Skip to content
Nonprofiteer
← CONNCORP LLC

Form 990 for tax year 2024

Filed by CONNCORP LLC.

Totals

Total revenue
$7,356,863
Total expenses
$4,769,829
Contributions and grants received
$6,433,745
Grants paid
$41,289
Program service revenue
$530,434
Investment income
$150,268
Other revenue
$242,416
Total assets, end of year
$81,175,577
Total liabilities, end of year
$57,468,666
Net assets or fund balances, end of year
$23,706,911
Program services expenses (Part IX)
$3,373,346
Management and general expenses
$1,336,905
Fundraising expenses
$59,578
Program service expenses (Part III)
$3,373,346

Program services were 70.7% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1a · Federated campaigns

    $6,855

  • 1e · Government grants (contributions)

    $3,500,374

  • 1f · All other contributions, gifts and grants

    $2,926,516

  • 2a · Program service revenue: CULINARY INCOME

    total $530,434 · related or exempt $530,434

  • 3 · Investment income

    total $150,268 · excluded $150,268

  • 6a · Gross rents

    real property $306,198

  • 6b · Less rental expenses

    real property $66,744

  • 6c · Rental income or loss

    real property $239,454

  • 6d · Net rental income or loss

    total $239,454 · excluded $239,454

  • 11a · Other revenue: EBT / SNAP INCOME

    total $2,962 · related or exempt $2,962

  • 11e · Other revenue, total

    $2,962

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $41,289 · program services $41,289

  • 5 · Compensation of officers, directors and key employees

    total $1,072,766 · program services $1,031,671 · management and general $41,095

  • 7 · Other salaries and wages

    total $1,095,752 · program services $971,069 · management and general $124,683

  • 8 · Pension plan contributions

    total $24,627 · management and general $24,627

  • 9 · Other employee benefits

    total $207,830 · program services $4,073 · management and general $203,757

  • 10 · Payroll taxes

    total $154,358 · program services $35,338 · management and general $119,020

  • 11b · Fees: legal

    total $80,374 · program services $37,740 · management and general $42,634

  • 11c · Fees: accounting

    total $152,802 · management and general $152,802

  • 11g · Fees: other

    total $58,782 · program services $14,351 · management and general $44,431

  • 12 · Advertising and promotion

    total $59,578 · fundraising $59,578

  • 13 · Office expenses

    total $56,890 · program services $29,099 · management and general $27,791

  • 14 · Information technology

    total $49,256 · program services $21,047 · management and general $28,209

  • 16 · Occupancy

    total $431,633 · program services $431,633

  • 17 · Travel

    total $4,287 · program services $290 · management and general $3,997

  • 20 · Interest

    total $457,530 · program services $19,248 · management and general $438,282

  • 22 · Depreciation, depletion and amortization

    total $113,896 · program services $92,745 · management and general $21,151

  • 23 · Insurance

    total $105,843 · program services $91,737 · management and general $14,106

  • 24a · Other expenses: CULINARY EXPENSES

    total $310,133 · program services $305,185 · management and general $4,948

  • 24b · Other expenses: REPAIRS AND MAINTENANCE

    total $226,826 · program services $226,826

  • 24c · Other expenses: PROGRAMS AND MEETINGS

    total $65,377 · program services $20,005 · management and general $45,372

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $440,163 · end of year $4,073,769

  • 2 · Savings and temporary cash investments

    beginning of year $191,032 · end of year $4,738,832

  • 3 · Pledges and grants receivable

    beginning of year $579,360 · end of year $393,237

  • 4 · Accounts receivable

    beginning of year $33,490 · end of year $64,278

  • 8 · Inventories for sale or use

    beginning of year $41,668 · end of year $19,319

  • 9 · Prepaid expenses and deferred charges

    beginning of year $38,378 · end of year $10,048

  • 10a · Land, buildings and equipment: cost or other basis

    $30,276,993

  • 10b · Land, buildings and equipment: accumulated depreciation

    $328,941

  • 10c · Land, buildings and equipment, net

    beginning of year $23,015,061 · end of year $29,948,052

  • 15 · Other assets

    beginning of year $17,938,540 · end of year $41,928,042

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,238,216 · end of year $1,228,010

  • 19 · Deferred revenue

    beginning of year $11,069 · end of year $3,870,074

  • 23 · Secured mortgages and notes payable

    beginning of year $1,895,659 · end of year $11,408,738

  • 25 · Other liabilities

    beginning of year $18,012,871 · end of year $40,961,844

  • 27 · Net assets without donor restrictions

    beginning of year $20,319,877 · end of year $23,106,911

  • 28 · Net assets with donor restrictions

    beginning of year $800,000 · end of year $600,000

Mission and programs · 2024

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.

Activities or mission (Part I)

TO DRIVE ECONOMIC DEVELOPMENT AND ECONOMIC JUSTICE IN IMPOVERISHED COMMUNITIES (SEE SCH O)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.

