2023-10-17T10:47:53-00:00 2022-12-31 990 2022-01-01 050263842 Ocean State Credit Union % David L Root COVE 4013971900 2006 Nooseneck Hill Road Coventry RI 02816 David Root CEO 4013971900 2023-10-17 false David Root XXX-XX-XXXX true 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z David Root 2006 Nooseneck Hill Road Coventry RI 02816 13825699 false X Coventrycu.org X Credit Union 1950 RI 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. 12 12 58 0 0 14666672 13120931 236836 704768 0 14903508 13825699 0 0 4127557 4372432 0 0 7097229 7486974 11224786 11859406 3678722 1966293 328452290 344864750 293475413 307988350 34976877 36876400 To provide low cost financial services to member depositors. false false 11859406 Interest and fees on loans and investments allow the Credit Union to provide low cost financial services to its members. 11859406 false false false false false false false false false false true false false true 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 false true 0 0 true 58 true false false false false false 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 David Root 4013922310 2006 Nooseneck Hill Road Coventry RI 02816 David L Root President/CEO 040.00 X X 330000 0 0 Ginnie Sosnicki COO 040.00 X 182089 0 0 Claudia Flanagan Consumer Lending 040.00 X 110898 0 0 Michael Airhart Chairman 002.00 X X 14300 0 0 Bruce B Hecker Second Chair 002.00 X X 12600 0 0 Paul E Skaling Secratary 002.00 X X 12600 0 0 James Rowe Treasurer 002.00 X 12600 0 0 William A Sheldon First Chair 002.00 X X 11550 0 0 Parker Capwell 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 Gerard R Cayer Director 002.00 X 11400 0 0 James Crosby Director 002.00 X 11400 0 0 Richard P Sullivan Director 002.00 X 10450 0 0 Leo R Blais Director 002.00 X 9500 0 0 763587 3 false true false D3 Logic Inc 2220 Plainfield Pike Cranston RI 02921 Statement preparation and mailing 220130 CUNA Mutual 5910 Mineral Point Road Madison WI 53705 Insurance 174306 ADT Commercial Inc 1501 Yamoto Road Boca Raton FL 33431 Equipment Maintenance 199201 FiServ 455 Winding Brook Road Glastonbury CT 02854 Software and Support 682508 NES Group 909 South Main Street Mansfield MA 02048 Branch Construction Project Manager 382613 5 Interest and fees on loans 522291 10468769 10468769 Other fees and charges 900099 2198835 2198835 Sale of consumer mortgages 522291 32867 32867 Other operating income 531120 420460 420460 13120931 704768 704768 13825699 13825699 0 0 0 0 763587 763587 0 2696492 2696492 210725 210725 453432 453432 248196 248196 0 2549 2549 141900 141900 0 0 0 328947 328947 986650 986650 1544183 1544183 0 671475 671475 137105 137105 0 0 1717848 1717848 0 507223 507223 109906 109906 Provision for loan losses 295773 295773 Deposit Taxes 144000 144000 Collection and OREO expenses 202606 202606 IT Services 632775 632775 64034 64034 11859406 11859406 50203956 20602558 249518737 294638107 543116 1656786 13829385 9027062 4802243 7236876 23384238 20730423 328452290 344864750 1054791 5253800 10000000 25000000 282420622 277734550 293475413 307988350 X 34976877 36876400 34976877 36876400 328452290 344864750 1966293 -66770 X X false X true X true false false 1242403 1242403 10690410 5190643 5499767 4838348 4343642 494706 7236876 Financial derivatives and other financial products Closely-held equity interests Investment 7498289 Accrued Interest 747116 NCUA Deposit 2839883 457F Investment 7255401 Mortgage Servicing Asset 1778837 Other Assets 610897 20730423 Federal income taxes Member Deposits 277734550 Accrued Interest Payable 277734550 13825699 13825699 13825699 11859406 11859406 11859406 X false false false false false false false false false David L Root President/CEO 300000 30000 330000 Ginnie Sosnicki COO 182089 182089 Form 990, Part VI, Section 11, Line b The Board of Directors reviews and approves the Form 990 prior to its filing. Form 990, Part VI, Section 15, Line a The Board has a compensation committee whos responsibility is to determine the CEOs salary, bounus and any other compensation Form 990, Part VI, Section c, Line 19 The Credit Unions financia statements are displayed at all branch facilities monthly and are provided to the members at the Annual Meeting. Form 990, Part XII, Section 2, Line c The Supervisory Committee whose members are appointed by the Board select the independant accounting firm to conduct the annual audit of the Credit Unions financial statements.