OCEAN STATE CREDIT UNION: Form 990, tax year 2012

View the entire original 990 at ProPublica ↗

Organization: OCEAN STATE CREDIT UNION (EIN 05-0263842)
Tax period: 2012-01-01 to 2012-12-31
Filed: 2013-04-11
IRS object ID: 201341019349300604
Schema version: 2012v2.2
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
Form 990
Schedule D
Schedule O

Return header ReturnHeader

Field	Value	IRS element (for citing)
Timestamp	2013-04-11T07:29:13-00:00	Timestamp
Tax Period End Date	2012-12-31	TaxPeriodEndDate

Preparer Firm PreparerFirm

Preparer Firm Business Name PreparerFirmBusinessName

Field	Value	IRS element (for citing)
Business Name Line1	Root & Associates	BusinessNameLine1

Preparer Firm US Address PreparerFirmUSAddress

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	ReturnType
Tax Period Begin Date	2012-01-01	TaxPeriodBeginDate

Filer Filer

Field	Value	IRS element (for citing)
EIN	050263842	EIN

Name Name

Field	Value	IRS element (for citing)
Business Name Line1	Coventry Credit Union	BusinessNameLine1

Field	Value	IRS element (for citing)
Name Control	COVE	NameControl
Phone	4013971900	Phone

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

Officer Officer

Field	Value	IRS element (for citing)
Name	David Root CEO	Name
Title	CEO	Title
Phone	4013922310	Phone
Date Signed	2013-04-11	DateSigned
Authorize Third Party	true	AuthorizeThirdParty

Preparer Preparer

Field	Value	IRS element (for citing)
Name	David Root	Name
Phone	5086696476	Phone
Date Prepared	2013-04-11	DatePrepared
Self Employed	X	SelfEmployed

Field	Value	IRS element (for citing)
Tax Year	2012	TaxYear
Build TS	2016-02-25 16:41:14Z	BuildTS

Form 990 IRS990

Name Of Principal Officer Business NameOfPrincipalOfficerBusiness

Field	Value	IRS element (for citing)
Business Name Line1	David Root	BusinessNameLine1

