OCEAN STATE CREDIT UNION: Form 990, tax year 2013
View the entire original 990 at ProPublica ↗
- Organization
- OCEAN STATE CREDIT UNION (EIN 05-0263842)
- Tax period
- 2013-01-01 to 2013-12-31
- Filed
- 2014-02-25
- IRS object ID
- 201430569349300718
- Schema version
- 2013v3.1
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2014-02-25T03:25:21-00:00 | ReturnTs |
| Tax Period End | 2013-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Root & Associates | BusinessNameLine1 |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1929 Horton Street | AddressLine1 |
| City | North Dighton | City |
| State | MA | State |
| ZIP Code | 02764 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2013-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 050263842 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Coventry Credit Union | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | COVE | BusinessNameControlTxt |
| Phone | 4013971900 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 2006 Nooseneck Hill Road | AddressLine1 |
| City | Coventry | City |
| State | RI | State |
| ZIP Code | 02816 | ZIPCode |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | David Root CEO | PersonNm |
| Person Title | President | PersonTitleTxt |
| Signature | 2014-02-25 | SignatureDt |
| Discuss With Paid Preparer | Yes (true) | DiscussWithPaidPreparerInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | David Root | PreparerPersonNm |
| Phone | 5086696476 | PhoneNum |
| Preparation | 2014-02-25 | PreparationDt |
| Self Employed | Yes (X) | SelfEmployedInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2013 | TaxYr |
| Build TS | 2015-11-30 17:44:51Z | BuildTS |
Form 990 IRS990
Principal Ofcr Business Address PrincipalOfcrBusinessAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | David Root | BusinessNameLine1 |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 2006 Nooseneck Hill Road | AddressLine1 |
| City | Coventry | City |
| State | RI | State |
| ZIP Code | 02816 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $11,571,077 | GrossReceiptsAmt |
| Group Return For Affiliates | false | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | Coventrycu.org | WebsiteAddressTxt |
| Type Of Organization Other | Yes (X) | TypeOfOrganizationOtherInd |
| Other Organization Dsc | Credit Union | OtherOrganizationDsc |
| Formation | 1950 | FormationYr |
| Legal Domicile State | RI | LegalDomicileStateCd |
| Activity Or Mission | The Credit Union is a co-operative owned by its member depositors. Income relaized from investment and loan activities enable the Credit Union to provide low cost financial services to its members. | ActivityOrMissionDesc |
| Voting Members Governing Body | 12 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 12 | VotingMembersIndependentCnt |
| Total Employee | 85 | TotalEmployeeCnt |
| Total Gross UBI | $57,707 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | -$6,153 | NetUnrelatedBusTxblIncmAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $12,047,330 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $11,032,755 | CYProgramServiceRevenueAmt |
| PY Investment Income | $586,467 | PYInvestmentIncomeAmt |
| CY Investment Income | $538,322 | CYInvestmentIncomeAmt |
| CY Other Revenue | $0 | CYOtherRevenueAmt |
| PY Total Revenue | $12,633,797 | PYTotalRevenueAmt |
| CY Total Revenue | $11,571,077 | CYTotalRevenueAmt |
| CY Grants And Similar Paid | $0 | CYGrantsAndSimilarPaidAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $3,603,022 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $3,780,337 | CYSalariesCompEmpBnftPaidAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $7,887,568 | PYOtherExpensesAmt |
| CY Other Expenses | $6,917,923 | CYOtherExpensesAmt |
| PY Total Expenses | $11,490,590 | PYTotalExpensesAmt |
| CY Total Expenses | $10,698,260 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $1,143,207 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $872,817 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $220,585,821 | TotalAssetsBOYAmt |
| Total Assets EOY | $229,968,547 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $200,889,024 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $209,759,603 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $19,696,797 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $20,208,944 | NetAssetsOrFundBalancesEOYAmt |
| Mission | To provide low cost financial services to member depositors. | MissionDesc |
| Significant New Program Srvc | false | SignificantNewProgramSrvcInd |
| Significant Change | false | SignificantChangeInd |
| Expense | $10,698,260 | ExpenseAmt |
| Revenue | $11,571,077 | RevenueAmt |
| Desc | Interest and fees on loans and investments allow the Credit Union to provide low cost financial services to its members. | Desc |
| Total Program Service Expenses | $10,698,260 | TotalProgramServiceExpensesAmt |
| Described In Section501c3 | false | DescribedInSection501c3Ind |
| Schedule B Required | false | ScheduleBRequiredInd |
| Political Campaign Acty | false | PoliticalCampaignActyInd |
| Subject To Proxy Tax | false | SubjectToProxyTaxInd |
| Donor Advised Fund | false | DonorAdvisedFundInd |
| Conservation Easements | false | ConservationEasementsInd |
| Collections Of Art | false | CollectionsOfArtInd |
| Credit Counseling | false | CreditCounselingInd |
| Temp Or Permanent Endowments | false | TempOrPermanentEndowmentsInd |
