Ion Bank Foundation Inc
- Assets
- $14.9m
- Revenue
- $2.0m
- Investments
- $13.3m
- Employees
- 0
- Location
- Naugatuck, CT
- Founding
- 12/1998
- Data as of
- 12/2021
- EIN
- 06-1513293
Organization Overview
Ion Bank Foundation Inc is located in Naugatuck, CT. The organization was established in 1998. According to its NTEE Classification (T22) the organization is classified as: Private Independent Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ion Bank Foundation Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Ion Bank Foundation Inc generated $2.0m in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 11.8% each year . All expenses for the organization totaled $1.1m during the year ending 12/2021. While expenses have increased by 10.3% per year over the past 3 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.
Since 2020, Ion Bank Foundation Inc has awarded 665 individual grants totaling $1,955,727. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David J Rotatori Director & President | 0 | $0 | |
Charles J Boulier III Director | 0 | $0 | |
Stephen Widman Director | 0 | $0 | |
David Nurnberger Director | 0 | $0 | |
Kathleen Mcpadden Officer | 0 | $0 | |
Gary O'connor Director | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $620,125 |
| Interest on Savings | $1,154 |
| Dividends & Interest | $781,838 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $600,523 |
| Capital Gain Net Income | $600,523 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $2,003,640 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $50,000 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $24,816 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $46,365 |
| Total operating and administrative expenses | $143,571 |
| Contributions, gifts, grants paid | $979,924 |
| Total expenses and disbursements | $1,123,495 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,301,107 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $11,976,746 |
| Net Land, buildings, and equipment | $307,399 |
| Other assets | $0 |
| Total assets | $14,896,142 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, Ion Bank Foundation Inc has awarded $979,924 in support to 329 organizations.
| Grant Recipient | Amount |
|---|---|
Naugatuck, CT PURPOSE: CAMPAIGN EMPLOYER MATCH | $71,000 |
Waterbury, CT PURPOSE: CAMPAIGN EMPLOYER MATCH | $54,125 |
Waterbury, CT PURPOSE: CONTRIBUTION | $30,000 |
Naugatuck, CT PURPOSE: CONTRIBUTION | $30,000 |
Naugatuck, CT PURPOSE: GRANT | $30,000 |
Waterbury, CT PURPOSE: GIVE LOCAL | $29,708 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Redhill Foundation-Sam And Jean Rothberg Family Charitable Trust New York, NY | $42,979,654 | $7,387,635 |
Robert W Wilson Charitable Tr New York, NY | $246,803,641 | $15,248,568 |
The Zegar Family Foundation New York, NY | $255,794,688 | $35,430,517 |
The Blackrock Charitable Foundation New York, NY | $304,949,202 | $10,722,340 |
High Meadows Foundation Boston, MA | $7,499,132 | $11,021,494 |
Zankel Fund New York, NY | $8,426,526 | $6,600,017 |
Synchrony Foundation Stamford, CT | $74,474,766 | $12,637,293 |
Gavin Foundation Inc South Boston, MA | $19,688,054 | $21,343,242 |
Jp Fletcher Foundation Inc Cambridge, MA | $29,829,221 | -$3,521,275 |
Estee Lauder Companies Charitable Foundation New York, NY | $35,974,866 | $21,957,506 |
Theodore J Forstmann Charitable Trust New York, NY | $79,816,371 | $674,210 |
The Carol A Ammon Foundation Albany, NY | $10,088,469 | $6,097,174 |