest reported compensation
- Christian L DiPentima (Director and President): $505,413 total reported compensation
- Mary Bergamo (Director and Treasurer): $284,931 total reported compensation
- Jose Dias (Director): $202,286 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
To improve Connecticut's economy, thereby creating opportunities and improving the lives of all residents.
What it reported doing in 2024
The Foundation advanced its mission to strengthen Connecticut's economy through statewide outreach, public education, and workforce research. In its first year, the organization conducted foundational research and convened stakeholders across the state to identify key economic challenges. In the second year, it built on this work by carrying out targeted initiatives informed by that research, including launching a statewide manufacturing competition and developing a workforce blueprint to help address identified economic and talent needs.
Operating model
- Revenue model
- Mixed. Its operating money came from several sources; no one source provided a clear majority.
- Distribution model
- Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
The verdict
MIXED - The filed numbers largely add up and program spending has grown recently. A relatively small share of voting board members are independent and few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.
Rating breakdown
- Financial Efficiency: 59
- Transparency & Controls: 69
- Accountability: 18
- Sustainability: 33
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 60.7%; rating input score 61
- Program expense ratio: 62%; rating input score 62
- Fundraising efficiency: $9.15 raised per $1 spent on fundraising; rating input score 37; 37th percentile among comparable filings
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
- Pay-setting controls: 0 of 6 controls in place; rating input score 0
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Missing
- Board or committee approval: Missing
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 0%; rating input score 0; 7th percentile among comparable filings
- Governance controls: 4 of 9 controls in place; rating input score 44
- Conflict-of-interest policy: Pass
- Whistleblower policy: Fail
- Document-retention policy: Fail
- CEO compensation review process: Fail
- Other executive compensation review process: Fail
- Form 990 shared with the board: Fail
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 2.2%; rating input score 45; 45th percentile among comparable filings
- Total-asset coverage ratio: 0.74; rating input score 33; 33rd percentile among comparable filings
- Liabilities to assets ratio: 0.54; rating input score 10; 10th percentile among comparable filings
- Officer compensation ratio: 30.1%; rating input score 11; 11th percentile among comparable filings
Growth
- Program expense growth: 101.5% per year; rating input score 100; 99th percentile among comparable filings
- Revenue growth: 60.4% per year; rating input score 100; 98th percentile among comparable filings
- Asset growth: 31% per year; rating input score 100; 92nd percentile among comparable filings
Details
- Where the money goes: 60.7% of revenue deployed · 62% of spending went to programs
- Governance: 0 of 3 board members independent · 4 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $259K in reported program spending
- Leadership: top reported pay $505K · 4 people listed · 0 of 6 pay-setting controls reported
- Consistency: 24 of 24 current checks pass
- Schedules: 7 filed schedules · includes major donors and executive pay
- Filing history: 2 filing years from 2023 to 2024
- Contacts: How to reach this organization
- Related organizations: 3 filed related-organization links
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Accountability: Independent voting board scored 0/100.
- High — Transparency & Controls: Pay-setting controls scored 0/100.
- Moderate — Accountability: Governance controls: 5 of 9 not reported.
- Moderate — Financial Efficiency: Fundraising efficiency scored 37/100.
- Moderate — Sustainability: Operating margin scored 45/100.
- Moderate — Sustainability: Total-asset coverage ratio scored 33/100.
- High — Sustainability: Liabilities to assets ratio scored 10/100.
- High — Sustainability: Officer compensation ratio scored 11/100.