| Report Land Building Equipment | Yes (true) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | false | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | false | ReportProgramRelatedInvstInd |
| Report Other Assets | false | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (true) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | false | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | false | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | false | ConsolidatedAuditFinclStmtInd |
| School Operating | false | SchoolOperatingInd |
| Foreign Office | false | ForeignOfficeInd |
| Foreign Activities | false | ForeignActivitiesInd |
| More Than5000 K To Org | false | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | false | MoreThan5000KToIndividualsInd |
| Professional Fundraising | false | ProfessionalFundraisingInd |
| Fundraising Activities | false | FundraisingActivitiesInd |
| Gaming Activities | false | GamingActivitiesInd |
| Operate Hospital | false | OperateHospitalInd |
| Grants To Organizations | false | GrantsToOrganizationsInd |
| Grants To Individuals | false | GrantsToIndividualsInd |
| Schedule J Required | false | ScheduleJRequiredInd |
| Tax Exempt Bonds | false | TaxExemptBondsInd |
| Invest Tax Exempt Bonds | false | InvestTaxExemptBondsInd |
| Escrow Account | false | EscrowAccountInd |
| On Behalf Of Issuer | false | OnBehalfOfIssuerInd |
| Loan Outstanding | false | LoanOutstandingInd |
| Grant To Related Person | false | GrantToRelatedPersonInd |
| Business Rln With Org Mem | false | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | false | BusinessRlnWithFamMemInd |
| Business Rln With Officer Ent | false | BusinessRlnWithOfficerEntInd |
| Deductible Non Cash Contri | false | DeductibleNonCashContriInd |
| Deductible Art Contribution | false | DeductibleArtContributionInd |
| Terminate Operations | false | TerminateOperationsInd |
| Partial Liquidation | false | PartialLiquidationInd |
| Disregarded Entity | false | DisregardedEntityInd |
| Related Entity | false | RelatedEntityInd |
| Related Organization Ctrl Ent | false | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | false | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (true) | ScheduleORequiredInd |
| IRP Document | 10855 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (true) | BackupWthldComplianceInd |
| Employee | 85 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (true) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | Yes (true) | UnrelatedBusIncmOverLimitInd |
| Form990 T Filed | Yes (true) | Form990TFiledInd |
| Foreign Financial Account | false | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | false | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | false | TaxablePartyNotificationInd |
| Nondeductible Contributions | false | NondeductibleContributionsInd |
| Rcv Fnds To Pay Prsnl Bnft Cntrct | false | RcvFndsToPayPrsnlBnftCntrctInd |
| Indoor Tanning Services | false | IndoorTanningServicesInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 12 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 12 | IndependentVotingMemberCnt |
| Family Or Business Rln | false | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | false | DelegationOfMgmtDutiesInd |
| Change To Org Documents | false | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | false | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (true) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (true) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | Yes (true) | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (true) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (true) | MinutesOfCommitteesInd |
| Officer Mailing Address | false | OfficerMailingAddressInd |
| Local Chapters | Yes (true) | LocalChaptersInd |
| Policies Reference Chapters | Yes (true) | PoliciesReferenceChaptersInd |
| Form990 Provided To Gvrn Body | Yes (true) | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (true) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (true) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (true) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | false | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (true) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (true) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (true) | CompensationProcessOtherInd |
| Investment In Joint Venture | false | InvestmentInJointVentureInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | David Root | PersonNm |
| Phone | 4013922310 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 2006 Nooseneck Hill Road | AddressLine1 |
| City | Coventry | City |
| State | RI | State |
| ZIP Code | 02816 | ZIPCode |
Form990 Part VII Section A Form990PartVIISectionAGrp (16 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | Key EmployeeKeyEmployeeInd |
|---|---|---|---|---|---|---|
| Roger JLaliberte | ||||||
| Chairman | 002.00 | Yes (X) | $9,750 | $0 | $0 | |
| Michael D Airhart | ||||||
| Vice Chairman | 002.00 | Yes (X) | $9,750 | $0 | $0 | |
| Thomas F Lacolle | ||||||
| Treasurer | 002.00 | Yes (X) | $4,500 | $0 | $0 | |
| Bruce B Hecker | ||||||
| Secretary | 002.00 | Yes (X) | $9,750 | $0 | $0 | |
| Leo R Blais | ||||||
| Director | 002.00 | Yes (X) | $7,700 | $0 | $0 | |
| Robert H McGuire | ||||||
| Director | 002.00 | Yes (X) | $9,100 | $0 | $0 | |
| Paul E Scaling | ||||||
| Director | 002.00 | Yes (X) | $9,100 | $0 | $0 | |
