Civic Intelligence

Coventry Credit Union

EIN 05-0263842 • 501(c)14 • Coventry, RI

View Organization Page

Profile

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

2006 Nooseneck Hill RoadCoventry, RI 02816

oceanstatecu.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

33rd percentile

0.89x

Higher debt load relative to assets than 33% of similar nonprofits.

501(c)14 • $250M-$1B nonprofits • Source year 2024

Liabilities / Revenue

81st percentile

17.37x

Higher debt load relative to revenue than 81% of similar nonprofits.

501(c)14 • $250M-$1B nonprofits • Source year 2024

Net Margin

31st percentile

5.8%

Higher net margin than 31% of similar nonprofits.

501(c)14 • $250M-$1B nonprofits • Source year 2024

Top Officer Pay

81st percentile

$634,519

Higher top officer pay than 81% of similar nonprofits.

Top officer pay equals 3.6% of source-year revenue.

501(c)14 • $250M-$1B nonprofits • Source year 2024

Asset Growth

37th percentile

1.3%

Faster asset growth than 37% of similar nonprofits.

501(c)14 • $250M-$1B nonprofits • Annualized from 2023 to 2024

Revenue Growth

32nd percentile

8.4%

Faster revenue growth than 32% of similar nonprofits.

501(c)14 • $250M-$1B nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets33rd percentile

Assets

Up

$343,705,007

Up $4,425,476 (+1.3%) from 2023

Liabilities

Up

$304,818,647

Up $3,407,745 (+1.1%) from 2023

Net Assets

Up

$38,886,360

Up $1,017,731 (+2.7%) from 2023

Operations
Liabilities / Revenue81st percentileNet Margin31st percentile

Revenue

Up

$17,544,172

Up $1,364,458 (+8.4%) from 2023

Expenses

Up

$16,533,488

Up $1,714,160 (+12%) from 2023

Net Income

Down

$1,010,684

Down $349,702 (-26%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth37th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$400M$300M$200M$100M$0Assets 2010: $254,665,737Liabilities 2010: $236,040,638Net Assets 2010: $18,625,0992010Assets 2011: $248,263,097Liabilities 2011: $229,466,263Net Assets 2011: $18,796,8342011Assets 2012: $220,712,691Liabilities 2012: $200,624,070Net Assets 2012: $20,088,6212012Assets 2013: $229,968,547Liabilities 2013: $209,759,603Net Assets 2013: $20,208,9442013Assets 2014: $232,012,055Liabilities 2014: $211,265,569Net Assets 2014: $20,746,4862014Assets 2015: $246,777,584Liabilities 2015: $224,907,950Net Assets 2015: $21,869,6342015Assets 2016: $257,756,254Liabilities 2016: $234,688,926Net Assets 2016: $23,067,3282016Assets 2017: $248,426,040Liabilities 2017: $223,741,748Net Assets 2017: $24,684,2922017Assets 2018: $270,458,405Liabilities 2018: $243,959,379Net Assets 2018: $26,499,0262018Assets 2019: $290,170,256Liabilities 2019: $261,959,906Net Assets 2019: $28,210,3502019Assets 2020: $323,002,035Liabilities 2020: $291,716,897Net Assets 2020: $31,285,1382020Assets 2021: $328,452,290Liabilities 2021: $293,475,413Net Assets 2021: $34,976,8772021Assets 2022: $344,864,750Liabilities 2022: $307,988,350Net Assets 2022: $36,876,4002022Assets 2023: $339,279,531Liabilities 2023: $301,410,902Net Assets 2023: $37,868,6292023Assets 2024: $343,705,007Liabilities 2024: $304,818,647Net Assets 2024: $38,886,3602024

Highlighted filing

2024

Assets$343,705,007
Liabilities$304,818,647
Net Assets$38,886,360
Open 2024 Filing

Operations Trend

Revenue Growth32nd percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$20M$15M$10M$5.0M$0Expenses 2010: $14,516,0152010Expenses 2011: $13,607,0662011Revenue 2012: $12,633,797Expenses 2012: $11,327,320Net Income 2012: $1,306,4772012Revenue 2013: $11,571,077Expenses 2013: $10,698,260Net Income 2013: $872,8172013Revenue 2014: $11,124,509Expenses 2014: $10,522,955Net Income 2014: $601,5542014Revenue 2015: $11,737,634Expenses 2015: $10,688,239Net Income 2015: $1,049,3952015Revenue 2016: $11,832,863Expenses 2016: $10,708,561Net Income 2016: $1,124,3022016Revenue 2017: $11,851,814Expenses 2017: $10,270,419Net Income 2017: $1,581,3952017Revenue 2018: $12,318,962Expenses 2018: $10,486,323Net Income 2018: $1,832,6392018Revenue 2019: $13,270,542Expenses 2019: $11,638,936Net Income 2019: $1,631,6062019Revenue 2020: $15,471,202Expenses 2020: $12,449,742Net Income 2020: $3,021,4602020Revenue 2021: $14,903,508Expenses 2021: $11,224,786Net Income 2021: $3,678,7222021Revenue 2022: $13,825,699Expenses 2022: $11,859,406Net Income 2022: $1,966,2932022Revenue 2023: $16,179,714Expenses 2023: $14,819,328Net Income 2023: $1,360,3862023Revenue 2024: $17,544,172Expenses 2024: $16,533,488Net Income 2024: $1,010,6842024

