Riverfront Recapture Inc

What it reported doing in 2025

PARK MANAGEMENT AND DEVELOPMENT: Projects are underway to expand the park system north of the Boathouse to connect to the Windsor riverwalk. Funding was secured in 2017 for extending the riverwalk north of the Boathouse. Naming this stretch the "Joe Marfuggi Riverwalk" to honor the memory of Riverfront Recapture's former President & CEO, was authorized by the City of Hartford. A separate private fundraising campaign will fund unique features along the riverwalk to add exhibits to tell the history of the Riverfront. This new stretch of riverwalk will continue into Windsor across land at the Hartford/Windsor line that Riverfront purchased through a controlled entity, Riverfront Land, Inc. The new property will allow for the uninterrupted connection of riverwalk from Charter Oak Landing in Hartford to the Windsor Riverwalk and beyond. The parcel will also provide opportunities for many other activities and potential commercial development, making this location a key attraction on the Riverfront. Several large grants, State and Federal, have been secured since 2021 primarily for the property's environmental remediation, which will begin in January 2026. The master plan for this future park was completed in 2024. The other major ongoing project is a series of improvements to Great River Park in East Hartford. 2025 was spent primarily in the design and permitting phase and construction is expected to begin in 2026. Beginning in 2017, Riverfront Recapture took over the responsibility for park maintenance from the Metropolitan District Commission, which continues to be the major funder. Most park maintenance, such as mowing, tree care, and other landscaping, is performed by subcontractors. Volunteers have been incorporated into the maintenance plan as companies are increasingly looking to engage employees on community projects. Riverfront manages the parks for the City of Hartford and the Town of East Hartford. Walkways on the Founders and Charter Oak Bridges connect the municipalities. The Riverfront has been a catalyst for economic investment with the development of hotels, a convention center, a science center, a dining/entertainment complex, and housing on adjacent land. Rangers provide hospitality and information and create a secure environment for park visitors. Rangers are responsible for opening and closing the parks daily throughout the year. Between May and October, the busy season for the parks, the Rangers have an increased presence. They provide information and directions to park visitors, assist with parking and boat launch activities, open and close the parks, and enforce park rules.

Financial Efficiency

• Mission deployment rate: 83.8%; rating input score 84
• Program expense ratio: 86.4%; rating input score 86
• Fundraising efficiency: $8.43 raised per $1 spent on fundraising; rating input score 30; 30th 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: Missing
  • Independent consultant: Missing
  • Other Form 990s reviewed: Pass
  • Written employment contract: Missing
  • Compensation survey or study: Pass
  • Board or committee approval: Pass
• Foreign activity oversight: Limited
• Grant itemization coverage: Limited
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Yes; rating input score 100

Accountability

• Independent voting board: 95.5%; rating input score 95; 26th 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: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: Fail
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 4.3%; rating input score 41; 41st percentile among comparable filings
• Total-asset coverage ratio: 1.84; rating input score 55; 55th percentile among comparable filings
• Liabilities to assets ratio: 0.06; rating input score 57; 57th percentile among comparable filings
• Officer compensation ratio: 19.1%; rating input score 16; 16th percentile among comparable filings

Growth

• Program expense growth: 4.6% per year; rating input score 100; 34th percentile among comparable filings
• Revenue growth: 4.2% per year; rating input score 100; 31st percentile among comparable filings
• Asset growth: 7.8% per year; rating input score 100; 48th percentile among comparable filings