Chamber of Commerce of Eastern Connecticut Inc

Nonprofit profile at a glance

EIN
060475490
IRS 990 coverage
2012–2024
Forms available
Form 990 2024, Form 990-EZ 2014
Location
New London, CT, USA
Phone
8607019113
Rating
67
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$1,748,032
Expenses
$1,482,489
Assets
$2,853,713
Liabilities
$196,133

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

20 people listed

Executive titles in this filing

  • Thomas Sheridan (President & CEO)

Highest reported compensation

  • Thomas Sheridan (President & CEO): $187,491 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The Chamber of Commerce of Eastern Connecticut, Inc. is a collaborative of business and community leaders dedicated to securing and enhancing the economic vitality of eastern Connecticut.

What it reported doing in 2024

Innovation center- create a hub for small business and entrepreneur resources, physical or otherwise.

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

SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 44
  • Transparency & Controls: 77
  • Accountability: 89
  • Sustainability: 61
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 46.1%; rating input score 46
  • Program expense ratio: 54.5%; rating input score 54
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 90%; rating input score 90; 23rd percentile among comparable filings
  • Governance controls: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 15.2%; rating input score 70; 70th percentile among comparable filings
  • Total-asset coverage ratio: 1.92; rating input score 63; 63rd percentile among comparable filings
  • Liabilities to assets ratio: 0.07; rating input score 48; 48th percentile among comparable filings
  • Officer compensation ratio: 12.6%; rating input score 29; 29th percentile among comparable filings

Growth

  • Program expense growth: 21.1% per year; rating input score 100; 84th percentile among comparable filings
  • Revenue growth: 5.4% per year; rating input score 100; 46th percentile among comparable filings
  • Asset growth: 19.9% per year; rating input score 100; 81st percentile among comparable filings

Details

  • Where the money goes: 46.1% of revenue deployed · 54.5% of spending went to programs
  • Governance: 18 of 20 board members independent · 7 of 8 filing controls reported
  • Programs: 3 filed program accomplishments · $807K in reported program spending
  • Leadership: top reported pay $187K · 20 people listed · 3 of 6 pay-setting controls reported
  • Consistency: 30 of 30 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 12 filing years from 2012 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • 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.

  • Moderate — Financial Efficiency: Mission deployment rate scored 46/100.
  • Review — Financial Efficiency: Program expense ratio scored 54/100.
  • Review — Accountability: Governance controls: Whistleblower policy not reported.
  • High — Sustainability: Officer compensation ratio scored 29/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 48/100.