Ion Bank Foundation Inc
Ion Bank Foundation Inc is a company-sponsored foundation established in 1998 by Ion Bank, a mutually-held community bank with over 155 years of history in Connecticut. The foundation was created with an initial $2 million contribution and has grown significantly since its inception. As a private, non-operating foundation, it operates with the principle that "reinvesting in our communities is one of our most important duties and a fundamental part of our mission."
Key facts about Ion Bank Foundation Inc
- EIN
- 06-1513293
- Latest 990 filing
- Form 990-PF, 2025
- Annual giving (2025)
- $1,049,082
- Grants made (2025)
- 419
- Average grant
- $2,504
- Median grant
- $525
- New grantees (estimate)
- 22% first-time grantees (76 of 344, 2025)
- Primary geography
- Connecticut (92% of itemized 2025 grant dollars)
- How to apply
- Grant applications are accepted in three rounds annually. Full details ↓
Data from IRS Form 990-PF, 2025; updated September 2026. New grantees are estimated by matching recipient names across years (methodology). Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.
Who Ion Bank Foundation Inc funds
By grant dollars, the top recipient states for Ion Bank Foundation Inc's 419 itemized 2025 grants were Connecticut (92%) and New Jersey (6%). The most frequent recipient cities were Waterbury, CT (67 grants), Naugatuck, CT (55 grants), Meriden, CT (28 grants) and Hartford, CT (27 grants). 0% of grants with a stated purpose were for general or operating support. Recurring purposes include "Community Awards Program 25" (241 grants), "Donation" (9 grants) and "Er Match Uw Campaign" (9 grants).
Is Ion Bank Foundation Inc open to new grantees?
22%
first-time grantees, 2025
In 2025, 76 of 344 grantees (22%) were first-time recipients. First grants averaged $2K; repeat grants $3K. How we count
Medians: $687 first-time, $625 repeat.
- 67% of 2025 grantees were also funded in 2024. Method
- Giving held roughly steady from 2022 to 2025 (+7%). Method
Estimate from itemized IRS Form 990-PF grant lists (2020–2025). Recipient names are matched across years, so a renamed or misspelled grantee can look new; grants to individuals are left out. Methodology.
Next steps with Ion Bank Foundation Inc
- How to evaluate Ion Bank Foundation Inc as a funder
Our grant prospecting guide: read the 990-PF, check fit, and decide whether to apply.
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Financial Overview
From 2025 IRS Form 990-PF · View filing
Total Assets
—
Annual Giving
$1.0M
+5.8% YoY
Grant Count
419
+2.7% YoY
Avg Grant Size
$3K
+3.0% YoY
Mission & Focus Areas
Mission: The mission of the Ion Bank Foundation is to support programs and organizations that will contribute to the betterment of the communities it serves.
Funding Priorities: The foundation supports organizations involved with:
- Arts and culture
- Education
- Health
- Human services
- Community economic development
Special emphasis is directed toward programs designed to promote education and homeownership.
Grantmaking
Grant Range
is $1,000 to $10,000, with no set limit. Historical data shows individual grants have ranged from $100 to $100,000, with an average award of approximately $3,000.
Review Cycle
- Applications are submitted through an online grant portal
How to Apply
**
Ready to take the next step with Ion Bank Foundation Inc?
Geographic Focus
Where this funder awards grants
The foundation serves the following defined assessment areas:
Connecticut:
- Capital Region: Andover, Avon, Berlin, Bloomfield, Bolton, Canton, Columbia, Coventry, East Granby, East Hartford, East Windsor, Ellington, Enfield, Farmington, Glastonbury, Granby, Hartford, Hebron, Manchester, Mansfield, Marlborough, New Britain, Newington, Plainville, Rocky Hill, Simsbury, Somers, South Windsor, Southington, Stafford, Suffield, Tolland, Vernon, West Hartford, Wethersfield, Willington, Windsor, Windsor Locks
- Naugatuck Valley Region: Ansonia, Beacon Falls, Bethlehem, Bristol, Cheshire, Derby, Middlebury, Naugatuck, Oxford, Plymouth, Prospect, Seymour, Shelton, Southbury, Thomaston, Waterbury, Watertown, Wolcott, Woodbury
- South Central Region: Bethany, Branford, East Haven, Guilford, Hamden, Madison, Meriden, Milford, New Haven, North Branford, North Haven, Orange, Wallingford, West Haven, Woodbridge
New Jersey:
- Morris County
Grant Distribution by State
Share of all 419 itemized 2025 grant dollars.
States
Cities
Financial History
Multi-year comparison from IRS filings
Assets & Giving:
- Total Assets (2023): $13.95 million
- Total Assets (2024): $14.82 million
- Annual Giving (2025): $1.1 million
- Total Revenues (2023): $836,609
- Total Expenses (2023): $1.32 million
- Total Grants Since 1998: $13.9 million
Historical Growth: Total assets have grown from $4 million in 2011 to approximately $14.8 million in 2024.
