GREENWOOD CREDIT UNION INC: Form 990, tax year 2023
View the entire original 990 at ProPublica ↗
- Organization
- GREENWOOD CREDIT UNION INC (EIN 05-0254228)
- Tax period
- 2023-01-01 to 2023-12-31
- Filed
- 2024-10-18
- IRS object ID
- 202412929349300321
- Schema version
- 2023v5.0
- 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 | 2024-10-18T11:12:51-04:00 | ReturnTs |
| Tax Period End | 2023-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 472604526 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MYSTIC ACCOUNTING GROUP LLP | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | PO BOX 397 | AddressLine1Txt |
| City | MYSTIC | CityNm |
| State Abbreviation | CT | StateAbbreviationCd |
| ZIP | 06355 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2023-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 050254228 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | GREENWOOD CREDIT UNION INC | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | GREE | BusinessNameControlTxt |
| Phone | 4017394600 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 2700 POST ROAD | AddressLine1Txt |
| City | WARWICK | CityNm |
| State Abbreviation | RI | StateAbbreviationCd |
| ZIP | 02886 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | ANDREW BROWN | PersonNm |
| Person Title | CFO | PersonTitleTxt |
| Phone | 4015622700 | PhoneNum |
| Signature | 2024-10-17 | SignatureDt |
| Discuss With Paid Preparer | Yes (true) | DiscussWithPaidPreparerInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRS Responsible Prty Info Curr | Yes (true) | IRSResponsiblePrtyInfoCurrInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | NANETTE A BANCROFT CPA | PreparerPersonNm |
| PTIN | P01315598 | PTIN |
| Phone | 8605361040 | PhoneNum |
| Preparation | 2024-10-17 | PreparationDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2023 | TaxYr |
| Build TS | 2024-10-15 13:58:12Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Change | Yes (X) | AddressChangeInd |
| Principal Officer | FREDERICK REINHARDT | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 2700 POST ROAD | AddressLine1Txt |
| City | WARWICK | CityNm |
| State Abbreviation | RI | StateAbbreviationCd |
| ZIP | 02886 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $43,604,859 | GrossReceiptsAmt |
| Group Return For Affiliates | false | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | WWW.GREENWOODCU.ORG | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1948 | FormationYr |
| Legal Domicile State | RI | LegalDomicileStateCd |
| Activity Or Mission | THE CREDIT UNION IS AN ASSOCIATION OWNED BY ITS MEMBER DEPOSITORS. INTEREST INCOME FROM LOANS AND INVESTMENTS ALLOW THE CREDIT UNION TO PROVIDE LOW COST FINANCIAL SERVICES TO ITS MEMBERS. | ActivityOrMissionDesc |
| Voting Members Governing Body | 9 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 8 | VotingMembersIndependentCnt |
| Total Employee | 96 | TotalEmployeeCnt |
| Total Gross UBI | $13,371 | TotalGrossUBIAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $33,398,438 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $41,858,409 | CYProgramServiceRevenueAmt |
| PY Investment Income | $1,643,569 | PYInvestmentIncomeAmt |
| CY Investment Income | $1,746,450 | CYInvestmentIncomeAmt |
| CY Other Revenue | $0 | CYOtherRevenueAmt |
| PY Total Revenue | $35,042,007 | PYTotalRevenueAmt |
| CY Total Revenue | $43,604,859 | CYTotalRevenueAmt |
| CY Grants And Similar Paid | $0 | CYGrantsAndSimilarPaidAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $7,906,522 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $8,379,632 | CYSalariesCompEmpBnftPaidAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $18,449,554 | PYOtherExpensesAmt |
| CY Other Expenses | $31,185,950 | CYOtherExpensesAmt |
| PY Total Expenses | $26,356,076 | PYTotalExpensesAmt |
