2024-11-06T13:38:40-06:00 2023-12-31 042689883 WOLF & COMPANY PC 255 STATE STREET BOSTON MA 02109 990 2023-01-01 050197075 COASTAL1 CREDIT UNION COAS 4017222212 1200 CENTRAL AVENUE PAWTUCKET RI 02861 BRIAN AZAR PRESIDENT/CEO 4017222212 2024-10-22 1 0 KAREN S NG P01067482 6174399700 2024-10-22 2023 2024-10-15 13:58:12Z BRIAN AZAR 1200 CENTRAL AVENUE PAWTUCKET RI 02861 143570373 0 X WWW.COASTAL1.ORG X 1928 RI COASTAL1 CREDIT UNION IS ORGANIZED FOR THE BENEFIT OF ITS MEMBERS. THE CREDIT UNION IS COMMITTED TO SERVING THE FINANCIAL NEEDS OF ITS MEMBERS. 11 0 342 0 450094 199740 0 0 88021324 114007298 5132208 10382661 12403668 12740816 105557200 137130775 193799 128011 0 0 28324650 30629194 0 0 0 45316607 92241919 73835056 122999124 31722144 14131651 3132689831 3322745503 2826020503 3004574068 306669328 318171435 COASTAL1 CREDIT UNION IS A COOPERATIVE FINANCIAL INSTITUTION ORGANIZED AS A CREDIT UNION FOR THE BENEFIT OF ITS MEMBERS. THE CREDIT UNION IS COMMITTED TO SERVING THE FINANCIAL NEEDS OF ITS MEMBERS TO HELP THEM ATTAIN THEIR FINANCIAL GOALS. 0 0 THE CREDIT UNION IS DEDICATED TO SERVING ITS MEMBERS. THE CREDIT UNION HAD LOANS TOTALING $2,932,303,594 DUE FROM MEMBERS AND MEMBER DEPOSIT ACCOUNTS TOTALING $2,433,213,331 AT DECEMBER 31, 2023. IN ADDITION, SAFE DEPOSIT FEES OF $121,163 WERE RECEIVED FROM MEMBERS FOR RENTALS IN 2023. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 48968 0 1 342 1 1 1 0 0 0 0 0 0 0 X 11 0 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X VALERIE J PIMENTA 4017294010 1200 CENTRAL AVENUE PAWTUCKET RI 02861 DR FRANK P CASARELLA DIRECTOR 5.00 X 28000 0 0 JOHN B RICHER JR TREASURER 7.00 X X 60500 0 0 KARL A KOZAK DIRECTOR (ENDED 10/2023) 5.00 X 23039 0 0 KEVIN TRACEY DIRECTOR 5.00 X 34570 0 0 LAWRENCE J MONASTESSE DIRECTOR 5.00 X 28000 0 0 LINDA C MOFFAT DIRECTOR 5.00 X 28000 0 0 LYNN AM WEINSTEIN VICE CHAIRMAN 7.00 X X 63000 0 0 MARIO CARLUCCI DIRECTOR 5.00 X 28000 0 0 PAUL F LEFEBVRE SECRETARY 7.00 X X 60500 0 0 RICHARD H LECLERC DIRECTOR 5.00 X 28000 0 0 RONALD W LECLAIR CHAIRMAN 12.00 X X 84000 0 0 JOHN Z LUO MD DIRECTOR (AS OF 10/2023) 5.00 X 14667 0 0 BRIAN AZAR PRESIDENT/CEO 40.00 X 720877 0 46229 VALERIE J PIMENTA EVP/CFO 40.00 X 368669 0 36779 DONNA GREGSON EVP RETAIL 40.00 X 317068 0 46856 TIMOTHY M JERMAIN EVP/COO 40.00 X 269079 0 29933 JEFFREY KOLARIK SVP/CIO 40.00 X 314028 0 39656 KEVIN FARRELL SVP/COMMERCIAL LENDING 40.00 X 330228 0 48447 MARK MCLAUGHLIN VP/MORTGAGE ORIGINATION 40.00 X 364909 0 47881 PATRICIA WEBB SVP/RESIDENTAL & RETAIL LENDING 40.00 X 310365 0 33349 ROBERT GOTTI SVP/BUSINESS DEVELOPMENT 40.00 X 308754 0 48717 3784253 0 377847 49 0 1 0 KEVIN P LEARY DBA KEVINLEARYNET LLC 25 HIGH ST MEDFIELD MA 02052 WEB DESIGN 122000 1 REAL ESTATE LOAN 522100 63583877 63583877 VEHICLE & BOAT LOANS 522100 38810613 38810613 EQUITY LINE INCOME 522100 8700824 8700824 2ND MTG LOAN INC 522100 1997524 1997524 CONSUMER LOAN INC 522100 914460 914460 114007298 9820178 9820178 18200 13585 0 -13585 18200 4615 18200 -13585 6988496 6426013 562483 562483 162368 400115 OTHER FEES 522100 5074284 4927382 146902 DEPOSIT ACCOUNT FEES 522100 4898248 4898248 OTHER REVENUE 522100 1839697 1685288 154409 923972 923972 12736201 137130775 126460388 450094 10220293 84011 44000 2155969 20205196 1670452 4794629 1802948 106702 147000 831947 1509780 3457313 5803003 3329091 337755 66744239 2301421 207993 FEDERAL INCOME TAX 9239 PROVISION FOR LOAN LOSS 2859758 DEPOSIT TAX 1541317 MORTGAGE & LOAN FEE EXP 1081889 1973472 122999124 14760471 14766931 73386129 79960417 26368449 26661372 2710444920 2889814717 2400881 2309613 63581597 34345821 28722703 29235776 232903827 233471651 43702451 46525026 3132689831 3322745503 14510984 19579318 7065305 6526535 2804444214 2978468215 2826020503 3004574068 X 0 0 0 0 306669328 318171435 306669328 318171435 3132689831 3322745503 X 14131651 2299077 -4928621 X X 0 1 X 1 0 0 1 X 9724418 9724418 23659351 11756137 11903214 829921 446961 382960 22091991 18013376 4078615 7275916 4129347 3146569 29235776 SHARE ACCOUNTS 410977062 MONEY MARKET ACCOUNTS 375603100 TREASURY TRACKER 1201881 SHARE DRAFTS 149275367 CLUBS 806195 CERTIFICATES OF DEPOSIT 1180843929 RETIREMENT ACCOUNTS 126789453 FEDERAL HOME LN BANK BORROWING 545254885 INTEREST BEARING CHECKING 184889801 OTHER DEPOSITS 2826542 2978468215 137144360 0 137144360 -13585 -13585 137130775 123012709 13585 13585 122999124 0 122999124 PART IV, LINE 2B: THE CREDIT UNION HOLDS IN ESCROW FUNDS TO PAY INSURANCE AND TAXES FOR ITS MEMBERS. PART XI, LINE 4B - OTHER ADJUSTMENTS: RECLASS RENT EXPENSE -13,585. PART XII, LINE 2D - OTHER ADJUSTMENTS: RECLASS RENT EXPENSE 13,585. 1 PAWTUCKET CENTRAL FALLS DEVELOPMENT 204 BROAD STREET PAWTUCKET RI 02860 223241611 501(C)(3) 12000 0 CHARITABLE CONTRIBUTIONS SAINT RAPHAEL ACADEMY 123 WALCOTT STREET PAWTUCKET RI 02860 050259066 501(C)(3) 30000 0 CHARITABLE CONTRIBUTIONS YMCA OF PAWTUCKET 8 SUMMER STREET PAWTUCKET RI 02860 050259114 501(C)(3) 8500 0 CHARITABLE CONTRIBUTIONS THE LEARNING COMMUNITY PUBLIC CHARTER SCHOOL 21 