2025-10-28T03:25:04-00:00 2024-12-31 043701683 Michael R Garvey CPA 2006 Nooseneck Hill Road Coventry RI 02816 990 2024-01-01 050263842 Ocean State Credit Union OCEA 4013971900 2006 Nooseneck Hill Road Coventry RI 02816 Michael R Garvey CPA CEO 4013971900 2025-10-28 true Michael R Garvey CPA P00264127 8608239041 2025-10-28 X 2024 2025-03-06 01:10:19Z Michael R Garvey CPA 2006 Nooseneck Hill Road Coventry RI 02816 17544172 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 15081769 15836849 1097945 1707323 0 16179714 17544172 0 0 4823524 5148641 0 0 9995804 11384847 14819328 16533488 1360386 1010684 339279531 343705007 301410902 304818647 37868629 38886360 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 38,359 deposit accounts, collects fees from members, invests excess funds in order to be able to make loans to members 4,668 loans outstanding. false false false false false false false true 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 true true true false false true 32 0 false 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 Retired 040.00 X X X 634519 0 0 Michael R Garvey CPA CEO 039.00 001.00 X X X 289876 0 0 Melissa Giroux COO/Compliance Risk Officer 040.00 X 164940 0 0 Claudia Flanagan Director Consumer Lending 040.00 X 113926 0 0 Michael Airhart Chairman 002.00 X X 15600 0 0 William A Shedon First Chair 002.00 X X 13650 0 0 Bruce B Hecker Second Chair 002.00 X X 13650 0 0 James Rowe Treasurer 002.00 X X 13650 0 0 Paul E Skaling Secretary 002.00 X X 12600 0 0 Leo R Blais Director 002.00 X 12350 0 0 Parker Capwell Director 002.00 X 12350 0 0 Gerard R Cayer Director 002.00 X 12350 0 0 James Crosby Director 002.00 X 12350 0 0 Therese S Stafford Director 002.00 X 12350 0 0 Robert H McGuire Director 002.00 X 10450 0 0 Richard P Sullivan Director 002.00 X 6650 0 0 1351261 4 false true false FiServ PO Box 73047 Atlanta GA 311934057 Core and other software systems 952904 Vinyl Concepts PO Box 864 Coventry RI 02816 Building repairs/maintenance 230517 NCR Voyix 864 Spring Street NW Atlanta GA 30308 Software 290357 D3 Logic 89 Commercial Way East Providence RI 02915 Printing/Mailing 201798 Customized Service Concepts 13 Delta Drive Londonderry NH 03053 ATM services 201561 5 Interest and fees on loans 522291 13600295 Member service fees 900099 2054836 Sale of consumer mortgages 522291 63273 Other operating income 531120 118445 15836849 1707323 17544172 0 0 0 0 1351261 0 2714913 211951 560965 309551 0 3980 41110 0 0 633934 324078 0 489660 0 836516 0 0 0 5492285 0 582841 0 Office operations 2506181 State deposit tax 149990 Provision for loan losses 32546 Loan servicing expenses 276365 15361 16533488 2226595 2425726 21521039 28831146 282867572 281106136 3662810 3398292 18454478 10619358 7621332 7835120 2039156 1916870 3498478 2647659 15842549 15544058 339279531 343705007 4615932 3904022 35000000 32500000 261794970 268414625 301410902 304818647 X 37868629 38886360 37868629 38886360 339279531 343705007 1010684 7047 X X false X true X true false false 1617828 1617828 11066905 5767970 5298935 5769745 4851388 918357 7835120 Financial derivatives and other financial products Closely-held equity interests Federal income taxes Member deposits 268414625 268414625 17544172 17544172 17544172 16533488 16533488 16533488 IV 11f The Credit Union has adopted the provisions of FASB, Accounting Standards Codification ASC 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 Credit Union does not believe its financial statements include, or reflect, any uncertain tax positions. Tax years remain open for examination by the Federal and state tax authorities generally for three years after they have been filed. true X X X false true false false false false false false false David L Root CEO Retired 75000 35769 506371 17379 634519 Melissa Giroux COO/Compliance Risk Officer 155994 8946 164940 Michael R Garvey CPA CEO 264469 25407 289876 Form 990, Part VI, Section B, Line 11 The Board of Directors reviews and approves the Form 990 tax returns before filing Form 990, Part VI, Section B, Line 15 The Board of Directors has a compensation committee which is responsible for reviewing/approving the CEO salary, bonus and other compensation Form 990, Part VI, Section C, Line 19 The Credit Union posts its monthly financial statements at each facility, and provides annual financial information to members at its annual meeting. Additionally, upon written request, the Form 990 would be made available to the party who made the request. Form 990, Part XII, Line 2c The Supervisory Committee, whose members are appointed by the Board of Directors, is responsible for hiring an outside, independent certified public accounting firm to perform an annual audit of the Credit Unions financial statements. OSCU Holdings LLC 2006 Nooseneck Hill Road Coventry RI 02816 993781144 Holding Company RI -15817 125000 Ocean State Credit Union Ocean State Insurance Services LLC 2006 Nooseneck Hill Road Coventry RI 02816 993800723 Insurance Brokerage RI -15817 110018 OSCU Holdings LLC false true false false false false false false false false false true false true false false false false false OSCU Holdings LLC b 250000 Operating Agreement Ocean State Insurance Services LLC l No amounts involved Ocean State Insurance Services LLC n No amounts involved