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Advancect Foundation INC FY2020 filing

Tax-deductible

New Haven, CT501(c)(3)Since 2020Community DevelopmentEIN 84-4530545Revenue $1.0M in FY2020

On file with the IRS470 James St Ste 9, 06513-3175 · New Haven, CTTax-exempt since Feb 2020Publicly supported charity — 170(b)(1)(A)(vi)

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Advancect Foundation addresses economic inequality in connecticut through funding workforce development and skills training, particularly targeting distressed communities.

501(c)(3) charity; gifts are tax-deductible.
97¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2020 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
6 of 6
filings with a surplus
Average surplus $31K a year · 15% of revenue · last 6 filings
Looks good: a surplus in 6 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
97%
of spending
Looks good: 97% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
<1 mo
of spending, in cash
Worth a look: 0.9 months of spending in cash; under 1.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $50K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$0
0% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
3
of 3 voting members
Looks good: 3 of 3 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.0M
Spent
$934K
To programs
97%
Net assets
$72K
By yearFY2020–FY2025
Revenue
$1.0M
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$1.0M
FY2021$50K
FY2022$74K
FY2023$51K
FY2024$53K
FY2025$6K
Expenses
$934K
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$934K
FY2021$75
FY2022$69K
FY2023$44K
FY2024$2K
FY2025$2K
Net assets
$72K
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$72K
FY2021$121K
FY2022$126K
FY2023$133K
FY2024$183K
FY2025$188K

From the FY2020 Form 990 · see the original

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

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Feb 2020.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

97 cents of each dollar spent went to programs.

Program services 97% · $903K Management & general 3% · $31K

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

3 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
Indra Nooyi
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
See Advancect Foundation INC executive salaries →

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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 15aNo

Programs and updates

Funds workforce development and skills training to reduce economic inequality in Connecticut.

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Provided by the organization

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1 program · $903K · in their own filed words · FY2020
01

Advancect foundation, inc. Is a nonprofit corporation organized in 2020 for charitable purposes.

$903Kprogram expense

Funders

Who pays for it.

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

Grants

Schedule I · received and paid
Grants received · FY2024
Norwitt Family Charitable FoundationFY2024$50K
Total grants receivedfrom 1 funder$50K
Grants paid · 6 grants · $51K · 2022–2023
Fresh Start Pallet Products INCCT · FY2023$9,000
HavenlyCT · FY2023$9,000
Manufacturing and Technical Community HubFY2023$6,000
Fresh Start Pallet Products INCCT · FY2022$9,000
HavenlyCT · FY2022$9,000
Mercy Learning Center of Bridgeport IncorporatedCT · FY2022$9,000

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$1.0M
Ln 12
Gifts and grantsLn 1h$1.0M
Money outPt IX
$934K
Ln 25
Programscol B$903K
Managementcol C$31K
Owns and owesPt X
$72K
net assets · Ln 32
Cash and savingsLn 1–2$72K
Total assetsLn 16$72K
LiabilitiesLn 26$0
PeoplePt VI, VII
3
listed · VII A
PaidVII A0
Voting boardVI 1a3
IndependentVI 1b3
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$1.0M
Government grantsLn 1e$450K
Total revenueLn 12$1.0M
Assets in detailPt X, end of year
CashLn 1$72K
Cash and savings togetherLn 1–2$72K
Total assetsLn 16$72K
LiabilitiesLn 26$0
Net assetsLn 32$72K
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$72K
Total assetsLn 16$0$72K
LiabilitiesLn 26$0$0
Net assetsLn 32$0$72K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Legal feesLn 11b$31K$31K
Other fees for servicesLn 11g$900K$900K
Other expenses (24a–d)Ln 24$30$30
All other expensesLn 24e$3K$3K
Total functional expensesLn 25$934K$903K$31K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $6K$2K$4K$188K 990 PDF
FY2024 $53K$2K$51K$183K 990 PDF
FY2023 $51K$44K$7K$133K 990 PDF
FY2022 $74K$69K$4K$126K 990 PDF
FY2021 $50K$75$50K$121K 990 PDF
FY2020 Viewing $1.0M$934K$72K$72K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2020 990 (6 parts)
Part I · Summary $1,005,500 revenue, 12 lines filed
I-8 Contributions and grants$1,005,500
I-9 Program service revenue$0
I-10 Investment income$0
I-11 Other revenue$0
I-12 Total revenue$1,005,500
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expenses$933,964
I-18 Total expenses$933,964
I-19 Revenue less expenses$71,536
Part VI · Governance 3 of 3 board members independent, 4 to look at
VI-1a Voting members of the governing body3
VI-1b Independent voting members3
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $1,005,500 across 4 lines filed
VIII-1e Government grants$450,000
VIII-1f All other contributions, gifts and grants$555,500
VIII-1h Total contributions, gifts and grants$1,005,500
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$1,005,500
Part IX · Statement of functional expenses $933,964 across 4 lines filed
IX-11b Legal feesManagement $30,934$30,934
IX-11g Other fees for servicesPrograms $900,000$900,000
IX-24 Other expenses (24a–d)Management $30$30
IX-24e All other expensesPrograms $3,000$3,000
IX-25 Total functional expensesPrograms $903,000 · Management $30,964 · Fundraising $0$933,964
Part X · Balance sheet $71,536 assets, 5 lines filed
X-1 Cash, non-interest-bearing$71,536
X-16 Total assetsStart of year $0$71,536
X-26 Total liabilitiesStart of year $0$0
X-32 Total net assets or fund balancesStart of year $0$71,536
X-33 Total liabilities and net assetsStart of year $0$71,536
Part XI · Reconciliation of net assets $71,536 net assets at year end
XI-1 Total revenue$1,005,500
XI-2 Total expenses$933,964
XI-3 Revenue less expenses$71,536
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$71,536

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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