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Naugatuck Valley Development Corp FY2020 filing

Not tax-deductible

Waterbury, CT501(c)(4)EIN 06-0854496

Civic redevelopment

60¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

Before you give

FY2020 · Form 990Independent: from IRS data, not the org
Download 990
Is it a real charity?
501(c)(4)
not on the IRS revocation list
IRS BMF · Auto-Revocation List
Are gifts tax-deductible?
No
Donations are not tax-deductible
IRS Pub. 78 · IRS BMF
Is it filing on time?
FY2025
latest Form 990
IRS e-file · Filing history
Is it financially stable?
1 of 4
years in the black
Pt I · Ln 19 · 4 filings
How much reaches the programs?
60%
of spending
Pt IX · Ln 25 · col B
Do they have reserves?
18 mo
of spending, in cash
Pt X · Ln 1–2 · Pt I · Ln 18
Do they carry debt?
$0
liabilities
Pt X · Ln 26
Who oversees it?
4
independent of 4 voting board members
Pt VI · Ln 1a–1b
Revenue
−$21K
Spent
$90K
To programs
60%
Net assets
$1.8M
By yearFY2020–FY2025
Revenue
−$21K
FY2020
Revenue by fiscal year
FY2020−$21K
FY2021$34K
FY2022$195K
FY2025$323K
Expenses
$90K
FY2020
Expenses by fiscal year
FY2020$90K
FY2021$217K
FY2022$257K
FY2025$131K
Net assets
$1.8M
FY2020
Net assets by fiscal year
FY2020$1.8M
FY2021$1.8M
FY2022$1.5M
FY2025$2.0M

From the FY2020 Form 990 (year ending June 2020) · see the original

Form 990 (PDF) Claim
You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2025) →

Status and standing

Is it real, and can you give to it?

Tax-deductible?
No
Per the IRS master file.
Can I give now?
No revocation on IRS record
Not on the IRS revocation list.
Filing up to date?
Filed FY2025 (typical filing lag)
Legal name (IRS)Hdr · item CNaugatuck Valley Development Corp
EINHdr · item D06-0854496
Exempt statusHdr · item I501(c)(4) · active
Ruling yearIRS BMFApr 1970
Latest filingForm 990FY2025 · Form 990
Principal addressHdr · item CWaterbury, CT
NTEE classificationIRS BMFNonprofit

Where the money goes

What each dollar paid for.

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.60 Management & general $0.40
Program services60%$54K
Management & general40%$36K
Total functional expensesLn 25$90K

Financial health

Is it on solid ground?

Payroll share
6%
of spending is salaries & benefits
Program spending
60%
of expenses reach member services

Summary of the Filing

Part I · fiscal year 2020 · Form 990
Total assets
$1.8M
FY2020
Total assets by fiscal year
FY2020$1.8M
FY2021$1.8M
FY2022$1.9M
FY2025$2.7M
Total liabilities
$0
FY2020
Total liabilities by fiscal year
FY2020$0
FY2021$65K
FY2022$323K
FY2025$741K
Revenue less expensesPt I · Ln 19−$111K
Total assetsPt X · Ln 16$1.8M
Program-expense ratioPt IX · col B60%
Voting members of governing bodyPt I · Ln 34
Independent voting membersPt I · Ln 44

Balance Sheet

Part X · end of year
CashLn 1$134K
Total assetsLn 16$1.8M
Total liabilitiesLn 26$0
Total net assetsLn 32$1.8M
Months of cash on handcomputed17.9
Total revenueLn 12−$21K

Financial Metrics

Form 990 · FY2020 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $1.0M · Operating expenses/yr $90K
139.3 months
Where the money goes
Program services
Program services $54K · Total expenses $90K
60%
Management & General
Management & general $36K · Total expenses $90K
40%
Fundraising
Fundraising $0 · Total expenses $90K
0%
Cost to raise $1
Fundraising expense $0 · Solicited contributions $0
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $0 · Total revenue −$21K
—
Government reliance
Government grants — · Total revenue −$21K
—
Earned-income share
Program service revenue $0 · Total revenue −$21K
—
Investment reliance
Investment income $87K · Total revenue −$21K
—
Program self-sufficiency
Program service revenue $0 · Total expenses $90K
0%
Growth & trend
Revenue growth (YoY)
This year −$21K · Prior year —
No prior year on file
Net-asset trend (YoY)
End of year $1.8M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue −$21K · Expenses $90K
—
Liabilities-to-Assets
Total liabilities — · Total assets $1.8M
—
Net-asset ratio
Net assets $1.8M · Total assets $1.8M
100%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $908K · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $1.8M
51%
People & payroll
Highest Reported Total Compensation
Individual Michael O'Connor · Reported title CHIEF EXEC. OFFICER · Highest reported compensation $0 · Total expenses $90K
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $5K · Total expenses $90K
6%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 60%——
Overhead ratio 40%——
Investment management fee ratio 0.9%——
Accounting fee ratio 13%——

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Leadership and pay

Who runs it, and what are they paid?

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation · most recent filed roster (FY2019); the FY2020 filing did not itemize Part VII
Michael O'Connor
Chief Exec. Officer
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
John Zinno JR
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A

Compensation history total reportable pay by year · 1 named individual · Part VII

NameFY2022FY2021
Thomas Hyde$153,070$117,566

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Governance & Policies

Part VI
  • 4Voting board membersPt VI · Ln 1a
  • 4Independent board membersPt VI · Ln 1b
  • Conflict-of-interest policyPt VI · Ln 12aYes
  • Whistleblower policyPt VI · Ln 13No
  • Document retention policyPt VI · Ln 14No
  • Top official’s pay independently reviewedPt VI · Ln 15aYes
  • Family or business ties among leadersPt VI · Ln 2No

Mission and programs

What it does.

Promotes economic development and civic redevelopment in Waterbury, Naugatuck, and surrounding communities.

Provided by the organization

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Mission & Programs · Part III

Where the work happens

1 program service account for $54K of program spending, described in the organization's own filed words · FY2019.
01

To advance the interest of the city of waterbury and the surrounding communities

$54Kprogram expense

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Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · this organization's grantmaking
Grants paid · 1 grant · $18K · 2019–2019
CT Amateur Baseball Congress INCFY2019$17,500

Filing history

Every return on file.

YearRevenueExpensesChangeFiling
FY2025 Latest $323K$131K+66% 990 PDF
FY2024 Not on file
FY2023 Not on file
FY2022 $195K$257K+482% 990 PDF
FY2021 $34K$217K+260% 990 PDF
FY2020 Viewing −$21K$90K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash

Not shown yet: ratings, outcomes, and peer benchmarks. A Form 990 doesn’t report them.

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2020IRS
Classification, formation year, addressIRS Business Master File
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