Highlighted filing

2024

Revenue$17,544,172
Expenses$16,533,488
Net Income$1,010,684
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$343,705,007
Liabilities
$304,818,647
Net assets
$38,886,360
Revenue
$17,544,172
Expenses
$16,533,488
Net income
$1,010,684
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$344$305$38.9$17.5$16.5$1.01
2023Detailed filing. Detailed filing data is available for this year.$339$301$37.9$16.2$14.8$1.36
2022Detailed filing. Detailed filing data is available for this year.$345$308$36.9$13.8$11.9$1.97
2021Detailed filing. Detailed filing data is available for this year.$328$293$35.0$14.9$11.2$3.68
2020Detailed filing. Detailed filing data is available for this year.$323$292$31.3$15.5$12.4$3.02
2019Detailed filing. Detailed filing data is available for this year.$290$262$28.2$13.3$11.6$1.63
2018Detailed filing. Detailed filing data is available for this year.$270$244$26.5$12.3$10.5$1.83
2017Summary only. Only limited summary data is available for this year.$248$224$24.7$11.9$10.3$1.58
2016Detailed filing. Detailed filing data is available for this year.$258$235$23.1$11.8$10.7$1.12
2015Detailed filing. Detailed filing data is available for this year.$247$225$21.9$11.7$10.7$1.05
2014Detailed filing. Detailed filing data is available for this year.$232$211$20.7$11.1$10.5$0.60
2013Detailed filing. Detailed filing data is available for this year.$230$210$20.2$11.6$10.7$0.87
2012Summary only. Only limited summary data is available for this year.$221$201$20.1$12.6$11.3$1.31
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$248$229$18.8$13.6
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$255$236$18.6$14.5
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Oct 28, 2025
Return Version
2024v5.2
Gross Receipts
$17,544,172
Mission and Program Overview

Mission

To provide low cost financial services to member depositors.

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

Balance Sheet Detail
LineBeginningEndChange
Assets
Accounts Receivable$282,867,572$281,106,136▼ $1,761,436
Rtn Earn Endowment Incm Other Fnds$37,868,629$38,886,360▲ $1,017,731
Savings and Temporary Cash Investments$21,521,039$28,831,146▲ $7,310,107
Land, Buildings, and Equipment, Net$7,621,332$7,835,120▲ $213,788
Prepaid Expenses and Deferred Charges$3,662,810$3,398,292▼ $264,518
Investments Program Related$3,498,478$2,647,659▼ $850,819
Cash and Non-Interest-Bearing Accounts$2,226,595$2,425,726▲ $199,131
Investments Other Securities$2,039,156$1,916,870▼ $122,286
Total Assets$339,279,531$343,705,007▲ $4,425,476
Other Assets Total$15,842,549$15,544,058▼ $298,491
Liabilities
Other Liabilities$261,794,970$268,414,625▲ $6,619,655
Mortgage Notes Payable Secured by Investment Property$35,000,000$32,500,000▼ $2,500,000
Accounts Payable and Accrued Expenses$4,615,932$3,904,022▼ $711,910
Total Liabilities$301,410,902$304,818,647▲ $3,407,745
Net Assets / Fund Balance
Total Net Assets Fund Balance$37,868,629$38,886,360▲ $1,017,731
Total Liabilities and Net Assets / Fund Balance$339,279,531$343,705,007▲ $4,425,476

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$5,298,935$5,767,970$11,066,905
Equipment$918,357$4,851,388$5,769,745
Land$1,617,828-$1,617,828
Compensation and Service Providers
Top Officer Pay81st percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
David L RootCEO RetiredFT$75,000$559,519$634,519
Michael R Garvey CPACEOFT$264,469$25,407$289,876
Melissa GirouxCOO/Compliance Risk OfficerFT$155,994$8,946$164,940
Claudia FlanaganDirector Consumer LendingFT$113,926-$113,926
Michael AirhartChairman-$15,600-$15,600
Bruce B HeckerSecond Chair-$13,650-$13,650
James RoweTreasurer-$13,650-$13,650
William A ShedonFirst Chair-$13,650-$13,650
Paul E SkalingSecretary-$12,600-$12,600
Gerard R CayerDirector-$12,350-$12,350
James CrosbyDirector-$12,350-$12,350
Leo R BlaisDirector-$12,350-$12,350
Parker CapwellDirector-$12,350-$12,350
Therese S StaffordDirector-$12,350-$12,350
Robert H McGuireDirector-$10,450-$10,450
Richard P SullivanDirector-$6,650-$6,650

