Nonprofit · EIN 05-0197075
COASTAL1 CREDIT UNION
Tax-exempt · PAWTUCKET, RI 02861
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $157,722,319 | $149,070,531 | $8,651,788 | $3,342,555,316 | $3,016,304,867 | $326,250,449 |
| December 31, 2023 | 990 | $137,130,775 | $122,999,124 | $14,131,651 | $3,322,745,503 | $3,004,574,068 | $318,171,435 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $131,573,813
- Investment income
- $13,099,949
- Net rental income
- $1,400
- Net gain from sales of assets
- $337,035
- Other revenue
- $13,048,557
Expenses
- Grants and similar amounts paid
- $101,388
- Compensation of officers, directors and key employees
- $2,393,528
- Other salaries and wages
- $20,507,902
- Salaries, compensation and benefits (total)
- $31,174,265
- Professional fundraising fees
- $0
- Legal fees
- $49,729
- Accounting fees
- $202,140
- Occupancy
- $3,513,054
- Travel
- $300,311
- Depreciation
- $2,328,739
Balance sheet and other
- Total assets, start of year
- $3,322,745,503
- Total assets, end of year
- $3,342,555,316
- Total liabilities, end of year
- $3,016,304,867
- Net assets, end of year
- $326,250,449
- Land, buildings and equipment
- $28,160,323
- Publicly traded securities
- $187,834,793
- Gross unrelated business income
- $330,245
- Gross receipts
- $171,564,506
- Employees
- 341
- Volunteers
- 12
- Year formed
- 1928
- State of legal domicile
- RI
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| Brian Azar | President/CEO Officer | 40 | $719,670 | $49,025 |
| Valerie J Pimenta | EVP/CFO (Retired 12/2024) Officer | 40 | $427,543 | $38,018 |
| Jeffrey Kolarik | SVP/CIO Highest-paid employee | 40 | $343,231 | $48,898 |
| Kevin Farrell | SVP/Commercial Lending Key employee | 40 | $335,257 | $51,330 |
| DONNA GREGSON | EVP RETAIL Key employee | 40 | $296,212 | $47,292 |
| Robert Gotti | SVP/Business Development Highest-paid employee | 40 | $291,439 | $48,226 |
| Patricia Webb | SVP/Residental & Retail Lendin Highest-paid employee | 40 | $302,195 | $33,542 |
| Mark Mclaughlin | VP/MORTGAGE ORIGINATion Highest-paid employee | 40 | $275,958 | $46,630 |
| Kathleen Doherty | Senior Vice President Highest-paid employee | 40 | $268,063 | $46,604 |
| Ken Fredriksen | EVP/CFO (Started 8/19/2024) Officer | 40 | $125,610 | $0 |
| RONALD W LECLAIR | Chairman Trustee or director, Officer | 12 | $84,000 | $0 |
| LYNN am WEINSTEIN | Vice Chairman Trustee or director, Officer | 7 | $63,000 | $0 |
| JOHN B RICHER JR | Treasurer Trustee or director, Officer | 7 | $60,500 | $0 |
| PAUL F LEFEBVRE | Secretary Trustee or director, Officer | 7 | $60,500 | $0 |
| KEVIN TRACEY | DIRECTOR Trustee or director | 5 | $34,570 | $0 |
7 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| DR FRANK P CASARELLA | DIRECTOR Trustee or director | 5 | $28,000 |
| LAWRENCE J MONASTESSE | DIRECTOR Trustee or director | 5 | $28,000 |
| LINDA C Moffat | Director Trustee or director | 5 | $28,000 |
| Mario Carlucci | Director Trustee or director | 5 | $28,000 |
| RICHARD H LECLERC | DIRECTOR Trustee or director | 5 | $28,000 |
| John Z Luo MD | Director Trustee or director | 5 | $28,000 |
| Jaqueline Ash | DIRECTOR (Started 05/01/2024) Trustee or director | 5 | $18,666 |
990 for the year ended December 31, 2023: 21 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| BRIAN AZAR | PRESIDENT/CEO Officer | 40 | $720,877 | $46,229 |
| MARK MCLAUGHLIN | VP/MORTGAGE ORIGINATION Highest-paid employee | 40 | $364,909 | $47,881 |
| VALERIE J PIMENTA | EVP/CFO Officer | 40 | $368,669 | $36,779 |
| KEVIN FARRELL | SVP/COMMERCIAL LENDING Highest-paid employee | 40 | $330,228 | $48,447 |
| DONNA GREGSON | EVP RETAIL Key employee | 40 | $317,068 | $46,856 |
| ROBERT GOTTI | SVP/BUSINESS DEVELOPMENT Highest-paid employee | 40 | $308,754 | $48,717 |
| JEFFREY KOLARIK | SVP/CIO Highest-paid employee | 40 | $314,028 | $39,656 |