  • FOOD SERVICE - ORCHID HOSPITALITY CONTINUES TO PROVIDE FOOD SERVICES FOR THE LOCAL COMMUNITY THROUGH ITS CATERING COMPANY, PETAL'S MARKET, AND ORCHID CAFE. IT HAS GROWN TO A STAFF OF OVER 20 PEOPLE, MANY OF WHOM WERE TRAINED THROUGH OUR RELATED CULINARY PROGRAM.

    Expenses $2,117,660 · Revenue $533,396

  • "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."

    Expenses $785,725

  • CONNCAT PLACE ON DIXWELL - CONNCORP HAS BROKEN GROUND AND STARTED CONSTRUCTION ON THE FIRST BUILDING AS PART OF A MAJOR MIXED-USE DEVELOPMENT. THE DEVELOPMENT WILL INCLUDE A TRAINING CENTER, 184 UNITS OF HOUSING, PERFORMING ARTS CENTER, A GROCERY,VARIOUS RETAIL AND A DAYCARE CENTER.

    Expenses $252,410

  • CONNCORP IS FOCUSED ON ECONOMIC DEVELOPMENT IN NEW HAVEN. CONNCORP WAS DESIGNED TO ADVANCE CONNCAT'S MISSION TO PROVIDE OPPORTUNITIES TO NEW HAVEN'S UNDERSERVED RESIDENTS. ADDITIONAL KEY ACTIVITIES INCLUDE THE ACQUISITION AND REVITALIZATION OF COMMERCIAL PROPERTIES AS WELL AS INVESTMENT IN NEW AND EXISTING LOCAL COMMUNITY-BASED BUSINESSES. CONNCORP ALSO SEEKS TO ATTRACT BUSINESSES TO NEW HAVEN AND, ULTIMATELY, TO CATALYZE AND SUPPORT A PLACE-BASED IMPACT INVESTING ECOSYSTEM IN THE CITY.

    Expenses $217,551 · Grants $41,289

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • CARLTON L HIGHSMITH

    BOARD CHAIR / TREASURER

    Total calculated
    $0
    Hours/week
    3 + 3 related

  • ERIK CLEMONS

    CEO / PRESIDENT & SECRETAR

    Total calculated
    $641,553
    From this org
    $471,075
    From related orgs
    $150,000
    Other
    $20,478
    Hours/week
    20 + 20 related

    Schedule J breakdown matched by us

    Base
    $471,075 + $150,000 related
    Bonus
    $0
    Other
    $0
    Deferred
    $16,678
    Nontaxable benefits
    $3,800
    Filer's total
    $491,553 + $150,000 related

  • PAUL MCCRAVEN

    VICE PRESIDENT

    Total calculated
    $181,999
    From this org
    $170,039
    From related orgs
    $0
    Other
    $11,960
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $170,039
    Bonus
    $0
    Other
    $0
    Deferred
    $7,000
    Nontaxable benefits
    $4,960
    Filer's total
    $181,999

  • BRIDGET D'ANGELO

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MALCOLM ELLIS

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • KIM HARRIS

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MILES LASATER

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JESSE PHILLIPS

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • NINA SILVA

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • ALAN BOWIE

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • ANNA BLANDING

    CIO

    Total calculated
    $261,601
    From this org
    $261,601
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $261,601
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $261,601

  • ANDREW ASCHETTINO

    CFO

    Total calculated
    $137,534
    From this org
    $129,496
    From related orgs
    $0
    Other
    $8,038
    Hours/week
    40

  • GIDEON GEBREYESUS

    VP OF FOOD SERVICES

    Total calculated
    $124,800
    From this org
    $119,381
    From related orgs
    $0
    Other
    $5,419
    Hours/week
    40

  • ANDREA TAYLOR

    HR DIRECTOR

    Total calculated
    $118,472
    From this org
    $111,942
    From related orgs
    $0
    Other
    $6,530
    Hours/week
    40

  • ELAINE ROPER

    VP OF CULTURE AND COMMUNITY

    Total calculated
    $105,844
    From this org
    $101,144
    From related orgs
    $0
    Other
    $4,700
    Hours/week
    40

  • IAN WILLIAMS

    VP OF HOUSING

    Total calculated
    $112,200
    From this org
    $107,885
    From related orgs
    $0
    Other
    $4,315
    Hours/week
    40

  • JAHKEEVA K MORGAN

    DIRECTOR OF THE LAB

    Total calculated
    $115,027
    From this org
    $108,893
    From related orgs
    $0
    Other
    $6,134
    Hours/week
    40

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee
  • 3 · Form 990 of other organizations
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

Provenance

Return type
form_990
Tax year
2024
Filed
15 November 2025
IRS schema version
2024v5.2
Source object
202533209349300783

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.