Address Principal Officer US AddressPrincipalOfficerUS

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	12633797	GrossReceipts
Group Return For Affiliates	false	GroupReturnForAffiliates
Organization501c	X	Organization501c
Web Site	Coventrycu.org	WebSite
Type Of Organization Other	X	TypeOfOrganizationOther
Type Of Org Other Description	Credit Union	TypeOfOrgOtherDescription
Year Formation	1950	YearFormation
State Legal Domicile	RI	StateLegalDomicile
Activity Or Mission Description	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.	ActivityOrMissionDescription
Nbr Voting Members Governing Body	12	NbrVotingMembersGoverningBody
Nbr Independent Voting Members	12	NbrIndependentVotingMembers
Total Nbr Employees	91	TotalNbrEmployees
Total Gross UBI	52397	TotalGrossUBI
Net Unrelated Business Txbl Income	-1063	NetUnrelatedBusinessTxblIncome
Contributions Grants Current Year	0	ContributionsGrantsCurrentYear
Program Service Revenue Prior Year	11920857	ProgramServiceRevenuePriorYear
Program Service Revenue CY	12047330	ProgramServiceRevenueCY
Investment Income Prior Year	1573650	InvestmentIncomePriorYear
Investment Income Current Year	586467	InvestmentIncomeCurrentYear
Other Revenue Current Year	0	OtherRevenueCurrentYear
Total Revenue Prior Year	13494507	TotalRevenuePriorYear
Total Revenue Current Year	12633797	TotalRevenueCurrentYear
Grants And Similar Amnts CY	0	GrantsAndSimilarAmntsCY
Benefits Paid To Members CY	0	BenefitsPaidToMembersCY
Salaries Etc Prior Year	4178920	SalariesEtcPriorYear
Salaries Etc Current Year	3603022	SalariesEtcCurrentYear
Total Prof Fundrsng Exp CY	0	TotalProfFundrsngExpCY
Total Fundrsng Exp Current Year	0	TotalFundrsngExpCurrentYear
Other Expense Prior Year	9428146	OtherExpensePriorYear
Other Expenses Current Year	7724298	OtherExpensesCurrentYear
Total Expenses Prior Year	13607066	TotalExpensesPriorYear
Total Expenses Current Year	11327320	TotalExpensesCurrentYear
Revenues Less Expenses Prior Year	-112559	RevenuesLessExpensesPriorYear
Revenues Less Expenses CY	1306477	RevenuesLessExpensesCY
Total Assets BOY	248464209	TotalAssetsBOY
Total Assets EOY	220712691	TotalAssetsEOY
Total Liabilities BOY	229466262	TotalLiabilitiesBOY
Total Liabilities EOY	200624070	TotalLiabilitiesEOY
Net Assets Or Fund Balances BOY	18997947	NetAssetsOrFundBalancesBOY
Net Assets Or Fund Balances EOY	20088621	NetAssetsOrFundBalancesEOY
Mission Description	To provide low cost financial services to member depositors.	MissionDescription
Significant New Program Services	false	SignificantNewProgramServices
Significant Change	false	SignificantChange
Expense	11327320	Expense
Revenue	12633797	Revenue
Description	Interest and fees on loans and investments allow the Credit Union to provide low cost financial services to its members.	Description
Total Program Service Expense	11327320	TotalProgramServiceExpense
Described In501 C3	false	DescribedIn501C3
Schedule B Required	false	ScheduleBRequired
Political Activities	false	PoliticalActivities
Donor Advised Funds	false	DonorAdvisedFunds
Conservation Easements	false	ConservationEasements
Collections Of Art	false	CollectionsOfArt
Credit Counseling	false	CreditCounseling
Term Or Permanent Endowments	false	TermOrPermanentEndowments
Report Land Bldg Equip	true	ReportLandBldgEquip
Report Invest Oth Securities	false	ReportInvestOthSecurities
Report Prog Rel Invest	false	ReportProgRelInvest
Report Other Assets	false	ReportOtherAssets
Report Other Liabilities	true	ReportOtherLiabilities
Report Fin48 Footnote	false	ReportFin48Footnote
Independent Audit Financial Stmt	false	IndependentAuditFinancialStmt
Consolidated Audit Financial Stmt	false	ConsolidatedAuditFinancialStmt
School	false	School
Foreign Office	false	ForeignOffice
Foreign Activities	false	ForeignActivities
More Than5000 K To Organizations	false	MoreThan5000KToOrganizations
More Than5000 K To Individuals	false	MoreThan5000KToIndividuals
Professional Fundraising	false	ProfessionalFundraising
Fundraising Activities	false	FundraisingActivities
Gaming	false	Gaming
Hospital	false	Hospital
Grants To Organizations	false	GrantsToOrganizations
Grants To Individuals	false	GrantsToIndividuals
Schedule J Required	false	ScheduleJRequired
Tax Exempt Bonds	false	TaxExemptBonds
Invest Tax Exempt Bonds	false	InvestTaxExemptBonds
Escrow Account	false	EscrowAccount
On Behalf Of Issuer	false	OnBehalfOfIssuer
Excess Benefit Transaction	false	ExcessBenefitTransaction
Prior Excess Benefit Transaction	false	PriorExcessBenefitTransaction
Loan To Officer Or DQP	false	LoanToOfficerOrDQP
Grant To Related Person	false	GrantToRelatedPerson
Bsnss Rltnshp With Organization	false	BsnssRltnshpWithOrganization
Bsnss Rltnshp Thru Family Member	false	BsnssRltnshpThruFamilyMember
Officer Entity With Bsnss Rltnshp	false	OfficerEntityWithBsnssRltnshp
Deductible Non Cash Contributions	false	DeductibleNonCashContributions
Deductible Contributions Of Art	false	DeductibleContributionsOfArt
Terminated	false	Terminated
Partial Liquidation	false	PartialLiquidation
Disregarded Entity	false	DisregardedEntity
Related Entity	false	RelatedEntity
Related Org Controlled Entity	false	RelatedOrgControlledEntity
Transfers To Exempt Non Chrtbl Org	false	TransfersToExemptNonChrtblOrg
Activities Conducted Partnership	false	ActivitiesConductedPartnership
Schedule O Required	true	ScheduleORequired
Number Forms Transmitted With1096	12857	NumberFormsTransmittedWith1096
Number W2 G Included	0	NumberW2GIncluded
Number Of Employees	91	NumberOfEmployees
Employment Tax Returns Filed	true	EmploymentTaxReturnsFiled
Unrelated Business Income	true	UnrelatedBusinessIncome
Form990-T Filed	true	Form990-TFiled
Foreign Financial Account	false	ForeignFinancialAccount
Prohibited Tax Shelter Trans	false	ProhibitedTaxShelterTrans
Taxable Party Notification	false	TaxablePartyNotification
Non Deductible Contributions	false	NonDeductibleContributions
Quid Pro Quo Contributions	false	QuidProQuoContributions
Form8282 Property Disposed Of	false	Form8282PropertyDisposedOf
Funds To Pay Premiums	false	FundsToPayPremiums
Indoor Tanning Services	false	IndoorTanningServices
Info In Schedule O Part VI	X	InfoInScheduleOPartVI
Nbr Voting Governing Body Members	12	NbrVotingGoverningBodyMembers
Number Independent Voting Members	12	NumberIndependentVotingMembers
Family Or Business Relationship	false	FamilyOrBusinessRelationship
Delegation Of Management Duties	false	DelegationOfManagementDuties
Changes To Organizing Docs	false	ChangesToOrganizingDocs
Material Diversion Or Misuse	false	MaterialDiversionOrMisuse
Members Or Stockholders	true	MembersOrStockholders
Election Of Board Members	true	ElectionOfBoardMembers
Decisions Subject To Approval	true	DecisionsSubjectToApproval
Minutes Of Governing Body	true	MinutesOfGoverningBody
Minutes Of Committees	true	MinutesOfCommittees
Officer Mailing Address	false	OfficerMailingAddress
Local Chapters	true	LocalChapters
Policies Reference Chapters	true	PoliciesReferenceChapters
Form990 Provided To Governing Body	true	Form990ProvidedToGoverningBody
Conflict Of Interest Policy	true	ConflictOfInterestPolicy
Annual Disclosure Covered Persons	true	AnnualDisclosureCoveredPersons
Regular Monitoring Enforcement	true	RegularMonitoringEnforcement
Whistleblower Policy	false	WhistleblowerPolicy
Document Retention Policy	true	DocumentRetentionPolicy
Compensation Process CEO	true	CompensationProcessCEO
Compensation Process Other	true	CompensationProcessOther
Investment In Joint Venture	false	InvestmentInJointVenture

