Connstep Inc

Analysis

Connstep Inc is a registered charity in United States, based in Hartford, CT. It received its IRS tax-exemption ruling in September 2000, 26 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. 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 June 2023, Connstep Inc reported income of $5.8m and spending of $5.8m, spending 99% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $4.9m to $5.8m (+18%), an average of +4.3% a year. The sharpest change came in the year to June 2021, when income rose by 38%. Over the whole period it spent 94% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Connstep Inc sits at the 93rd percentile: it is larger than about 93% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 91st percentile within CT. Charities of a similar size with the same main cause include Black Farmer Fund Inc ($5.8m), Partnership for Families Children and Adults Inc ($5.9m) and Develop Detroit Inc ($5.8m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 72% and program service revenue 28% of the total. Compensation of current officers, directors and key employees was $454k (7.8% of expenses). Other salaries and wages came to $2.4m. At year end it held assets of $6.4m against liabilities of $1.9m, net assets of $4.5m. It reported 32 employees.