Highest Paid Contractors

ContractorServicesLocationCompensation
FiServCore and other software systemsPO Box 73047, Atlanta, GA 31193-4057$952,904
NCR VoyixSoftware864 Spring Street NW, Atlanta, GA 30308$290,357
Vinyl ConceptsBuilding repairs/maintenancePO Box 864, Coventry, RI 02816$230,517
D3 LogicPrinting/Mailing89 Commercial Way, East Providence, RI 02915$201,798
Customized Service ConceptsATM services13 Delta Drive, Londonderry, NH 03053$201,561
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$15,836,849
Investment Income
$1,707,323
Other Revenue
$0
Change in Net Assets
$1,010,684

Audited Revenue Reconciliation

Revenue per Audited Statements
$17,544,172
Total Revenue per Audited Statements
$17,544,172
Total Revenue per Form 990
$17,544,172
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$11,384,847
Salaries, Compensation, and Employee Benefits$5,148,641
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest---$5,492,285
Other Salaries and Wages---$2,714,913
Current Officers, Directors, Trustees, and Key Employees---$1,351,261
Occupancy---$836,516
Fees for Services Other---$633,934
Depreciation Depletion---$582,841
Other Employee Benefits---$560,965
Information Technology---$489,660
Advertising---$324,078
Payroll Taxes---$309,551
Other Expenses---$276,365
Pension Plan Contributions---$211,951
Fees for Services Accounting---$41,110
All Other Expenses---$15,361
Fees for Services Legal---$3,980
Total Functional Expenses$0$0$0$16,533,488

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$16,533,488
Total Expenses per Audited Statements$16,533,488
Total Expenses per Form 990$16,533,488
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Federal income taxes$268,414,625
Member deposits-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
Yes
Backup withholding compliance
No
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11

“The Board of Directors reviews and approves the Form 990 tax returns before filing”

Form 990, Part VI, Section B, Line 15

“The Board of Directors has a compensation committee which is responsible for reviewing/approving the CEO salary, bonus and other compensation”

Form 990, Part VI, Section C, Line 19

“The Credit Union posts its monthly financial statements at each facility, and provides annual financial information to members at its annual meeting. Additionally, upon written request, the Form 990 would be made available to the party who made the request.”

Filing and Contact Details

Filer

Filer Name
Ocean State Credit Union
EIN
05-0263842
Phone
4013971900
Address
2006 Nooseneck Hill Road, Coventry, RI 02816

Signing Officer

Name
Michael R Garvey CPA
Title
CEO
Phone
4013971900
Signed
2025-10-28
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Michael R Garvey CPA
Formed
1950
Legal Domicile
Ri
Voting Board Members
12
Independent Board Members
12
Employees
77

Preparer

Firm
Michael R Garvey CPA
Address
2006 Nooseneck Hill Road, Coventry, RI 02816
Preparer
Michael R Garvey CPA
Phone
8608239041
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 2C

“The Supervisory Committee, whose members are appointed by the Board of Directors, is responsible for hiring an outside, independent certified public accounting firm to perform an annual audit of the Credit Unions financial statements.”

Financial Statement Notes

IV 11F

“The Credit Union has adopted the provisions of FASB, Accounting Standards Codification ASC 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 Credit Union does not believe its financial statements include, or reflect, any uncertain tax positions. Tax years remain open for examination by the Federal and state tax authorities generally for three years after they have been filed.”

Raw XML AppendixShowing 400 of 540 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/PersonNm1Michael R Garvey CPA
IRS990/Form990PartVIISectionAGrp/PersonNm2Melissa Giroux
IRS990/Form990PartVIISectionAGrp/PersonNm3Claudia Flanagan
IRS990/Form990PartVIISectionAGrp/PersonNm4Michael Airhart
IRS990/Form990PartVIISectionAGrp/PersonNm5William A Shedon
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Credit Union has adopted the provisions of FASB, Accounting Standards Codification ASC 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 Credit Union does not believe its financial statements include, or reflect, any uncertain tax positions. Tax years remain open for examination by the Federal and state tax authorities generally for three years after they have been filed.
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0David L Root
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1Melissa Giroux
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm2Michael R Garvey CPA

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