The Books Are In Care Of TheBooksAreInCareOf

Field	Value	IRS element (for citing)
Name Person	David Root	NamePerson
Telephone Number	4013922310	TelephoneNumber

Address US AddressUS

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 Form990PartVIISectionA (13 entries)

TitleTitle	Average Hours Per WeekAverageHoursPerWeek	Individual Trustee Or DirectorIndividualTrusteeOrDirector	Reportable Comp From OrganizationReportableCompFromOrganization	Reportable Comp From Related OrgsReportableCompFromRelatedOrgs	Other CompensationOtherCompensation	Average Hours Per Week RelatedAverageHoursPerWeekRelated	Key EmployeeKeyEmployee
Roger JLaliberte
Chairman	002.00	X	9000	0	0
Michael D Airhart
Vice Chairman	002.00	X	9000	0	0
Thomas F Lacolle
Treasurer	002.00	X	9000	0	0
Bruce B Hecker
Secretary	002.00	X	9000	0	0
Leo R Blais
Director	002.00	X	8400	0	0
Robert H McGuire
Director	002.00	X	8400	0	0
Paul E Scaling
Director	002.00	X	8400	0	0
Richard Audet
Director	002.00	X	8400	0	0
William A Sheldon
Director	002.00	X	9000	0	0
Richard P Sullivan
Director	002.00	X	8400	0	0
Therese S Stafford
Director	002.00	X	8400	0	0
James Rowe
Director	002.00	X	8400	0	0
David L Root
President/CEO	040.00		300000	0	0	040.00	X

