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www.HartfordBusiness.com • June 18, 2018 • Hartford Business Journal 11 said much publicly about the tax cuts this year, as the company hasn't held earnings calls for the past two fiscal quarters due to its pending CVS deal. But Aetna disclosed in January that it expected the tax cuts to add $800 mil- lion to its gross adjusted earnings in 2018, half of which it will be required to pass on to its customers. In addition to shareholder perks and capital investments, at least seven public companies in Connecticut this year have an- nounced employ- ee bonuses and pay and benefit hikes in direct response to the tax cuts. But analysts and others say compa- nies are likely to spend much more money from their tax windfalls on share buybacks than on employee raises. For example, Americans for Tax Fairness, a group that has criticized the tax cuts as more of a corporate handout than a boost for the broader economy, has pegged the annual cost of higher wages and bonuses promised by those seven Connecticut companies at about $486 million. By comparison those companies are expected to reap more than $11 billion in annual tax savings, the group estimates. "Definitely, the money is going to the shareholders and executives of the companies," Chua said. For corporate boards, an easy call Stock buy- backs, Silverb- latt explained, help increase a company's share price, which ben- efits investors. "It obviously helps support the stock," Silverblatt said. "Five people bidding instead of four drives up the price." For corporate boards, buybacks are often an easier call than increas- ing dividends. For one, there's more flexibility and control. A com- pany can slow or quicken the pace of its share purchasing with a phone call. Plus, the company can resell them. Raising a dividend, on the other hand, comes with more pressure to perform. "I've got to make sure I can do that next year as well, because cutting a dividend is a kiss of death, let's face it," Silverblatt said. U.S. companies increased divi- dend payments by $18.8 billion in the first quarter compared to a year earlier. "At this point, given the re- cord cash levels, repatriation and expected record earnings helped by lower tax rates, 2018 could post its seventh consecutive year of record pay- ments," Silverb- latt said in April when announcing the dividend data. Across Con- necticut, first- quarter dividend activity was a mixed picture compared to the broader market. While the total value of pay- ments grew 9.5 percent, compared to 7.9 percent in the S&P 500, the median dividend increase here was 5.9 per- cent, compared to 6.7 percent in the S&P, according to FactSet. Of the 29 Connecticut companies FactSet assessed, 15 spent more on dividends in the first quarter than they did a year prior. A Wells Fargo & Co.-administered small business program that aims to spur minority business growth has awarded $850,000 in funding to the Hartford Community Loan Fund. HCLF, a community development nonprofit that rehabilitates blighted housing and supports economic development in city neighborhoods, will receive $350,000 in grants and $500,000 in lending capital to support diverse small business owners in the Hartford region, officials said. HCLF is among 13 community development financial institutions across the nation that were selected to receive part of $12.1 million in lending capital and grants under the Wells Fargo Diverse Community Capital (DCC) program. Recipients are private, nonprofit financial institutions that provide financial services to low-income populations. In 2017, the DCC program awarded nearly $284 million in loans to small businesses. The program began in 2015. Bank of America was the presenting sponsor for the CT Coalition to End Homelessness' Annual Training Institute, a capacity- building event for organizations working to prevent and end homelessness. Bank of America awarded CCEH a $10,000 grant earlier this year to further support its mission. Harvard Pilgrim Health Care Foundation awarded $1,250 in community spirit grants to three local nonprofits: Bunker Hill Sports Association Inc., Waterbury; Multiple Myeloma Research Foundation, Norwalk; and National Organization for Rare Disorders, Danbury. The Farmington Bank Community Foundation donated $2,500 to Nutmeg Big Brothers Big Sisters for the creation of community- based mentoring relationships in the six-town Farmington Valley area. Nonprofit Notebook NONPROFIT PROFILE Connecticut Science Center 250 Columbus Blvd., Hartford | ctsciencecenter.org Mission To inspire lifelong learning through the operation of a statewide science center. Top Executive: Matt Fleury, President & CEO Services: Science exhibits, programs and events. FY 2017 SUMMARY 2016 2017 Total Employees 147 172 Total Assets $130,020,278 $131,695,282 Total Liabilities $830,169 $4,121,900 REVENUES Contributions & Grants $5,778,860 $6,648,383 Program Service Revenue $5,180,927 $5,272,624 Investment Income $238,783 $401,806 Other $(105,335) $(30,826) Total $11,093,235 $12,291,987 EXPENSES Grants $0 $0 Member Benefits $0 $0 Salaries/Employee Benefits $4,731,919 $4,959,276 Fundraising Fees $0 $0 Other $8,515,372 $9,093,633 Total $13,247,291 $14,052,909 Margin $(2,154,056) $(1,760,922) TOP PAID EXECUTIVES (FY 2017) Base salary Comp. & Benef. Matt Fleury, President & CEO $271,316 $272,346 John Bordeaux, VP Advancement & Marketing $107,502 $108,270 Cherie Sweeney, VP Operations $107,273 $118,576 Source: Guidestar IRS 990 Tax Form (Top) United Technologies Corp. CEO and Chairman Gregory Hayes. (Bottom) Cigna President and CEO David M. Cordani. The Hartford's CEO Christopher Swift. PHOTO | CONTRIBUTED PHOTO | CONTRIBUTED PHOTO | HBJ FILE