Coastal1 Credit Union
- Assets
- $2.8b
- Revenue
- $91.9m
- Investments
- $0.0
- Employees
- 361
- Location
- Pawtucket, RI
- Founding
- 12/1951
- Data as of
- 12/2021
- EIN
- 05-0197075
Organization Overview
Coastal1 Credit Union is located in Pawtucket, RI. The organization was established in 1951. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Coastal1 Credit Union employed 361 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Coastal1 Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2021, Coastal1 Credit Union generated $91.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.3% each year. All expenses for the organization totaled $56.7m during the year ending 12/2021. While expenses have increased by 1.5% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2019, Coastal1 Credit Union has awarded 35 individual grants totaling $360,357. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
COASTAL1 CREDIT UNION IS ORGANIZED FOR THE BENEFIT OF ITS MEMBERS. THE CREDIT UNION IS COMMITTED TO SERVING THE FINANCIAL NEEDS OF ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION IS DEDICATED TO SERVING ITS MEMBERS. THE CREDITUNION HAD LOANS TOTALING $2,411,820,554 DUE FROM MEMBERS ANDMEMBER DEPOSIT ACCOUNTS TOTALING $2,315,865,727 AT DECEMBER 31,2021. IN ADDITION, SAFE DEPOSIT FEES OF $115,780 WERE RECEIVEDFROM MEMBERS FOR RENTALS IN 2021.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Timothy M Jermain Evp/coo | Officer | 40 | $521,814 |
Mark Mclaughlin Vp/mortgage Origination | 40 | $513,317 | |
George J Charette President/ceo (retired 5/28/21) | Officer | 40 | $500,164 |
Brian Azar President/ceo | Officer | 40 | $351,201 |
Valerie J Pimenta Evp/cfo | Officer | 40 | $340,657 |
Roger Ferreira Mortgage Originator | 40 | $328,149 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $77,988,021 |
| Investment income | $3,137,405 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $7,137 |
| Net Gain/Loss on Asset Sales | $160,957 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $91,925,616 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $100,000 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $2,257,839 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $15,621,981 |
| Pension plan accruals and contributions | $1,437,961 |
| Other employee benefits | $3,716,705 |
| Payroll taxes | $1,617,604 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $316,111 |
| Fees for services: Accounting | $138,542 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,448,862 |
| Advertising and promotion | $1,645,718 |
| Office expenses | $2,639,933 |
| Information technology | $4,599,253 |
| Royalties | $0 |
| Occupancy | $2,878,620 |
| Travel | $175,684 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,117 |
| Interest | $12,772,092 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,442,832 |
| Insurance | $154,044 |
| All other expenses | $73,792 |
| Total functional expenses | $56,688,643 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $131,965,685 |
| Savings and temporary cash investments | $713,381 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $21,438,293 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,381,104,123 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,759,330 |
| Net Land, buildings, and equipment | $27,688,996 |
| Investments—publicly traded securities | $240,419,416 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $35,323,372 |
| Total assets | $2,840,412,596 |
| Accounts payable and accrued expenses | $8,333,008 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $6,907,856 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,535,827,811 |
| Total liabilities | $2,551,068,675 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $289,343,921 |
| Total liabilities and net assets/fund balances | $2,840,412,596 |
Grants Awarded
Over the last fiscal year, Coastal1 Credit Union has awarded $52,857 in support to 6 organizations.
| Grant Recipient | Amount |
|---|---|
Pawtucket, RI PURPOSE: CHARITABLE CONTRIBUTIONS | $10,000 |
Warwick, RI PURPOSE: CHARITABLE CONTRIBUTIONS | $10,000 |
Pawtucket, RI PURPOSE: CHARITABLE CONTRIBUTIONS | $10,000 |
Burlington, MA PURPOSE: CHARITABLE CONTRIBUTIONS | $10,000 |
Providence, RI PURPOSE: CHARITABLE CONTRIBUTIONS | $7,500 |
Providence, RI PURPOSE: CHARITABLE CONTRIBUTIONS | $5,357 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Navigant Credit Union Smithfield, RI | $3,081,655,511 | $116,968,150 |
Metro Credit Union Chelsea, MA | $2,510,941,078 | $92,937,477 |
American Eagle Financial Credit Union Incorporated East Hartford, CT | $2,355,398,570 | $80,581,273 |
Coastal1 Credit Union Pawtucket, RI | $2,840,412,596 | $91,925,616 |
Jeanne Darc Credit Union Lowell, MA | $1,792,528,408 | $59,293,841 |
Harvard University Employees Credit Union Cambridge, MA | $1,037,994,144 | $42,695,601 |
Sharon & Cresent United Credit Union Sharon, MA | $1,214,608,643 | $40,886,511 |
St Annes Credit Union Of Fall River Mass Fall River, MA | $1,266,762,131 | $34,865,858 |
Sikorsky Financial Credit Union Inc Stratford, CT | $1,094,000,567 | $34,623,993 |
Leominster Credit Union Leominster, MA | $813,719,349 | $30,410,755 |
St Marys Credit Union Inc Marlborough, MA | $985,400,554 | $32,310,700 |
Connex Credit Union Inc North Haven, CT | $868,570,264 | $30,771,499 |