Field	Value	IRS element (for citing)
Total Reportable Comp From Org	403800	TotalReportableCompFromOrg
Number Individuals GT100 K	1	NumberIndividualsGT100K
Formers Listed	false	FormersListed
Total Comp GT150 K	false	TotalCompGT150K
Compensation From Other Sources	false	CompensationFromOtherSources

Contractor Compensation ContractorCompensation (5 entries)

Address Line1AddressOfContractor/AddressUS/AddressLine1	CityAddressOfContractor/AddressUS/City	StateAddressOfContractor/AddressUS/State	ZIP CodeAddressOfContractor/AddressUS/ZIPCode	Description Of ServicesDescriptionOfServices	CompensationCompensation
D3 Logic Inc
2220 Plainfield Pike	Cranston	RI	02921	Statement preparation and mailing	238471
National Grid
300 Erie Blvd	Syracuse	NY	13202	Utilities	106632
Verizon
PO Box 1100	Albany	NY	12250	Telephone	214955
Open Solutions Inc
455 Winding Brook Road	Glastonbury	CT	02854	Software and Support	265089
Mutual Properties Inc
1 James Murphy Highway	West Warwick	RI	02826	Rent	155591

Field	Value	IRS element (for citing)
Number Of Contractors GT100 K	7	NumberOfContractorsGT100K

Program Service Revenue ProgramServiceRevenue (5 entries)

DescriptionDescription	Business CodeBusinessCode	Total Revenue ColumnTotalRevenueColumn	Related Or Exempt Function IncomeRelatedOrExemptFunctionIncome	Unrelated Business RevenueUnrelatedBusinessRevenue
Interest and fees on loans	522291	7298004	7298004
Other fees and charges	900099	2957166	2957166
Sale of consumer mortgages	522291	1529521	1529521
Gain on sale of assets	522291	210242	210242
Rental income and insurance premiums	531120	52397		52397

Field	Value	IRS element (for citing)
Total Program Service Revenue	12047330	TotalProgramServiceRevenue

Investment Income InvestmentIncome

Field	Value	IRS element (for citing)
Total Revenue Column	586467	TotalRevenueColumn
Related Or Exempt Function Income	586467	RelatedOrExemptFunctionIncome

Total Revenue TotalRevenue

Field	Value	IRS element (for citing)
Total Revenue Column	12633797	TotalRevenueColumn
Related Or Exempt Function Income	12581400	RelatedOrExemptFunctionIncome
Unrelated Business Revenue	52397	UnrelatedBusinessRevenue

Grants To Domestic Orgs GrantsToDomesticOrgs

Field	Value	IRS element (for citing)
Total	0	Total

Grants To Domestic Individuals GrantsToDomesticIndividuals

Field	Value	IRS element (for citing)
Total	0	Total

Foreign Grants ForeignGrants

Field	Value	IRS element (for citing)
Total	0	Total

Benefits To Members BenefitsToMembers

Field	Value	IRS element (for citing)
Total	0	Total

Comp Current Officers Directors CompCurrentOfficersDirectors

Field	Value	IRS element (for citing)
Total	403800	Total
Program Services	403800	ProgramServices

Comp Disqual Persons CompDisqualPersons

Field	Value	IRS element (for citing)
Total	0	Total

Other Salaries And Wages OtherSalariesAndWages

Field	Value	IRS element (for citing)
Total	2631479	Total
Program Services	2631479	ProgramServices

Pension Plan Contributions PensionPlanContributions

Field	Value	IRS element (for citing)
Total	96000	Total
Program Services	96000	ProgramServices

Other Employee Benefits OtherEmployeeBenefits

Field	Value	IRS element (for citing)
Total	293087	Total
Program Services	293087	ProgramServices

Payroll Taxes PayrollTaxes

Field	Value	IRS element (for citing)
Total	178656	Total
Program Services	178656	ProgramServices

