Civic Intelligence

Connex Credit Union Inc

990 • Fiscal year 2020 • EIN 06-0655052

Jan 01, 2020 to Dec 31, 2020 • Filed on Nov 15, 2021

Organization ProfileWWW.CONNEXCU.ORG

View Organization Page

412 Washington AvenueNorth Haven, CT 06473

(203) 603-5709

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

59th percentile

0.90x

Higher debt load relative to assets than 59% of similar nonprofits.

2020 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2020

Liabilities / Revenue

83rd percentile

23.34x

Higher debt load relative to revenue than 83% of similar nonprofits.

2020 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2020

Net Margin

67th percentile

14%

Higher net margin than 67% of similar nonprofits.

2020 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2020

Top Officer Pay

83rd percentile

$667,761

Higher top officer pay than 83% of similar nonprofits.

Top officer pay equals 2.3% of source-year revenue.

2020 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2020

Asset Growth

5th percentile

7.4%

Faster asset growth than 5% of similar nonprofits.

2020 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2019 to 2020

Revenue Growth

35th percentile

-3.3%

Faster revenue growth than 35% of similar nonprofits.

2020 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets59th percentile

Assets

Up

$766,376,274

Up $52,486,536 (+7.4%) from 2019

Net Assets

Up

$74,527,927

Up $5,415,471 (+7.8%) from 2019

Liabilities

Up

$691,848,347

Up $47,071,065 (+7.3%) from 2019

Revenue And Expenses
Liabilities / Revenue83rd percentileNet Margin67th percentile

Revenue

Down

$29,642,233

Down $1,025,110 (-3.3%) from 2019

Expenses

Down

$25,373,854

Down $634,343 (-2.4%) from 2019

Net Income

Down

$4,268,379

Down $390,767 (-8.4%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth5th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$1.5B$1.0B$500M$0Assets 2010: $361,975,113Liabilities 2010: $319,146,607Net Assets 2010: $42,828,5062010Assets 2011: $363,021,772Liabilities 2011: $317,155,094Net Assets 2011: $45,866,6782011Assets 2012: $377,611,025Liabilities 2012: $329,641,131Net Assets 2012: $47,969,8942012Assets 2013: $399,256,876Liabilities 2013: $349,418,264Net Assets 2013: $49,838,6122013Assets 2014: $429,883,415Liabilities 2014: $378,988,811Net Assets 2014: $50,894,6042014Assets 2015: $458,563,820Liabilities 2015: $404,575,604Net Assets 2015: $53,988,2162015Assets 2016: $493,306,196Liabilities 2016: $437,265,027Net Assets 2016: $56,041,1692016Assets 2017: $565,193,750Liabilities 2017: $505,566,698Net Assets 2017: $59,627,0522017Assets 2018: $632,181,049Liabilities 2018: $569,244,092Net Assets 2018: $62,936,9572018Assets 2019: $713,889,738Liabilities 2019: $644,777,282Net Assets 2019: $69,112,4562019Assets 2020: $766,376,274Liabilities 2020: $691,848,347Net Assets 2020: $74,527,9272020Assets 2021: $868,570,264Liabilities 2021: $788,570,918Net Assets 2021: $79,999,3462021Assets 2022: $957,477,676Liabilities 2022: $874,572,978Net Assets 2022: $82,904,6982022Assets 2023: $1,012,806,214Liabilities 2023: $924,140,935Net Assets 2023: $88,665,2792023Assets 2024: $1,046,785,625Liabilities 2024: $955,698,183Net Assets 2024: $91,087,4422024

Highlighted filing

2020

Assets$766,376,274
Liabilities$691,848,347
Net Assets$74,527,927
Open 2020 Filing