| Richard Audet | ||||||
| Director | 002.00 | Yes (X) | $9,100 | $0 | $0 | |
| William A Sheldon | ||||||
| Director | 002.00 | Yes (X) | $9,750 | $0 | $0 | |
| Richard P Sullivan | ||||||
| Director | 002.00 | Yes (X) | $9,100 | $0 | $0 | |
| Therese S Stafford | ||||||
| Director | 002.00 | Yes (X) | $9,100 | $0 | $0 | |
| James Rowe | ||||||
| Director | 002.00 | Yes (X) | $9,350 | $0 | $0 | |
| Gerard R Cayer | ||||||
| Director | 002.00 | Yes (X) | $1,400 | $0 | $0 | |
| David L Root | ||||||
| President/CEO | 040.00 | $325,000 | $0 | $0 | Yes (X) | |
| Denise Warburton | ||||||
| VP Mortgage Lending | 040.00 | $138,643 | $0 | $0 | Yes (X) | |
| Ginnie Sosnicki | ||||||
| COO | 040.00 | $108,660 | $0 | $0 | Yes (X) | |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $679,753 | TotalReportableCompFromOrgAmt |
| Indiv Rcvd Greater Than100 K | 1 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | false | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | false | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | false | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (5 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1 | CityContractorAddress/USAddress/City | StateContractorAddress/USAddress/State | ZIP CodeContractorAddress/USAddress/ZIPCode | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| D3 Logic Inc | |||||
| 2220 Plainfield Pike | Cranston | RI | 02921 | Statement preparation and mailing | $232,572 |
| National Grid | |||||
| 300 Erie Blvd | Syracuse | NY | 13202 | Utilities | $89,653 |
| Verizon | |||||
| PO Box 1100 | Albany | NY | 12250 | Telephone | $226,729 |
| Open Solutions Inc | |||||
| 455 Winding Brook Road | Glastonbury | CT | 02854 | Software and Support | $251,133 |
| Mutual Properties Inc | |||||
| 1 James Murphy Highway | West Warwick | RI | 02826 | Rent | $158,760 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 5 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp (5 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt | Unrelated Business RevenueUnrelatedBusinessRevenueAmt |
|---|---|---|---|---|
| Interest and fees on loans | 522291 | $7,328,741 | $7,328,741 | |
| Other fees and charges | 900099 | $2,622,653 | $2,622,653 | |
| Sale of consumer mortgages | 522291 | $961,964 | $961,964 | |
| Gain on sale of assets | 522291 | $61,690 | $61,690 | |
| Rental income and insurance premiums | 531120 | $57,707 | $57,707 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $11,032,755 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $538,322 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $538,322 | RelatedOrExemptFuncIncomeAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $11,571,077 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $11,513,370 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $57,707 | UnrelatedBusinessRevenueAmt |
Grants To Domestic Orgs GrantsToDomesticOrgsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Grants To Domestic Individuals GrantsToDomesticIndividualsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Foreign Grants ForeignGrantsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Benefits To Members BenefitsToMembersGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $679,753 | TotalAmt |
| Program Services | $679,753 | ProgramServicesAmt |
Comp Disqual Persons CompDisqualPersonsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,144,028 | TotalAmt |
| Program Services | $2,144,028 | ProgramServicesAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $96,000 | TotalAmt |
| Program Services | $96,000 | ProgramServicesAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $394,170 | TotalAmt |
| Program Services | $394,170 | ProgramServicesAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $466,386 | TotalAmt |
| Program Services | $466,386 | ProgramServicesAmt |
Fees For Services Management FeesForServicesManagementGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $686,888 | TotalAmt |
| Program Services | $686,888 | ProgramServicesAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $21,534 | TotalAmt |
| Program Services | $21,534 | ProgramServicesAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $57,000 | TotalAmt |
| Program Services | $57,000 | ProgramServicesAmt |
Fees For Services Lobbying FeesForServicesLobbyingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Fees For Services Prof Fundraising | FeesForServicesProfFundraising |
Fees For Srvc Invst Mgmnt Fees FeesForSrvcInvstMgmntFeesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $240,213 | TotalAmt |
| Program Services | $240,213 | ProgramServicesAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $110,195 | TotalAmt |
| Program Services | $110,195 | ProgramServicesAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $568,161 | TotalAmt |
| Program Services | $568,161 | ProgramServicesAmt |
Royalties RoyaltiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $666,015 | TotalAmt |
| Program Services | $666,015 | ProgramServicesAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $66,388 | TotalAmt |
| Program Services | $66,388 | ProgramServicesAmt |
Pymt Travel Entrtnmnt Pub Ofcl PymtTravelEntrtnmntPubOfclGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $52,001 | TotalAmt |
| Program Services | $52,001 | ProgramServicesAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,822,128 | TotalAmt |
| Program Services | $1,822,128 | ProgramServicesAmt |