| CY Total Expenses | $39,565,582 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $8,685,931 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $4,039,277 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $792,476,276 | TotalAssetsBOYAmt |
| Total Assets EOY | $868,582,162 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $721,297,579 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $794,240,866 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $71,178,697 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $74,341,296 | NetAssetsOrFundBalancesEOYAmt |
| Mission | THE CREDIT UNION IS AN ASSOCIATION OWNED BY ITS MEMBER DEPOSITORS. INTEREST INCOME FROM LOANS AND INVESTMENTS ALLOW THE CREDIT UNION TO PROVIDE LOW COST FINANCIAL SERVICES TO ITS MEMBERS. | MissionDesc |
| Significant New Program Srvc | false | SignificantNewProgramSrvcInd |
| Significant Change | false | SignificantChangeInd |
| Desc | INVESTMENT INCOME FROM LOANS AND INVESTMENTS PROVIDE FUNDS NECESSARY TO PROVIDE LOW COST FINANCIAL PRODUCTS TO MEMBER OWNERS. AT DECEMBER 31, 2023, THE CREDIT UNION HAD 90,681 SHARE/DEPOSIT ACCOUNTS AND 42,053 LOAN ACCOUNTS. | Desc |
| 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 | Yes (true) | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | false | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (true) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | false | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | false | ReportProgramRelatedInvstInd |
| Report Other Assets | Yes (true) | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (true) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (true) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | Yes (true) | 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 | Yes (true) | ScheduleJRequiredInd |
| Tax Exempt Bonds | false | TaxExemptBondsInd |
| 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 With35 Ctrl Ent | false | BusinessRlnWith35CtrlEntInd |
| 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 | 17559 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (true) | BackupWthldComplianceInd |
| Employee | 96 | 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 |
| Indoor Tanning Services | false | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | false | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | false | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 9 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 8 | 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 | false | 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 |
| Other Website | Yes (X) | OtherWebsiteInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | ANDREW BROWN | PersonNm |
| Phone | 4017394600 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 2700 POST ROAD | AddressLine1Txt |
| City | WARWICK | CityNm |
| State Abbreviation | RI | StateAbbreviationCd |
| ZIP | 02886 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (14 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | OfficerOfficerInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | Highest Compensated EmployeeHighestCompensatedEmployeeInd | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd |
|---|---|---|---|---|---|---|---|
| FREDERICK REINHARDT | |||||||
| CEO | 40.00 | Yes (X) | $423,239 | $0 | $32,899 | ||
| HOLLY FERRARA | |||||||
| VP RETAIL LE | 40.00 | $253,925 | $0 | $29,634 | Yes (X) | ||
| JENNIFER LAFRANCE | |||||||
| COO | 40.00 | Yes (X) | $214,860 | $0 | $30,353 | ||
| MARIANNE VARATTA | |||||||
| SENIOR VP/DI | 40.00 | Yes (X) | $221,877 | $0 | $15,452 | Yes (X) | |
| ANDREW BROWN | |||||||
| CFO | 40.00 | Yes (X) | $208,492 | $0 | $10,407 | ||
| THERESA BROPHY | |||||||
| SVP, HUMAN R | 40.00 | $141,580 | $0 | $26,750 | Yes (X) | ||
