Connecticut Project Inc

Analysis

Connecticut Project Inc is a registered charity in United States, based in Ridgefield, CT. It received its IRS tax-exemption ruling in October 2022, 4 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 December 2023, Connecticut Project Inc reported income of $1.1m and spending of $9.1m, spending 789% of what it took in. Across the 3 years on record, from December 2021 to December 2023, income grew from $500k to $1.1m (+130%), an average of +52% a year. The sharpest change came in the year to December 2022, when income rose by 6600%. Over the whole period it spent 35% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Connecticut Project Inc sits at the 79th percentile: it is larger than about 79% of them. Against every charity in United States with reported income it ranks in the 81st percentile, and in the 79th percentile within CT. Charities of a similar size with the same main cause include Mesilla Valley Economic Development Alliance ($1.1m), Urban Scholastic Center ($1.1m) and Maine Energy Marketers Association Education Foundation ($1.1m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 0.3% of the total. Compensation of current officers, directors and key employees was $454k (5.0% of expenses). Other salaries and wages came to $1.2m. At year end it held assets of $23.5m against liabilities of $732k, net assets of $22.8m. It reported 15 employees.