Peoples Credit Union
- Assets
- $717.0m
- Revenue
- $30.3m
- Investments
- $3.9m
- Employees
- 149
- Location
- Middletown, RI
- Founding
- 04/1956
- Data as of
- 12/2023
- EIN
- 05-0198580
Organization Overview
Peoples Credit Union is located in Middletown, RI. The organization was established in 1956. 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 12/2023, Peoples Credit Union employed 149 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Peoples 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 12/2023, Peoples Credit Union generated $30.3m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 5.6% each year. All expenses for the organization totaled $28.8m during the year ending 12/2023. While expenses have increased by 5.8% per year over the past 9 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
STATE CHARTERED CREDIT UNION
Describe the Organization's Program Activity:
Part 3 - Line 4a
PEOPLE'S IS A MEMBER-OWNED ORGANIZATION COMMITTED TO PROVIDING SUPERIOR FINANCIAL SERVICES TO THE COMMUNITY. PEOPLE'S PROVIDED 15,934 LOANS TO MEMBERS. THE OUTSTANDING LOAN BALANCE AT 12/31/23 WAS $566,145,358.
PEOPLE'S OFFERS SAFE DEPOSIT BOXES TO MEMBERS. THE NUMBER OF SAFE DEPOSIT BOXES RENTED IS 1,062.
PEOPLE'S MAINTAINS SAVINGS ACCOUNTS FOR MEMBERS. TOTAL OUTSTANDING SAVINGS ACCOUNTS AT 12/31/23 WAS 30,653 FOR $363,936,651.
PEOPLE'S MAINTAINS DEMAND DEPOSIT ACCOUNTS FOR MEMBERS. TOTAL OUTSTANDING DEMAND DEPOSIT ACCOUNTS AT 12/31/23 WAS 23,800 FOR $191,977,410.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Edward T Lopes Jr Board Member | OfficerTrustee | 2 | $10,800 |
Christopher S Ottiano MD Board Chair | OfficerTrustee | 2 | $14,400 |
William L Douglas Jr Board Member | Trustee | 2 | $10,800 |
Alyson Adkins Board Vice Chair | OfficerTrustee | 2 | $12,800 |
Thomas W Vignali CPA Board Treasurer | OfficerTrustee | 2 | $12,400 |
Toni Lyn Mcgowan Board Secretary | OfficerTrustee | 2 | $12,800 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Pw Campbell Contracting Company Renovations/construction | 12/30/23 | $1,495,444 |
Alkami Technology Data Processing Services | 12/30/23 | $686,002 |
Think Stack Information Technology | 12/30/23 | $412,986 |
Baker Hill Solutions Llc Marketing | 12/30/23 | $385,880 |
Cocc Inc Data Processing Services | 12/30/23 | $1,417,733 |
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 | $27,829,077 |
| Investment income | $2,434,269 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $24 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $30,263,370 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $49,633 |
| 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. | $976,050 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,782,909 |
| Pension plan accruals and contributions | $128,278 |
| Other employee benefits | $864,476 |
| Payroll taxes | $637,423 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $39,879 |
| Fees for services: Accounting | $259,518 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $415,307 |
| Advertising and promotion | $772,972 |
| Office expenses | $582,396 |
| Information technology | $320,269 |
| Royalties | $0 |
| Occupancy | $2,747,473 |
| Travel | $34,541 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $144,459 |
| Interest | $8,075,004 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,564,176 |
| Insurance | $104,642 |
| All other expenses | $0 |
| Total functional expenses | $28,807,587 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $15,174,646 |
| Savings and temporary cash investments | $5,736,670 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $563,646,474 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $695,133 |
| Net Land, buildings, and equipment | $16,734,796 |
| Investments—publicly traded securities | $76,639,383 |
| Investments—other securities | $3,910,500 |
| Investments—program-related | $0 |
| Intangible assets | $7,375,075 |
| Other assets | $27,090,725 |
| Total assets | $717,003,402 |
| Accounts payable and accrued expenses | $9,921,762 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $1,854,198 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $640,009,331 |
| Total liabilities | $651,785,291 |
| 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 | $65,218,111 |
| Total liabilities and net assets/fund balances | $717,003,402 |