Connex Credit Union
Legal name: Connex Credit Union Connex Credit Union
Nonprofit profile at a glance
- EIN
- 060655052
- IRS 990 coverage
- 2010–2024
- Official website data refreshed
- Sep 2026
- Forms available
- Form 990 2024
- Location
- North Haven, CT, USA
- Phone
- 203.603.5700
- Rating
- 43
- Verdict
- MIXED
- Rating confidence
- Moderate
Reported finances
- Revenue
- $52,043,001
- Expenses
- $50,919,757
- Assets
- $1,046,785,625
- Liabilities
- $955,698,183
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
19 people listed
Executive titles in this filing
- FRANCESCO MANCINI (CEO)
Highest reported compensation
- FRANCESCO MANCINI (CEO): $723,514 total reported compensation
- CARL CASPER (EVP & COO): $449,264 total reported compensation
- DAVID BIRKINS (VP FINANCE A): $297,945 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
To provide members with credit union services.
What it reported doing in 2024
To provide members with deposit and lending services
Operating model
- Revenue model
- Earned-program. 94% of the money available for current operations came from fees and other program revenue.
- Distribution model
- Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.
The verdict
MIXED - Most voting board members are independent and the filed numbers largely add up. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.
Rating breakdown
- Financial Efficiency: 0
- Transparency & Controls: 60
- Accountability: 95
- Sustainability: 52
- Growth: 60
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 0%; rating input score 0
- Program expense ratio: 0%; rating input score 0
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
- Pay-setting controls: 0 of 6 controls in place; rating input score 0
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Missing
- Board or committee approval: Missing
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Limited
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 77th percentile among comparable filings
- Governance controls: 8 of 9 controls in place; rating input score 89
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: Pass
- Form 990 shared with the board: Fail
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 2.2%; rating input score 43; 43rd percentile among comparable filings
- Total-asset coverage ratio: 20.56; rating input score 97; 97th percentile among comparable filings
- Liabilities to assets ratio: 0.91; rating input score 11; 11th percentile among comparable filings
- Officer compensation ratio: 5.2%; rating input score 15; 15th percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: 7% per year; rating input score 100; 60th percentile among comparable filings
- Asset growth: 8.8% per year; rating input score 100; 63rd percentile among comparable filings
Details
- What they do: 1 programs and campaigns described on the official site
- Where the money goes: 0% of revenue deployed · 0% of spending went to programs
- Governance: 9 of 9 board members independent · 8 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $50.9M in reported program spending
- Leadership: top reported pay $724K · 19 people listed · 0 of 6 pay-setting controls reported
- Consistency: 13 of 14 current checks pass · 1 finding to review
- Schedules: 5 filed schedules · includes executive pay
- Filing history: 14 filing years from 2010 to 2024
- Contacts: How to reach this organization
- Money network: 28 filed money-flow records
- Related organizations: 1 filed related-organization link
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
- Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Financial Efficiency: Mission deployment rate scored 0/100.
- High — Financial Efficiency: Program expense ratio scored 0/100.
- High — Transparency & Controls: Pay-setting controls scored 0/100.
- Moderate — Transparency & Controls: Functional expense sum did not reconcile in the filed values.
- Moderate — Sustainability: Operating margin scored 43/100.
- Review — Accountability: Governance controls: Form 990 shared with the board not reported.
- High — Sustainability: Liabilities to assets ratio scored 11/100.
- High — Sustainability: Officer compensation ratio scored 15/100.