Danbury Cyanamid Employees Credit Union

Nonprofit profile at a glance

EIN
060761502
IRS 990 coverage
2010–2020
Forms available
Form 990 2020
Location
Danbury, CT, USA
Phone
2037788677
Rating confidence
Limited
Sector
Credit Unions

Reported finances

Revenue
$160,564
Expenses
$1,202,497
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2020. Amounts in USD.

Leadership & pay

5 people listed

Executive titles in this filing

  • TAMMY S KONARESKI (CEO/TREASURER)
  • ROBERT LEONARD (PRESIDENT)
  • LOIS SMART (VICE PRESIDENT)

Highest reported compensation

  • TAMMY S KONARESKI (CEO/TREASURER): $76,454 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2020. Names and roles reflect this filing, not necessarily current officeholders.

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.

What it reported doing in 2020

Members of the credit union are provided loan and deposit services. The credit union dissolved as of september 30, 2020 and merged with cornerstone community credit union. The approval of this merger is attached to this return.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
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

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 93
  • Accountability: 62
  • Sustainability: 5
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 79th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 80%; rating input score 80; 20th percentile among comparable filings
  • Governance controls: 3 of 8 controls in place; rating input score 38
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -648.9%; rating input score 0; 0th percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 1; 1st percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 6.4%; rating input score 38; 38th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: -7% per year; rating input score 0; 14th percentile among comparable filings
  • Asset growth: -6.4% per year; rating input score 0; 10th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 4 of 5 board members independent · 3 of 8 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $76K · 5 people listed
  • Consistency: 9 of 9 current checks pass
  • Schedules: 3 filed schedules · includes grants
  • Filing history: 11 filing years from 2010 to 2020
  • Contacts: How to reach this organization
  • Money network: 2 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.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Accountability: Governance controls: 4 of 7 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 1/100.
  • Moderate — Sustainability: Officer compensation ratio scored 38/100.