2015-05-13T08:13:07-05:00 2014-12-31 061009205 BLUM SHAPIRO & COMPANY PC CPA'S 29 S MAIN STREET PO BOX 272000 WEST HARTFORD CT 061272000 990 2014-01-01 841637102 THE VALLEY COMMUNITY FOUNDATION INC VALL 2037519162 253-A ELIZABETH STREET DERBY CT 06418 SHARON REISS CLOSIUS PRESIDENT & CEO 2037519162 2015-05-06 1 MARY KAY CURTISS P01551484 8605614000 2015-05-06 2014 2016-03-07 17:11:31Z SHARON REISS CLOSIUS 253-A ELIZABETH STREET DERBY CT 06418 3505500 0 X WWW.VALLEYFOUNDATION.ORG X 2004 CT THE VALLEY COMMUNITY FOUNDATION'S MISSION IS TO CONNECT PRIVATE PHILANTHROPY TO THE LONG-TERM PUBLIC GOOD OF THE GREATER NAUGATUCK VALLEY. 14 14 6 45 0 0 1832370 1829036 0 0 1419507 1196765 0 0 3251877 3025801 1375388 1316585 0 0 283428 289052 0 0 188588 272448 249765 1931264 1855402 1320613 1170399 17755188 19468383 271545 268451 17483643 19199932 X THE VALLEY COMMUNITY FOUNDATION'S MISSION IS TO CONNECT PRIVATE PHILANTHROPY TO THE LONG-TERM PUBLIC GOOD OF THE GREATER NAUGATUCK VALLEY. 0 0 452125 376438 HEALTH: GRANTS THAT SUPPORT PROGRAMS AND SERVICES THAT ENSURE HEALTH AND WELLNESS. 311811 262847 CIVIC VITALITY: GRANTS THAT SUPPORT PROGRAMS AND SERVICES THAT PROMOTE CIVIC VITALITY. 218267 186999 EDUCATION: GRANTS THAT SUPPORT PROGRAMS AND SERVICES THAT PROVIDE QUALITY EDUCATION. 576850 490302 GRANTS THAT SUPPORT PROGRAMS AND SERVICES THAT SUPPORT ARTS AND CULTURE, MEET BASIC NEEDS, BOOST ECONOMIC SUCCESS, PROTECT THE ENVIRONMENT, AND NURTURE CHILDREN AND YOUTH. 576850 490302 1559053 1 1 0 0 0 1 0 0 0 0 1 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 1 0 0 1 6 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 14 14 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CT X X X ANDREW F ALDEN 2037777061 70 AUDUBON STREET NEW HAVEN CT 06510 JOHN J ZAPRZALKA CHAIR/DIRECTOR 1.00 X X 0 0 0 ALAN TYMA VICE CHAIR/DIRECTOR 1.00 X X 0 0 0 TIMOTHY P DILLON ESQ SECRETARY/DIRECTOR 1.00 X X 0 0 0 WILLIAM NIMONS TREASURER/DIRECTOR 1.00 X X 0 0 0 SUSAN COYLE DIRECTOR 1.00 X 0 0 0 M ELIZABETH KENNARD DIRECTOR 1.00 X 0 0 0 LYNNE BASSETT PERRY DIRECTOR 1.00 X 0 0 0 JOSEPH A PAGLIARO JR DIRECTOR 1.00 X 0 0 0 JAMES RYAN DIRECTOR 1.00 X 0 0 0 DIANE STROMAN DIRECTOR 1.00 X 0 0 0 RICK DUNNE DIRECTOR 1.00 X 0 0 0 LEON J SYLVESTER DIRECTOR 1.00 X 0 0 0 KAREN STANEK DIRECTOR 1.00 X 0 0 0 WILLIAM W GINSBERG DIRECTOR 1.00 40.00 X 0 278407 43957 ANDREW F ALDEN CHIEF FINANCIAL OFFICER 10.00 40.00 X 0 245334 34784 SHARON CLOSIUS PRESIDENT & CEO 40.00 X 130000 0 28167 130000 523741 106908 1 0 1 0 0 1829036 1829036 536788 536788 1139676 479699 659977 659977 659977 3025801 0 0 1196765 1316585 1316585 157917 71063 31583 55271 107740 48483 21548 37709 738 332 148 258 5286 2379 1057 1850 17371 7817 3474 6080 1220 549 244 427 156 70 31 55 94563 42553 18913 33097 5951 2678 1190 2083 5289 2380 1058 1851 24840 11178 4968 8694 320 144 64 112 33069 14881 6614 11574 19079 8586 3815 6678 6633 2985 1327 