Ocean State Credit Union

Organization Overview

Ocean State Credit Union is located in Coventry, RI. The organization was established in 1994. 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 12/2021, Ocean State Credit Union employed 66 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ocean State 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 12/2021, Ocean State Credit Union generated $14.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.5% each year. All expenses for the organization totaled $11.2m during the year ending 12/2021. While expenses have increased by 0.7% per year over the past 7 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

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.

Describe the Organization's Program Activity:

Part 3 - Line 4a

INTEREST AND FEES ON LOANS AND INVESTMENTS ALLOW THE CREDIT UNION TO PROVIDE LOW COST FINANCIAL SERVICES TO ITS MEMBERS.


Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.

Board, Officers & Key Employees

Name (title)Compensation
David L Root
President/ceo
$330,000
Thomas Carroll
Mortgage Lending
$201,718
Ginnie Sosnicki
COO
$173,738
Claudia Flanagan
Consumer Lending
$106,603
Michael Airhart
Chairman
$15,600
William A Sheldon
Director
$12,600

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Fiserv
Software And Support
$723,156
State Of Rhode Island
Deposit Taxes
$133,424
United Health Care
Insurance
$382,239
Windstream
Internet Services
$154,147
D3 Logic Inc
Statement Preparation And Mailing
$198,699
View All Vendors

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$14,666,672
Investment income $236,836
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 $14,903,508

Create an account to unlock the data you need.

or