2023-11-14T11:13:52-05:00 2022-12-31 472604526 GARVEY STEELE & BANCROFT LLP PO BOX 397 MYSTIC CT 063550397 990 2022-01-01 050254228 GREENWOOD CREDIT UNION INC GREE 4017394600 2669 POST ROAD WARWICK RI 02886 ANDY BROWN CFO 4015622700 2023-08-28 true ANDY BROWN 999009999 true MICHAEL R GARVEY CPA P00264137 8605369831 2023-09-15 2022 2023-04-26 12:10:37Z FREDERICK REINHARDT 2669 POST ROAD WARWICK RI 02886 35042007 false X WWW.GREENWOODCU.ORG X 1948 RI THE CREDIT UNION IS AN ASSOCIATION OWNED BY ITS MEMBER DEPOSITORS. INTEREST INCOME FROM LOANS AND INVESTMENTS ALLOW THE CREDIT UNION TO PROVIDE LOW COST FINANCIAL SERVICES TO ITS MEMBERS. 9 8 104 7656 0 30569671 33398438 1742147 1643569 0 32311818 35042007 0 0 7239052 7906522 0 0 16325340 18449554 23564392 26356076 8747426 8685931 681592383 792476276 619099617 721297579 62492766 71178697 THE CREDIT UNION IS AN ASSOCIATION OWNED BY ITS MEMBER DEPOSITORS. INTEREST INCOME FROM LOANS AND INVESTMENTS ALLOW THE CREDIT UNION TO PROVIDE LOW COST FINANCIAL SERVICES TO ITS MEMBERS. false false INVESTMENT INCOME FROM LOANS AND INVESTMENTS PROVIDE FUNDS NECESSARY TO PROVIDE LOW COST FINANCIAL PRODUCTS TO MEMBER OWNERS. AT DECEMBER 31, 2022, THE CREDIT UNION HAD 108,606 SHARE/DEPOSIT ACCOUNTS AND 41,860 LOAN ACCOUNTS. false false false false false false false true 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 true 1664 0 true 104 true true true false false false false false false false X 9 8 false false false false true true true true true false true true false true true true false true true true false X X ANDY BROWN 4017394600 2669 POST ROAD WARWICK RI 02886 FREDERICK REINHARDT CEO 40.00 X 397463 0 32319 HOLLY FERRARA VP RETAIL LE 40.00 X 226383 0 29139 JENNIFER LAFRANCE COO 40.00 X 203190 0 27980 ANDY BROWN CFO 40.00 X 190652 0 9533 MARIANNE VARATTA SENIOR VP/DI 40.00 X X 174093 0 18216 THERESA BROPHY SVP, HUMAN R 40.00 X 142049 0 24220 THOMAS AHERN CHAIRMAN/DIR 5.00 X X 37800 0 0 KAREN SD GRANDE ESQ V CHAIRMAN/D 4.00 X X 24300 0 0 SANDRA POWELL DIRECTOR 1.00 X 23400 0 0 PHILIP SLOCUM DIRECTOR 1.00 X 22800 0 0 BRIAN MC GURIK DIRECTOR 1.00 X 15900 0 0 MICHAEL TIKOIAN DIRECTOR 1.00 X 15300 0 0 R NELSON DIRECTOR 1.00 X 14100 0 0 CARRIE BRIDGES FELIZ DIRECTOR 1.00 X 13400 0 0 1500830 141407 6 false true false FISERV PO BOX 934057 ATLANTA GA 31193 SOFTWARE 1694470 BLUE CROSS PO BOX 1057 444 WESTMINSTER ST PROVIDENCE RI 02901 HEALTH INSURANC 924216 D3 LOGIC 89 COMMERICAL WAY EAST PROVIDENCE RI 02914 STATEMENTS 292056 CITY OF WARWICK PO BOX 981027 BOSTON MA 02298 RE TAXES 244397 CYBERSTATE RESOURCES INC 63 BLEACHERY CT WARWICK RI 02886 IT SERVICES 239293 5 INTEREST ON LOANS 29022130 29022130 MEMBER SERVICE FEES 3834577 3834577 GAIN ON SALE OF LOANS 534075 534075 NONMEMBER ATM FEES 522100 7656 7656 33398438 1643569 1643569 35042007 33390782 7656 1643569 7906522 193246 1144157 7850297 669816 OPERATIONS EXPENSE 4114091 DATA PROCESSING EXPENSE 3067197 PROVISION FOR LOAN LOSSES 1410750 26356076 0 0 0 4404603 6176841 14530000 10500000 574001508 684924292 2031940 2627419 22336196 8626682 14180855 13709514 12501008 