Is it real?
Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Mar 1994.
IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File
Who runs it and what they're paid
16 people listed on the 990; $1.4M paid to officers and key staff.
Compensation history total reportable pay by year · 8 named individuals · Part VII
| Name | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|
| David L Root | $634,519 | $422,308 | $330,000 | $330,000 | $345,769 |
| Michael R Garvey CPA | $289,876 | $60,000 | — | — | — |
| Thomas Carroll | — | — | — | $201,718 | $240,398 |
| Virginia Sosnicki | — | $231,871 | — | — | — |
| Ginnie Sosnicki | — | — | $182,089 | $173,738 | $158,372 |
| Melissa Giroux | $164,940 | $131,890 | — | — | — |
| Claudia Flanagan | $113,926 | $120,220 | $110,898 | $106,603 | $103,440 |
| Michael Airhart | $15,600 | $15,600 | $14,300 | $15,600 | $14,500 |
Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.
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Questions the 990 asks
The form asks each of these directly. These are the filed answers.
- Family or business ties among officersPt VI · Ln 2No
- Top official's pay set by an independent reviewPt VI · Ln 15aYes
Programs and updates
Provides low-cost financial services to member-owners through cooperative ownership.
Questions for Ocean State Credit Union
Your first name shows with your question. Ocean State Credit Union answers here, for everyone.
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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.
By the numbers
The FY2024 990, line by line.
Download 990
| Line | Start FY24 | End FY24 |
|---|---|---|
| Cash and savingsLn 1–2 | $23.7M | $31.3M |
| InvestmentsLn 11–13 | $5.5M | $4.6M |
| Land, buildings, equipmentLn 10c | $7.6M | $7.8M |
| Total assetsLn 16 | $339.3M | $343.7M |
| LiabilitiesLn 26 | $301.4M | $304.8M |
| Net assetsLn 32 | $37.9M | $38.9M |
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Grants to domestic organizationsLn 1 | $0 | |||
| Grants to domestic individualsLn 2 | $0 | |||
| Grants and assistance to foreign recipientsLn 3 | $0 | |||
| Benefits paid to or for membersLn 4 | $0 | |||
| Pay of current officers, directors and key staffLn 5 | $1.4M | |||
| Pay of disqualified personsLn 6 | $0 | |||
| Other salaries and wagesLn 7 | $2.7M | |||
| Pension plan contributionsLn 8 | $212K | |||
| Other employee benefitsLn 9 | $561K | |||
| Payroll taxesLn 10 | $310K | |||
| Management feesLn 11a | $0 | |||
| Legal feesLn 11b | $4K | |||
| Accounting feesLn 11c | $41K | |||
| Lobbying feesLn 11d | $0 | |||
| Investment management feesLn 11f | $0 | |||
| Other fees for servicesLn 11g | $634K | |||
| Advertising and promotionLn 12 | $324K | |||
| Office expensesLn 13 | $0 | |||
| Information technologyLn 14 | $490K | |||
| RoyaltiesLn 15 | $0 | |||
| OccupancyLn 16 | $837K | |||
| TravelLn 17 | $0 | |||
| Travel and entertainment for public officialsLn 18 | $0 | |||
| Conferences, conventions and meetingsLn 19 | $0 | |||
| InterestLn 20 | $5.5M | |||
| Payments to affiliatesLn 21 | $0 | |||
| Depreciation, depletion and amortizationLn 22 | $583K | |||
| InsuranceLn 23 | $0 | |||
| Other expenses (24a–d)Ln 24 | $3.0M | |||
| All other expensesLn 24e | $15K | |||
| Total functional expensesLn 25 | $16.5M |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2024 Latest Viewing | $17.5M | $16.5M | $1.0M | $38.9M | 990 PDF |
| FY2023 | $16.2M | $14.8M | $1.4M | $37.9M | 990 PDF |
| FY2022 | $13.8M | $11.9M | $2.0M | $36.9M | 990 PDF |
| FY2021 | $14.9M | $11.2M | $3.7M | $35.0M | 990 PDF |
| FY2020 | $15.5M | $12.4M | $3.0M | $31.3M | 990 PDF |
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Schedules filed Part IV
See the full FY2024 990 (6 parts)
Part I · Summary $17,544,172 revenue, 12 lines filed
Part VI · Governance 12 of 12 board members independent, 2 to look at
Part VIII · Statement of revenue $17,544,172 across 3 lines filed
Part IX · Statement of functional expenses $16,533,488 across 30 lines filed
Part X · Balance sheet $343,705,007 assets, 14 lines filed
Part XI · Reconciliation of net assets $38,886,360 net assets at year end
Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File
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