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Ion Bank Foundation Inc

Annual Giving
$1.1M
Grant Range
$1K - $0.0M
Decision Time
2mo

Ion Bank Foundation Inc

Quick Stats

  • Annual Giving: $1,100,000 (2025)
  • Success Rate: Not publicly disclosed
  • Decision Time: 8 weeks from submission deadline
  • Grant Range: $1,000 - $10,000 (typical range, no set limit)
  • Geographic Focus: Connecticut (Hartford, Litchfield, New Haven counties) and New Jersey (Morris County)
  • Total Assets: $15.7 million
  • Total Grants Since 1998: $13.9 million

Contact Details

Address: 251 Church Street, Naugatuck, CT 06770-4121

Website: ionbank.com/about-us/foundation

Community Awards Program Email: communityawards@ionbank.com

Grant Guidelines: ionbank.com/about-us/foundation/grant-guidelines

Overview

The Ion Bank Foundation Inc (EIN: 06-1513293) was established in 1998 as a company-sponsored foundation of 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 to more than $15.7 million in assets. Since its inception, the foundation has awarded over $13.9 million in cumulative grants to support organizations working in health, education, economic development, human and social services, and the arts. In 2025 alone, the foundation awarded $1.1 million in grants to local nonprofits. The foundation operates on the principle that "reinvesting in our communities is one of our most important duties and a fundamental part of our mission," with a stated vision to "build a legacy of good works and preserve funds to continue those good works in perpetuity."

Funding Priorities

Grant Programs

Competitive Grants: Applications accepted for programs and capital needs through online application portal

  • Typical range: $1,000 - $10,000 (no set dollar limit)
  • Focus on direct costs to start or improve programs
  • Decision timeline: Approximately 8 weeks from submission deadline
  • Application method: Online portal at ionbank.com/about-us/foundation

Designated Grants: Made to organizations selected by the foundation; no application required

  • Selected by foundation trustees
  • Recipients do not submit applications

Community Awards Program: Annual voting program for Ion Bank customers

  • Takes place annually beginning in February
  • Non-profits receive $25 per customer vote
  • Recent program awarded $86,600 to 245 organizations

Priority Areas

The Ion Bank Foundation prioritizes funding for organizations involved in:

  • Affordable Housing and Rehabilitation: Programs that increase access to affordable housing and improve housing conditions
  • Community Services: Healthcare, education, job training, social services, childcare, credit and financial services
  • Economic Development: Initiatives that strengthen local economies and create opportunities
  • Revitalization: Projects benefiting distressed or underserved areas in Hartford, Litchfield, New Haven (CT), or Morris (NJ) counties

The foundation looks for proposals that demonstrate:

  • Clear community need
  • Strong organizational track record
  • Evidence-based programs
  • Potential for sustaining support
  • Realistic budgets
  • Community involvement
  • Collaborative partnerships

What They Don't Fund

The Ion Bank Foundation excludes funding for:

  • Political purposes or political campaigns
  • Religious purposes (though religious organizations may apply for nonsectarian projects)
  • Municipal building requests
  • Religious building requests
  • Capital expenditures on properties not owned by the applicant organization

Governance and Leadership

Ion Bank Board of Trustees & Directors

The Ion Bank Foundation operates under the governance structure of Ion Bank. The bank's Board includes:

  • Charles J. Boulier, III - Chair of the Board, Ion Financial MHC and Ion Bank (Retired CEO of Ion Bank)
  • David J. Rotatori - President & CEO, Ion Bank
  • Dr. Stephen Widman - Physician, Cardiology Associates of Waterbury
  • Gary B. O'Connor - Attorney, Pullman & Comley LLC
  • Patrick A. Charmel - President & CEO, Griffin Health
  • Andrew K. Skipp - Principal, Simon, Hill & Skipp, LLC
  • William M. Samuelson - Executive at LSQ Funding
  • Michelle M. Stronz - Co-Founder, Formata
  • Kathy K. Taylor - President & CEO, Connecticut Community Foundation
  • David F. Scelba - President, Scelba Consulting, LLC

Leadership Quote

President & CEO David J. Rotatori has stated regarding the Community Awards Program: "This program is a wonderful collaboration between our customers, Foundation and the organizations that our customers feel have the most impact to their local community."

