CONNEX CREDIT UNION (EIN 060655052) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1940

Legal Domicile

Principal Officer

FRANCESCO MANCINI

Tax Period

2023-01-01 to 2023-12-31

CONNEX CREDIT UNION, founded in 1940, is a mid-sized nonprofit that reported $43.6M in total revenue in fiscal year 2023. Revenue surged 24% from the prior year, signaling strong growth momentum. Expenses of $39.2M left a modest 10% surplus.

Mission

TO PROVIDE MEMBERS WITH DEPOSITORY, LENDING AND OTHER CREDIT UNION SERVICES.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $41,142,814

Investment Income $2,424,307

Other Revenue $0

TOTAL REVENUE $43,567,121

Expense Breakdown

Grants Paid $0

Salaries & Benefits $12,307,740

Fundraising Expenses $0

Program Expenses $39,242,351

Other Expenses $13,549,260

TOTAL EXPENSES $39,242,351

Year-over-Year Comparison

	2023	2022	Change
Revenue	$43,567,121	$35,206,220	+0.2%
Expenses	$39,242,351	$27,282,343	+0.4%
Net Income	$4,324,770	$7,923,877	-0.5%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

201

Volunteers

N/A

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$1,564,040

Total Directors

$49,756

Key Employees

$535,317

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
COREY STONE	CHAIRPERSON	5.00	Officer Director	$8,746	$0	$8,746
MATTHEW TURNER	VICE CHAIR	5.00	Officer Director	$3,612	$0	$3,612
MALCOLM ELLIS	SECRETARY	5.00	Officer Director	$10,000	$0	$10,000
WESLEY JOHNSON	TREASURER	5.00	Officer Director	$8,991	$0	$8,991
JANICE BRYDEN	DIRECTOR	1.00	Director	$5,158	$0	$5,158
WENDY CLARKE	DIRECTOR	1.00	Director	$8,991	$0	$8,991
HENRY FERNANDEZ	DIRECTOR	1.00	Director	$1,798	$0	$1,798
ANNIE HARPER	DIRECTOR	1.00	Director	$2,460	$0	$2,460
EDWARD ROSENTHAL	DIRECTOR	1.00	Director	$0	$0	$0
FRANCESCO MANCINI	CEO	40.00	Officer	$766,912	$13,200	$780,112
DAVID BIRKINS	VP FINANCE A	40.00	Officer	$307,468	$12,743	$320,211
CARL CASPER	EVP & COO	40.00	Officer	$419,200	$13,168	$432,368
BARBARA BAFUMI	VP CONTROLLE	40.00	Key Emp	$175,541	$7,431	$182,972
AMY MOQUET	DIR HR	40.00	Key Emp	$181,743	$7,410	$189,153
MICHAEL TAYLOR	ASST. VP	40.00	Key Emp	$156,367	$6,825	$163,192
JASON ROCHEFORT	ASST. VP	40.00	Highest	$142,505	$5,777	$148,282
SUZANNE MINK	ASST. VP	40.00	Highest	$138,460	$5,878	$144,338
LOUISE NESTOR	ASST. VP MAR	40.00	Highest	$116,761	$4,888	$121,649
MICHAEL O'BRIEN	BUS. DEV. OF	40.00	Highest	$118,809	$5,135	$123,944
CRAIG SUTTER	SR. PROJ. MG	40.00	Highest	$134,136	$5,137	$139,273

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$43,567,121	$39,242,351	$1,012,806,214	$4,324,770
2022	$35,206,220	$27,282,343	$957,477,676	$7,923,877
2021	$30,771,499	$24,356,778	$868,570,264	$6,414,721
2020	$29,642,233	$25,373,854	$766,376,274	$4,268,379
2019	$30,667,343	$26,008,197	$713,889,738	$4,659,146
2018	$26,423,901	$22,300,410	$632,181,049	$4,123,491

CONNEX CREDIT UNION