8999477 16275056 16595913 43667413 48942820 681592383 792476276 4087741 3795886 1196892 1473701 613814984 716027992 619099617 721297579 X 62492766 71178697 62492766 71178697 681592383 792476276 8685931 X false true X true false false false 316913 316913 15971019 3712529 12258490 4227848 3764997 462851 1820416 1149156 671260 13709514 OTHER ASSETS 43351839 NCUA DEPOSIT 5494281 ASSETS HELD FOR SALE 96700 48942820 MEMBERS' SAVINGS ACCOUNTS 529233927 MEMBERS' SHARE ACCOUNTS 124158389 ADVANCES - FHLB 62635676 716027992 X 35042007 35042007 35042007 26356076 26356076 26356076 SCHEDULE D, PAGE 3, PART X THE ORGANIZATION HAS ADOPTED THE PROVISIONS OF FASB, ACCOUNTING STANDARDS CODIFICATION 740, INCOME TAXES (740). ASC 740 REQUIRES THAT A TAX POSITION BE RECOGNIZED OR DERECOGNIZED BASED ON A "MORE-LIKELY-THAN-NOT" THRESHOLD. THIS APPLIES TO POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE ORGANIZATION DOES NOT BELIEVE ITS FINANCIAL STATMENTS INCLUDE, OR REFLECT, ANY UNCERTAIN TAX POSITION. TAX YEARS FROM DECEMBER 31, 2018 THROUGH THE CURRENT YEAR REMAIN OPEN FOR EXAMINATION BY THE FEDERAL AND STATE TAX AUTHORITIES. false false false FREDERICK REINHARDT CEO 331663 55000 10800 32319 429782 HOLLY FERRARA VP RETAIL LENDING 190183 35000 1200 29139 255522 JENNIFER LAFRANCE COO 183190 20000 27980 231170 ANDY BROWN CFO 175652 15000 9533 200185 MARIANNE VARATTA SENIOR VP/DIRECTOR 130393 30000 13700 18216 192309 THERESA BROPHY SVP, HUMAN RESOURCES 127049 15000 24220 166269 SCHEDULE J, PART III A BUDGET FOR COMPANION TRAVEL TO CONFERENCES AND SEMINARS IS APPROVED BY THE MEMBERS EACH YEAR AT THE ANNUAL MEETING. FORM 990, PAGE 6, PART VI, LINE 6 THE CREDIT UNION IS OWNED BY ITS MEMEBER DEPOSITORS. FORM 990, PAGE 6, PART VI, LINE 7A THE BOARD MEMBERS ARE ELECTED DURING ANNUAL MEETINGS FOR THE TERM OF 3 YEARS. VACANCY OCCURING BETWEN ANNUAL MEETINGS IS FILLED BY THE VOTE OF THE MAJORITY OF THE DIRECTORS. DIRECTORS SO APPOINTED HOLD OFFICE UNTIL NEXT ANNUAL MEETING. THE BOARD ELECTS A CHAIRPERSON, A PRESIDENT AND A VICE- PRESIDENT. FORM 990, PAGE 6, PART VI, LINE 7B MEMBERS VOTE FOR BOARD OF DIRECTORS AND ON CERTAIN MATTERS PRESENTED AT THE ANNUAL MEETING OF THE CREDIT UNION FORM 990, PAGE 6, PART VI, LINE 11B FORM 990 IS PROVIDED TO MANAGEMENT FOR APPROVAL PRIOR TO SUBMISSION. THE BOARD OF DIRECTORS MAY REVIEW THE FORM 990 AT THE MEETING SUBSEQUENT TO THE FILING DATE. FORM 990, PAGE 6, PART VI, LINE 12C THE SUPERVISORY COMMITTEE MONITORS THE BOARD OF DIRECTORS TO ASSURE COMPLIANCE WITH CREDIT UNION POLICY AND ADHERENCE TO RHODE ISLAND GENERAL LAW GOVERNING CREDIT UNION OPERATIONS. FORM 990, PAGE 6, PART VI, LINE 15A THE BOARD APPROVES ANNUALLY THE COMPENSATION AWARDED TO THE CEO OF THE CREDIT UNION. FORM 990, PAGE 6, PART VI, LINE 15B THE BOARD APPROVES ANNUALLY THE COMPENSATION AWARDED TO THE CEO OF THE CREDIT UNION. OFFICERS AND KEY EMPLOYEE COMPENSATION IS DRIVEN BY THE BUDGET WITH THE CEO'S INPUT. FORM 990, PAGE 6, PART VI, LINE 19 THE CREDIT UNION'S FINANCIAL RESULTS ARE POSTED AT THE BRANCH ON A MONTHLY BASIS. POLICIES ARE AVAILABLE TO MEMBERS UPON REQUEST.