Operations Trend

Revenue Growth35th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$60M$40M$20M$0Expenses 2010: $18,849,2982010Expenses 2011: $17,244,5792011Expenses 2012: $18,082,2742012Revenue 2013: $20,254,583Expenses 2013: $18,385,865Net Income 2013: $1,868,7182013Revenue 2014: $20,104,050Expenses 2014: $19,048,058Net Income 2014: $1,055,9922014Revenue 2015: $20,747,470Expenses 2015: $18,232,311Net Income 2015: $2,515,1592015Revenue 2016: $21,927,851Expenses 2016: $19,820,408Net Income 2016: $2,107,4432016Revenue 2017: $25,489,418Expenses 2017: $22,146,509Net Income 2017: $3,342,9092017Revenue 2018: $26,423,901Expenses 2018: $22,300,410Net Income 2018: $4,123,4912018Revenue 2019: $30,667,343Expenses 2019: $26,008,197Net Income 2019: $4,659,1462019Revenue 2020: $29,642,233Expenses 2020: $25,373,854Net Income 2020: $4,268,3792020Revenue 2021: $30,771,499Expenses 2021: $24,356,778Net Income 2021: $6,414,7212021Revenue 2022: $35,206,220Expenses 2022: $27,282,343Net Income 2022: $7,923,8772022Revenue 2023: $43,567,121Expenses 2023: $39,242,351Net Income 2023: $4,324,7702023Revenue 2024: $52,043,001Expenses 2024: $50,919,757Net Income 2024: $1,123,2442024

Highlighted filing

2020

Revenue$29,642,233
Expenses$25,373,854
Net Income$4,268,379
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Nov 15, 2021
Return Version
2020v4.0
Gross Receipts
$29,857,783
Mission and Program Overview

Mission

To provide members with credit union services

To provide members with depository, lending and other credit union services.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$570,894,445$591,685,116▲ $20,790,671
Investments Other Securities$44,218,061$74,839,862▲ $30,621,801
Rtn Earn Endowment Incm Other Fnds$69,112,456$74,527,927▲ $5,415,471
Investments in Publicly Traded Securities$70,120,000$65,115,000▼ $5,005,000
Land, Buildings, and Equipment, Net$4,881,487$8,240,088▲ $3,358,601
Cash and Non-Interest-Bearing Accounts$6,492,291$7,963,937▲ $1,471,646
Receivables From Officers Etc$1,316,629$1,471,786▲ $155,157
Accounts Receivable$232,978$200,606▼ $32,372
Total Assets$713,889,738$766,376,274▲ $52,486,536
Other Assets Total$15,733,847$16,859,879▲ $1,126,032
Liabilities
Other Liabilities$599,408,886$666,312,077▲ $66,903,191
Mortgage Notes Payable Secured by Investment Property$38,424,135$20,017,914▼ $18,406,221
Escrow Account Liability$2,440,262$3,401,287▲ $961,025
Accounts Payable and Accrued Expenses$4,503,999$2,117,069▼ $2,386,930
Total Liabilities$644,777,282$691,848,347▲ $47,071,065
Net Assets / Fund Balance
Total Net Assets Fund Balance$69,112,456$74,527,927▲ $5,415,471
Total Liabilities and Net Assets / Fund Balance$713,889,738$766,376,274▲ $52,486,536

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$3,583,750$1,293,103$4,876,853
Land$3,641,589-$3,641,589
Equipment$945,196$795,718$1,740,914
Leasehold Improvements$7,253$853,959$861,212
Other Land Buildings$62,300$262,813$325,113
Other Securities$12,141,036--
Compensation and Service Providers
Top Officer Pay83rd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Francesco ManciniCEOFT$422,160$245,601$667,761
Carl CasperEvp & COOFT$222,798$79,579$305,911
Dennis KlemenzVP and CIOFT$184,000$29,386$235,209
Richard SudolCFOFT$201,923$49,509$206,981
Amy MoquetDirector HrFT$134,157$73,654$187,742
Michael TaylorAsst. VPFT$108,689$29,956$177,871
Barbara BafumiAssistant VPFT$132,537$41,422$173,896
Suzanne MinkAsst VPFT$121,656$22,061$143,717
Betty Ann PinneyConsulting MFT$118,030$23,571$141,601
KATHLEEN O'CONNORDirector ConsumerFT$120,961$18,516$139,477
Jason RochefortAsst VPFT$122,859$7,652$130,511
Corey StoneVice ChairpePT$7,780-$7,780
Malcolm EllisSecretaryPT$7,776-$7,776
Wesley JohnsonTreasurerPT$3,591-$3,591
Edward RosenthalDirector-$3,368-$3,368
Janice BrydenChairpersonPT$2,695-$2,695
Matthew TurnerDirector-$2,545-$2,545
Annie HarperDirector-$1,247-$1,247

