Rhode Island Credit Union
- Assets
- $346.2m
- Revenue
- $14.0m
- Investments
- $0.0
- Employees
- 76
- Location
- Providence, RI
- Founding
- 02/1988
- Data as of
- 12/2020
- EIN
- 05-0252335
Organization Overview
Rhode Island Credit Union is located in Providence, RI. The organization was established in 1988. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2020, Rhode Island Credit Union employed 76 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rhode Island Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2020, Rhode Island Credit Union generated $14.0m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 4.0% each year. All expenses for the organization totaled $13.2m during the year ending 12/2020. While expenses have increased by 3.6% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2020
Describe the Organization's Mission:
Part 3 - Line 1
RHODE ISLAND CREDIT UNION PROVIDES FINANCIAL SERVICES TO MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION PROVIDES FINANCIAL SERVICES TO ITS MEMBERS
THE CREDIT UNION PROVIDES FINANCIAL SERVICES TO ITS MEMBERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David B Suvall President/ceo | Officer | 40 | $214,642 |
Nancy L Zeppa Executive Vice President/coo | Officer | 40 | $162,031 |
Dana R Taglianetti Vice President/ Controller | Officer | 40 | $124,761 |
Maureen Jendzejec Vice President/ Credit | Officer | 40 | $123,925 |
Gina M Depalo Vice President Branch Admin/marketing | Officer | 40 | $114,089 |
Ernest A Deangelis Board Chair | Trustee | 5 | $20,400 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $13,959,766 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $13,959,766 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,182,727 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,564,629 |
| Pension plan accruals and contributions | $154,104 |
| Other employee benefits | $1,269,167 |
| Payroll taxes | $344,601 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $11,245 |
| Fees for services: Accounting | $122,121 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $220,450 |
| Office expenses | $1,580,045 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $906,425 |
| Travel | $37,540 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $581,460 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $589,734 |
| Insurance | $93,515 |
| All other expenses | $461,368 |
| Total functional expenses | $13,222,795 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,870,819 |
| Savings and temporary cash investments | $104,590,471 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $221,433,878 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,803,112 |
| Net Land, buildings, and equipment | $7,718,833 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $7,757,201 |
| Total assets | $346,174,314 |
| Accounts payable and accrued expenses | $3,662,020 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $311,016,707 |
| Total liabilities | $314,678,727 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $31,495,587 |
| Total liabilities and net assets/fund balances | $346,174,314 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Connecticut State Employees Credit Union Inc Hartford, CT | $1,930,928,418 | $44,722,545 |
Harvard University Employees Credit Union Cambridge, MA | $936,760,234 | $43,073,837 |
St Annes Credit Union Of Fall River Mass Fall River, MA | $1,017,134,867 | $37,686,213 |
Leominster Credit Union Leominster, MA | $758,422,591 | $30,838,004 |
St Marys Credit Union Inc Marlborough, MA | $948,989,211 | $32,685,266 |
Sikorsky Financial Credit Union Inc Stratford, CT | $949,372,007 | $32,836,740 |
Align Credit Union Lowell, MA | $692,602,330 | $28,709,871 |
Connex Credit Union Inc North Haven, CT | $713,889,738 | $30,667,343 |
Liberty Bay Credit Union Braintree, MA | $701,131,908 | $25,749,984 |
Greenwood Credit Union Inc Warwick, RI | $580,210,494 | $26,854,337 |
City Of Boston Credit Union Boston, MA | $455,973,829 | $23,155,829 |
Freedom Credit Union Springfield, MA | $496,730,711 | $24,911,225 |