Application Process & Timeline

How to Apply

For Competitive Grants:

  1. Review the grant guidelines at ionbank.com/about-us/foundation/grant-guidelines to ensure eligibility
  2. Complete the online grant application at ionbank.com/about-us/foundation
  3. Submit required documentation:
    • Proposed budget and narrative description
    • List of other funding sources for the project
    • Board directory showing at least 3 community representatives (majority non-employees)
    • IRS determination letter confirming tax-exempt status
    • Connecticut Nonprofit Registration to Solicit Funds (for CT applicants)
    • Letter from school principal (for school-based programs)
    • Campaign feasibility study (if applicable)

Important: Do not submit sponsorship requests through the grant portal.

Eligibility Requirements

Applicants must meet the following criteria:

  • 501(c)(3) nonprofit organizations, municipal entities seeking grants for public purposes, or religious organizations seeking grants for nonsectarian projects
  • Located in or serving Ion Bank's Community Reinvestment Act assessment areas (Connecticut: Capital Region, Naugatuck Valley, South Central regions; New Jersey: Morris County)
  • Have a board with at least 3 community representatives (majority non-employees)
  • Connecticut applicants must have Nonprofit Registration to Solicit Funds

Decision Timeline

  • Review Process: Approximately 8 weeks from the grant submission deadline
  • Notification Method: Phone call or letter when decisions are made
  • Reporting Requirements: Grantees must submit interim updates and final evaluation reports

Success Rates

The Ion Bank Foundation does not publicly disclose specific success rates or application statistics. However, in recent years:

  • 2023: The foundation awarded $1,169,769 to area nonprofits
  • 2025: The foundation awarded $1.1 million in grants to local nonprofits

Most grant requests supported fall within the $1,000-$10,000 range, though there is no set dollar limit for applications.

Reapplication Policy

The Ion Bank Foundation's specific reapplication policy for unsuccessful applicants is not publicly documented. Organizations should contact the foundation directly for guidance on reapplying after an unsuccessful application.

Application Success Factors

Based on the foundation's grant guidelines and stated priorities, successful applications demonstrate:

  1. Community Need: Clear evidence of community need for the proposed project or program
  2. Track Record: A proven organizational track record of successful program delivery
  3. Evidence-Based Approach: Programs based on research or best practices in the field
  4. Sustainability: Potential for securing ongoing support beyond the grant period
  5. Realistic Budget: Detailed, realistic budget showing direct costs for starting or improving programs
  6. Community Involvement: Active community engagement and partnerships
  7. Collaborative Partnerships: Demonstrated collaboration with other organizations
  8. Geographic Alignment: Clear benefit to Hartford, Litchfield, New Haven (CT), or Morris (NJ) county residents
  9. Mission Alignment: Strong alignment with foundation priorities in affordable housing, community services, economic development, or revitalization

Grantee Publicity Requirements

Organizations receiving grants must:

  • Publicize the grant award
  • Include the Ion Bank Foundation logo on program materials
  • Feature the grant in organizational publications
  • Contact local media about the grant
  • Link to the Foundation's website from their own website

Recent Grant Example

Malta House of Care received a grant from the Ion Bank Foundation in 2024 to support their mission of advancing access to healthcare for uninsured adults in the Greater Hartford Region.

Key Takeaways for Grant Writers

  • Geographic Focus is Critical: Your organization must serve communities within Ion Bank's Connecticut (Hartford, Litchfield, New Haven counties) or New Jersey (Morris County) service areas
  • Community Services Alignment: The foundation has broad interests across health, education, economic development, social services, and the arts—tailor your proposal to show clear fit with their priorities
  • Moderate Grant Amounts: Most successful grants fall in the $1,000-$10,000 range; set realistic funding expectations
  • Plan for 8-Week Review: Build the 8-week decision timeline into your funding planning
  • Demonstrate Community Impact: Strong applications show clear community need, evidence-based approaches, and potential for sustainability
  • Consider Multiple Pathways: Beyond competitive grants, explore the Community Awards Program by encouraging Ion Bank customers who support your work to vote during the annual February voting period
  • Publicity is Required: Be prepared to actively publicize any grant award received, including use of the foundation's logo and website link

References

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