2021-11-10T08:54:43-06:00 2020-12-31 472604526 GARVEY STEELE & BANCROFT LLP PO BOX 397 MYSTIC CT 063550397 990 2020-01-01 050254228 GREENWOOD CREDIT UNION INC GREE 4017394600 2669 POST ROAD WARWICK RI 02886 ANDREW BROWN CFO/SR. VP 4015622700 2021-11-10 true ANDREW BROWN 999009999 MICHAEL R GARVEY CPA P00264137 8605369831 2021-11-10 2020 2022-09-23 18:48:47Z FREDERICK REINHARDT 2669 POST ROAD WARWICK RI 02886 30056335 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. 10 0 87 46883 0 25684222 28637103 1111298 1419232 58817 0 26854337 30056335 0 0 5553189 6385341 0 0 18334512 19444973 23887701 25830314 2966636 4226021 580210494 649024883 530691175 595279543 49519319 53745340 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, 2020, THE CREDIT UNION HAD 95,639 SHARE/DEPOSIT ACCOUNTS AND 41,902 LOAN ACCOUNTS. false false false false false false false true false true false false true true false 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 37 0 true 87 true true true false false false false false false false X 10 0 false false false false true true true true true false true true false true true true false true true true false X X ANDREW BROWN 4017394600 2669 POST ROAD WARWICK RI 02886 FREDERICK REINHARDT CEO 40.00 X 344700 0 31380 SHANNON MELCHIONE MTG LOAN OFF 40.00 X 314546 0 12249 JOSEPH LAJOIE CFO/SR VP 40.00 X 228141 0 17373 HOLLY FERRARA VP RETAIL LE 40.00 X 196094 0 26580 MARIANNE VARATTA SENIOR VP/DI 40.00 X X 173879 0 24062 THOMAS AHERN CHAIRMAN/DIR 5.00 X X 36600 0 0 KAREN SD GRANDE ESQ V CHAIRMAN/D 4.00 X X 24600 0 0 KATHLEEN HITTNER MD SECRETARY/DI 3.00 X X 22200 0 0 PHILIP SLOCUM DIRECTOR 1.00 X 16950 0 0 BRIAN MC GURIK DIRECTOR 1.00 X 15000 0 0 SANDRA POWELL DIRECTOR 1.00 X 12900 0 0 PETER D'ORSI JR TREASURER/DI 3.00 X X 12450 0 0 R NELSON DIRECTOR 1.00 X 12000 0 0 MICHAEL TIKOIAN DIRECTOR 1.00 X 5700 0 0 ANDREW BROWN CFO/SR. VP 40.00 X 0 0 0 1415760 111644 5 false true false NES GROUP INC 905 S MAIN ST BLDG B STE 201 MANSFIELD MA 02048 BUILDING PLANS 2137429 FISERV PO BOX 99924 GRAPEVINE TX 76099 SOFTWARE 1802853 BLUE CROSS PO BOX 1057 444 WESTMINSTER ST PROVIDENCE RI 02901 HEALTH INSURANC 776290 CYBERSTATE 63 BLEACHERY CT WARWICK RI 02886 IT SERVICES 577356 SWBC 9311 SAN PEDRO AVENUE SUITE 100 SAN ANTONIO TX 78216 MORTGAGE SVC 306118 5 INTEREST ON LOANS 23301803 23301803 MEMBER SERVICE FEES 3886523 3886523 GAIN ON SALE OF LOANS 1336386 1336386 GAIN ON FIXED ASSETS 65508 65508 NONMEMBER ATM FEES 522100 46883 46883 28637103 1419232 1419232 30056335 30009452 46883 6385341 94069 696242 10016439 544550 OPERATIONS EXPENSE 3559406 DATA PROCESSING EXPENSE 2832994 PROVISION FOR LOAN LOSSES 1701273 25830314 0 0 0 4103137 9499896 4000000 22538179 488058888 536058292 1072666 2091062 21849699 7266071 12163028 14583628 36437826 22503520 34374949 41750306 580210494 649024883 2730879 3660851 774064 889013 527186232 590729679 530691175 595279543 X 49519319 53745340 49519319 53745340 580210494 649024883 4226021 X false true X true false false false 316913 316913 15783222 3107726 12675496 4017126 3252711 764415 1732438 905634 826804 14583628 OTHER ASSETS 36599797 NCUA DEPOSIT 5121464 ASSETS HELD FOR SALE 29045 41750306 MEMBERS' SAVINGS ACCOUNTS 470752266 MEMBERS' SHARE ACCOUNTS 111612713 ADVANCES - FHLB 8364700 590729679 30056335 30056335 30056335 25830314 25830314 25830314 X true true X false false false FREDERICK REINHARDT CEO 344700 31380 376080 SHANNON MELCHIONE MTG LOAN OFFICER 314546 12249 326795 JOSEPH LAJOIE CFO/SR VP 228141 12573 4800 245514 HOLLY FERRARA VP RETAIL LENDING 196094 26580 222674 MARIANNE VARATTA SENIOR VP/DIRECTOR 160079 13800 24062 197941 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.