Union Savings Bank Foundation Inc
Union Savings Bank Foundation Inc is a corporate foundation established in 1998 and based in Danbury, Connecticut. The foundation is sponsored by Union Savings Bank, a 159-year-old community bank. The foundation operates as a 501(c)(3) private grantmaking foundation dedicated to supporting nonprofit organizations in communities served by the bank.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$12.3M
+17.2% YoY
Annual Giving
$582K
+33.1% YoY
Grant Count
1
-99.2% YoY
Avg Grant Size
$582K
+16668.8% YoY
Under IRS private-foundation payout rules, Union Savings Bank Foundation Inc reported a distributable amount of $554K for 2024 — the minimum it must pay out in qualifying distributions.
Mission & Focus Areas
The foundation supports organizations involved with health, hunger, and human services, with special emphasis on programs designed to promote education and youth development. The foundation seeks to educate, transform, and enhance communities while providing support to food pantries serving food insecurity needs in communities served by the bank.
Recent grant recipients offer a wide range of community services, including education and literacy programs, youth enrichment and developmental activities, the arts, health and wellness, mentorship, and support for food pantries.
Grantmaking
No specific application procedures or deadlines are detailed in available sources.
Review Cycle
are detailed in available sources.
How to Apply
**
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Geographic Focus
Where this funder awards grants
The foundation primarily funds organizations in Connecticut, with emphasis on communities served by Union Savings Bank. Grant recipients are located throughout Western Connecticut and beyond.
Grant Distribution by State
States
Cities
Financial History
Multi-year comparison from IRS filings
As of December 31, 2024:
- Total assets: $12,265,888
- Total revenues: $1,521,938
- Total expenses: $726,952
- Total grants, contributions: $1,013,997
- Investment income and dividends: $300,852
- Net gain from sale of non-inventory assets: $207,089
As of December 31, 2023:
- Total assets: $10,500,000
- Total revenues: $422,460
- Total expenses: $502,000
Employee Count: 0 employees (foundation operations)
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $12,265,888 | $10,465,482 | $9,332,407 |
| Revenue | $1,521,938 | $422,460 | $1,211,322 |
| Expenses | $726,952 | $502,090 | $497,750 |
| Qualifying Distributions | $596,577 | $450,267 | $509,417 |
| Net Investment Income | $507,941 | $230,640 | $283,947 |
| Distributable Amount | $553,887 | $484,113 | $456,724 |
Giving Over Time
Total grant dollars and number of grants per year
Grant Insights
How this funder distributes its grants
Top Recipients
Top 1 recipients in 2024
Grant Size Distribution
181 grants across all recorded years
Giving History
Grant recipients and amounts by year
Among its reported 2024 grants, the largest include Total Grants Paid ($581,950).
| Recipient | Purpose | Amount |
|---|---|---|
| Total Grants Paid danbury, CT | Exempt Purpose | $581,950 |
Leadership & Key People
Leadership team and compensation from IRS filings
Chelen Reyes - President and CEO of Union Savings Bank (quoted in foundation announcements)
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| LUCIE H VOVES | Chair | 1 | — |
| Michelle King | SECRETARY | 1 | — |
| PAUL H BRUCE | TREASURER/Trustee | 1 | — |
| Ray Boa | Trustee | 1 | — |
| John Brighenti | Trustee | 1 | — |
| Susan Certoma | Trustee | 1 | — |
| Jason Ginsberg | Trustee | 1 | — |
| Larry Pereira | Trustee | 1 | — |
| Chelen Reyes | PRESIDENT/Trustee | 1 | — |
| Kelly-Ann Cagianello | Trustee | 1 | — |
| Jeff McDonough | Trustee | 1 | — |
Recent News & Activity
Recent developments and announcements
**2025 Grant Cycle:**
The foundation awarded $560,000 to 61 Connecticut organizations in July 2025, representing a significant increase in grantmaking activity. This announcement highlighted the foundation's commitment to supporting organizations delivering education, enrichment, and community support services.
USB Foundation gives $560k to CT organizations - Westfair Communications**Community Impact:**
Union Savings Bank and the USB Foundation have contributed nearly $6 million to community support organizations over the last six years, while bank employees have volunteered over 100,000 hours to local causes.
Union Savings Bank Foundation Awards More than Half a Million Dollars to**2026 Announcements:**
The Center for Empowerment and Education reported in February 2026 that a $15,000 USB Foundation grant enabled the organization to deliver 260 programs throughout Connecticut, representing more than 22% of its total community impact programming focused on services for survivors of interpersonal violence.
USB Foundation gives $560k to CT organizations - Westfair CommunicationsSubject Areas
Focus areas based on grantmaking activity
Frequently Asked Questions
What does Union Savings Bank Foundation Inc fund?
The foundation supports organizations involved with health, hunger, and human services, with special emphasis on programs designed to promote education and youth development. The foundation seeks to educate, transform, and enhance communities while providing support to food pantries serving food insecurity needs in communities served by the bank. Recent grant recipients offer a wide range of community services, including education and literacy programs, youth enrichment and developmental activi…
How do I apply for a grant from Union Savings Bank Foundation Inc?
**Grant Activity:** • In 2025, the foundation awarded $560,000 in funding to 61 Connecticut organizations • Made 65 grants in the most recent fiscal year • Typical award ranges from $25 to $581,950 **Recent Notable Grants:** • $15,000 to Women's Business Development Council (Stamford) for entrepreneurial and financial education • $15,000 to Center for Empowerment and Education for community impact, outreach, and prevention education • Support to RVNAhealth for dementia education and resources p…
Where does Union Savings Bank Foundation Inc make grants?
The foundation primarily funds organizations in Connecticut, with emphasis on communities served by Union Savings Bank. Grant recipients are located throughout Western Connecticut and beyond.
What size grants does Union Savings Bank Foundation Inc award?
In 2024, Union Savings Bank Foundation Inc awarded 1 grants totaling $582K — an average of about $582K per grant, based on its IRS Form 990 filings.
How much is Union Savings Bank Foundation Inc required to give away each year?
Private foundations must generally distribute about 5% of their assets annually. For 2024, Union Savings Bank Foundation Inc reported a distributable amount of $554K on its IRS Form 990-PF — the minimum it must pay out in qualifying distributions.
What is Union Savings Bank Foundation Inc's EIN?
Union Savings Bank Foundation Inc's EIN (Employer Identification Number) is 06-1508286. IRS Form 990 filing data is available on this page for 2020–2024.
Explore Open Grants
Browse active grant opportunities in Union Savings 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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