Is it real?
Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Dec 1994.
IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File
Where the money goes
64 cents of each dollar spent went to programs.
Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.
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Who runs it and what they're paid
19 people listed on the 990; $849K paid to officers and key staff.
Compensation history total reportable pay by year · 8 named individuals · Part VII
| Name | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|
| John W Bourdeaux | $271,173 | $198,508 | — | — | — |
| Peter L Denious | — | $227,798 | $247,432 | $247,568 | $240,936 |
| David Campbell | — | — | — | $149,077 | $213,692 |
| Catherine Scangarella | $209,160 | $153,462 | — | — | — |
| John Bourdeaux | — | — | $199,500 | $105,721 | — |
| Paul Ward | — | — | — | — | $157,557 |
| Shirar Mugler | $131,945 | $143,285 | $122,769 | $119,185 | — |
| Rachel Gretencord | $143,265 | $136,462 | $129,563 | $112,061 | — |
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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Questions the 990 asks
The form asks each of these directly. These are the filed answers.
- Family or business ties among officersPt VI · Ln 2No
- Top official's pay set by an independent reviewPt VI · Ln 15aYes
Programs and updates
Drives job creation and investment in Connecticut through economic development.
Questions for Connecticut Economic Resource
Your first name shows with your question. Connecticut Economic Resource answers here, for everyone.
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Advancect works to engage, retain and recruit businesses, and grow the connecticut economy for the benefit of the state's companies and residents. In collaboration with the state of connecticut department of economic and community development, advancect operates as the place where business, government, higher education and nonprofits…
By the numbers
The FY2020 990, line by line.
Download 990
| Line | Start FY20 | End FY20 |
|---|---|---|
| Cash and savingsLn 1–2 | $1.3M | $2.4M |
| Land, buildings, equipmentLn 10c | $62K | $53K |
| Total assetsLn 16 | $2.0M | $2.5M |
| LiabilitiesLn 26 | $1.4M | $1.6M |
| Net assetsLn 32 | $586K | $893K |
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Other salaries and wagesLn 7 | $1.7M | $1.4M | $323K | |
| Pension plan contributionsLn 8 | $52K | $52K | ||
| Other employee benefitsLn 9 | $84K | $46K | $38K | |
| Payroll taxesLn 10 | $126K | $99K | $27K | |
| Legal feesLn 11b | $22K | $22K | ||
| Accounting feesLn 11c | $21K | $21K | ||
| Other fees for servicesLn 11g | $1.1M | $622K | $500K | |
| Advertising and promotionLn 12 | $177K | $27K | $150K | |
| Office expensesLn 13 | $65K | $39K | $26K | |
| Information technologyLn 14 | $172K | $172K | ||
| OccupancyLn 16 | $145K | $145K | ||
| TravelLn 17 | $3K | $3K | $102 | |
| Conferences, conventions and meetingsLn 19 | $19K | $14K | $5K | |
| InterestLn 20 | $935 | $935 | ||
| Depreciation, depletion and amortizationLn 22 | $29K | $29K | ||
| InsuranceLn 23 | $24K | $24K | ||
| Other expenses (24a–d)Ln 24 | $18K | $13K | $6K | |
| Total functional expensesLn 25 | $3.8M | $2.4M | $1.4M | $0 |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2024 Latest | $5.3M | $4.7M | $616K | $3.2M | 990 PDF |
| FY2023 | $5.0M | $4.7M | $313K | $2.5M | 990 PDF |
| FY2022 | $4.8M | $4.4M | $416K | $2.2M | 990 PDF |
| FY2021 | $4.8M | $3.9M | $924K | $1.8M | 990 PDF |
| FY2020 Viewing | $4.1M | $3.8M | $307K | $893K | 990 PDF |
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Schedules filed Part IV
See the full FY2020 990 (6 parts)
Part I · Summary $4,111,834 revenue, 12 lines filed
Part VI · Governance 14 of 14 board members independent, no flags
Part VIII · Statement of revenue $4,111,834 across 6 lines filed
Part IX · Statement of functional expenses $3,804,934 across 17 lines filed
Part X · Balance sheet $2,511,393 assets, 12 lines filed
Part XI · Reconciliation of net assets $893,251 net assets at year end
Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File
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