Connex Credit Union Inc
- Assets
- $1.0b
- Revenue
- $43.6m
- Investments
- $42.8m
- Employees
- 201
- Location
- North Haven, CT
- Founding
- 03/1976
- Data as of
- 12/2023
- 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 12/2023, Connex Credit Union Inc employed 201 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 12/2023, Connex Credit Union Inc generated $43.6m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 8.6% each year. All expenses for the organization totaled $39.2m during the year ending 12/2023. While expenses have increased by 8.9% per year over the past 9 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
2023
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
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Corey Stone Chairperson | OfficerTrustee | 5 | $8,746 |
Matthew Turner Vice Chair | OfficerTrustee | 5 | $3,612 |
Malcolm Ellis Secretary | OfficerTrustee | 5 | $10,000 |
Wesley Johnson Treasurer | OfficerTrustee | 5 | $8,991 |
Janice Bryden Director | Trustee | 1 | $5,158 |
Wendy Clarke Director | Trustee | 1 | $8,991 |
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 | $41,142,814 |
| Investment income | $2,424,307 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $43,567,121 |
| 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 | $13,385,351 |
| Compensation of current officers, directors, key employees. | $2,117,764 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,951,095 |
| Pension plan accruals and contributions | $206,635 |
| Other employee benefits | $2,032,246 |
| 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 | $562,892 |
| Advertising and promotion | $1,113,040 |
| Office expenses | $2,724,744 |
| Information technology | $2,199,420 |
| Royalties | $0 |
| Occupancy | $1,284,526 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $59,651 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $294,518 |
| Total functional expenses | $39,242,351 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,337,159 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $501,255 |
| Loans from Officers, Directors, or Controlling Persons | $902,069 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $874,748,300 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $13,068,158 |
| Investments—publicly traded securities | $47,325,000 |
| Investments—other securities | $42,777,263 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $28,147,010 |
| Total assets | $1,012,806,214 |
| Accounts payable and accrued expenses | $2,803,832 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $5,326,010 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $40,696,933 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $875,314,160 |
| Total liabilities | $924,140,935 |
| 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 | $88,665,279 |
| Total liabilities and net assets/fund balances | $1,012,806,214 |