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."
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$14.8M
+6.2% YoY
Annual Giving
$991K
-15.3% YoY
Grant Count
408
-4.2% YoY
Avg Grant Size
$2K
-11.5% YoY
Under IRS private-foundation payout rules, Ion Bank Foundation Inc reported a distributable amount of $673K for 2024 — the minimum it must pay out in qualifying distributions.
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
**
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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
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 | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $14,819,407 | $13,950,608 | $12,682,584 |
| Revenue | $2,797,555 | $836,609 | $1,897,788 |
| Expenses | $1,121,833 | $1,324,628 | $1,085,944 |
| Qualifying Distributions | $1,041,008 | $1,219,423 | $1,017,649 |
| Net Investment Income | $3,188,472 | $786,436 | $1,840,478 |
| Distributable Amount | $672,753 | $628,561 | $597,354 |
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 2024
Grant Size Distribution
250 grants across all recorded years
Giving History
Grant recipients and amounts by year
Among its reported 2024 grants, the largest include Connecticut Community Foundation ($41,588), Naugatuck Ymca ($16,000), Naugatuck Economic Development Corp ($11,000).
| Recipient | Purpose | Amount |
|---|---|---|
| CONNECTICUT COMMUNITY FOUNDATION WATERBURY, CT | "GIVE LOCAL" | $41,588 |
| NAUGATUCK ECONOMIC DEVELOPMENT CORP NAUGATUCK, CT | "CONTRIBUTION" | $11,000 |
| SEYMOUR PINK INC SEYMOUR, CT | "A NIGHT TO REMEMBER" | $4,000 |
| YALE UNIVERSITY NEW HAVEN, CT | "BREAST FRIENDS FUND" | $500 |
| NAUGATUCK YMCA NAUGATUCK, CT | "DINNER SPONSORSHIP" | $16,000 |
| NAUGATUCK AMBULANCE INC NAUGATUCK, CT | "LAPTOP/HOTSPOT SUPPORT" | $7,500 |
| KELLY'S KIDS INC PROSPECT, CT | "INTERIOR CLASSROOM" | $5,000 |
| FRIENDS OF THE MERIDEN PUBLIC LIBRARY MERIDEN, CT | "LUCAS DEVICE CONTRIBUTION" | $3,000 |
| UNITED WAY OF GREATER WATERBURY WATERBURY, CT | "WOMEN UNITED CULINARY SPONSOR" | $2,000 |
| ANNIE C COURTNEY FOUNDATION INC WATERBURY, CT | "ION BANK FOUNDATION BUILDING SUPPORT"/HEIGHT ADJUSTING BASKETBALL HOOP SUPPORT" | $1,000 |
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 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| ANDREW SKIPP | DIRECTOR | — | — |
| CHARLES J BOULIER III | DIRECTOR | — | — |
| DANA SILVA | SECRETARY | — | — |
| DAVID J ROTATORI | PRESIDENT & CEO | — | — |
| DAVID SCELBA | DIRECTOR | — | — |
| GARY O'CONNOR | DIRECTOR | — | — |
| GINGER FENNELL | TREASURER | — | — |
| KATHLEEN BROCHHAUSEN | EXECUTIVE DIRECTOR | — | — |
| KATHY TAYLOR | DIRECTOR | — | — |
| MICHELLE STRONZ | DIRECTOR | — | — |
| PATRICK CHARMEL | DIRECTOR | — | — |
| STEPHEN WIDMAN | 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 Amounts:** Typical 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. **Application Process:** • Grant applications are accepted in three rounds annually • Grant Round #1: Closed (Meeting April 2026) • Grant Round #2: April 9, 2026 – July 17, 2026 (Meeting August 2026) • Grant Round #3: August 13, 2026 – October 9, 2026 (Meeting November 2026) • Decision timeline: …
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 2024, Ion Bank Foundation Inc awarded 408 grants totaling $991K — an average of about $2K per grant, based on its IRS Form 990 filings.
How much is Ion Bank Foundation Inc required to give away each year?
Private foundations must generally distribute about 5% of their assets annually. For 2024, Ion Bank Foundation Inc reported a distributable amount of $673K on its IRS Form 990-PF — the minimum it must pay out in qualifying distributions.
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 2020–2024.
Explore Open Grants
Browse active grant opportunities in Ion Bank Foundation Inc's focus areas in our free grants database
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Data last updated June 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.
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