| THOMAS AHERN | |||||||
| CHAIRMAN/DIR | 5.00 | Yes (X) | $38,000 | $0 | $0 | Yes (X) | |
| KAREN SD GRANDE ESQ | |||||||
| VICE CHAIR/D | 4.00 | Yes (X) | $26,000 | $0 | $0 | Yes (X) | |
| SANDRA POWELL | |||||||
| BOARD SECRET | 1.00 | Yes (X) | $24,200 | $0 | $0 | Yes (X) | |
| PHILIP SLOCUM | |||||||
| TREASURER | 1.00 | Yes (X) | $23,600 | $0 | $0 | Yes (X) | |
| BRIAN MCGUIRK | |||||||
| DIRECTOR | 1.00 | $16,400 | $0 | $0 | Yes (X) | ||
| MICHAEL TIKOIAN | |||||||
| DIRECTOR | 1.00 | $15,500 | $0 | $0 | Yes (X) | ||
| CARRIE BRIDGES FELIZ | |||||||
| DIRECTOR | 1.00 | $14,300 | $0 | $0 | Yes (X) | ||
| ROSS NELSON | |||||||
| DIRECTOR | 1.00 | $10,600 | $0 | $0 | Yes (X) | ||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $1,632,573 | TotalReportableCompFromOrgAmt |
| Total Other Compensation | $145,495 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 7 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | false | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (true) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | false | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (5 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt | Address Line2ContractorAddress/USAddress/AddressLine2Txt |
|---|---|---|---|---|---|---|
| FISERV | ||||||
| PO BOX 934057 | ATLANTA | GA | 31193 | SOFTWARE | $1,969,274 | |
| BLUE CROSS | ||||||
| PO BOX 1057 | PROVIDENCE | RI | 02901 | HEALTH INSURANC | $951,817 | 444 WESTMINSTER ST |
| CYBERSTATE RESOURCES INC | ||||||
| 63 BLEACHERY CT | WARWICK | RI | 02886 | IT SERVICES | $384,381 | |
| EW BURMAN INC | ||||||
| 33 VERMONT AVE | WARWICK | RI | 02888 | GEN CONTRACTOR | $258,697 | |
| CITY OF WARWICK | ||||||
| PO BOX 981027 | BOSTON | MA | 02298 | RE TAXES | $231,877 | |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 5 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp (4 entries)
| DescDesc | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt | BusinessBusinessCd | Unrelated Business RevenueUnrelatedBusinessRevenueAmt |
|---|---|---|---|---|
| INTEREST ON LOANS | $38,523,552 | $38,523,552 | ||
| MEMBER SERVICE FEES | $3,094,957 | $3,094,957 | ||
| GAIN ON SALE OF LOANS | $226,529 | $226,529 | ||
| NONMEMBER ATM FEES | $13,371 | 522100 | $13,371 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $41,858,409 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $1,746,450 | TotalRevenueColumnAmt |
| Exclusion | $1,746,450 | ExclusionAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $43,604,859 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $41,845,038 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $13,371 | UnrelatedBusinessRevenueAmt |
| Exclusion | $1,746,450 | ExclusionAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,313,546 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $6,267,947 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $248,906 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $55,746 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $493,487 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $164,664 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,047,817 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $20,262,389 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $680,689 | TotalAmt |
Other Expenses OtherExpensesGrp (3 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| OPERATIONS EXPENSE | $4,011,120 |
| DATA PROCESSING EXPENSE | $3,211,293 |
| CREDIT LOSSES PROVISION | $1,807,978 |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $39,565,582 | TotalAmt |
| Program Services | $0 | ProgramServicesAmt |
| Management And General | $0 | ManagementAndGeneralAmt |
| Fundraising | $0 | FundraisingAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $6,176,841 | BOYAmt |
| EOY | $7,184,205 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $10,500,000 | BOYAmt |