2321 MARKETING & ADVERTISING 39360 17712 7872 13776 EQUIPMENT RENTAL AND MA 7480 3366 1496 2618 DUES AND FEES 3885 1748 777 1360 RECRUITMENT 2673 1203 535 935 5247 2361 1047 1839 1855402 1559053 107761 188588 720195 3635 4846 182939 63310 138406 119629 12743185 13222836 4869962 5400877 17755188 19468383 16796 5767 254749 262684 271545 268451 X 17483643 19199932 17483643 19199932 17755188 19468383 1170399 545890 0 X X 0 1 X 1 0 X 1230840 6350264 1909808 1832370 1829036 13152318 1230840 6350264 1909808 1832370 1829036 13152318 3463720 9688598 279122 193878 563518 1144945 536788 2718251 15870569 0.61050 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 57 100 251602 1577434 112977 1140417 8816254 10383677 1 1 182939 63310 119629 119629 ALTERNATIVE INVESTMENTS 5400877 F 5400877 2851174 545890 545890 2305284 94563 625954 720517 3025801 1598151 0 1598151 94563 162688 257251 1855402 PART XI, LINE 4B - OTHER ADJUSTMENTS: ORGANIZATION FUNDS ADJUSTMENT 625,954. PART XII, LINE 4B - OTHER ADJUSTMENTS: ORGANIZATION FUNDS ADJUSTMENT 162,688. 1 VARIOUS TAX-EXEMPT ORGANIZATIONS 1316585 FMV GENERAL PURPOSE PART I, LINE 2: GRANTS ARE MONITORED USING THE ON-LINE GIVEGREATER PLATFORM VIA ORGANIZATION PROFILES THAT ARE UPDATED ANNUALLY DIRECTLY BY THE ORGANIZATION, FORMAL ANNUAL/FINAL REPORTING QUESTIONS OR GRANT REMITTANCE FORMS. X X X X X 0 0 0 0 0 0 0 0 0 WILLIAM W GINSBERG DIRECTOR 0 278407 0 0 0 0 0 22272 0 21685 0 322364 0 0 ANDREW F ALDEN CHIEF FINANCIAL OFFICER 0 245334 0 0 0 0 0 19627 0 15157 0 280118 0 0 SHARON CLOSIUS PRESIDENT & CEO 130000 0 0 0 0 0 10400 0 17767 0 158167 0 0 0 JOSEPH A PAGLIARO JR DIRECTOR SEE PART V 0 SCHEDULE L PART IV THE VALLEY COMMUNITY FOUNDATION (VCF) ENTERED INTO AN ARMS-LENGTH FACILITIES LEASE WITH AN INDEPENDENT THIRD PARTY ENTITY, WHOSE OWNERSHIP INCLUDED A MINORITY INTEREST BY A MEMBER OF THE VCF'S BOARD OF DIRECTORS. THE DUE DILIGENCE (WHICH EXCLUDED AT ALL TIMES THE DIRECTOR WHO WAS DEEMED TO BE AN "INTERESTED PERSON" TO THE TRANSACTION PURSUANT TO THE FOUNDATION'S POLICIES ON CONFLICTING INTERESTS) WAS CONDUCTED BY MEMBERS OF THE FOUNDATION'S BOARD OF DIRECTORS, AND INCLUDED THE REVIEW OF MORE THAN EIGHT SEPARATE LEASE OPTIONS FOR PURPOSES OF IDENTIFYING A FAIR-MARKET VALUE FOR SUCH A TRANSACTION. AFTER REVIEW OF THESE COMPARABLE TRANSACTIONS, THE LEASE THAT WAS ENTERED INTO THROUGH A UNANIMOUS DECISION BY THE BOARD OF DIRECTORS (EXCLUDING THE DIRECTOR WITH INTERESTED-PERSON STATUS) WAS THAT THE LEASE MONTHLY RENTAL WAS SUBSTANTIALLY BELOW MARKET, AND ITS OTHER TERMS WERE SIGNIFICANTLY MORE FAVORABLE. FORM 990, PART VI, SECTION A, LINE 4 AS OF JANUARY 1, 2014, THE VALLEY COMMUNITY FOUNDATION, AS A RESULT OF CHANGES IN FEDERAL TAX LAW THAT BECAME EFFECTIVE AT THE BEGINNING OF CALENDAR YEAR 2014, HAS DETERMINED THROUGH ACTIONS ADOPTED BY ITS BOARD OF DIRECTORS THAT IT SHALL OBTAIN ITS FEDERAL EXEMPTION UNDER SECTION 501(C)(3) AS