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10 Hartford Business Journal • January 23, 2017 www.HartfordBusiness.com To view the full list, please visit HartfordBusiness.com THE LIST Largest community foundations in Connecticut (Ranked by assets, FY 2015) Rank Foundation Assets Revenue/ Expenses Top executive/ Title Year founded 1 Hartford Foundation for Public Giving (1) 10 Columbus Blvd., 8th Floor, Hartford, CT 06106 860-548-1888; www.hfpg.org $888,320,069 $30,359,411 $43,730,887 Linda J. Kelly (2) President 1925 2 The Community Foundation for Greater New Haven 70 Audubon St., New Haven, CT 06510 203-777-2386; www.cfgnh.org $502,337,398 (3) $23,459,641 (3) $27,335,434 (3) William W. Ginsberg President & CEO 1928 3 Fairfield County's Community Foundation 383 Main Ave., Norwalk, CT 06851 203-750-2300; www.fccfoundation.org $189,251,073 $24,989,508 $17,459,103 Juanita T. James President & CEO 1992 4 Jewish Community Foundation of Greater Hartford 333 Bloomfield Ave., Suite D, West Hartford, CT 06117 860-523-7460; www.jcfhartford.org $108,939,901 $5,166,811 $5,273,519 Michael Johnston President & CEO 1972 5 The Connecticut Community Foundation 43 Field St., Waterbury, CT 06702 203-753-1315; www.conncf.org $94,144,461 $2,637,031 $5,395,509 Paula Van Ness President & CEO 1923 6 Northwest Connecticut Community Foundation 32 City Hall Ave., Torrington, CT 06790 860-626-1245; www.northwestcf.org $87,817,079 $2,964,593 $3,950,436 Guy Rovezzi President & CEO 1969 7 Community Foundation of Eastern Connecticut 68 Federal St., New London, CT 06320 860-442-3572; www.cfect.org $63,262,434 $9,195,801 $6,105,411 Maryam Elahi President & CEO 1983 8 Community Foundation of Greater New Britain 74 A Vine St., New Britain, CT 06052 860-229-6018; www.cfgnb.org $41,562,739 $98,568 $2,531,714 James Williamson President 1941 9 Main Street Community Foundation 120 Halcyon Drive, Bristol, CT 06010 860-583-6363; www.mainstreetfoundation.org $37,482,457 $2,031,205 $1,940,054 Susan D. Sadecki President & CEO 1995 10 The Valley Community Foundation 253-A Elizabeth St., Derby, CT 06418 203-751-9162; www.valleyfoundation.org $19,906,987 $2,043,431 $1,788,219 Sharon L. Closius President & CEO 2004 11 Community Foundation of Middlesex County 211 S. Main St., Middletown, CT 06457 860-347-0025; www.middlesexcountycf.org $12,188,269 $1,535,764 $1,301,114 Cynthia H. Clegg President & CEO 1997 Sources: Foundation websites and audited financial statements or annual reports. Note: Total expenses include operational expenses and grant awards. (1) Serves 29 towns, hundreds of nonprofits and more than 750,000 residents. (2) On March 31, 2016 announced plans to retire by March 2017. (3) As reported in combined financial statement for The Community Foundation for Greater New Haven and affiliate, Dec. 31, 2015. —Compiled by Heide Martin. Organizations will need to review their financial processes to ensure the required information is being captured, as it is likely that modifications to the account- ing information system will be needed to comply with the new reporting requirements. Manage- ment should also take into con- sideration the potential impact of certain new disclosures in evalu- ating the financial health of your organization by donors, grantors, bankers, and other users of the financial statements. It is critical that both man- agement and boards of directors start now to become educated in the new standards and begin the process of implementing the new rules. This will ensure that when 2018 rolls around, nonprofits will be prepared. n Katrina Olson is an audit manag- er with Whittlesey & Hadley P.C. Experts Corner: FASB support the program," Brian said, noting the typical award from GoodWorks is between $5,000 to $10,000. Running an agency that only keeps half of its profits for the business presents its challenges. "We need to run more efficiently and we do that, in part, through our [technology] systems and back-office operations," Brian said. And Yonker, the agency's owner and CEO who does not take an annual salary, enables GoodWorks to split its profits evenly between ownership and community. The company has also used acquisitions and organic growth to boost its size and scope over the past five years. Recent deals included the purchase of Avon-based Meta- yer Bonding Associates. With additional M&A planned for 2017, Yonker expects to more than double the agency's size in the next 12 months. That would make GoodWorks one of the top 100 largest independent agencies in the country, an accomplishment Yonker credits to the company's focus on sales, products, service and charitable structure. "I think it's a unique value proposition," Yonker said. Larger insurers may give away more money, he explained, but as a percentage of profits, it's signifi- cantly less than GoodWorks' 50 percent threshold. "What we've been doing [charitably] for the commu- nities we serve is valuable," Yonker said. "And it's some- thing we need to continually make sure our policyhold- ers, clients and communities understand." n Social Causes Cybersecurity is hard. Defend Forward is easy. One monthly subscription puts the technology, training and expertise in place to defend your company's information, reputation, and future. Protect. Detect. Respond. www.kelsercorp.com/DefendForward www.kelsercorp.com 111 Roberts St, Suite D East Hartford, CT 06108 860 610 2200