Civic Intelligence

Danbury Cyanamid Employees Credit Union

EIN 06-0761502 • 501(c)14 • Danbury, CT

Profile

Our mission is to provide financial services and related products to our members. We are dedicated to providing loans at reasonable rates, promoting thrift and maintaining financial stability with service in a cooperative spirit.

2 Starr StreetDanbury, CT 06810

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

Score unavailable

No value available

Liabilities-to-assets requires both liabilities and assets on the latest valid filing.

Source year 2020

Liabilities / Revenue

96th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

501(c)14 • <$500k nonprofits • Source year 2020

Net Margin

9th percentile

-649%

Higher net margin than 9% of similar nonprofits.

501(c)14 • <$500k nonprofits • Source year 2020

Top Officer Pay

93rd percentile

$76,454

Higher top officer pay than 93% of similar nonprofits.

Top officer pay equals 47.6% of source-year revenue.

501(c)14 • <$500k nonprofits • Source year 2020

Asset Growth

95th percentile

-100%

Faster asset growth than 95% of similar nonprofits.

501(c)14 • <$500k nonprofits • Annualized from 2019 to 2020

Revenue Growth

59th percentile

-37%

Faster revenue growth than 59% of similar nonprofits.

501(c)14 • <$500k nonprofits • Annualized from 2019 to 2020

Assets

Down

$0

Down $6,514,801 (-100%) from 2019

Liabilities

Down

$0

Down $5,472,868 (-100%) from 2019

Net Assets

Down

$0

Down $1,041,933 (-100%) from 2019

Revenue

Down

$160,564

Down $94,728 (-37%) from 2019

Expenses

Up

$1,202,497

Up $682,896 (+131%) from 2019

Net Income

Down

-$1,041,933

Down $777,624 (-294%) from 2019

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$8.0M$6.0M$4.0M$2.0M$0Assets 2010: $6,928,228Liabilities 2010: $13,327Net Assets 2010: $6,914,9012010Assets 2011: $7,610,143Liabilities 2011: $14,871Net Assets 2011: $7,595,2722011Assets 2012: $7,633,600Liabilities 2012: $3,372Net Assets 2012: $7,630,2282012Assets 2013: $7,167,354Liabilities 2013: $3,662Net Assets 2013: $7,163,6922013Assets 2014: $6,593,378Liabilities 2014: $4,632Net Assets 2014: $6,588,7462014Assets 2015: $6,409,235Liabilities 2015: $12,025Net Assets 2015: $6,397,2102015Assets 2016: $6,335,309Liabilities 2016: $10,519Net Assets 2016: $6,324,7902016Assets 2017: $6,850,674Liabilities 2017: $9,934Net Assets 2017: $6,840,7402017Assets 2018: $6,383,572Liabilities 2018: $10,292Net Assets 2018: $6,373,2802018Assets 2019: $6,514,801Liabilities 2019: $5,472,868Net Assets 2019: $1,041,9332019Assets 2020: $0Liabilities 2020: $0Net Assets 2020: $02020

Highlighted filing

2020

Assets$0
Liabilities$0
Net Assets$0

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$2.0M$1.0M$0-$1.0M-$2.0MExpenses 2010: $401,3632010Expenses 2011: $387,6032011Expenses 2012: $369,4972012Revenue 2013: $324,891Expenses 2013: $369,740Net Income 2013: -$44,8492013Revenue 2014: $265,827Expenses 2014: $361,737Net Income 2014: -$95,9102014Revenue 2015: $243,117Expenses 2015: $332,101Net Income 2015: -$88,9842015Revenue 2016: $236,733Expenses 2016: $317,657Net Income 2016: -$80,9242016Revenue 2017: $245,673Expenses 2017: $328,817Net Income 2017: -$83,1442017Revenue 2018: $269,270Expenses 2018: $426,826Net Income 2018: -$157,5562018Revenue 2019: $255,292Expenses 2019: $519,601Net Income 2019: -$264,3092019Revenue 2020: $160,564Expenses 2020: $1,202,497Net Income 2020: -$1,041,9332020

Highlighted filing

2020

Revenue$160,564
Expenses$1,202,497
Net Income-$1,041,933

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Sep 30, 2020
Signed
Aug 3, 2021
Return Version
2020v4.1
Gross Receipts
$160,564
Mission and Program Overview

Mission

Our mission is to provide financial services and related products to our members. We are dedicated to providing loans at reasonable rates, promoting thrift and maintaining financial stability with service in a cooperative spirit.

