2025-01-27T10:10:51-06:00 2024-05-31 060903326 WHITTLESEY PC 280 TRUMBULL ST 24TH FL HARTFORD CT 06103 990 2023-06-01 060919160 HEDCO INC HEDC 8605271301 207 MAIN STREET 4TH FLOOR HARTFORD CT 06106 KIM B HAWKINS PRESIDENT & CEO 8605271301 2025-01-21 1 1 SHAUN SHERIDAN P01340755 8605223111 2023 2025-03-06 01:10:19Z KIM B HAWKINS 207 MAIN STREET 4TH FLOOR HARTFORD CT 06106 4889239 0 X HEDCOINC.COM X 1975 CT TO ORGANIZE AND PROMOTE FURTHER ECONOMIC GROWTH. 19 18 14 18 0 0 3080385 3688042 1371085 961712 51066 239485 0 0 4502536 4889239 507995 2549824 0 0 1331299 1123276 0 0 0 1313651 2022640 3152945 5695740 1349591 -806501 35604811 34515828 15186137 14925470 20418674 19590358 TO PROMOTE AND FURTHER THE ECONOMIC DEVELOPMENT OF SMALL BUSINESSES AND ORGANIZATIONS THROUGHOUT THE REGIONS OF THE STATE OF CONNECTICUT AND TO ENGAGE AND ASSIST IN THE ESTABLISHMENT, GROWTH AND DEVELOPMENT OF SMALL BUSINESSES WITHIN THE CITY OF HARTFORD, CONNECTICUT. 0 0 4984707 2549824 961712 LOAN PROGRAMS PROVIDE SMALL BUSINESS CLIENTELE WITH ACCESS TO CAPITAL NEEDS THAT WOULD BE OTHERWISE UN-MET OR UNDER-SERVED. THESE LOAN PROGRAMS ALSO PROVIDE HOPE AND OPPORTUNITY FOR PEOPLE TO REALIZE THEIR DREAM BUSINESS, CREATE FINANCIAL FREEDOM AND CONTRIBUTE TO THEIR COMMUNITIES THROUGH JOB CREATIONS AND NEEDED SERVICES. IN ADDITION TO SMALL BUSINESSES, NON-PROFITS ARE ALSO BEING ASSISTED THROUGH THESE PROGRAMS. 4984707 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 5 0 1 14 1 0 0 0 0 0 0 0 0 0 0 X 19 18 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CT X KIM HAWKINS 8605271301 207 MAIN STREET 4TH FLOOR HARTFORD CT 06106 KIM HAWKINS PRESIDENT & CEO 40.00 X X 242493 0 31329 BARBARA RANDOLPH CHAIRPERSON 1.00 X X 0 0 0 ERIC M BAUER VICE CHAIR 1.00 X X 0 0 0 MARIANNE STOWELL TREASURER 1.00 X X 0 0 0 EDWARD J SAMORAJCZYK SECRETARY 1.00 X X 0 0 0 PAUL PERAKOS ASST. SECRETARY 1.00 X X 0 0 0 WAYNE BENJAMIN ASST. TREASURER 1.00 X X 0 0 0 JULIO MENDOZA CHAIR, NOMINATING COMMITTE 1.00 X X 0 0 0 ANA ALFARO DIRECTOR 1.00 X 0 0 0 DANTE FAZZINA DIRECTOR 1.00 X 0 0 0 MICHAEL CASPARINO DIRECTOR 1.00 X 0 0 0 JEFF HUBBARD DIRECTOR 1.00 X 0 0 0 SHEILA S HUMMEL DIRECTOR 1.00 X 0 0 0 ANDREAS KAPETANOPOULOS DIRECTOR 1.00 X 0 0 0 ALAN LAZOWSKI DIRECTOR 1.00 X 0 0 0 PAULINE YODER DIRECTOR 1.00 X 0 0 0 DAVID CABEZAS DIRECTOR 1.00 X 0 0 0 ROBERT J KREUZER DIRECTOR 1.00 X 0 0 0 YVONNE ZHAO DIRECTOR 1.00 X 0 0 0 PATRICIA GERONIMO CHIEF FINANCIAL OFFICER 40.00 X 135362 0 28639 377855 0 59968 2 0 1 0 0 3603007 85035 3688042 LOAN INTEREST INCOME 525990 518308 518308 SERVICE FEES 525990 443404 443404 961712 239485 239485 4889239 961712 0 239485 929467 929467 1620357 1620357 479895 357774 122121 437423 326110 111313 33943 25305 8638 106717 79560 27157 65298 48681 16617 46688 29413 17275 87045 54838 32207 409257 257832 151425 21633 8870 12763 56734 33140 23594 79950 48770 31180 242428 147881 94547 38385 15738 22647 26710 10951 15759 18693 7664 11029 PROVISION FOR CREDIT LO 973489 973489 MISCELLANEOUS 20128 8252 11876 CHARITABLE CONTRIBUTION 1500 615 885 5695740 4984707 711033 0 15085001 14030529 1148657 509366 284214 258651 16549557 13586921 191874 168114 50470 23760 1770500 5572689 716412 533912 35604811 34515828 200128 261696 5985750 4284510 1714547 8266762 7954388 733497 710329 15186137 14925470 X 18292712 18900159 2125962 690199 20418674 19590358 35604811 34515828 X -806501 207801 -229616 X X 0 1 X 1 1 1 X 1699406 6088146 2287226 3080385 3688042 16843205 603169 585795 862357 1371085 961712 4384118 2302575 6673941 3149583 4451470 4649754 21227323 0 0 0 21227323 62356 29858 30534 51066 239485 413299 62356 