AN INDEPENDENT ORGANIZATION FOR, AMONG OTHER THINGS, FULFILLING ITS PUBLIC SUPPORT TEST, RATHER THAN THROUGH THE FORMER INTERNAL REVENUE CODE (IRC) PROVISIONS AFFORDED UNDER SECTION 509(A)(3) AS A SUPPORTING ORGANIZATION TO THE COMMUNITY FOUNDATION FOR GREATER NEW HAVEN. NOTWITHSTANDING THIS IRC ELECTION BY THE VALLEY COMMUNITY FOUNDATION, THE COMMUNITY FOUNDATION FOR GREATER NEW HAVEN AND THE VALLEY COMMUNITY FOUNDATION, THROUGH AN AMENDMENT TO THE EXISTING AFFILIATION AGREEMENT THAT WAS ADOPTED IN DECEMBER 2013 BY THE RESPECTIVE BOARD OF DIRECTORS, WILL CONTINUE TO REPORT THE FINANCIAL RESULTS OF THE COMMUNITY FOUNDATION FOR GREATER NEW HAVEN AND THE VALLEY COMMUNITY FOUNDATION ON A CONSOLIDATED BASIS PURSUANT TO THE PROVISIONS OF SUCH AFFILIATION AGREEMENT. CONSISTENT WITH IRC REQUIREMENTS THAT HAVE EXISTED SINCE THE VALLEY COMMUNITY FOUNDATION'S FORMATION IN 2004, THE VALLEY COMMUNITY FOUNDATION AND THE COMMUNITY FOUNDATION FOR GREATER NEW HAVEN WILL CONTINUE TO ISSUE SEPARATE INFORMATIONAL TAX FILINGS THROUGH IRS FORM 990. THE VALLEY COMMUNITY FOUNDATION'S INFORMATIONAL RETURNS FOR THE YEARS ENDED DECEMBER 31, 2011 THROUGH 2014 ARE SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE AND THE STATE OF CONNECTICUT. FORM 990, PART VI, SECTION B, LINE 11 THE 990 AND AUDITED FINANCIAL STATEMENTS ARE REVIEWED BY THE AUDIT COMMITTEE AND THE BOARD OF DIRECTORS BEFORE RELEASE AND SUBMISSION TO THE SERVICE AND THE GENERAL PUBLIC. FORM 990, PART VI, SECTION B, LINE 12C ALL STAFF AND BOARD MEMBERS MUST SIGN THE CONFLICT OF INTEREST POLICY ANNUALLY TO UPDATE ANY EXISTING AFFILIATIONS. FORM 990, PART VI, SECTION B, LINE 15 A COMPENSATION ANALYSIS WAS ORIGINALLY PERFORMED IN 2005 BY AN OUTSIDE CONSULTING FIRM. THE ANALYSIS WAS ORIGINALLY ADOPTED BY THE FINANCE COMMITTEE OF THE BOARD AT THE END OF 2005 AND UPDATED VIA AN EXTERNAL CONSULTING FIRM AND ADOPTED BY THE BOARD OF DIRECTORS VIA ITS FINANCE COMMITTEE RECOMMENDATION IN MAY 2011. THE DUET PERFORMANCES SYSTEM IS A PERFORMANCE-BASED SYSTEM CREATED BY AN OUTSIDE CONSULTING COMPANY THAT PROVIDES INDIVIDUAL ORGANIZATIONAL PERFORMANCE INDICATORS FOR ALL STAFF. THE CEO PERFORMANCE IS REVIEWED BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE AVAILABLE ON THE WEBSITE OR UPON REQUEST. GOVERNING DOCUMENTS AND THE COI POLICY ARE AVAILABLE UPON REQUEST. FORM 990, PART XII, LINE 2C THE RELATED ORGANIZATION, THE COMMUNITY FOUNDATION FOR GREATER NEW HAVEN, HAS AN AUDIT COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE CONSOLIDATED AUDIT AND SELECTION OF THE INDEPENDENT ACCOUNTANT. THIS PROCESS HAS NOT CHANGED IN THE CURRENT YEAR. THE COMMUNITY FOUNDATION FOR GREATER NEW HAVEN 70 AUDUBON STREET NEW HAVEN CT 06510 066032106 TO CREATE POSITIVE AND SUSTAINABLE CHANGE IN GREATER NEW HAVEN CT 501(C)(3) LINE 8 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 THE COMMUNITY FOUNDATION FOR GREATER NEW HAVEN C 998627