To provide financial services and related products to our members.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$4,785,396$0▼ $4,785,396
Other Notes and Loans Receivable, Net$1,255,469$0▼ $1,255,469
Rtn Earn Endowment Incm Other Fnds$1,041,933$0▼ $1,041,933
Accounts Receivable$409,316$0▼ $409,316
Cash and Non-Interest-Bearing Accounts$33,549$0▼ $33,549
Prepaid Expenses and Deferred Charges$11,054$0▼ $11,054
Land, Buildings, and Equipment, Net$16$0▼ $16
Savings and Temporary Cash Investments-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$6,514,801$0▼ $6,514,801
Other Assets Total$20,001$0▼ $20,001
Liabilities
Other Liabilities$5,213,596$0▼ $5,213,596
Accounts Payable and Accrued Expenses$259,272$0▼ $259,272
Total Liabilities$5,472,868$0▼ $5,472,868
Net Assets / Fund Balance
Total Net Assets Fund Balance$1,041,933$0▼ $1,041,933
Total Liabilities and Net Assets / Fund Balance$6,514,801$0▼ $6,514,801
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Tammy S KonareskiCEO/treasurerFT$59,934$16,520$76,454

Board Members and Trustees

NameTitle
Robert LeonardPresident
Lois SmartVice President
Robert RosascoDirector
Clara PerkinsSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$91,317
Investment Income
$67,841
Other Revenue
$1,406
Change in Net Assets
$-1,041,933
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,002,889
Salaries, Compensation, and Employee Benefits$149,651
Other Expenses$47,882
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs---$1,002,889
Current Officers, Directors, Trustees, and Key Employees---$76,454
Other Salaries and Wages---$45,115
Office Expenses---$28,313
Other Employee Benefits---$17,512
Occupancy---$13,390
Payroll Taxes---$8,765
Benefits to Members---$2,075
Fees for Services Other---$2,071
Pension Plan Contributions---$1,805
Insurance---$452
Fees for Services Legal---$413
Other Expenses---$64
Total Functional Expenses$0$0$0$1,202,497
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Cornerstone Community Credit UnionFairfield, CT501(c)(14)Transfer of Net Assets$1,002,889
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 Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

The field of membership of this credit union shall be all persons who live, work, worship or attend school in, and businesses and other entities located in, the greater danbury area. The greater danbury area is defined as the towns of danbury, bethel, brookfield, new fairfield, redding, ridgefield, and newtown. Also included are members of the merged viking wire employees credit union, inc.; persons retired from the above mentioned entities as pensioners or annuitants; unremarried spouses of persons who died while within the field of membership; employees of this credit union, members of the immediate family or persons within the field of membership of this credit union and organizations of such persons.

Form 990, Part VI, Section A, Line 7A

Members of the credit union elect board members.

Form 990, Part VI, Section A, Line 8B

There are no committees that have authority to act on behalf of the governing body.

Form 990, Part VI, Section B, Line 11B

The form 990 is prepared by the organization's public accounting firm based on information provided by management. Once the draft is available, it is reviewed by management and any changes incorporated into the filing. Once this detailed review is complete, the draft of the form 990 is presented to the board of directors for their review and comments prior to filing with the irs.

Form 990, Part VI, Section B, Line 12C

The board of directors monitors the conflict of interest policy, as does the credit committee. The board of directors reviews this policy on an annual basis. Additionally, this policy is reviewed annually during the supervisory audit and the state of connecticut department of banking audit.

