Totals
- Total revenue
- $567,276
- Total expenses
- $596,413
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $417,922
- Investment income
- $148,171
- Other revenue
- $1,183
- Total assets, end of year
- $5,789,608
- Total liabilities, end of year
- $3,613,835
- Net assets or fund balances, end of year
- $2,175,773
- Program services expenses (Part IX)
- $511,281
- Management and general expenses
- $85,132
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $511,281
Program services were 85.7% 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.
-
2a · Program service revenue: RENTAL INCOME
total $417,922 · related or exempt $417,922
-
3 · Investment income
total $148,171 · excluded $148,171
-
11d · All other revenue
total $1,183 · related or exempt $1,183
-
11e · Other revenue, total
$1,183
Functional expenses
Part IX, the statement of functional expenses.
-
7 · Other salaries and wages
total $127,174 · program services $127,174
-
9 · Other employee benefits
total $10,222 · program services $10,222
-
10 · Payroll taxes
total $14,794 · program services $14,794
-
11a · Fees: management
total $26,880 · management and general $26,880
-
11c · Fees: accounting
total $15,300 · management and general $15,300
-
13 · Office expenses
total $9,933 · management and general $9,933
-
16 · Occupancy
total $194,055 · program services $194,055
-
20 · Interest
total $31,339 · program services $31,339
-
22 · Depreciation, depletion and amortization
total $92,979 · program services $92,979
-
23 · Insurance
total $40,718 · program services $40,718
-
24a · Other expenses: MISCELLANEOUS
total $33,019 · management and general $33,019
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $33,404 · end of year $44,072
-
4 · Accounts receivable
beginning of year $3,910 · end of year $8,449
-
10a · Land, buildings and equipment: cost or other basis
$3,331,514
-
10b · Land, buildings and equipment: accumulated depreciation
$955,178
-
10c · Land, buildings and equipment, net
beginning of year $2,461,415 · end of year $2,376,336
-
15 · Other assets
beginning of year $3,408,477 · end of year $3,360,751
-
17 · Accounts payable and accrued expenses
beginning of year $381,769 · end of year $261,699
-
23 · Secured mortgages and notes payable
beginning of year $2,969,293 · end of year $2,970,663
-
25 · Other liabilities
beginning of year $351,234 · end of year $381,473
-
27 · Net assets without donor restrictions
beginning of year $2,204,910 · end of year $2,175,773
Mission and programs · 2023
Mission
ORGANIZATION'S MISSION OR MOST SIGNIFICANT ACTIVITIES ARE TO ACQUIRE, OWN, FINANCE, MORTGAGE, LEASE, AND OPERATE A CERTAIN IMPROVED PARCEL OF REAL PROPERTY LOCATED AT 601 MAIN STREET, MIDDLETOWN, CONNECTICUT, KNOWN AS LIBERTY COMMONS, ALONG WITH PROVIDING ELDERLY, HANDICAPPED AND DISABLED PERSONS HOUSING FACILITIES AND SERVICES SPECIFICALLY DESIGNED TO MEET THEIR PHYSICAL, SOCIAL, AND PYSCHOLOGICAL NEEDS AND TO PROMOTE THEIR HEALTH, HAPPINESS, AND USEFULNESS IN LONGER LIVING.
-
SEE SCHEDULE O FOR THE DESCRIPTION OF THE PROGRAM.
Expenses $511,281 · Revenue $419,105
As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Lisa Dematteis-LeporeLISA DEMATTEIS-LEPORE
CEO
- Total calculated
- $427,960
- From this org
- $0
- From related orgs
- $384,768
- Other
- $43,192
- Hours/week
- 3 + 42 related
Schedule J breakdown matched by us
- Base
- $0 + $384,768 related
- Bonus
- $0
- Other
- $0
- Deferred
- $0 + $21,270 related
- Nontaxable benefits
- $0 + $21,922 related
- Filer's total
- $0 + $427,960 related
-
Beth ConnorBETH CONNOR
CHIEF PROGRAM OFFICER
- Total calculated
- $267,251
- From this org
- $0
- From related orgs
- $251,856
- Other
- $15,395
- Hours/week
- 3 + 42 related
Schedule J breakdown matched by us
- Base
- $0 + $251,856 related
- Bonus
- $0
- Other
- $0
- Deferred
- $0 + $15,349 related
- Nontaxable benefits
- $0 + $46 related
- Filer's total
- $0 + $267,251 related
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 · Independent compensation consultant
- 3 · Form 990 of other organizations
- 3 · Written employment contract
- 3 · Compensation survey or study
- 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
The filer's explanations (Part III)
- PART I, LINE 3 - RELATED ORG. METHODS USED FOR COMPENSATION EXPLANATION
- ALL OFFICERS' SALARIES ARE PAID BY A RELATED ORGANIZATION, THE CONNECTION FUND, INC., WHICH IS ALSO THE MANAGEMENT ORGANIZATION. THE BOARD OF DIRECTORS OF THE CONNECTION FUND, INC. REVIEWS A COMPENSATION SURVEY CONDUCTED BY CBIA AS WELL AS REVIEWS CURRENT EMPLOYMENT STATISTICS FOR THE POSITION FROM THE CONNECTICUT DEPARTMENT OF LABOR.
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.
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 14 May 2025
- IRS schema version
- 2023v6.0
- Source object
- 202521349349305027
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