| Metric | 2025 | 2024 | 2023 |
|---|---|---|---|
| Total Assets | — | — | — |
| Revenue | — | — | — |
| Expenses | — | — | — |
| Qualifying Distributions | — | — | — |
| Net Investment Income | — | — | — |
| Distributable Amount | — | — | — |
Data update history
When this profile's IRS filing data changed on Grantable
- Updated Form 990-PF for fiscal year 2020 (received by the IRS May 6, 2021)
- Updated Form 990-PF for fiscal year 2021 (received by the IRS May 9, 2022)
- Updated Form 990-PF for fiscal year 2022 (received by the IRS May 8, 2023)
- Updated Form 990-PF for fiscal year 2023 (received by the IRS May 9, 2024)
- Updated Form 990-PF for fiscal year 2024 (received by the IRS May 16, 2025)
- Added Form 990-PF for fiscal year 2025 (received by the IRS May 15, 2026)
- IRS filings on file for fiscal years 2020–2024
Giving Over Time
Total grant dollars and number of grants per year
Grant Insights
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2025
Grant Size Distribution
1,932 grants across all recorded years
Giving History
Grant recipients and amounts by year
Among its reported 2025 grants, the largest recipients include United Way of Naugatuck & Beacon Falls ($105,375 across 2 grants), United Way of Greater Waterbury ($99,100 across 4 grants), Connecticut Community Foundation ($79,209 across 2 grants).
| Recipient | Purpose | Amount |
|---|---|---|
| UNITED WAY OF NAUGATUCK & BEACON FALLS Naugatuck, CT | ER MATCH UW CAMPAIGN | $105,000 |
| UNITED WAY OF GREATER WATERBURY Waterbury, CT | ER MATCH UW CAMPAIGN | $80,000 |
| CONNECTICUT COMMUNITY FOUNDATION Waterbury, CT | GIVE LOCAL 2025 | $49,209 |
| CONNECTICUT COMMUNITY FOUNDATION Waterbury, CT | "IMPACT NOW FUND" | $30,000 |
| GRIFFIN HOSPITAL Derby, CT | "LAUNCH OF THE EMPATH ((EMERGENCY PSYC" | $25,000 |
| WATERBURY PROMISE INC Waterbury, CT | "SCHOLARSHIP SUPPORT" | $25,000 |
| FAIR HAVEN COMMUNITY HEALTH CLINIC INC New Haven, CT | BUILDING HEALTH, STRENGTHENING COMMUNITY | $15,000 |
| UNITED WAY OF GREATER WATERBURY Waterbury, CT | "SPONSORSHIP" | $15,000 |
| ACTS 4 MINISTRY Waterbury, CT | "NEW BOX TRUCK WITH ION LOGO" | $15,000 |
| MONTVILLE TOWNSHIP FIRST AID SQUAD INC Montville, NJ | "PURCHASE OF AUTOMATED CHEST COMPRESSION" | $13,000 |
Leadership & Key People
Leadership team and compensation from IRS filings
- David Rotatori: Ion Bank President and CEO
- Kathleen McPadden: Principal Officer
- The foundation is governed by 12 officers and trustees
Compensation Overview
From 2025 IRS filing
From 2025 IRS filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| Andrew Skipp | Director | — | — |
| Charles J Boulier III | Director | — | — |
| Dana Silva | Senior Vice President, Secretary | 1 | — |
| David J Rotatori | President & Chair | 1 | — |
| David Scelba | Director | — | — |
| Gary O'Connor | Director | — | — |
| Ginger Fennell | Senior Vice President | — | — |
| Kathleen Brochhausen | Executive Director | 20 | $75,000 |
| Kalim Jan | Senior Vice President, Treasurer | — | — |
| Ray Leonzi | Senior Vice President | 1 | — |
| Kathy Taylor | Director | — | — |
| Michelle Stronz | Director | — | — |
| Patrick Charmel | Director | — | — |
| William Samuelson | Director | — | — |
Contact Information
Address: 251 Church Street, Naugatuck, CT 06770-4121
Phone: 203-729-5291
Website: ionbank.com/about-us/foundation
Email: communityawards@ionbank.com
Grant Guidelines: ionbank.com/about-us/foundation/grant-guidelines
EIN: 06-1513293
Subject Areas
Focus areas based on grantmaking activity
Frequently Asked Questions
What does Ion Bank Foundation Inc fund?
**Mission:** The mission of the Ion Bank Foundation is to support programs and organizations that will contribute to the betterment of the communities it serves. **Funding Priorities:** The foundation supports organizations involved with: • Arts and culture • Education • Health • Human services • Community economic development Special emphasis is directed toward programs designed to promote education and homeownership.
How do I apply for a grant from Ion Bank Foundation Inc?
Grant applications are accepted in three rounds annually. Eligibility and process details are in the grantmaking section of this profile. See how to apply ↑
Where does Ion Bank Foundation Inc make grants?
The foundation serves the following defined assessment areas: **Connecticut:** • Capital Region: Andover, Avon, Berlin, Bloomfield, Bolton, Canton, Columbia, Coventry, East Granby, East Hartford, East Windsor, Ellington, Enfield, Farmington, Glastonbury, Granby, Hartford, Hebron, Manchester, Mansfield, Marlborough, New Britain, Newington, Plainville, Rocky Hill, Simsbury, Somers, South Windsor, Southington, Stafford, Suffield, Tolland, Vernon, West Hartford, Wethersfield, Willington, Windsor, W…
What size grants does Ion Bank Foundation Inc award?
In 2025, Ion Bank Foundation Inc awarded 419 grants totaling $1.0M — an average of about $3K per grant, based on its IRS Form 990 filings.
What is Ion Bank Foundation Inc's EIN?
Ion Bank Foundation Inc's EIN (Employer Identification Number) is 06-1513293. IRS Form 990 filing data is available on this page for 2020–2025.
Explore Open Grants
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Data last updated September 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.