OCEAN STATE CREDIT UNION: Form 990, tax year 2010

View the entire original 990 at ProPublica ↗

Organization: OCEAN STATE CREDIT UNION (EIN 05-0263842)
Tax period: 2010-01-01 to 2010-12-31
Filed: 2011-05-02
IRS object ID: 201111229349300606
Schema version: 2010v3.2
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	2011-05-02T10:43:34-00:00	Timestamp
Tax Period End Date	2010-12-31	TaxPeriodEndDate

Preparer Firm PreparerFirm

Preparer Firm Business Name PreparerFirmBusinessName

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

Preparer Firm US Address PreparerFirmUSAddress

Field	Value	IRS element (for citing)
Address Line1	225 Newman Avenue	AddressLine1
City	Rumford	City
State	RI	State
ZIP Code	02916	ZIPCode

Field	Value	IRS element (for citing)
Return Type	990	ReturnType
Tax Period Begin Date	2010-01-01	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	Rihard Walker	Name
Title	CFO	Title
Date Signed	2011-05-02	DateSigned
Authorize Third Party	true	AuthorizeThirdParty

Preparer Preparer

Field	Value	IRS element (for citing)
Name	David Root	Name
Phone	4012288770	Phone
Date Prepared	2011-05-02	DatePrepared
Self Employed	X	SelfEmployed

Field	Value	IRS element (for citing)
Tax Year	2010	TaxYear
Build TS	2016-03-07 17:11:31Z	BuildTS

Form 990 IRS990

Name Of Principal Officer Business NameOfPrincipalOfficerBusiness

Field	Value	IRS element (for citing)
Business Name Line1	Richard Walker	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	14893353	GrossReceipts
Group Return For Affiliates	false	GroupReturnForAffiliates
Group Exemption Number	0101	GroupExemptionNumber
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 realized from investment and loan activities enable the Credit Union to provide low cost financial services to its members. The Credit Union is a co-operative owned by its member depositors. Income realized 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	87	TotalNbrEmployees
Total Gross UBI	44311	TotalGrossUBI
Net Unrelated Business Txbl Income	-13318	NetUnrelatedBusinessTxblIncome
Contributions Grants Current Year	0	ContributionsGrantsCurrentYear
Program Service Revenue Prior Year	14722709	ProgramServiceRevenuePriorYear
Program Service Revenue CY	12953179	ProgramServiceRevenueCY
Investment Income Prior Year	1833175	InvestmentIncomePriorYear
Investment Income Current Year	1940174	InvestmentIncomeCurrentYear
Other Revenue Prior Year	1370	OtherRevenuePriorYear
Other Revenue Current Year	0	OtherRevenueCurrentYear
Total Revenue Prior Year	16557254	TotalRevenuePriorYear
Total Revenue Current Year	14893353	TotalRevenueCurrentYear
Grants And Similar Amnts CY	0	GrantsAndSimilarAmntsCY
Benefits Paid To Members CY	0	BenefitsPaidToMembersCY
Salaries Etc Prior Year	4588530	SalariesEtcPriorYear
Salaries Etc Current Year	4354386	SalariesEtcCurrentYear
Total Prof Fundrsng Exp CY	0	TotalProfFundrsngExpCY
Total Fundrsng Exp Current Year	0	TotalFundrsngExpCurrentYear
Other Expense Prior Year	11703826	OtherExpensePriorYear
Other Expenses Current Year	10161629	OtherExpensesCurrentYear
Total Expenses Prior Year	16292356	TotalExpensesPriorYear
Total Expenses Current Year	14516015	TotalExpensesCurrentYear
Revenues Less Expenses Prior Year	264898	RevenuesLessExpensesPriorYear
Revenues Less Expenses CY	377338	RevenuesLessExpensesCY
Total Assets BOY	264034338	TotalAssetsBOY
Total Assets EOY	254665737	TotalAssetsEOY
Total Liabilities BOY	246271709	TotalLiabilitiesBOY
Total Liabilities EOY	236040638	TotalLiabilitiesEOY
Net Assets Or Fund Balances BOY	17762629	NetAssetsOrFundBalancesBOY
Net Assets Or Fund Balances EOY	18625099	NetAssetsOrFundBalancesEOY
Mission Description	To provide low cost financial services to its member depositors	MissionDescription
Significant New Program Services	false	SignificantNewProgramServices
Significant Change	false	SignificantChange
Expense	14516015	Expense
Description	Interest and fees on loans and investments allow the Credit Union to provide low cost financial services to its member depositors	Description
Total Program Service Expense	14516015	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	true	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
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
Transaction Related Entity	false	TransactionRelatedEntity
Activities Conducted Partnership	false	ActivitiesConductedPartnership
Schedule O Required	true	ScheduleORequired
Info In Schedule O Part V	X	InfoInScheduleOPartV
Number Forms Transmitted With1096	14917	NumberFormsTransmittedWith1096
Number W2 G Included	0	NumberW2GIncluded
Compliance With Backup Witholding	true	ComplianceWithBackupWitholding
Number Of Employees	87	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
Form8886 T Filed	false	Form8886TFiled
Non Deductible Contributions	false	NonDeductibleContributions
Quid Pro Quo Contributions	false	QuidProQuoContributions
Form8282 Property Disposed Of	false	Form8282PropertyDisposedOf
Funds To Pay Premiums	false	FundsToPayPremiums
Premiums Paid	false	PremiumsPaid
Form8899 Filed	false	Form8899Filed
Form1098 C Filed	false	Form1098CFiled
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
Upon Request	X	UponRequest