Form 990, Part VI, Section C, Line 19

The credit union's governing documents, conflict of interest policy and financial statements are available upon request.

Filing and Contact Details

Filer

Filer Name
Danbury Cyanamid Employees Credit Union
EIN
06-0761502
Phone
2037788677
Address
2 STARR STREET, DANBURY, CT 06810

Signing Officer

Name
Tammy S Konareski
Title
CEO/treasurer
Phone
2037788677
Signed
2021-08-03
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Tammy S Konareski
Formed
1957
Legal Domicile
Ct
Voting Board Members
5
Independent Board Members
4
Employees
0
Volunteers
4

Preparer

Firm
Cliftonlarsonallen Llp
Address
20 EAST THOMAS ROAD SUITE 2300, PHOENIX, AZ 85012
Preparer
Mary C Green
Phone
6022662248
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 3

The credit union dissolved as of september 30, 2020 when records merged with cornerstone community credit union. The approval of the merger is attached to this return.

Raw XML Appendix368 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleN/LiabilitiesPaidInd01
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/AssetsDistriOrExpnssPaidDesc0TRANSFER OF NET ASSETS AS ENTITY WAS DISSOLVED
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/BusinessName/BusinessNameLine1Txt0CORNERSTONE CREDIT UNION
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/DistributionDt02020-09-30
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/EIN0060655079
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/FairMarketValueOfAssetAmt01002889
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/IRCSectionTxt0501(C)(14)
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/MethodOfFMVDeterminationTxt0BOOK VALUE
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/AddressLine1Txt01515 BLACK ROCK TURNPIKE
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/CityNm0FAIRFIELD
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/StateAbbreviationCd0CT
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/ZIPCd006825
IRS990ScheduleN/OwnerOfSuccessorInd00
IRS990ScheduleN/ReceiveCompensationInd00
IRS990ScheduleN/RequiredToNotifyAGInd01
IRS990ScheduleN/SupplementalInformationDetail/ExplanationTxt0PERSON(S) INVOLVED: TAMMY KONARESKI
IRS990ScheduleN/SupplementalInformationDetail/ExplanationTxt1EXPLANATION OF INVOLVEMENT: TAMMY KONARESKI BECAME THE DANBURY BRANCH MANAGER UPON THE MERGER WITH CORNERSTONE COMMUNITY CREDIT UNION. TAMMY WAS THE CEO OF DANBURY CYANAMID EMPLOYEES CREDIT UNION.
IRS990ScheduleN/SupplementalInformationDetail/FormAndLineReferenceDesc0PART I, LINE 2E:
IRS990ScheduleN/SupplementalInformationDetail/FormAndLineReferenceDesc1PART I, LINE 2E:
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE CREDIT UNION DISSOLVED AS OF SEPTEMBER 30, 2020 WHEN RECORDS MERGED WITH CORNERSTONE COMMUNITY CREDIT UNION. THE APPROVAL OF THE MERGER IS ATTACHED TO THIS RETURN.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE FIELD OF MEMBERSHIP OF THIS CREDIT UNION SHALL BE ALL PERSONS WHO LIVE, WORK, WORSHIP OR ATTEND SCHOOL IN, AND BUSINESSES AND OTHER ENTITIES LOCATED IN, THE GREATER DANBURY AREA. THE GREATER DANBURY AREA IS DEFINED AS THE TOWNS OF DANBURY, BETHEL, BROOKFIELD, NEW FAIRFIELD, REDDING, RIDGEFIELD, AND NEWTOWN. ALSO INCLUDED ARE MEMBERS OF THE MERGED VIKING WIRE EMPLOYEES CREDIT UNION, INC.; PERSONS RETIRED FROM THE ABOVE MENTIONED ENTITIES AS PENSIONERS OR ANNUITANTS; UNREMARRIED SPOUSES OF PERSONS WHO DIED WHILE WITHIN THE FIELD OF MEMBERSHIP; EMPLOYEES OF THIS CREDIT UNION, MEMBERS OF THE IMMEDIATE FAMILY OR PERSONS WITHIN THE FIELD OF MEMBERSHIP OF THIS CREDIT UNION AND ORGANIZATIONS OF SUCH PERSONS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2MEMBERS OF THE CREDIT UNION ELECT BOARD MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THERE ARE NO COMMITTEES THAT HAVE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE FORM 990 IS PREPARED BY THE ORGANIZATION'S PUBLIC ACCOUNTING FIRM