Ocean State Credit Union
- Assets
- $339.3m
- Revenue
- $16.2m
- Investments
- $2.0m
- Employees
- 77
- Location
- Coventry, RI
- Founding
- 03/1994
- Data as of
- 12/2023
- 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 12/2023, Ocean State Credit Union employed 77 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 12/2023, Ocean State Credit Union generated $16.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.1% each year. All expenses for the organization totaled $14.8m during the year ending 12/2023. While expenses have increased by 4.2% per year over the past 8 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
TO PROVIDE HIGH QUALITY, LOW COST FINANCIAL SERVICES TO ITS MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION IS A COOPERATIVE OWNED BY ITS MEMBERS. THE CREDIT UNION TAKES IN DEPOSITS FROM MEMBERS 39,682 DEPOSIT ACCOUNTS, COLLECTS FEES FROM MEMBERS, INVESTS EXCESS FUNDS IN ORDER TO BE ABLE TO MAKE LOANS TO MEMBERS 3,490 LOANS OUTSTANDING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David L Root CEO | Officer | 40 | $422,308 |
Virginia Sosnicki COO | Officer | 40 | $231,871 |
Melissa Giroux Information Systems/coo | Officer | 40 | $131,890 |
Claudia Flanagan Director Consumer Lending | Officer | 40 | $120,220 |
Michael R Garvey CPA CFO | Officer | 40 | $60,000 |
Michael Airhart Chairman | OfficerTrustee | 2 | $15,600 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Nes Group Inc Branch Construction | 12/30/23 | $2,233,925 |
Fiserv Core And Other Software Systems | 12/30/23 | $570,343 |
United Healthcare Health Insurance/employee Benefits | 12/30/23 | $492,754 |
Mutual Properties 7373 Post Llc Rent | 12/30/23 | $225,045 |
Sinclair Broadcasting Group Advertising/marketing | 12/30/23 | $190,383 |
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 | $15,081,769 |
| Investment income | $1,097,945 |
| 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 | $16,179,714 |
| 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. | $1,107,339 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,697,077 |
| Pension plan accruals and contributions | $43,110 |
| Other employee benefits | $696,576 |
| Payroll taxes | $279,422 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $19,713 |
| Fees for services: Accounting | $41,110 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $611,084 |
| Advertising and promotion | $424,849 |
| Office expenses | $0 |
| Information technology | $429,296 |
| Royalties | $0 |
| Occupancy | $721,939 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $4,257,527 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $502,889 |
| Insurance | $207,086 |
| All other expenses | $0 |
| Total functional expenses | $14,819,328 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,226,595 |
| Savings and temporary cash investments | $21,521,039 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $282,867,572 |
| 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 | $3,662,810 |
| Net Land, buildings, and equipment | $7,621,332 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,039,156 |
| Investments—program-related | $3,498,478 |
| Intangible assets | $0 |
| Other assets | $15,842,549 |
| Total assets | $339,279,531 |
| Accounts payable and accrued expenses | $4,615,932 |
| 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 | $35,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $261,794,970 |
| Total liabilities | $301,410,902 |
| 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 | $37,868,629 |
| Total liabilities and net assets/fund balances | $339,279,531 |