Board Members and Trustees

NameTitle
Michael BlendDirector
Ralph Volpe IiiDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$27,619,298
Investment Income
$2,022,935
Other Revenue
$0
Change in Net Assets
$4,268,379

Audited Revenue Reconciliation

Revenue per Audited Statements
$29,642,233
Revenue Not Reported on Form 990
$626,635
Total Revenue per Audited Statements
$30,268,868
Total Revenue per Form 990
$29,642,233
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$10,274,028
Other Expenses$9,205,576
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$6,768,777
Benefits to Members---$5,894,250
Office Expenses---$2,214,835
Information Technology---$1,704,905
Current Officers, Directors, Trustees, and Key Employees---$1,656,773
Other Employee Benefits---$1,366,014
Occupancy---$1,158,179
Advertising---$941,706
Fees for Services Other---$554,579
Pension Plan Contributions---$482,464
Other Expenses---$251,175
Conferences and Meetings---$57,273
All Other Expenses---$29,916
Total Functional Expenses$0$0$0$25,373,854

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$26,643,484
Expenses per Audited Statements$25,373,854
Total Expenses per Form 990$25,373,854
Expenses Not Reported on Form 990$1,269,630
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Officers, Directors, Trustees, and Key Employees$1,316,629$1,471,786▲ $155,157
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
MEMBERS' SHARES$666,312,077
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 6

“Members of the credit union are considered to be individuals maintaining minimum deposit balances.”

Form 990, Page 6, Part VI, Line 7A

“Members in good standing may vote for directors as their terms expire.”

Form 990, Page 6, Part VI, Line 7B

“Members approve decisions of the governing board in accordance with the bylaws of the credit union.”

Form 990, Page 6, Part VI, Line 11B

“Copies of form 990 are reviewed by the secretary / treasurer, signed and filed with the internal revenue service. Form 990 is discussed at the next board meeting.”

Form 990, Page 6, Part VI, Line 12C

“Annually the credit union reviews their conflict of interest policy with all officers, directors and key employees.”

Form 990, Page 6, Part VI, Line 15A

“Outside consultants are hired annually to review compensation levels of top management.”

Form 990, Page 6, Part VI, Line 15B

“Outside consultants are hired annually to review compensation levels of key employees.”

Form 990, Page 6, Part VI, Line 19

“The organization makes its governing documents, conflict of interest policy and financial statements available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Connex Credit Union
EIN
06-0655052
Phone
2036035709
Address
412 WASHINGTON AVENUE, NORTH HAVEN, CT 06473

Signing Officer

Name
Barbara Bafumi
Title
Assistant VP
Phone
2036035707
Signed
2021-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Francesco Mancini
Formed
1940
Legal Domicile
Ct
Voting Board Members
9
Independent Board Members
9
Employees
156

Preparer

Firm
Dzinski Polzella LLC
Address
415 MIDDLEBURY RD, MIDDLEBURY, CT 06762-2502
Preparer
Joseph P Polzella CPA
Phone
2035980502
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 2, Part IV, Line 2B

“Connex credit union provides escrow services to members that have mortgages for the purpose of disbursing funds for the payment of insurance and real estate taxes on the mortgaged properties.”

Schedule D, Page 4, Part XI, Line 2D

“Timing difference - see note below 626,635”

Schedule D, Page 4, Part XII, Line 2D

“Timing differences - see note below 1,269,630”

