Connecticut Center for Advanced Technology Inc

Analysis

Connecticut Center for Advanced Technology Inc is a registered charity in United States, based in East Hartford, CT. It received its IRS tax-exemption ruling in March 2005, 21 years ago. Its declared purposes cover employment, 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 December 2023, Connecticut Center for Advanced Technology Inc reported income of $18.3m and spending of $16.8m, spending 92% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $8.7m to $18.3m (+110%), an average of +20% a year. The sharpest change came in the year to December 2023, when income rose by 83%. Over the whole period it spent 99% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Connecticut Center for Advanced Technology Inc sits at the 98th percentile: it is larger than about 98% 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 Alternative Services Inc ($18.3m), Western Dairyland Economic Opportunity Council Incorporated ($18.3m) and Colorado Enterprise Fund Inc ($18.3m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 89% and program service revenue 10% of the total. Compensation of current officers, directors and key employees was $735k (4.4% of expenses). Other salaries and wages came to $2.8m. At year end it held assets of $21.9m against liabilities of $15.8m, net assets of $6.1m. It reported 52 employees.