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Nonprofiteer
← CONNECTION FUND-LIBERTY INC

Form 990 for tax year 2022

Filed by CONNECTION FUND-LIBERTY INC.

Totals

Total revenue
$524,805
Total expenses
$628,950
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$423,695
Investment income
$98,364
Other revenue
$2,746
Total assets, end of year
$5,907,206
Total liabilities, end of year
$3,702,296
Net assets or fund balances, end of year
$2,204,910
Program services expenses (Part IX)
$561,051
Management and general expenses
$67,899
Fundraising expenses
$0
Program service expenses (Part III)
$561,051

Program services were 89.2% 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 $423,695 · related or exempt $423,695

  • 4 · Income from investment of tax-exempt bond proceeds

    total $98,364 · excluded $98,364

  • 11d · All other revenue

    total $2,746 · related or exempt $2,746

  • 11e · Other revenue, total

    $2,746

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $154,804 · program services $154,804

  • 9 · Other employee benefits

    total $26,612 · program services $26,612

  • 10 · Payroll taxes

    total $17,292 · program services $17,292

  • 11a · Fees: management

    total $26,880 · management and general $26,880

  • 11b · Fees: legal

    total $3,336 · management and general $3,336

  • 11c · Fees: accounting

    total $14,400 · management and general $14,400

  • 13 · Office expenses

    total $12,005 · management and general $12,005

  • 16 · Occupancy

    total $191,793 · program services $191,793

  • 20 · Interest

    total $31,339 · program services $31,339

  • 22 · Depreciation, depletion and amortization

    total $92,219 · program services $92,219

  • 23 · Insurance

    total $46,992 · program services $46,992

  • 24a · Other expenses: MISCELLANEOUS

    total $11,278 · management and general $11,278

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $16,253 · end of year $33,404

  • 4 · Accounts receivable

    beginning of year $4,318 · end of year $3,910

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

    $3,323,614

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

    $862,199

  • 10c · Land, buildings and equipment, net

    beginning of year $2,546,636 · end of year $2,461,415

  • 15 · Other assets

    beginning of year $3,306,707 · end of year $3,408,477

  • 17 · Accounts payable and accrued expenses

    beginning of year $273,827 · end of year $381,769

  • 23 · Secured mortgages and notes payable

    beginning of year $2,967,923 · end of year $2,969,293

  • 25 · Other liabilities

    beginning of year $323,109 · end of year $351,234

  • 27 · Net assets without donor restrictions

    beginning of year $2,309,055 · end of year $2,204,910

Mission and programs · 2022

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 $561,051 · Revenue $426,441

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Lisa Dematteis-Lepore

    CEO

    Total calculated
    $394,639
    From this org
    $0
    From related orgs
    $358,949
    Other
    $35,690
    Hours/week
    3 + 42 related

    Schedule J breakdown matched by us

    Base
    $0 + $358,949 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $17,667 related
    Nontaxable benefits
    $0 + $18,023 related
    Filer's total
    $0 + $394,639 related

  • Beth Connor

    DIRECTOR

    Total calculated
    $257,853
    From this org
    $0
    From related orgs
    $221,630
    Other
    $36,223
    Hours/week
    3 + 42 related

    Schedule J breakdown matched by us

    Base
    $0 + $221,630 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $12,713 related
    Nontaxable benefits
    $0 + $23,510 related
    Filer's total
    $0 + $257,853 related

  • Beth Hogan

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

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
2022
Filed
14 May 2024
IRS schema version
2022v5.0
Source object
202411359349304681

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