2024-10-18T11:12:51-04:00 2023-12-31 472604526 MYSTIC ACCOUNTING GROUP LLP PO BOX 397 MYSTIC CT 06355 990 2023-01-01 050254228 GREENWOOD CREDIT UNION INC GREE 4017394600 2700 POST ROAD WARWICK RI 02886 ANDREW BROWN CFO 4015622700 2024-10-17 true true NANETTE A BANCROFT CPA P01315598 8605361040 2024-10-17 2023 2024-10-15 13:58:12Z X FREDERICK REINHARDT 2700 POST ROAD WARWICK RI 02886 43604859 false X WWW.GREENWOODCU.ORG X 1948 RI 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. 9 8 96 13371 0 33398438 41858409 1643569 1746450 0 35042007 43604859 0 0 7906522 8379632 0 0 18449554 31185950 26356076 39565582 8685931 4039277 792476276 868582162 721297579 794240866 71178697 74341296 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. false false 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. false false false false false false false true false true false false true true true true false false false false false false false false false false false false true false false false false false false false false false false false false false false true 17559 0 true 96 true true true false false false false false false false X 9 8 false false false false true true true true true false true true false true true true false true true true false X X ANDREW BROWN 4017394600 2700 POST ROAD WARWICK RI 02886 FREDERICK REINHARDT CEO 40.00 X 423239 0 32899 HOLLY FERRARA VP RETAIL LE 40.00 X 253925 0 29634 JENNIFER LAFRANCE COO 40.00 X 214860 0 30353 MARIANNE VARATTA SENIOR VP/DI 40.00 X X 221877 0 15452 ANDREW BROWN CFO 40.00 X 208492 0 10407 THERESA BROPHY SVP, HUMAN R 40.00 X 141580 0 26750 THOMAS AHERN CHAIRMAN/DIR 5.00 X X 38000 0 0 KAREN SD GRANDE ESQ VICE CHAIR/D 4.00 X X 26000 0 0 SANDRA POWELL BOARD SECRET 1.00 X X 24200 0 0 PHILIP SLOCUM TREASURER 1.00 X X 23600 0 0 BRIAN MCGUIRK DIRECTOR 1.00 X 16400 0 0 MICHAEL TIKOIAN DIRECTOR 1.00 X 15500 0 0 CARRIE BRIDGES FELIZ DIRECTOR 1.00 X 14300 0 0 ROSS NELSON DIRECTOR 1.00 X 10600 0 0 1632573 145495 7 false true false FISERV PO BOX 934057 ATLANTA GA 31193 SOFTWARE 1969274 BLUE CROSS PO BOX 1057 444 WESTMINSTER ST PROVIDENCE RI 02901 HEALTH INSURANC 951817 CYBERSTATE RESOURCES INC 63 BLEACHERY CT WARWICK RI 02886 IT SERVICES 384381 EW BURMAN INC 33 VERMONT AVE WARWICK RI 02888 GEN CONTRACTOR 258697 CITY OF WARWICK PO BOX 981027 BOSTON MA 02298 RE TAXES 231877 5 INTEREST ON LOANS 38523552 38523552 MEMBER SERVICE FEES 3094957 3094957 GAIN ON SALE OF LOANS 226529 226529 NONMEMBER ATM FEES 522100 13371 13371 41858409 1746450 1746450 43604859 41845038 13371 1746450 1313546 6267947 248906 55746 493487 164664 1047817 20262389 680689 OPERATIONS EXPENSE 4011120 DATA PROCESSING EXPENSE 3211293 CREDIT LOSSES PROVISION 1807978 39565582 0 0 0 6176841 7184205 10500000 13783000 684924292 755387408 2627419 3389744 23277785 9307371 13709514 13970414 8999477 7499792 16595913 14072636 48942820 53294963 792476276 868582162 3795886 3683752 1473701 1557879 716027992 788999235 721297579 794240866 X 71178697 74341296 71178697 74341296 792476276 868582162 X 4039277 -876678 X false true X true false false false 316913 316913 16508156 4058498 12449658 4615957 3980469 635488 1836759 1268404 568355 13970414 OTHER ASSETS 46175014 NCUA DEPOSIT 6379409 ASSETS HELD FOR SALE 740540 53294963 MEMBERS' SAVINGS ACCOUNTS 676256146 MEMBERS' SHARE ACCOUNTS 104306713 ADVANCES - FHLB 8436376 788999235 X 43604859 43604859 43604859 39565582 39565582 39565582 SCHEDULE D, PAGE 3, PART X 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. false false false FREDERICK REINHARDT CEO 345993 66446 10800 32899 456138 HOLLY FERRARA VP RETAIL LENDING 216428 36297 1200 29634 283559 JENNIFER LAFRANCE COO 188561 26299 30353 245213 MARIANNE VARATTA SENIOR VP/DIRECTOR 180709 31268 9900 15452 237329 ANDREW BROWN CFO 189599 18893 10407 218899 THERESA BROPHY SVP, HUMAN RESOURCES 122560 19020 26750 168330 SCHEDULE J, PART III A BUDGET FOR COMPANION TRAVEL TO CONFERENCES AND SEMINARS IS APPROVED BY THE MEMBERS EACH YEAR AT THE ANNUAL MEETING. 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.