2024-11-07T07:49:17-00:00 2023-12-31 990 2023-01-01 050263842 Ocean State Credit Union OCEA 4013971900 2006 Nooseneck Hill Road Coventry RI 02816 Michael R Garvey CPA CEO 4013971900 2024-11-07 false true 2023 2024-10-15 13:58:12Z Michael R Garvey CPA 2006 Nooseneck Hill Road Coventry RI 02816 16179714 false X oceanstatecu.org X Credit Union 1950 RI To provide high quality, low cost financial services to its members 12 12 77 0 0 13120931 15081769 704768 1097945 0 13825699 16179714 0 0 4372432 4823524 0 0 7486974 9995804 11859406 14819328 1966293 1360386 344864750 339279531 307988352 301410902 36876398 37868629 To provide high quality, low cost financial services to its members false false 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. false false false false false false false false false true false false false true true true false false false false false false false false false false false false true false false false false false false false false false false false false false false true 32 0 true 77 true true true false false false false false false false X 12 12 false false false false true true true true true false true true true false false true true true false X X Michael R Garvey CPA 4013971900 2006 Nooseneck Hill Road Coventry RI 02816 David L Root CEO 040.00 X X X 422308 0 46908 Virginia Sosnicki COO 040.00 X 231871 0 23919 Melissa Giroux Information Systems/COO 040.00 X 131890 0 17102 Claudia Flanagan Director Consumer Lending 040.00 X 120220 0 9099 Michael R Garvey CPA CFO 040.00 X 60000 0 6849 Michael Airhart Chairman 002.00 X X 15600 0 0 William A Shedon First Chair 002.00 X X 12600 0 0 Bruce B Hecker Second Chair 002.00 X X 12600 0 0 Paul E Skaling Secretary 002.00 X X 12600 0 0 James Rowe Treasurer 002.00 X X 12600 0 0 Leo R Blaise Director 002.00 X 11400 0 0 Parker Capwell Director 002.00 X 11400 0 0 Gerard R Cayer Director 002.00 X 11400 0 0 Robert H McGuire Director 002.00 X 11400 0 0 Therese S Stafford Director 002.00 X 11400 0 0 James Crosby Director 002.00 X 10450 0 0 Richard P Sullivan Director 002.00 X 7600 0 0 1107339 103877 4 false true false NES Group Inc 905 S Main St Suite 101 Mansfield MA 02048 Branch construction 2233925 FiServ PO Box 730457 Atlanta GA 311934057 Core and other software systems 570343 United Healthcare PO Box 94017 Palatine IL 60094 Health insurance/employee benefits 492754 Mutual Properties 7373 Post LLC 1 James P Murphy Highway West Warwick RI 02893 Rent 225045 Sinclair Broadcasting Group PO Box 206270 Dallas TX 75320 Advertising/Marketing 190383 5 Interest and fees on loans 522291 12844124 Member service fees 900099 2117672 Sale of consumer mortgages 522291 25686 Other operating income 531120 94287 15081769 1097945 16179714 0 0 0 0 1107339 0 2697077 43110 696576 279422 0 19713 41110 0 0 611084 424849 0 429296 0 721939 0 0 0 4257527 0 502889 207086 Office operations 2355736 State deposit tax 144000 Provision for loan losses 11702 Loan servicing expenses 268873 0 14819328 99186 2226595 25808191 21521039 287631417 282867572 4031956 3662810 17658395 10037063 5234770 7621332 1771289 2039156 3764380 3498478 16523561 15842549 344864750 339279531 5253800 4615932 25000000 35000000 277734552 261794970 307988352 301410902 X 36876398 37868629 36876398 37868629 344864750 339279531 1360386 16024 -384179 X X false X true X true false false 1617828 1617828 10642197 5444537 5197660 5398370 4592526 805844 7621332 Financial derivatives and other financial products Closely-held equity interests Federal income taxes Member deposits 261794970 261794970 16179714 16179714 16179714 14819328 14819328 14819328 X The Credit Union has adopted the provisions of FASB, Accounting Standards Codification ASC 740, Income Taxes 740. ASC 740 requires that a tax provision be recognized or derecognized based on a more likely than not threshhold. This applies to positions taken or expected to be taken in a tax return. The Credit Union does not believe its financial statements include, or reflect, any uncertain tax positions. Tax years from 2020 through the current year remain open for examination by the federal and state tax authorities. true X X X false false false false false false false false false David L Root CEO 300000 30000 92308 46908 469216 Virginia Sosnicki COO 114033 65000 52838 23919 255790 Form 990, Part VI, Section Section 11, Line Line b The Board of Directors reviews and approves the Form 990 prior to its filing Form 990, Part VI, Section Section 15, Line Line a The Board has a compensation committee who is responsible for reviewing/approving the CEO salary, bonus and other compensation Form 990, Part VI, Section Section C, Line Line 19 The Credit Union posts its monthly financial statements at each branch facility, provides financial information to members at its Annual Meeting in February. Additionally, upon written request, the Form 990 would be made available to whoever made the request. Form 990, Part XII, Line Line 2c The Supervisory Committee whose members are appointed by the Board are responsible for hiring an outside, independent accounting firm to perform an annual audit of the Credit Unions financial statements.