| PATRICIA WEBB | SVP/RESIDENTAL & RETAIL LENDING Highest-paid employee | 40 | $310,365 | $33,349 |
| TIMOTHY M JERMAIN | EVP/COO Key employee | 40 | $269,079 | $29,933 |
| RONALD W LECLAIR | CHAIRMAN Trustee or director, Officer | 12 | $84,000 | $0 |
| LYNN AM WEINSTEIN | VICE CHAIRMAN Trustee or director, Officer | 7 | $63,000 | $0 |
| JOHN B RICHER JR | TREASURER Trustee or director, Officer | 7 | $60,500 | $0 |
| PAUL F LEFEBVRE | SECRETARY Trustee or director, Officer | 7 | $60,500 | $0 |
| KEVIN TRACEY | DIRECTOR Trustee or director | 5 | $34,570 | $0 |
| DR FRANK P CASARELLA | DIRECTOR Trustee or director | 5 | $28,000 | $0 |
| LAWRENCE J MONASTESSE | DIRECTOR Trustee or director | 5 | $28,000 | $0 |
| LINDA C MOFFAT | DIRECTOR Trustee or director | 5 | $28,000 | $0 |
| MARIO CARLUCCI | DIRECTOR Trustee or director | 5 | $28,000 | $0 |
| RICHARD H LECLERC | DIRECTOR Trustee or director | 5 | $28,000 | $0 |
| KARL A KOZAK | DIRECTOR (ENDED 10/2023) Trustee or director | 5 | $23,039 | $0 |
| JOHN Z LUO MD | DIRECTOR (AS OF 10/2023) Trustee or director | 5 | $14,667 | $0 |
Address and contacts
- Address (IRS master file)
- 1200 CENTRAL AVE, PAWTUCKET, RI 02861-2200
- In care of
- % KATHIE CORRIGAN
- Principal officer (990 for 2024)
- Brian Azar, 1200 Central Avenue, Pawtucket, RI 02861
- Signed the 990
- Brian Azar, President/CEO
- Phone
- (401) 722-2212
- Website
- WWW.coastal1.ORG
- Return prepared by
- Wolf & Company PC
Mission
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.
Program accomplishments
- THE CREDIT UNION IS DEDICATED TO SERVING ITS MEMBERS. THE CREDIT UNION HAD LOANS TOTALING $2,892,252,621 DUE FROM MEMBERS AND MEMBER DEPOSIT ACCOUNTS TOTALING $2,552,115,510 AT DECEMBER 31, 2024. IN ADDITION, SAFE DEPOSIT FEES OF $119,419 WERE RECEIVED FROM MEMBERS FOR RENTALS IN 2024.
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 05-0197075
- Tax-exempt status
- 501(c)(14): State-chartered credit union
- Donations deductible
- No
- Exempt since
- 1951
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Assets (IRS master file)
- $3,342,555,316
- Income (IRS master file)
- $171,564,506
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $157,722,319 | $149,070,531 | $3,342,555,316 | IRS |
| 990 | December 2023 | $137,130,775 | $122,999,124 | $3,322,745,503 | XML |
| 990 | December 2022 | $105,557,200 | $73,835,056 | $3,132,689,831 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2019 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
| 990 | December 2017 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 05-0197075).
Questions about COASTAL1 CREDIT UNION
- What is the EIN of COASTAL1 CREDIT UNION?
- The employer identification number (EIN) of COASTAL1 CREDIT UNION is 05-0197075.
- Is COASTAL1 CREDIT UNION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(14) since 1951.
- Are donations to COASTAL1 CREDIT UNION tax-deductible?
- No. The IRS master file says contributions to it are not deductible.
- Which annual return does COASTAL1 CREDIT UNION file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of COASTAL1 CREDIT UNION due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did COASTAL1 CREDIT UNION last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of COASTAL1 CREDIT UNION?
- The 990 for the year ended December 31, 2024 names Brian Azar.
- Who are the officers and directors of COASTAL1 CREDIT UNION?
- The 990 for the year ended December 31, 2024 lists 22 people; 22 received compensation from the organization, the highest $719,670 (Brian Azar, President/CEO).
- How much revenue does COASTAL1 CREDIT UNION have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $157,722,319, expenses of $149,070,531 and total assets of $3,342,555,316 at year end.
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