Payments To Affiliates PaymentsToAffiliatesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $638,348 | TotalAmt |
| Program Services | $638,348 | ProgramServicesAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $75,059 | TotalAmt |
| Program Services | $75,059 | ProgramServicesAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt | Program ServicesProgramServicesAmt |
|---|---|---|
| Allowance for Loan Losses | $132,990 | $132,990 |
| Equipment Maint and Leasing | $810,051 | $810,051 |
| Collection and OREO expenses | $439,689 | $439,689 |
| Deposit Taxes | $90,000 | $90,000 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $441,263 | TotalAmt |
| Program Services | $441,263 | ProgramServicesAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $10,698,260 | TotalAmt |
| Program Services | $10,698,260 | ProgramServicesAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $4,698,767 | BOYAmt |
| EOY | $10,069,704 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $61,464,820 | BOYAmt |
| EOY | $34,567,086 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $143,475,776 | BOYAmt |
| EOY | $174,659,433 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,349,964 | BOYAmt |
| EOY | $509,581 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $10,527,549 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $5,457,177 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $5,373,695 | BOYAmt |
| EOY | $5,070,372 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $4,222,799 | BOYAmt |
| EOY | $5,092,371 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $220,585,821 | BOYAmt |
| EOY | $229,968,547 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $903,437 | BOYAmt |
| EOY | $217,784 | EOYAmt |
Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $19,000,000 | BOYAmt |
| EOY | $19,000,000 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $180,985,587 | BOYAmt |
| EOY | $190,541,819 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $200,889,024 | BOYAmt |
| EOY | $209,759,603 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Org Does Not Follow SFAS117 | Yes (X) | OrgDoesNotFollowSFAS117Ind |
Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $19,696,797 | BOYAmt |
| EOY | $20,208,944 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $19,696,797 | BOYAmt |
| EOY | $20,208,944 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $220,585,821 | BOYAmt |
| EOY | $229,968,547 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Reconcilation Revenue Expnss | $872,817 | ReconcilationRevenueExpnssAmt |
| Other Changes In Net Assets | -$360,670 | OtherChangesInNetAssetsAmt |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | false | AccountantCompileOrReviewInd |
| FS Audited | Yes (true) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Separate Basis Fincl Stmt | Yes (X) | SeparateBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (true) | AuditCommitteeInd |
| Federal Grant Audit Required | false | FederalGrantAuditRequiredInd |
Schedule D IRS990ScheduleD
| Field | Value | IRS element (for citing) |
|---|---|---|
| Incl Escrow Custodial Acct Liab | false | InclEscrowCustodialAcctLiabInd |
Land LandGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $1,242,403 | OtherCostOrOtherBasisAmt |
| Book Value | $1,242,403 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $6,195,894 | OtherCostOrOtherBasisAmt |
| Depreciation | $2,887,301 | DepreciationAmt |
| Book Value | $3,308,593 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $3,089,252 | OtherCostOrOtherBasisAmt |
| Depreciation | $2,569,876 | DepreciationAmt |
| Book Value | $519,376 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $5,070,372 | TotalBookValueLandBuildingsAmt |
Other Securities OtherSecuritiesGrp (2 entries)
| DescDesc |
|---|
| Financial derivatives and other financial products |
| Closely-held equity interests |
Other Liabilities Org OtherLiabilitiesOrgGrp (3 entries)
| DescDesc | AmtAmt |
|---|---|
| Federal income taxes | |
| Member Deposits | $190,437,819 |
| Accrued Interest Payable | $104,000 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $190,541,819 | TotalLiabilityAmt |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (7 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| Form 990, Part VI, Section A, Line 6 | The Credit Union is owned by its member depositors. |
| Form 990, Part VI, Section A, Line 7 | The members elect the Board of Directors at the Annual Meeting and ratify all actions. |
| Form 990, Part VI, Section A, Line 8 | The Board meets on a monthly basis. Minutes of all Board and Committee meetings, as well as the Annual Meeting, are taken and retained by the Credit Union. |
| Form 990, Part VI, Section B, Line 11 | The Form 990 is reviewed by management prior to filing and approved by the Board of Directors at its subsequent meeting. |
| Form 990, Part VI, Section B, Line 12a | The Supervisory Committee regularly monitors Board activity for possible conflicts of interest and activities prohibited by Rhods Island and Federal Laws governing Credit Unions. |
| Form 990, Part VI, Section B, Line 15 | The CEOs salary is approved by the Board via written contractual agreement. Board and Committee compensation is approved annually by the members at the Annual Meeting. |
| Form 990, Part VI, Section C, Line 19 | Financial results are posted monthly at each branch office. Members may request copies of Credit Union Policies at any time. |