Rhode Island Credit Union
- Assets
- $402.1m
- Revenue
- $16.2m
- Investments
- $0.0
- Employees
- 79
- Location
- Providence, RI
- Founding
- 02/1988
- Data as of
- 12/2022
- EIN
- 05-0252335
Organization Overview
Rhode Island Credit Union is located in Providence, RI. The organization was established in 1988. 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 12/2022, Rhode Island Credit Union employed 79 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rhode Island 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 12/2022, Rhode Island Credit Union generated $16.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.8% each year. All expenses for the organization totaled $13.5m during the year ending 12/2022. While expenses have increased by 3.1% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
RHODE ISLAND CREDIT UNION PROVIDES FINANCIAL SERVICES TO MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION PROVIDES FINANCIAL SERVICES TO ITS MEMBERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David B Suvall President/ceo | Officer | 40 | $236,988 |
Nancy L Zeppa Executive Vice President/coo | Officer | 40 | $179,964 |
Maureen Jendzejec Vice President/ Credit | Officer | 40 | $136,538 |
Dana R Taglianetti Vice President/ Controller | Officer | 40 | $138,054 |
Gina M Depalo Vice President Branch Admin/marketing | Officer | 40 | $126,446 |
Jane F Correia Board Chair | Trustee | 5 | $20,400 |
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 | $16,174,747 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $16,174,747 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $967,065 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,808,752 |
| Pension plan accruals and contributions | $187,025 |
| Other employee benefits | $1,303,891 |
| Payroll taxes | $375,937 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $25,277 |
| Fees for services: Accounting | $75,250 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2 |
| Advertising and promotion | $286,813 |
| Office expenses | $1,563,029 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $963,509 |
| Travel | $37,426 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $30,194 |
| Interest | $490,902 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $636,233 |
| Insurance | $88,062 |
| All other expenses | $558,379 |
| Total functional expenses | $13,517,856 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,014,478 |
| Savings and temporary cash investments | $101,523,204 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $280,452,058 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,310,646 |
| Net Land, buildings, and equipment | $8,571,730 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $6,251,475 |
| Total assets | $402,123,591 |
| Accounts payable and accrued expenses | $5,820,856 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $358,236,050 |
| Total liabilities | $364,056,906 |
| 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 | $38,066,685 |
| Total liabilities and net assets/fund balances | $402,123,591 |