Savings Bank of Danbury Foundation Inc
The Savings Bank of Danbury Foundation Inc is a corporate foundation established in 2003 and granted tax-exempt status in August 2004. Based in Danbury, Connecticut, the foundation is sponsored by Ives Bank (also known as Savings Bank of Danbury), a mutual savings bank founded in 1849 with assets exceeding $1.6 billion. The foundation operates as a private independent foundation dedicated to strengthening local communities through philanthropic support.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$3.4M
+11.8% YoY
Annual Giving
$301K
+2.8% YoY
Grant Count
113
+5.6% YoY
Avg Grant Size
$3K
-2.6% YoY
Mission & Focus Areas
The foundation's mission is to help strengthen local communities by providing grants to organizations that are vital to the well-being, growth, and prosperity of the places in which the bank operates.
The foundation supports organizations in five primary areas:
- Affordable Housing
- Arts & Culture
- Community & Economic Development
- Education
- Health & Human Services
Grantmaking
The foundation is highly active in its grantmaking. In 2024, the foundation made 89 grants totaling approximately $226,850 in documented grants. Recent grant recipients have included organizations such as:
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Geographic Focus
Where this funder awards grants
The foundation primarily funds organizations in Connecticut, with a particular emphasis on the western Connecticut region including Danbury, Waterbury, New Milford, Fairfield County, and surrounding communities where Ives Bank operates its 16 branch offices.
Grant Distribution by State
Cities
Financial History
Multi-year comparison from IRS filings
As of Fiscal Year Ending December 2024:
- Total Assets: $3,403,147
- Total Revenue: $666,853
- Total Expenses: $306,803
- Total Liabilities: $0
- Number of Employees: 0
The foundation maintains a healthy financial position with assets significantly exceeding annual expenses, indicating sustained capacity for grantmaking.
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $3,403,147 | $3,043,097 | $3,051,366 |
| Revenue | $666,853 | $289,671 | $1,354,361 |
| Expenses | $306,803 | $297,940 | $256,419 |
| Qualifying Distributions | $306,738 | $297,875 | $237,854 |
| Net Investment Income | $64,163 | $87,156 | $1,232,096 |
| Distributable Amount | $168,563 | $155,906 | $92,744 |
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
No grants recorded for .
Leadership & Key People
Leadership team and compensation from IRS filings
- Timothy Johnston — Chief Financial Officer (as of 2024)
- Kendal Joseph — Assistant Vice President, Community Development Manager at Ives Bank
- Robert Hagan — Vice President, Commercial Banking/Commercial Lending at Ives Bank
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| MARTIN MORGADO | CHAIRMAN/DIRECTOR | 1 | — |
| TIMOTHY JOHNSTON | TREASURER/DIRECTOR | 1 | — |
| HAROLD C WIBLING | DIRECTOR | 1 | — |
| DONALD D MITCHELL | DIRECTOR | 1 | — |
| JUNE RENZULLI | DIRECTOR | 1 | — |
| GARY W HAWLEY | DIRECTOR | 1 | — |
| DIANNE YAMIN | DIRECTOR | 1 | — |
| BETTY HENSAL | DIRECTOR | 1 | — |
| EDWARD RONAN | DIRECTOR | 1 | — |
| DOUG HENSAL | SECRETARY | 1 | — |
Recent News & Activity
Recent developments and announcements
The foundation continues to actively award grants to community organizations. In 2024, the foundation distributed grants across 89 organizations, demonstrating robust grantmaking activity. The Food Bank has been recognized as a consistent grant recipient, receiving community grants for six consecutive years through 2023, with awards of $4,000 per year.
Savings Bank of Danbury Foundation Grant Applications Now AvailableThe foundation's grantmaking reflects ongoing commitment to its five priority areas, with particular emphasis on food security, affordable housing, and human services organizations throughout western Connecticut.
Subject Areas
Focus areas based on grantmaking activity
Data last updated April 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.
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