Ocean State Credit Union (EIN 050263842) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1950

Legal Domicile

Principal Officer

Michael R Garvey CPA

Phone

4013971900

Tax Period

2023-01-01 to 2023-12-31

Ocean State Credit Union, founded in 1950, is a mid-sized nonprofit that reported $16.2M in total revenue in fiscal year 2023. Revenue grew 17% year-over-year, indicating healthy expansion. Expenses of $14.8M left a modest 8% surplus.

Mission

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

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $15,081,769

Investment Income $1,097,945

Other Revenue $0

TOTAL REVENUE $16,179,714

Expense Breakdown

Grants Paid $0

Salaries & Benefits $4,823,524

Fundraising Expenses $0

Other Expenses $9,995,804

TOTAL EXPENSES $14,819,328

Year-over-Year Comparison

	2023	2022	Change
Revenue	$16,179,714	$13,825,699	+0.2%
Expenses	$14,819,328	$11,859,406	+0.2%
Net Income	$1,360,386	$1,966,293	-0.3%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

N/A

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$535,216

Total Directors

$141,050

Key Employees

$1,070,166

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
David L Root	CEO	040.00	Officer Key Emp Highest	$422,308	$46,908	$469,216
Virginia Sosnicki	COO	040.00	Key Emp	$231,871	$23,919	$255,790
Melissa Giroux	Information Systems/COO	040.00	Key Emp	$131,890	$17,102	$148,992
Claudia Flanagan	Director Consumer Lending	040.00	Key Emp	$120,220	$9,099	$129,319
Michael R Garvey CPA	CFO	040.00	Key Emp	$60,000	$6,849	$66,849
Michael Airhart	Chairman	002.00	Officer Director	$15,600	$0	$15,600
William A Shedon	First Chair	002.00	Officer Director	$12,600	$0	$12,600
Bruce B Hecker	Second Chair	002.00	Officer Director	$12,600	$0	$12,600
Paul E Skaling	Secretary	002.00	Officer Director	$12,600	$0	$12,600
James Rowe	Treasurer	002.00	Officer Director	$12,600	$0	$12,600
Leo R Blaise	Director	002.00	Director	$11,400	$0	$11,400
Parker Capwell	Director	002.00	Director	$11,400	$0	$11,400
Gerard R Cayer	Director	002.00	Director	$11,400	$0	$11,400
Robert H McGuire	Director	002.00	Director	$11,400	$0	$11,400
Therese S Stafford	Director	002.00	Director	$11,400	$0	$11,400
James Crosby	Director	002.00	Director	$10,450	$0	$10,450
Richard P Sullivan	Director	002.00	Director	$7,600	$0	$7,600

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$16,179,714	$14,819,328	$339,279,531	$1,360,386
2022	$13,825,699	$11,859,406	$344,864,750	$1,966,293
2021	$14,903,508	$11,224,786	$328,452,290	$3,678,722
2020	$15,471,202	$12,449,742	$323,002,035	$3,021,460
2019	$13,270,542	$11,638,936	$290,170,256	$1,631,606
2018	$12,318,962	$10,486,323	$270,458,405	$1,832,639

Ocean State Credit Union