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Financial Stewardship

A Strong Investment in the Region’s Future
CRT has a proven track record of fiscal stewardship and management. More than 70 different public and private entities put their trust in CRT each year. They know that the agency’s efficient program and fiscal management will maximize the impact of the investment they are making in the region. These partners at the local, state and federal levels demonstrate their confidence by providing $80 million in annual funding, which allows the agency to help more than 130,000 people take steps toward a more prosperous future.  
 
We are proud to say that 93.7 cents of every dollar goes directly to programs that impact our community. CRT safeguards funding and is accountable to our funders and stakeholders, including the Board of Directors, staff and community constituents
 
In 1983, CRT was the first nonprofit organization in Connecticut to voluntarily submit to the new federal single audit under draft federal guidelines. Since then CRT’s annual audits, conducted by an independent certified auditor, have been available for public inspection. For more than a decade, these audits have been unqualified (the best category available). This record reflects CRT’s ability to maintain professional standards of fiscal accountability and compliance with all appropriate laws and regulations for a variety of diverse funding sources.
 
In accordance with standards of fiscal accountability and compliance with relevant laws and regulations, the Finance Department retains appropriate internal controls, records and audit trails.  CRT has an automated financial accounting system that is specifically designed to track large numbers of grants and contracts on a fund accounting basis. Within this automated system, CRT utilizes a uniform chart of accounts. This allows the Finance Department to generate financial reports by program and funder, disburse funds with all appropriate back-up data and establish controls and reporting protocols with subcontractors. 
 
Additionally, CRT has expertise in managing large development, construction and renovation projects. We have the know-how to comply with bidding processes; Davis-Bacon regulations; Tax Credit regulations and public/private financing. In recent years, CRT has built a transitional shelter for homeless veterans, a campus for seniors and grandfamilies, and an assisted living residence. To do this, CRT secured funding from the U.S. Department of Housing and Urban Development (HUD) and the CT Department of Economic and Community Development, among other sources.
 
Overall, CRT is financially healthy and able to provide a significant return on the grant funds and other investments entrusted to us.
Updated July 2013