Connex Credit Union Inc
- Assets
- $868.6m
- Revenue
- $30.8m
- Investments
- $83.8m
- Employees
- 186
- Location
- North Haven, CT
- Founding
- 03/1976
- Data as of
- 12/2021
- EIN
- 06-0655052
Organization Overview
Connex Credit Union Inc is located in North Haven, CT. The organization was established in 1976. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Connex Credit Union Inc employed 186 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Connex Credit Union Inc is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2021, Connex Credit Union Inc generated $30.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.8% each year. All expenses for the organization totaled $24.4m during the year ending 12/2021. While expenses have increased by 4.2% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE MEMBERS WITH DEPOSITORY, LENDING AND OTHER CREDIT UNION SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE MEMBERS WITH DEPOSIT AND LENDING SERVICES
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Francesco Mancini CEO | Officer | 40 | $685,646 |
Carl Casper Evp & COO | Officer | 40 | $288,082 |
Dennis Klemenz VP And Cio | Officer | 40 | $231,170 |
Richard Sudol CFO | Officer | 40 | $203,704 |
Amy Moquet Dir. Hr | Officer | 40 | $150,643 |
Michael Taylor Asst. VP | 40 | $146,219 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $29,108,321 |
| Investment income | $1,677,291 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$14,113 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $30,771,499 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $2,874,296 |
| Compensation of current officers, directors, key employees. | $1,594,525 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,686,835 |
| Pension plan accruals and contributions | $432,244 |
| Other employee benefits | $1,588,908 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $552,255 |
| Advertising and promotion | $1,186,554 |
| Office expenses | $2,549,521 |
| Information technology | $1,969,286 |
| Royalties | $0 |
| Occupancy | $1,499,006 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $63,572 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $115,825 |
| Total functional expenses | $24,356,778 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,572,424 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $200,236 |
| Loans from Officers, Directors, or Controlling Persons | $1,351,314 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $694,257,672 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $8,842,331 |
| Investments—publicly traded securities | $53,479,962 |
| Investments—other securities | $83,831,940 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $18,034,385 |
| Total assets | $868,570,264 |
| Accounts payable and accrued expenses | $1,080,400 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $4,583,034 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $20,004,736 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $762,902,748 |
| Total liabilities | $788,570,918 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $79,999,346 |
| Total liabilities and net assets/fund balances | $868,570,264 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Harvard University Employees Credit Union Cambridge, MA | $1,037,994,144 | $42,695,601 |
Sharon & Cresent United Credit Union Sharon, MA | $1,214,608,643 | $40,886,511 |
St Annes Credit Union Of Fall River Mass Fall River, MA | $1,266,762,131 | $34,865,858 |
Sikorsky Financial Credit Union Inc Stratford, CT | $1,094,000,567 | $34,623,993 |
Leominster Credit Union Leominster, MA | $813,719,349 | $30,410,755 |
St Marys Credit Union Inc Marlborough, MA | $985,400,554 | $32,310,700 |
Northern Credit Union Watertown, NY | $435,001,865 | $31,512,409 |
Connex Credit Union Inc North Haven, CT | $868,570,264 | $30,771,499 |
Align Credit Union Lowell, MA | $748,085,438 | $24,193,748 |
Connecticut State Employees Credit Union Inc Hartford, CT | $2,481,303,480 | $34,343,368 |
Greenwood Credit Union Inc Warwick, RI | $681,592,383 | $32,311,818 |
Liberty Bay Credit Union Braintree, MA | $714,665,238 | $24,208,397 |