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Nonprofiteer
← RHODE ISLAND CREDIT UNION

Form 990 for tax year 2023

Filed by RHODE ISLAND CREDIT UNION.

Totals

Total revenue
$16,616,393
Total expenses
$16,688,913
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$16,616,393
Investment income
$0
Other revenue
$0
Total assets, end of year
$400,909,586
Total liabilities, end of year
$363,215,085
Net assets or fund balances, end of year
$37,694,501
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$16,688,913

Program services were 0.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: Insurance Sales

    total $65,378 · related or exempt $0 · unrelated business $65,378 · excluded $0

  • 2b · Program service revenue: Interest Income Loans

    total $12,673,338 · related or exempt $12,673,338 · unrelated business $0 · excluded $0

  • 2c · Program service revenue: Investment Income

    total $1,177,481 · related or exempt $1,177,481 · unrelated business $0 · excluded $0

  • 2d · Program service revenue: Other Service Fees and Income

    total $2,700,196 · related or exempt $2,700,196 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $1,721,424

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $3,800,360

  • 8 · Pension plan contributions

    total $286,173

  • 9 · Other employee benefits

    total $1,130,337

  • 10 · Payroll taxes

    total $405,107

  • 11b · Fees: legal

    total $317,771

  • 11c · Fees: accounting

    total $72,375

  • 11d · Fees: lobbying

    total $38,447

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $0

  • 12 · Advertising and promotion

    total $297,145

  • 13 · Office expenses

    total $1,567,962

  • 14 · Information technology

    total $0

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $965,062

  • 17 · Travel

    total $65,602

  • 20 · Interest

    total $2,375,164

  • 22 · Depreciation, depletion and amortization

    total $668,179

  • 24a · Other expenses: Loan Expense

    total $1,838,349

  • 24b · Other expenses: Checking Expenses

    total $97,496

  • 24c · Other expenses: Loan Loss Expense

    total $455,888

  • 24d · Other expenses: Miscellaneous

    total $586,072

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,014,478 · end of year $1,712,449

  • 2 · Savings and temporary cash investments

    beginning of year $101,523,204 · end of year $97,363,640

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $280,452,058 · end of year $281,868,433

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,310,646 · end of year $3,646,986

  • 10a · Land, buildings and equipment: cost or other basis

    $21,237,226

  • 10b · Land, buildings and equipment: accumulated depreciation

    $10,875,291

  • 10c · Land, buildings and equipment, net

    beginning of year $8,571,730 · end of year $10,361,935

  • 15 · Other assets

    beginning of year $6,251,475 · end of year $5,956,143

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,820,856 · end of year $5,035,283

  • 25 · Other liabilities

    beginning of year $358,236,050 · end of year $358,179,802

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $38,066,685 · end of year $37,694,501

Mission and programs · 2023

Mission

Rhode Island Credit Union provides financial services to members

  • The Credit Union provides financial services to its members

    Expenses $16,688,913 · Revenue $16,616,393

As filed on the 2023 return.

Listed in Part VII

  • David B Suvall

    President/CEO

    Total calculated
    $292,918
    From this org
    $254,522
    From related orgs
    $0
    Other
    $38,396
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $254,522
    Bonus
    $0
    Other
    $0
    Deferred
    $15,271
    Nontaxable benefits
    $23,125
    Filer's total
    $292,918

  • Nancy L Zeppa

    Executive Vice President/COO

    Total calculated
    $260,539
    From this org
    $191,323
    From related orgs
    $0
    Other
    $69,216
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $191,323
    Bonus
    $0
    Other
    $0
    Deferred
    $59,457
    Nontaxable benefits
    $9,759
    Filer's total
    $260,539

  • Dana R Taglianetti

    Senior VP/CFO

    Total calculated
    $200,345
    From this org
    $145,899
    From related orgs
    $0
    Other
    $54,446
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $145,899
    Bonus
    $0
    Other
    $0
    Deferred
    $44,687
    Nontaxable benefits
    $9,759
    Filer's total
    $200,345

  • Maureen Jendzejec

    Senior VP/CLO

    Total calculated
    $187,540
    From this org
    $143,928
    From related orgs
    $0
    Other
    $43,612
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $143,928
    Bonus
    $0
    Other
    $0
    Deferred
    $20,487
    Nontaxable benefits
    $23,125
    Filer's total
    $187,540

  • John Morawski

    VP/IT

    Total calculated
    $176,111
    From this org
    $119,900
    From related orgs
    $0
    Other
    $56,211
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $119,900
    Bonus
    $0
    Other
    $0
    Deferred
    $33,086
    Nontaxable benefits
    $23,125
    Filer's total
    $176,111

  • Gina M DePalo

    SVP/CRMO

    Total calculated
    $166,467
    From this org
    $131,908
    From related orgs
    $0
    Other
    $34,559
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $131,908
    Bonus
    $0
    Other
    $0
    Deferred
    $24,800
    Nontaxable benefits
    $9,759
    Filer's total
    $166,467

  • David Marsella

    In House Attorney

    Total calculated
    $149,264
    From this org
    $107,622
    From related orgs
    $0
    Other
    $41,642
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $107,622
    Bonus
    $0
    Other
    $0
    Deferred
    $18,517
    Nontaxable benefits
    $23,125
    Filer's total
    $149,264

  • Louis Votta

    Consumer Loan Operations Manager

    Total calculated
    $147,090
    From this org
    $103,730
    From related orgs
    $0
    Other
    $43,360
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $103,730
    Bonus
    $0
    Other
    $0
    Deferred
    $20,235
    Nontaxable benefits
    $23,125
    Filer's total
    $147,090

  • Jane F Correia

    Board Chair

    Total calculated
    $20,400
    From this org
    $20,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Ernest A DeAngelis

    First Vice Chair

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Dennis Tripodi

    Assistant Treasurer

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Roger Pincince

    Board Member

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Robert E Christie

    Board Treasurer

    Total calculated
    $17,250
    From this org
    $17,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Leroy RoseJe

    Director

    Total calculated
    $15,000
    From this org
    $15,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Beverly A Dwyer

    Board Member

    Total calculated
    $13,500
    From this org
    $13,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Joseph Durand

    Board Member

    Total calculated
    $10,500
    From this org
    $10,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Robert P Gemma

    Director

    Total calculated
    $9,000
    From this org
    $9,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Henry Godin Jr

    Board Member

    Total calculated
    $1,500
    From this org
    $1,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation survey or study
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

Schedule J, Part I, Line 1a
Some Board Members were accompanied by a spouse to a Board Conference to support Board Knowledge
Schedule J, Part I, Line 4
The Credit Union offers a Supplemental Retirement Plan to certain top executives

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2023
Filed
6 May 2024
IRS schema version
2023v5.0
Source object
202441359349304084

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