29858 30534 51066 239485 413299 2364931 6703799 3180117 4502536 4889239 21640622 0.98090 0.99020 0.01910 0.00980 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 185007 164437 20570 6867 3677 3190 23760 OPERATING LEASE LIABILITY 550997 ALLOWANCE FOR CREDIT LOSSES - UNFUNDED COMMITMENTS 159332 710329 5097040 207801 207801 4889239 0 4889239 5695740 0 5695740 0 5695740 PART IV, LINE 2B: DURING THE YEAR ENDED MAY 31, 2024, HEDCO ENTERED INTO AN AGREEMENT WITH THE STATE OF CONNECTICUT DEPARTMENT OF ENERGY AND ENVIRONMENTAL PROTECTION ("DEEP") WHEREBY HEDCO SERVES AS A FISCAL AGENT ON BEHALF OF THE OTHER PARTY. SINCE HEDCO IS ACTING AS AN INTERMEDIARY, NO INCOME OR EXPENSE RELATED TO THESE TRANSACTIONS IS RECORDED TO THE STATEMENT OF ACTIVITIES. FOR THE YEAR ENDED MAY 31, 2024, HEDCO SERVED AS INTERMEDIARY FOR GRANTS OF $2,855,957. AMOUNTS RECEIVED IN ADVANCE FOR AGENCY TRANSACTIONS ARE RECORDED AS A LIABILITY AND CASH HELD IS REPORTED AS RESTRICTED CASH ON THE STATEMENTS OF FINANCIAL POSITION. IN EXCHANGE FOR SERVICES PROVIDED UNDER THIS CONTRACT, HEDCO RECEIVED $87,274 IN SERVICE FEE REVENUE FOR THE YEAR ENDED MAY 31, 2024. 1 SPANISH AMERICAN MERCHANTS ASSOCIATION 95 PARK STREET HARTFORD CT 06103 061390672 501(C)(3) 929467 0 PARTNER DISBURSEMENT RELATED TO DECD MINORITY SMALL BUSINESS PROGRAM 1 1 CONNECTICUT SMALL BUSINESS GRANT PROGRAM FUNDED BY THE DEPARTMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT 80 1620357 PART I, LINE 2: HEDCO PERFORMS A MONTHLY AND QUARTERLY REVIEW OF PROGRAM EXPENSES ENSURING FUNDS ARE UTILIZED IN ACCORDANCE WITH THE APPROVED BUDGET AND THAT EXPENDITURES ALIGN WITH THE GRANT'S INTENDED PURPOSE. X 0 0 0 0 0 0 0 0 0 KIM HAWKINS PRESIDENT & CEO 197493 0 45000 0 0 0 12047 0 19282 0 273822 0 0 0 PATRICIA GERONIMO CHIEF FINANCIAL OFFICER 123362 0 12000 0 0 0 8145 0 20494 0 164001 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B MANAGEMENT AND THE BOARD OF DIRECTORS REVIEW THE FORM 990 FOR COMPLETENESS BEFORE IT IS FILED. FORM 990, PART VI, SECTION B, LINE 12C UPON ELECTION AND TO BE UPDATED ANNUALLY. ALL DIRECTORS OR OFFICERS OF THE CORPORATION MUST DISCLOSE ANY POTENTIAL CONFLICT BETWEEN HIS OR HER OWN INDIVIDUAL INTEREST, THOSE OF AN IMMEDIATE FAMILY MEMBER, OR THOSE OF A RELATED PARTY AND THE INTEREST OF THE CORPORATION, FULL DISCLOSURE OF ALL FACTS PERTAINING TO SUCH POTENTIAL CONFLICT SHALL BE MADE TO THE BOARD OF DIRECTORS. FACT-GATHERING AND SUBSEQUENT REVIEW BY THE BOARD OF DIRECTORS WILL DETERMINE WHETHER OR NOT AN ACTUAL CONFLICT EXISTS OR WOULD OCCUR. FORM 990, PART VI, SECTION B, LINE 15 PERFORMANCE REVIEWS AND SALARY ADJUSTMENT RECOMMENDATIONS ARE PREPARED BY THE VICE PRESIDENT/COO FOR THE STAFF OF THE ORGANIZATION. THESE REVIEWS AND RECOMMENDED COMPENSATION ARE PRESENTED TO THE PRESIDENT/CEO. THE PRESIDENT/CEO PREPARES A REVIEW FOR THE VICE PRESIDENT/COO FOR HER COMPENSATION. THE RECOMMENDATIONS ARE FORWARDED TO THE HEDCO BOARD OF DIRECTORS' CHAIRMAN FOR APPROVAL. THE CHAIRMAN AND THE EXECUTIVE COMMITTEE REVIEW, APPROVE OR AMEND AND FORWARD AUTHORIZATIONS TO IMPLEMENT THE CHANGES INCLUSIVE OF ANY BONUS ADJUSTMENTS. APPRAISAL OF THE PRESIDENT/CEO AND ANY AGREED UPON COMPENSATION ADJUSTMENTS ARE APPROVED BY THE EXECUTIVE COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES IT'S GOVERNING DOCUMENTS, CONFLICTS OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC BY REQUEST IN THE FORM OF HARD COPIES KEPT AT THE OFFICE. FORM 990, PART XI, LINE 9: CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPAL (ASU 2016-13) -229,616. FORM 990, PART XII, LINE 2C THE PROCESS DID NOT CHANGE FROM PRIOR YEAR.