| EOY | $13,783,000 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $684,924,292 | BOYAmt |
| EOY | $755,387,408 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,627,419 | BOYAmt |
| EOY | $3,389,744 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $23,277,785 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $9,307,371 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $13,709,514 | BOYAmt |
| EOY | $13,970,414 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $8,999,477 | BOYAmt |
| EOY | $7,499,792 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $16,595,913 | BOYAmt |
| EOY | $14,072,636 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $48,942,820 | BOYAmt |
| EOY | $53,294,963 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $792,476,276 | BOYAmt |
| EOY | $868,582,162 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $3,795,886 | BOYAmt |
| EOY | $3,683,752 | EOYAmt |
Escrow Account Liability EscrowAccountLiabilityGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,473,701 | BOYAmt |
| EOY | $1,557,879 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $716,027,992 | BOYAmt |
| EOY | $788,999,235 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $721,297,579 | BOYAmt |
| EOY | $794,240,866 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Org Does Not Follow FASB117 | Yes (X) | OrgDoesNotFollowFASB117Ind |
Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $71,178,697 | BOYAmt |
| EOY | $74,341,296 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $71,178,697 | BOYAmt |
| EOY | $74,341,296 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $792,476,276 | BOYAmt |
| EOY | $868,582,162 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | $4,039,277 | ReconcilationRevenueExpnssAmt |
| Other Changes In Net Assets | -$876,678 | 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) |
|---|---|---|
| Agent Trustee Etc | false | AgentTrusteeEtcInd |
| Incl Escrow Custodial Acct Liab | false | InclEscrowCustodialAcctLiabInd |
Land LandGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Cost Or Other Basis | $316,913 | InvestmentCostOrOtherBasisAmt |
| Book Value | $316,913 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Cost Or Other Basis | $16,508,156 | InvestmentCostOrOtherBasisAmt |
| Depreciation | $4,058,498 | DepreciationAmt |
| Book Value | $12,449,658 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Cost Or Other Basis | $4,615,957 | InvestmentCostOrOtherBasisAmt |
| Depreciation | $3,980,469 | DepreciationAmt |
| Book Value | $635,488 | BookValueAmt |
Other Land Buildings OtherLandBuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Cost Or Other Basis | $1,836,759 | InvestmentCostOrOtherBasisAmt |
| Depreciation | $1,268,404 | DepreciationAmt |
| Book Value | $568,355 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $13,970,414 | TotalBookValueLandBuildingsAmt |
Other Assets Org OtherAssetsOrgGrp (3 entries)
| DescDesc | Book ValueBookValueAmt |
|---|---|
| OTHER ASSETS | $46,175,014 |
| NCUA DEPOSIT | $6,379,409 |
| ASSETS HELD FOR SALE | $740,540 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Other Assets | $53,294,963 | TotalBookValueOtherAssetsAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp (3 entries)
| DescDesc | AmtAmt |
|---|---|
| MEMBERS' SAVINGS ACCOUNTS | $676,256,146 |
| MEMBERS' SHARE ACCOUNTS | $104,306,713 |
| ADVANCES - FHLB | $8,436,376 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $788,999,235 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
| Total Rev Etc Audited Fincl Stmt | $43,604,859 | TotalRevEtcAuditedFinclStmtAmt |
| Revenue Subtotal | $43,604,859 | RevenueSubtotalAmt |
| Total Revenue Per Form990 | $43,604,859 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $39,565,582 | TotExpnsEtcAuditedFinclStmtAmt |