Schedule D, Page 4, Part XIII

“Connex credit union maintains a september 30th year end for their annual audit performed by independent auditors. For tax purposes, they maintain a december 31st year end. Therefore, it is not possible to reconcile between audited figures and this tax return.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE CHAIRPE
IRS990/Form990PartVIISectionAGrp/TitleTxt2SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt3TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt4CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt5CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt6EVP & COO
IRS990/Form990PartVIISectionAGrp/TitleTxt7VP AND CIO
IRS990/Form990PartVIISectionAGrp/TitleTxt8ASSISTANT VP
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIR. HR
IRS990/Form990PartVIISectionAGrp/TitleTxt16ASST. VP
IRS990/Form990PartVIISectionAGrp/TitleTxt17ASST VP
IRS990/Form990PartVIISectionAGrp/TitleTxt18ASST VP
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIR CONSUMER
IRS990/Form990PartVIISectionAGrp/TitleTxt20CONSULTING M
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IRS990/OtherEmployeeBenefitsGrp/TotalAmt01366014
IRS990/OtherExpensesGrp/Desc0PROVISION FOR LOAN LOSS
IRS990/OtherExpensesGrp/Desc1LOAN SERVICING
IRS990/OtherExpensesGrp/Desc2LOAN INTEREST EXPENSE
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IRS990/OtherExpensesGrp/TotalAmt1659084
IRS990/OtherExpensesGrp/TotalAmt2442814
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IRS990/ProgramServiceRevenueGrp/Desc1OPERATING FEES
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IRS990/ProgramServiceRevenueGrp/Desc4ATM NONMEMBERS
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IRS990ScheduleD/EquipmentGrp/BookValueAmt0945196
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0795718
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt01740914
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0MEMBERS' SHARES
IRS990ScheduleD/OtherRevenueAmt0626635
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt047467000
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt115231826
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt212141036
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IRS990ScheduleD/OtherSecuritiesGrp/Desc2PREFUND DEF LIAB. MGMT PROGRAM
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IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd1C
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IRS990ScheduleD/RevenueSubtotalAmt029642233
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0CONNEX CREDIT UNION PROVIDES ESCROW SERVICES TO MEMBERS THAT HAVE MORTGAGES FOR THE PURPOSE OF DISBURSING FUNDS FOR THE PAYMENT OF INSURANCE AND REAL ESTATE TAXES ON THE MORTGAGED PROPERTIES.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1TIMING DIFFERENCE - SEE NOTE BELOW 626,635
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2TIMING DIFFERENCES - SEE NOTE BELOW 1,269,630
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt3CONNEX CREDIT UNION MAINTAINS A SEPTEMBER 30TH YEAR END FOR THEIR ANNUAL AUDIT PERFORMED BY INDEPENDENT AUDITORS. FOR TAX PURPOSES, THEY MAINTAIN A DECEMBER 31ST YEAR END. THEREFORE, IT IS NOT POSSIBLE TO RECONCILE BETWEEN AUDITED FIGURES AND THIS TAX RETURN.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 2, PART IV, LINE 2B
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PAGE 4, PART XI, LINE 2D
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2SCHEDULE D, PAGE 4, PART XII, LINE 2D
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc3SCHEDULE D, PAGE 4, PART XIII
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Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$766,376,274
Liabilities
$691,848,347
Net assets
$74,527,927
Revenue
$29,642,233
Expenses
$25,373,854
Net income
$4,268,379
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1,047$956$91.1$52.0$50.9$1.12
2023Detailed filing. Detailed filing data is available for this year.$1,013$924$88.7$43.6$39.2$4.32
2022Detailed filing. Detailed filing data is available for this year.$957$875$82.9$35.2$27.3$7.92
2021Detailed filing. Detailed filing data is available for this year.$869$789$80.0$30.8$24.4$6.41
2020Detailed filing. Detailed filing data is available for this year.$766$692$74.5$29.6$25.4$4.27
2019Detailed filing. Detailed filing data is available for this year.$714$645$69.1$30.7$26.0$4.66
2018Detailed filing. Detailed filing data is available for this year.$632$569$62.9$26.4$22.3$4.12
2017Detailed filing. Detailed filing data is available for this year.$565$506$59.6$25.5$22.1$3.34
2016Detailed filing. Detailed filing data is available for this year.$493$437$56.0$21.9$19.8$2.11
2015Detailed filing. Detailed filing data is available for this year.$459$405$54.0$20.7$18.2$2.52
2014Detailed filing. Detailed filing data is available for this year.$430$379$50.9$20.1$19.0$1.06
2013Detailed filing. Detailed filing data is available for this year.$399$349$49.8$20.3$18.4$1.87
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$378$330$48.0$18.1
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$363$317$45.9$17.2
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$362$319$42.8$18.8
Peer Organizations

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