BASED ON INFORMATION PROVIDED BY MANAGEMENT. ONCE THE DRAFT IS AVAILABLE, IT IS REVIEWED BY MANAGEMENT AND ANY CHANGES INCORPORATED INTO THE FILING. ONCE THIS DETAILED REVIEW IS COMPLETE, THE DRAFT OF THE FORM 990 IS PRESENTED TO THE BOARD OF DIRECTORS FOR THEIR REVIEW AND COMMENTS PRIOR TO FILING WITH THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE BOARD OF DIRECTORS MONITORS THE CONFLICT OF INTEREST POLICY, AS DOES THE CREDIT COMMITTEE. THE BOARD OF DIRECTORS REVIEWS THIS POLICY ON AN ANNUAL BASIS. ADDITIONALLY, THIS POLICY IS REVIEWED ANNUALLY DURING THE SUPERVISORY AUDIT AND THE STATE OF CONNECTICUT DEPARTMENT OF BANKING AUDIT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE CREDIT UNION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART III, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION A, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION A, LINE 8B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART VI, SECTION C, LINE 19
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd01
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd01
IRS990/TotalAssetsBOYAmt06514801
IRS990/TotalAssetsEOYAmt00
IRS990/TotalAssetsGrp/BOYAmt06514801
IRS990/TotalAssetsGrp/EOYAmt00
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt01202497
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt05472868
IRS990/TotalLiabilitiesEOYAmt00
IRS990/TotalLiabilitiesGrp/BOYAmt05472868
IRS990/TotalLiabilitiesGrp/EOYAmt00
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt01041933
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt00
IRS990/TotalOtherCompensationAmt016520
IRS990/TotalProgramServiceRevenueAmt091317
IRS990/TotalReportableCompFromOrgAmt059934
IRS990/TotalRevenueGrp/ExclusionAmt069247
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt091317
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0160564
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt04
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt06514801
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt00
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt02 STARR STREET
IRS990/USAddress/CityNm0DANBURY
IRS990/USAddress/StateAbbreviationCd0CT
IRS990/USAddress/ZIPCd006810
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt04
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd00
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd02
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0TAMMY S KONARESKI
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CEO/TREASURER
ReturnHeader/BusinessOfficerGrp/PhoneNum02037788677
ReturnHeader/BusinessOfficerGrp/SignatureDt02021-08-03
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0DANBURY CYANAMID EMPLOYEES CREDIT UNION
ReturnHeader/Filer/BusinessNameControlTxt0DANB
ReturnHeader/Filer/EIN0060761502
ReturnHeader/Filer/PhoneNum02037788677
ReturnHeader/Filer/USAddress/AddressLine1Txt02 STARR STREET
ReturnHeader/Filer/USAddress/CityNm0DANBURY
ReturnHeader/Filer/USAddress/StateAbbreviationCd0CT
ReturnHeader/Filer/USAddress/ZIPCd006810
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0410746749
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0CLIFTONLARSONALLEN LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt020 EAST THOMAS ROAD SUITE 2300
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0PHOENIX
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0AZ
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd085012
ReturnHeader/PreparerPersonGrp/PhoneNum06022662248
ReturnHeader/PreparerPersonGrp/PreparationDt02021-08-03
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0MARY C GREEN
ReturnHeader/ReturnTs02021-08-10T10:32:15-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0TAMMY
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0KONARESKI
ReturnHeader/TaxPeriodBeginDt02020-01-01
ReturnHeader/TaxPeriodEndDt02020-09-30
ReturnHeader/TaxYr02020

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