Rhode Island Credit Union
- Assets
- $387.9m
- Revenue
- $16.7m
- Investments
- $0.0
- Employees
- 79
- Location
- Providence, RI
- Founding
- 02/1988
- Data as of
- 12/2021
- 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 12/2021, 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 12/2021, Rhode Island Credit Union generated $16.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.1% each year. All expenses for the organization totaled $12.9m during the year ending 12/2021. While expenses have increased by 2.7% 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
2021
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 | $224,978 |
Nancy L Zeppa Executive Vice President/coo | Officer | 40 | $169,653 |
Dana R Taglianetti Vice President/ Controller | Officer | 40 | $130,636 |
Maureen Jendzejec Vice President/ Credit | Officer | 40 | $129,366 |
Gina M Depalo Vice President Branch Admin/marketing | Officer | 40 | $119,025 |
Jane F Correia Director | Trustee | 5 | $19,600 |
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 | $16,678,289 |
| 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 | $16,678,289 |
| 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. | $149,125 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,563,681 |
| Pension plan accruals and contributions | $273,513 |
| Other employee benefits | $1,348,027 |
| Payroll taxes | $371,895 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $738 |
| Fees for services: Accounting | $32,331 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $271,391 |
| Office expenses | $1,611,644 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $967,193 |
| Travel | $35,124 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $30,371 |
| Interest | $366,851 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $614,620 |
| Insurance | $95,004 |
| All other expenses | $448,897 |
| Total functional expenses | $12,908,550 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,693,201 |
| Savings and temporary cash investments | $122,042,328 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $245,353,941 |
| 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 | $3,487,859 |
| Net Land, buildings, and equipment | $7,302,097 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $8,016,958 |
| Total assets | $387,896,384 |
| Accounts payable and accrued expenses | $3,801,373 |
| 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 | $348,212,877 |
| Total liabilities | $352,014,250 |
| 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 | $35,882,134 |
| Total liabilities and net assets/fund balances | $387,896,384 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
Align Credit Union Lowell, MA | $748,085,438 | $24,193,748 |
Connecticut State Employees Credit Union Inc Hartford, CT | $2,481,303,480 | $34,343,368 |
Greenwood Credit Union Inc Warwick, RI | $681,592,383 | $32,311,818 |
Liberty Bay Credit Union Braintree, MA | $714,665,238 | $24,208,397 |
Freedom Credit Union Springfield, MA | $649,826,140 | $26,093,008 |