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Nonprofit · EIN 05-0263842

OCEAN STATE CREDIT UNION

Tax-exempt · COVENTRY, RI 02816

Financials

$16.2M$14.8M2023$17.5M$16.5M2024
Revenue Expenses · by fiscal year end
Financials of OCEAN STATE CREDIT UNION by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
December 31, 2024990$17,544,172$16,533,488$1,010,684$343,705,007$304,818,647$38,886,360
December 31, 2023990$16,179,714$14,819,328$1,360,386$339,279,531$301,410,902$37,868,629
Financial details: 990 for the year ended December 31, 2024

Revenue

Contributions, gifts and grants
$0
Program service revenue
$15,836,849
Investment income
$1,707,323
Other revenue
$0

Expenses

Grants and similar amounts paid
$0
Compensation of officers, directors and key employees
$1,351,261
Other salaries and wages
$2,714,913
Salaries, compensation and benefits (total)
$5,148,641
Professional fundraising fees
$0
Legal fees
$3,980
Accounting fees
$41,110
Occupancy
$836,516
Depreciation
$582,841

Balance sheet and other

Total assets, start of year
$339,279,531
Total assets, end of year
$343,705,007
Total liabilities, end of year
$304,818,647
Net assets, end of year
$38,886,360
Land, buildings and equipment
$7,835,120
Gross receipts
$17,544,172
Employees
77
Year formed
1950
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.

NameTitleHours / weekCompensation
David L RootCEO Retired
Officer, Key employee, Highest-paid employee
40$634,519
Michael R Garvey CPACEO
Trustee or director, Officer, Key employee
39$289,876
Melissa GirouxCOO/Compliance Risk Officer
Key employee
40$164,940
Claudia FlanaganDirector Consumer Lending
Key employee
40$113,926
Michael AirhartChairman
Trustee or director, Officer
2$15,600
William A ShedonFirst Chair
Trustee or director, Officer
2$13,650
Bruce B HeckerSecond Chair
Trustee or director, Officer
2$13,650
James RoweTreasurer
Trustee or director, Officer
2$13,650
Paul E SkalingSecretary
Trustee or director, Officer
2$12,600
Leo R BlaisDirector
Trustee or director
2$12,350
Parker CapwellDirector
Trustee or director
2$12,350
Gerard R CayerDirector
Trustee or director
2$12,350
James CrosbyDirector
Trustee or director
2$12,350
Therese S StaffordDirector
Trustee or director
2$12,350
Robert H McGuireDirector
Trustee or director
2$10,450
1 more people on this return
NameTitleHours / weekCompensation
Richard P SullivanDirector
Trustee or director
2$6,650
990 for the year ended December 31, 2023: 17 people
NameTitleHours / weekCompensationOther / benefits
David L RootCEO
Officer, Key employee, Highest-paid employee
40$422,308$46,908
Virginia SosnickiCOO
Key employee
40$231,871$23,919
Melissa GirouxInformation Systems/COO
Key employee
40$131,890$17,102
Claudia FlanaganDirector Consumer Lending
Key employee
40$120,220$9,099
Michael R Garvey CPACFO
Key employee
40$60,000$6,849
Michael AirhartChairman
Trustee or director, Officer
2$15,600$0
William A ShedonFirst Chair
Trustee or director, Officer
2$12,600$0
Bruce B HeckerSecond Chair
Trustee or director, Officer
2$12,600$0
Paul E SkalingSecretary
Trustee or director, Officer
2$12,600$0
James RoweTreasurer
Trustee or director, Officer
2$12,600$0
Leo R BlaiseDirector
Trustee or director
2$11,400$0
Parker CapwellDirector
Trustee or director
2$11,400$0
Gerard R CayerDirector
Trustee or director
2$11,400$0
Robert H McGuireDirector
Trustee or director
2$11,400$0
Therese S StaffordDirector
Trustee or director
2$11,400$0
James CrosbyDirector
Trustee or director
2$10,450$0
Richard P SullivanDirector
Trustee or director
2$7,600$0

Address and contacts

Address (IRS master file)
2006 NOOSENECK HILL RD, COVENTRY, RI 02816-6708
In care of
% MICHAEL R GARVEY
Principal officer (990 for 2024)
Michael R Garvey CPA, 2006 Nooseneck Hill Road, Coventry, RI 02816
Signed the 990
Michael R Garvey CPA, CEO
Phone
(401) 397-1900
Return prepared by
Michael R Garvey CPA

Mission

To provide high quality, low cost financial services to its members

990 for the year ended December 31, 2024

Program accomplishments

  • The Credit Union is a cooperative owned by its members. The Credit Union takes in deposits from members 38,359 deposit accounts, collects fees from members, invests excess funds in order to be able to make loans to members 4,668 loans outstanding.

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 yearYear endedDueIRS public records
2025December 31, 2025May 15, 2026Not on file
2024December 31, 2024May 15, 2025990 on file
2023December 31, 2023May 15, 2024990 on file

IRS record

EIN
05-0263842
Tax-exempt status
501(c)(14): State-chartered credit union
Donations deductible
No
Exempt since
1994
Accounting year ends
December
Files
Form 990 or 990-EZ
Assets (IRS master file)
$343,705,007
Income (IRS master file)
$17,544,172

Filing history

FormYear endedRevenueExpensesAssetsReturn
990December 2024$17,544,172$16,533,488$343,705,007XML
990December 2023$16,179,714$14,819,328$339,279,531XML
990December 2022$13,825,699$11,859,406$344,864,750IRS
990December 2021–––IRS
990December 2020–––IRS
990December 2018–––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 05-0263842).

Questions about OCEAN STATE CREDIT UNION

What is the EIN of OCEAN STATE CREDIT UNION?
The employer identification number (EIN) of OCEAN STATE CREDIT UNION is 05-0263842.
Is OCEAN STATE CREDIT UNION tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(14) since 1994.
Are donations to OCEAN STATE CREDIT UNION tax-deductible?
No. The IRS master file says contributions to it are not deductible.
Which annual return does OCEAN STATE 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 OCEAN STATE 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 OCEAN STATE 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 OCEAN STATE CREDIT UNION?
The 990 for the year ended December 31, 2024 names Michael R Garvey CPA.
Who are the officers and directors of OCEAN STATE CREDIT UNION?
The 990 for the year ended December 31, 2024 lists 16 people; 16 received compensation from the organization, the highest $634,519 (David L Root, CEO Retired).
How much revenue does OCEAN STATE CREDIT UNION have?
On its 990 for the year ended December 31, 2024 it reported revenue of $17,544,172, expenses of $16,533,488 and total assets of $343,705,007 at year end.

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