| Expenses Subtotal | $39,565,582 | ExpensesSubtotalAmt |
| Total Expenses Per Form990 | $39,565,582 | TotalExpensesPerForm990Amt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | SCHEDULE D, PAGE 3, PART X | FormAndLineReferenceDesc |
| Explanation | THE ORGANIZATION HAS ADOPTED THE PROVISIONS OF FASB, ACCOUNTING STANDARDS CODIFICATION 740, INCOME TAXES (740). ASC 740 REQUIRES THAT A TAX POSITION BE RECOGNIZED OR DERECOGNIZED BASED ON A "MORE-LIKELY-THAN-NOT" THRESHOLD. THIS APPLIES TO POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE ORGANIZATION DOES NOT BELIEVE ITS FINANCIAL STATMENTS INCLUDE, OR REFLECT, ANY UNCERTAIN TAX POSITION. TAX YEARS FROM DECEMBER 31, 2019 THROUGH THE CURRENT YEAR REMAIN OPEN FOR EXAMINATION BY THE FEDERAL AND STATE TAX AUTHORITIES. | ExplanationTxt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Severance Payment | false | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | false | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | false | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (6 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt |
|---|---|---|---|---|---|---|
| FREDERICK REINHARDT | ||||||
| CEO | $345,993 | $66,446 | $10,800 | $32,899 | $456,138 | |
| HOLLY FERRARA | ||||||
| VP RETAIL LENDING | $216,428 | $36,297 | $1,200 | $29,634 | $283,559 | |
| JENNIFER LAFRANCE | ||||||
| COO | $188,561 | $26,299 | $30,353 | $245,213 | ||
| MARIANNE VARATTA | ||||||
| SENIOR VP/DIRECTOR | $180,709 | $31,268 | $9,900 | $237,329 | $15,452 | |
| ANDREW BROWN | ||||||
| CFO | $189,599 | $18,893 | $10,407 | $218,899 | ||
| THERESA BROPHY | ||||||
| SVP, HUMAN RESOURCES | $122,560 | $19,020 | $26,750 | $168,330 | ||
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | SCHEDULE J, PART III | FormAndLineReferenceDesc |
| Explanation | A BUDGET FOR COMPANION TRAVEL TO CONFERENCES AND SEMINARS IS APPROVED BY THE MEMBERS EACH YEAR AT THE ANNUAL MEETING. | ExplanationTxt |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (9 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PAGE 6, PART VI, LINE 6 | THE CREDIT UNION IS OWNED BY ITS MEMEBER DEPOSITORS. |
| FORM 990, PAGE 6, PART VI, LINE 7A | THE BOARD MEMBERS ARE ELECTED DURING ANNUAL MEETINGS FOR THE TERM OF 3 YEARS. VACANCY OCCURING BETWEN ANNUAL MEETINGS IS FILLED BY THE VOTE OF THE MAJORITY OF THE DIRECTORS. DIRECTORS SO APPOINTED HOLD OFFICE UNTIL NEXT ANNUAL MEETING. THE BOARD ELECTS A CHAIRPERSON, A PRESIDENT AND A VICE- PRESIDENT. |
| FORM 990, PAGE 6, PART VI, LINE 7B | MEMBERS VOTE FOR BOARD OF DIRECTORS AND ON CERTAIN MATTERS PRESENTED AT THE ANNUAL MEETING OF THE CREDIT UNION |
| FORM 990, PAGE 6, PART VI, LINE 11B | FORM 990 IS PROVIDED TO MANAGEMENT FOR APPROVAL PRIOR TO SUBMISSION. THE BOARD OF DIRECTORS MAY REVIEW THE FORM 990 AT THE MEETING SUBSEQUENT TO THE FILING DATE. |
| FORM 990, PAGE 6, PART VI, LINE 12C | THE SUPERVISORY COMMITTEE MONITORS THE BOARD OF DIRECTORS TO ASSURE COMPLIANCE WITH CREDIT UNION POLICY AND ADHERENCE TO RHODE ISLAND GENERAL LAW GOVERNING CREDIT UNION OPERATIONS. |
| FORM 990, PAGE 6, PART VI, LINE 15A | THE BOARD APPROVES ANNUALLY THE COMPENSATION AWARDED TO THE CEO OF THE CREDIT UNION. |
| FORM 990, PAGE 6, PART VI, LINE 15B | THE BOARD APPROVES ANNUALLY THE COMPENSATION AWARDED TO THE CEO OF THE CREDIT UNION. OFFICERS AND KEY EMPLOYEE COMPENSATION IS DRIVEN BY THE BUDGET WITH THE CEO'S INPUT. |
| FORM 990, PAGE 6, PART VI, LINE 19 | THE CREDIT UNION'S FINANCIAL RESULTS ARE POSTED AT THE BRANCH ON A MONTHLY BASIS. POLICIES ARE AVAILABLE TO MEMBERS UPON REQUEST. |
| FORM 990, PART XI, LINE 9 | CECL IMPLEMENTATION -876,678 DURING THE 2023 PERIOD, THE CREDIT UNION IMPLEMENTED ASU 2016-13, CECL, AND MADE A ONE-TIME ADJUSTMENT OF (-876,678) TO UNDIVIDED EARNINGS. |
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