Conncorp Llc
Nonprofit profile at a glance
- EIN
- 823795053
- IRS 990 coverage
- 2022–2024
- Forms available
- Form 990 2024
- Location
- New Haven, CT, USA
- Phone
- 2038239823
- Rating
- 74
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Community, Neighborhood Development
Reported finances
- Revenue
- $7,356,863
- Expenses
- $4,769,829
- Assets
- $81,175,577
- Liabilities
- $57,468,666
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
17 people listed
Executive titles in this filing
- ERIK CLEMONS (CEO / PRESIDENT & SECRETAR)
- PAUL MCCRAVEN (VICE PRESIDENT)
Highest reported compensation
- ERIK CLEMONS (CEO / PRESIDENT & SECRETAR): $641,553 total reported compensation
- ANNA BLANDING (CIO): $261,601 total reported compensation
- PAUL MCCRAVEN (VICE PRESIDENT): $181,999 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Our mission is to drive economic development and economic justice in impoverished communities by investing in local commercial and residential real estate, and minority-owned businesses.our vision is to create a community where all citizens are thriving economically, and socially.
What it reported doing in 2024
"economic impact lab - the lab has successfully partnered with quinnipiac university to establish a robust entrepreneurial training program, which graduated 40 clients this past year. The lab has also hosted ongoing business related seminars, and provided technical support through it's business incubator. The lab was also successful in obtaining a four million dollar sba grant, primarily to complete the renovation of two more floors to be used as incubator space to meet the growingdemand."
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 99% 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 some filing-based governance responses are negative or unanswered.
Rating breakdown
- Financial Efficiency: 59
- Transparency & Controls: 83
- Accountability: 84
- Sustainability: 71
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 47%; rating input score 47
- Program expense ratio: 70.7%; rating input score 71
- Fundraising efficiency: $107.99 raised per $1 spent on fundraising; rating input score 87; 87th percentile among comparable filings
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: 100%; rating input score 100; 72nd percentile among comparable filings
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 80%; rating input score 80; 14th percentile among comparable filings
- Governance controls: 8 of 9 controls in place; rating input score 89
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Fail
- CEO compensation review process: Pass
- Other executive compensation review process: Pass
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 35.2%; rating input score 87; 87th percentile among comparable filings
- Total-asset coverage ratio: 17.02; rating input score 95; 95th percentile among comparable filings
- Liabilities to assets ratio: 0.71; rating input score 13; 13th percentile among comparable filings
- Officer compensation ratio: 34.6%; rating input score 4; 4th percentile among comparable filings
Growth
- Program expense growth: 64.4% per year; rating input score 100; 98th percentile among comparable filings
- Revenue growth: 1.4% per year; rating input score 100; 17th percentile among comparable filings
- Asset growth: 41.6% per year; rating input score 100; 97th percentile among comparable filings
Details
- Where the money goes: 47% of revenue deployed · 70.7% of spending went to programs
- Governance: 8 of 10 board members independent · 8 of 9 filing controls reported
- Programs: 4 filed program accomplishments · $3.4M in reported program spending
- Leadership: top reported pay $642K · 17 people listed · 3 of 6 pay-setting controls reported
- Consistency: 34 of 34 current checks pass
- Schedules: 7 filed schedules · includes major donors, grants, and executive pay
- Filing history: 3 filing years from 2022 to 2024
- Contacts: How to reach this organization
- Money network: 9 filed money-flow records
- Related organizations: 16 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.
- Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- Moderate — Financial Efficiency: Mission deployment rate scored 47/100.
- Review — Accountability: Governance controls: Document-retention policy not reported.
- High — Sustainability: Officer compensation ratio scored 4/100.
- High — Sustainability: Liabilities to assets ratio scored 13/100.