Fees For Services Management FeesForServicesManagement

Field	Value	IRS element (for citing)
Total	0	Total

Fees For Services Legal FeesForServicesLegal

Field	Value	IRS element (for citing)
Total	120897	Total
Program Services	120897	ProgramServices

Fees For Services Accounting FeesForServicesAccounting

Field	Value	IRS element (for citing)
Total	27000	Total
Program Services	27000	ProgramServices

Fees For Services Lobbying FeesForServicesLobbying

Field	Value	IRS element (for citing)
Total	0	Total

Field	Value	IRS element (for citing)
Fees For Services Prof Fundraising		FeesForServicesProfFundraising

Fees For Services Invst Mgmnt Fees FeesForServicesInvstMgmntFees

Field	Value	IRS element (for citing)
Total	0	Total

Fees For Services Other FeesForServicesOther

Field	Value	IRS element (for citing)
Total	0	Total

Advertising Advertising

Field	Value	IRS element (for citing)
Total	209588	Total
Program Services	209588	ProgramServices

Office Expenses OfficeExpenses

Field	Value	IRS element (for citing)
Total	342554	Total
Program Services	342554	ProgramServices

Information Technology InformationTechnology

Field	Value	IRS element (for citing)
Total	638571	Total
Program Services	638571	ProgramServices

Royalties Royalties

Field	Value	IRS element (for citing)
Total	0	Total

Occupancy Occupancy

Field	Value	IRS element (for citing)
Total	649926	Total
Program Services	649926	ProgramServices

Travel Travel

Field	Value	IRS element (for citing)
Total	0	Total

Travel Entrtnmnt Public Officials TravelEntrtnmntPublicOfficials

Field	Value	IRS element (for citing)
Total	0	Total

Conferences Meetings ConferencesMeetings

Field	Value	IRS element (for citing)
Total	43870	Total
Program Services	43870	ProgramServices

Interest Interest

Field	Value	IRS element (for citing)
Total	2169008	Total
Program Services	2169008	ProgramServices

Payments To Affiliates PaymentsToAffiliates

Field	Value	IRS element (for citing)
Total	0	Total

Depreciation Depletion DepreciationDepletion

Field	Value	IRS element (for citing)
Total	651597	Total
Program Services	651597	ProgramServices

Insurance Insurance

Field	Value	IRS element (for citing)
Total	96913	Total
Program Services	96913	ProgramServices

Other Expenses OtherExpenses (4 entries)

DescriptionDescription	TotalTotal	Program ServicesProgramServices
Allowance for Loan Losses	279461	279461
Equipment Maint and Leasing	653138	653138
Collection and OREO expenses	499217	499217
Mortgage servicing	667868	667868

All Other Expenses AllOtherExpenses

Field	Value	IRS element (for citing)
Total	674690	Total
Program Services	674690	ProgramServices

Total Functional Expenses TotalFunctionalExpenses

Field	Value	IRS element (for citing)
Total	11327320	Total
Program Services	11327320	ProgramServices

Cash Non Interest Bearing CashNonInterestBearing

Field	Value	IRS element (for citing)
BOY	3492132	BOY
EOY	4698767	EOY

Savings And Temp Cash Investments SavingsAndTempCashInvestments

Field	Value	IRS element (for citing)
BOY	75921587	BOY
EOY	61591690	EOY

Accounts Receivable AccountsReceivable

Field	Value	IRS element (for citing)
BOY	156467446	BOY
EOY	143475776	EOY

Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges

Field	Value	IRS element (for citing)
BOY	1516474	BOY
EOY	1349964	EOY

Field	Value	IRS element (for citing)
Land Buildings Equipment Basis	12492560	LandBuildingsEquipmentBasis
Land Bldg Equipment Accum Deprec	7118865	LandBldgEquipmentAccumDeprec

Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet

Field	Value	IRS element (for citing)
BOY	5872700	BOY
EOY	5373695	EOY

Other Assets Total OtherAssetsTotal

Field	Value	IRS element (for citing)
BOY	5193870	BOY
EOY	4222799	EOY

Total Assets TotalAssets

Field	Value	IRS element (for citing)
BOY	248464209	BOY
EOY	220712691	EOY

Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses

Field	Value	IRS element (for citing)
BOY	638847	BOY
EOY	638483	EOY

Mort Notes Pybl Secured Invest Prop MortNotesPyblSecuredInvestProp

Field	Value	IRS element (for citing)
BOY	26500000	BOY
EOY	19000000	EOY

Other Liabilities OtherLiabilities

Field	Value	IRS element (for citing)
BOY	202327415	BOY
EOY	180985587	EOY

Total Liabilities TotalLiabilities

Field	Value	IRS element (for citing)
BOY	229466262	BOY
EOY	200624070	EOY

Field	Value	IRS element (for citing)
Do Not Follow SFAS117	X	DoNotFollowSFAS117

Retained Earnings Endowment Etc RetainedEarningsEndowmentEtc

Field	Value	IRS element (for citing)
BOY	18997947	BOY
EOY	20088621	EOY

Total Net Assets Fund Balances TotalNetAssetsFundBalances

Field	Value	IRS element (for citing)
BOY	18997947	BOY
EOY	20088621	EOY

Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances

Field	Value	IRS element (for citing)
BOY	248464209	BOY
EOY	220712691	EOY

Field	Value	IRS element (for citing)
Reconcilation Revenue Expenses	1306477	ReconcilationRevenueExpenses
Reconciliation Unrealized Invest	-215803	ReconciliationUnrealizedInvest
Method Of Accounting Accrual	X	MethodOfAccountingAccrual
Accountant Compile Or Review	false	AccountantCompileOrReview
FS Audited	true	FSAudited

FS Audited Basis FSAuditedBasis

Field	Value	IRS element (for citing)
Financial Statement Separate	X	FinancialStatementSeparate

Field	Value	IRS element (for citing)
Audit Committee	true	AuditCommittee
Federal Grant Audit Required	false	FederalGrantAuditRequired

Schedule D IRS990ScheduleD

Field	Value	IRS element (for citing)
Included On FS	false	IncludedOnFS

Land Land

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	1242403	OtherCostOrOtherBasis
Book Value	1242403	BookValue

Buildings Buildings

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	6252216	OtherCostOrOtherBasis
Depreciation	2891006	Depreciation
Book Value	3361210	BookValue

Equipment Equipment

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	4997941	OtherCostOrOtherBasis
Depreciation	4227859	Depreciation
Book Value	770082	BookValue

Field	Value	IRS element (for citing)
Total Of Book Value Land Buildings	5373695	TotalOfBookValueLandBuildings

Other Securities OtherSecurities (2 entries)

DescriptionDescription
Financial derivatives and other financial products
Closely-held equity interests

Other Liabilities OtherLiabilities (3 entries)

DescriptionDescription	AmountAmount
Federal income taxes
Member Deposits	$180,873,483
Accrued Interest Payable	$112,104

Field	Value	IRS element (for citing)
Total Of Amounts	180985587	TotalOfAmounts

Schedule O IRS990ScheduleO

General Explanation GeneralExplanation (7 entries)

IdentifierIdentifier	Return ReferenceReturnReference	ExplanationExplanation
Form 990 Part VI	A 6	The Credit Union is owned by its member depositors.
Form 990 Part VI	A 7	The members elect the Board at the Annual Meeting and ratify its actions.
Form 990 Part VI	A 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	B 11	The Form 990 is reviewed by management prior to its filing and approved by the Board of Directors at its subsequent meeting.
Form 990 Part VI	B	The Supervisory Committee regularly monitors Board activity for possible conflicts of interest and activites prohibited by Rhode Island and Fderal Laws governing credit unions.
Form 990 Part VI	B 15	The CEOs salary is approved by the Board via written contractual agreement. Board and Committee compensation are approved by the members at the Annual Meeting.
Form 990 Part VI	C 19	Financial results are posted monthly at each branch office. Members may request copies of the Credit Unions policies at any time.