The Books Are In Care Of TheBooksAreInCareOf

Field	Value	IRS element (for citing)
Name Person	Richard Walker	NamePerson
Telephone Number	4013971900	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 (14 entries)

TitleTitle	Average Hours Per WeekAverageHoursPerWeek	Individual Trustee Or DirectorIndividualTrusteeOrDirector	Reportable Comp From OrganizationReportableCompFromOrganization	Reportable Comp From Related OrgsReportableCompFromRelatedOrgs	Other CompensationOtherCompensation	OfficerOfficer	Key EmployeeKeyEmployee	Highest Compensated EmployeeHighestCompensatedEmployee
Roger J Laliberte
Chairman	002.00	X	9000	0	0
Michael D Airhart
Vice Chairman	002.00	X	8250	0	0
Thomas F Lacolle
Treasurer	002.00	X	8250	0	0
Bruce B Heckler
Secretary	002.00	X	9000	0	0
Leo R Blais
Director	002.00	X	7700	0	0
Robert H McGuire
Director	002.00	X	4200	0	0
Paul E Skaling
Director	002.00	X	8400	0	0
Richard Audet
Director	001.00	X	8400	0	0
William A Sheldon
Director	002.00	X	9000	0	0
Richard P Sullivan
Director	002.00	X	7700	0	0
Therese S Stafford
Director	002.00	X	8400	0	0
Richard Gingell
President	040.00		123600	0	0	X	X	X
James Rowe
Director	002.00	X	8400	0	0
Denise Warburton
Mortgage Originator	040.00		254972	0	0		X	X

Field	Value	IRS element (for citing)
Total Reportable Comp From Org	475272	TotalReportableCompFromOrg
Number Individuals GT100 K	2	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
Document Technologies
2220 Plainfield Pike	Cranston	RI	02921	Software	284763
National Grid
300 Erie Blvd West	Syracuse	NY	13202	Utilities	148274
Verizon
PO Box 1100	Albany	NY	12250	Utilities	254480
Open Solutions Inc
455 Winding Brook Road	Glastonbury	CT	06553	Operating Software	283702
Mutual Properties Inc
1 James Murphy Highway	West Warwick	RI	02893	Rent	146490

Field	Value	IRS element (for citing)
Number Of Contractors GT100 K	5	NumberOfContractorsGT100K

Program Service Revenue ProgramServiceRevenue (4 entries)

DescriptionDescription	Business CodeBusinessCode	Total Revenue ColumnTotalRevenueColumn	Related Or Exempt Function IncomeRelatedOrExemptFunctionIncome	Unrelated Business RevenueUnrelatedBusinessRevenue
Interest and Fees on Loans	522291	9536682	9536682
Other Fees and Charges	900099	2917597	2917597
Sale of Consumer Mortgages	522291	454589	454589
Rental income and insurance premiums	531120	44311		44311

Field	Value	IRS element (for citing)
Total Program Service Revenue	12953179	TotalProgramServiceRevenue

