Community Foundation of Eastern Connecticut

Analysis

Community Foundation of Eastern Connecticut is a registered charity in United States, based in New London, CT. It received its IRS tax-exemption ruling in May 1983, 43 years ago. Its declared purposes cover philanthropy, voluntarism and grantmaking foundations, which this site groups under grant-making and general purposes. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Community Foundation of Eastern Connecticut reported income of $17.3m and spending of $9.9m, leaving 43% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $8.2m to $17.3m (+111%), an average of +21% a year. The sharpest change came in the year to December 2023, when income rose by 66%. Over the whole period it spent 82% of the income it received.

Among 19,413 United States charities whose main cause is grant-making and general purposes and that reported income, Community Foundation of Eastern Connecticut sits at the 97th percentile: it is larger than about 97% of them. Against every charity in United States with reported income it ranks in the 97th percentile, and in the 96th percentile within CT. Charities of a similar size with the same main cause include United Way of Palm Beach County Inc ($17.2m), American Friends of B Nai Levy Foundation ($17.3m) and Homefree USA Inc ($17.2m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 61% of the total. Compensation of current officers, directors and key employees was $426k (4.3% of expenses). Other salaries and wages came to $556k. At year end it held assets of $121.8m against liabilities of $1.8m, net assets of $120.0m. It reported 11 employees.