Ocean State Credit Union
- Assets
- $328.5m
- Revenue
- $14.9m
- Investments
- $0.0
- Employees
- 66
- Location
- Coventry, RI
- Founding
- 03/1994
- Data as of
- 12/2021
- EIN
- 05-0263842
Organization Overview
Ocean State Credit Union is located in Coventry, RI. The organization was established in 1994. 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, Ocean State Credit Union employed 66 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ocean State 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, Ocean State Credit Union generated $14.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.5% each year. All expenses for the organization totaled $11.2m during the year ending 12/2021. While expenses have increased by 0.7% 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
THE CREDIT UNION IS A CO-OPERATIVE OWNED BY ITS MEMBER DEPOSITORS. INCOME REALIZED FROM INVESTMENT AND LOAN ACTIVITIES ENABLE THE CREDIT UNION TO PROVIDE LOW COST FINANCIAL SERVICES TO ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INTEREST AND FEES ON LOANS AND INVESTMENTS ALLOW THE CREDIT UNION TO PROVIDE LOW COST FINANCIAL SERVICES TO ITS MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David L Root President/ceo | Officer | 40 | $330,000 |
Thomas Carroll Mortgage Lending | Officer | 40 | $201,718 |
Ginnie Sosnicki COO | Officer | 40 | $173,738 |
Claudia Flanagan Consumer Lending | Officer | 40 | $106,603 |
Michael Airhart Chairman | OfficerTrustee | 2 | $15,600 |
Paul E Skaling Director | OfficerTrustee | 2 | $12,600 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
D3 Logic Inc Statement Preparation And Mailing | 12/30/21 | $198,699 |
United Health Care Insurance | 12/30/21 | $382,239 |
State Of Rhode Island Deposit Taxes | 12/30/21 | $133,424 |
Fiserv Software And Support | 12/30/21 | $723,156 |
Windstream Internet Services | 12/30/21 | $154,147 |
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 | $14,666,672 |
| Investment income | $236,836 |
| 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 | $14,903,508 |
| 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. | $956,909 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,317,758 |
| Pension plan accruals and contributions | $166,963 |
| Other employee benefits | $440,195 |
| Payroll taxes | $245,732 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $6,025 |
| Fees for services: Accounting | $170,110 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $284,956 |
| Office expenses | $447,015 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $696,179 |
| Travel | $19,095 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $486,156 |
| Insurance | $100,989 |
| All other expenses | $2,656,833 |
| Total functional expenses | $11,224,786 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $50,203,956 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $249,518,737 |
| 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 | $543,116 |
| Net Land, buildings, and equipment | $4,802,323 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $23,384,158 |
| Total assets | $328,452,290 |
| Accounts payable and accrued expenses | $1,054,791 |
| 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 | $10,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $282,420,622 |
| Total liabilities | $293,475,413 |
| 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 | $34,976,877 |
| Total liabilities and net assets/fund balances | $328,452,290 |
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 |