Investment Income InvestmentIncome

Field	Value	IRS element (for citing)
Total Revenue Column	1940174	TotalRevenueColumn
Related Or Exempt Function Income	1940174	RelatedOrExemptFunctionIncome

Total Revenue TotalRevenue

Field	Value	IRS element (for citing)
Total Revenue Column	14893353	TotalRevenueColumn
Related Or Exempt Function Income	14849042	RelatedOrExemptFunctionIncome
Unrelated Business Revenue	44311	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	122500	Total
Program Services	122500	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	3384914	Total
Program Services	3384914	ProgramServices

Pension Plan Contributions PensionPlanContributions

Field	Value	IRS element (for citing)
Total	210195	Total
Program Services	210195	ProgramServices

Other Employee Benefits OtherEmployeeBenefits

Field	Value	IRS element (for citing)
Total	342949	Total
Program Services	342949	ProgramServices

Payroll Taxes PayrollTaxes

Field	Value	IRS element (for citing)
Total	293828	Total
Program Services	293828	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	15842	Total
Program Services	15842	ProgramServices

Fees For Services Accounting FeesForServicesAccounting

Field	Value	IRS element (for citing)
Total	71356	Total
Program Services	71356	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	263322	Total
Program Services	263322	ProgramServices

Office Expenses OfficeExpenses

Field	Value	IRS element (for citing)
Total	430638	Total
Program Services	430638	ProgramServices

Information Technology InformationTechnology

Field	Value	IRS element (for citing)
Total	351996	Total
Program Services	351996	ProgramServices

Royalties Royalties

Field	Value	IRS element (for citing)
Total	0	Total

Occupancy Occupancy

Field	Value	IRS element (for citing)
Total	987955	Total
Program Services	987955	ProgramServices

Travel Travel

Field	Value	IRS element (for citing)
Total	45789	Total
Program Services	45789	ProgramServices

Travel Entrtnmnt Public Officials TravelEntrtnmntPublicOfficials

Field	Value	IRS element (for citing)
Total	0	Total

Conferences Meetings ConferencesMeetings

Field	Value	IRS element (for citing)
Total	16433	Total
Program Services	16433	ProgramServices

Interest Interest

Field	Value	IRS element (for citing)
Total	3458743	Total
Program Services	3458743	ProgramServices

Payments To Affiliates PaymentsToAffiliates

Field	Value	IRS element (for citing)
Total	0	Total

Depreciation Depletion DepreciationDepletion

Field	Value	IRS element (for citing)
Total	686689	Total
Program Services	686689	ProgramServices

Insurance Insurance

Field	Value	IRS element (for citing)
Total	96567	Total
Program Services	96567	ProgramServices

Other Expenses OtherExpenses (5 entries)

DescriptionDescription	TotalTotal	Program ServicesProgramServices
Allowance for Loan Losses	1123783	1123783
Other General Administrative	461274	461274
Loan Collection Expenses	321664	321664
Equipment Expenses	513599	513599
Professional Services	647215	647215

All Other Expenses AllOtherExpenses

Field	Value	IRS element (for citing)
Total	668764	Total
Program Services	668764	ProgramServices

Total Functional Expenses TotalFunctionalExpenses

Field	Value	IRS element (for citing)
Total	14516015	Total
Program Services	14516015	ProgramServices

Cash Non Interest Bearing CashNonInterestBearing

Field	Value	IRS element (for citing)
BOY	9718047	BOY
EOY	3705103	EOY

Savings And Temp Cash Investments SavingsAndTempCashInvestments

Field	Value	IRS element (for citing)
BOY	62930993	BOY
EOY	70683115	EOY

Accounts Receivable AccountsReceivable

Field	Value	IRS element (for citing)
BOY	179281917	BOY
EOY	169078889	EOY

Field	Value	IRS element (for citing)
Land Buildings Equipment Basis	12464596	LandBuildingsEquipmentBasis
Land Bldg Equipment Accum Deprec	6090217	LandBldgEquipmentAccumDeprec

Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet

Field	Value	IRS element (for citing)
BOY	6766983	BOY
EOY	6374379	EOY

Other Assets Total OtherAssetsTotal

Field	Value	IRS element (for citing)
BOY	5336398	BOY
EOY	4824251	EOY

Total Assets TotalAssets

Field	Value	IRS element (for citing)
BOY	264034338	BOY
EOY	254665737	EOY

Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses

Field	Value	IRS element (for citing)
BOY	268460	BOY
EOY	1078873	EOY

Mort Notes Pybl Secured Invest Prop MortNotesPyblSecuredInvestProp

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

Other Liabilities OtherLiabilities

Field	Value	IRS element (for citing)
BOY	219503249	BOY
EOY	208461765	EOY

Total Liabilities TotalLiabilities

Field	Value	IRS element (for citing)
BOY	246271709	BOY
EOY	236040638	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	17762629	BOY
EOY	18625099	EOY

Total Net Assets Fund Balances TotalNetAssetsFundBalances

Field	Value	IRS element (for citing)
BOY	17762629	BOY
EOY	18625099	EOY

Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances

Field	Value	IRS element (for citing)
BOY	264034338	BOY
EOY	254665737	EOY

Field	Value	IRS element (for citing)
Info In Schedule O Part XI	X	InfoInScheduleOPartXI
Reconcilation Revenue Expenses	377338	ReconcilationRevenueExpenses
Reconcilation Other Changes	485132	ReconcilationOtherChanges
Method Of Accounting Accrual	X	MethodOfAccountingAccrual
Accountant Compile Or Review	false	AccountantCompileOrReview
FS Audited	true	FSAudited
Audit Committee	true	AuditCommittee
Financial Statement Separate	X	FinancialStatementSeparate
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	1413908	OtherCostOrOtherBasis
Book Value	1413908	BookValue

Buildings Buildings

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	6292216	OtherCostOrOtherBasis
Depreciation	2719518	Depreciation
Book Value	3697217	BookValue

Equipment Equipment

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	4758472	OtherCostOrOtherBasis
Depreciation	3626343	Depreciation
Book Value	1263254	BookValue

Field	Value	IRS element (for citing)
Total Of Book Value Land Buildings	6374379	TotalOfBookValueLandBuildings

Other Liabilities OtherLiabilities (2 entries)

DescriptionDescription	AmountAmount
Member Deposits	$208,242,529
Accrued Interest Payable	$219,236

Field	Value	IRS element (for citing)
Total Of Amounts	208461765	TotalOfAmounts
Total Revenue	14893353	TotalRevenue
Total Expenses	14516015	TotalExpenses
Excess Or Deficit For Year	377338	ExcessOrDeficitForYear
Excess Or Deficit Per FS	377338	ExcessOrDeficitPerFS
Tot Revenue Etc Audited Fincl Stmt	14893353	TotRevenueEtcAuditedFinclStmt
Revenue Subtotal	14893353	RevenueSubtotal
Total Revenue Per Form990	14893353	TotalRevenuePerForm990
Tot Expenses Etc Audited Fincl Stmt	14516015	TotExpensesEtcAuditedFinclStmt
Expenses Subtotal	14516015	ExpensesSubtotal
Total Expenses Per Form990	14516015	TotalExpensesPerForm990

Schedule O IRS990ScheduleO

General Explanation GeneralExplanation (9 entries)

IdentifierIdentifier	Return ReferenceReturnReference	ExplanationExplanation
Form 990 Part V	6	The Credit Union is owned by its member depositors.
Form 990 Part VI	7	The members elect the Board of Directors at the Annual meeting and ratify its actions.
Form 990 Part VI	11	The Form 990 is reviewed by management prior to its filing and is provided to members of the Board of Directors at its subsequent meeting.
Form 990 Part VI	12	The Supervisory Committee regulatly monitors avtivities of the Board of Directors for possible conflicts of interest and activities prohibited by Rhode Island General Law governing Credit Union.s
Form 990 Part VI	14	The Credit Union has a record retention policy that complies with regulations promulgated by the National Credit Union Adminstration.
Form 990 Part VI	15a	Officers salaries are approved by the Board of Directors.
Form 990 Part VI	15b	Fees paid to members of the Board of Directors are approved by the members at the Annual Meeting.
Form 990 Part VI	19	Financial results are posted monthly at each branch. Members may request copies of Credit Union policy if they so request.
Form 990 Part XI	5	Represents decrease in the unrealized loss on investments classified as available for sale.