LINCOLN AVENUE CENTRAL FALLS RI 02863 470942849 501(C)(3) 10000 0 CHARITABLE CONTRIBUTIONS 4 SCHOLARSHIPS 22 44000 PART I, LINE 2: SCHOLARSHIP CANDIDATES SUBMIT AN APPLICATION AND ESSAY TO THE CREDIT UNION. THE SCHOLARSHIP COMMITTEE, A GROUP OF SIX OFFICERS, REVIEWS EACH SUBMISSION AND BASED ON THE REVIEW, SELECTS A SET OF RECIPIENTS. X 0 1 X X X X 0 0 0 BRIAN AZAR PRESIDENT/CEO 571770 0 132750 0 16357 0 22597 0 23632 0 767106 0 0 0 MARK MCLAUGHLIN VP/MORTGAGE ORIGINATION 73056 0 290143 0 1710 0 23464 0 24417 0 412790 0 0 0 VALERIE J PIMENTA EVP/CFO 285857 0 74666 0 8146 0 26400 0 10379 0 405448 0 0 0 KEVIN FARRELL SVP/COMMERCIAL LENDING 269218 0 58172 0 2838 0 24813 0 23634 0 378675 0 0 0 DONNA GREGSON EVP RETAIL 244172 0 64243 0 8653 0 23151 0 23705 0 363924 0 0 0 ROBERT GOTTI SVP/BUSINESS DEVELOPMENT 249376 0 54938 0 4440 0 24514 0 24203 0 357471 0 0 0 JEFFREY KOLARIK SVP/CIO 294573 0 15769 0 3686 0 18001 0 21655 0 353684 0 0 0 PATRICIA WEBB SVP/RESIDENTAL & RETAIL LENDING 253909 0 54938 0 1518 0 23013 0 10336 0 343714 0 0 0 TIMOTHY M JERMAIN EVP/COO 171135 0 93357 0 4587 0 18470 0 11463 0 299012 0 0 0 PART I, LINE 1B THE CREDIT UNION PAYS FOR PERSONAL COUNTRY CLUB MEMBERSHIPS FOR THE SVP/COMMERCIAL LENDING AND FOR THE CEO PER HIS EMPLOYMENT AGREEMENT. PAUL CAPPELLO EMPLOYEE SPLIT DOLLAR LOAN X 2253075 3234972 0 1 1 TIMOTHY JERMAIN EMPLOYEE SPLIT DOLLAR LOAN X 3450316 4462470 0 1 1 DONNA GREGSON EMPLOYEE SPLIT DOLLAR LOAN X 3460000 3824169 0 1 1 VALERIE PIMENTA EMPLOYEE SPLIT DOLLAR LOAN X 3175000 3509172 0 1 1 GEORGE CHARETTE EMPLOYEE SPLIT DOLLAR LOAN X 5975884 6838420 0 1 1 BRIAN AZAR EMPLOYEE SPLIT DOLLAR LOAN X 4585000 4792169 0 1 1 26661372 SCHEDULE L PART II SOME OF THE OFFICERS AND DIRECTORS HAVE LOANS OUTSTANDING FROM THECREDIT UNION. THESE LOANS WERE OBTAINED IN THE ORDINARY COURSE OFBUSINESS OF THE CREDIT UNION ON THE SAME TERMS AVAILABLE TO ALLMEMBERS. BASED ON THE SCHEDULE L INSTRUCTIONS, THESE LOANS ARE NOTDISCLOSED. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS A MEMBER-ONLY FINANCIAL INSTITUTION. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS VOTE FOR THE BOARD OF DIRECTORS AT THE ANNUAL MEETING. THE MEMBERS ALSO VOTE ON ALL BUSINESS THAT IS PRESENTED AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS VOTE FOR THE BOARD OF DIRECTORS AT THE ANNUAL MEETING. THE MEMBERS ALSO VOTE ON ALL BUSINESS THAT IS PRESENTED AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS MADE AVAILABLE TO ALL BOARD MEMBERS FOR REVIEW PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C EACH MEMBER OF THE BOARD OF DIRECTORS REVIEWS AND SIGNS THE BOARD GOVERNANCE/ETHICS POLICY IN APRIL OF EACH YEAR. THIS POLICY INCLUDES CONFLICTS OF INTEREST AND REQUIRES NOTIFICATION TO THE FULL BOARD OF ANY ACTUAL OR PERCEIVED CONFLICT OF INTEREST AND FURTHER REQUIRES SUCH BOARD MEMBER TO ABSENT HIM OR HERSELF FROM ANY DELIBERATION OR VOTE ON ALL RELATED MATTERS. FORM 990, PART VI, SECTION B, LINE 15 A CEO EVALUATION COMMITTEE, COMPRISED SOLELY OF MEMBERS OF THE BOARD OF DIRECTORS, MEETS A NUMBER OF TIMES EACH YEAR TO DETERMINE THE COMPENSATION STRUCTURE FOR THE CEO. PERFORMANCE OF THE CREDIT UNION RELATIVE TO STRATEGIC PLAN INITIATIVES IS REVIEWED. FINANCIAL PERFORMANCE COMPARED TO THE FINANCIAL GOALS SET FOR THE PERIOD AS WELL AS HOW THE CREDIT UNION COMPARES TO PEER GROUPS IS ALSO REVIEWED TO DETERMINE OVERALL FINANCIAL PERFORMANCE. SALARY DATA FROM INDEPENDENT CONSULTANTS FOR FINANCIAL INSTITUTIONS OF COMPARABLE SIZE IS USED BY THE COMMITTEE TO HELP DETERMINE CHANGES IN COMPENSATION. A WRITTEN REPORT OF THE ANNUAL REVIEW PROCESS AND RECOMMENDATIONS IS PREPARED BY THE CEO EVALUATION COMMITTEE AND SUBMITTED TO THE BOARD OF DIRECTORS. CHANGES TO THE CEO'S COMPENSATION AND BENEFITS PACKAGE ARE APPROVED BY THE BOARD OF DIRECTORS. SALARY CHANGES FOR OFFICERS ARE CONSIDERED BASED ON WRITTEN ANNUAL PERFORMANCE APPRAISALS REQUIRED BY EACH DEPARTMENT HEAD. SALARY DATA FROM INDEPENDENT CONSULTANTS IS ALSO USED TO DETERMINE APPROPRIATE COMPENSATION LEVELS FOR THE OFFICERS. THE CEO PREPARES WRITTEN APPRAISALS ON ALL EXECUTIVE OFFICERS. COMPENSATION RECOMMENDATIONS FOR ALL OFFICERS ARE PRESENTED BY THE CEO TO THE BOARD OF DIRECTORS FOR THEIR REVIEW. CHANGES IN COMPENSATION FOR ALL OFFICERS ARE APPROVED BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION C, LINE 19 COPIES OF DOCUMENTS NOTED UNDER THIS ITEM ARE AVAILABLE TO THE PUBLIC UPON REQUEST. THE BALANCE SHEET OF THE CREDIT UNION IS POSTED IN EACH BRANCH MONTHLY AND UNAUDITED FINANCIAL STATEMENTS (YEAR-END BALANCE SHEET AND INCOME STATEMENT) ARE INCLUDED IN THE ANNUAL REPORT PROVIDED TO MEMBERS AT THE ANNUAL MEETING IN APRIL OF EACH YEAR. FORM 990, PART XI, LINE 9: CUMULATIVE CHANGE IN ACCOUNTING PRINCIPLE -4,928,621. FORM 990, PART XII LINE 2C - AUDIT OVERSIGHT THE SUPERVISORY COMMITTEE RETAINS THE AUDIT FIRM AND OVERSEES THE AUDIT OF THE FINANCIAL STATEMENTS EACH YEAR. THE AUDITED FINANCIAL STATEMENTS AND MANAGEMENT LETTER ARE REVIEWED BY THAT COMMITTEE AS WELL AS WITH THE FULL BOARD.