Skip to content
ProPublica Donate
ProPublica Donate

Ocean State Credit Union

Organization summary

Type of Nonprofit

Designated as a State-chartered credit unions and mutual reserve funds.

Donations to this organization are not tax deductible.

Summary charts: organization finances over time

Revenue
$13.8M (2022)

Expenses
$11.9M (2022)

Total Assets
$345M (2022)

Total Liabilities
$308M (2022)

Source: Form 990 tax filings from 2011 to 2022

Tax Filings by Year

Form 990 is an information return that most organizations claiming federal tax-exempt status must file yearly with the IRS. Nonprofit Explorer has IRS digitized Form 990 data for filings processed in 2012 and later. If this organization filed an amended return, it may not be reflected below. Duplicate download links may indicate a resubmission or amendment to this organization's original return. Form 990 data is from the IRS.

Fiscal Year Ending Dec.
2022

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$13,825,699
Expenses
$11,859,406
Net Income
$1,966,293
Net Assets
$36,876,400
Notable Sources of Revenue Percent of Total Revenue
Contributions $0
Program Services $13,120,931
94.9%
Investment Income $704,768
5.1%
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $763,587
6.4%
Professional Fundraising Fees $0
Other Salaries and Wages $2,696,492
22.7%
Assets/Debt
Total Assets $344,864,750
Total Liabilities $307,988,350
Net Assets $36,876,400
Compensation
Key Employees and Officers Compensation Related Other
David L Root (President/Ceo) $330,000 $0 $0
Ginnie Sosnicki (Coo) $182,089 $0 $0
Claudia Flanagan (Consumer Lending) $110,898 $0 $0
Michael Airhart (Chairman) $14,300 $0 $0
Bruce B Hecker (Second Chair) $12,600 $0 $0
Paul E Skaling (Secratary) $12,600 $0 $0
James Rowe (Treasurer) $12,600 $0 $0
William A Sheldon (First Chair) $11,550 $0 $0
Parker Capwell (Director) $11,400 $0 $0
Robert H Mc Guire (Director) $11,400 $0 $0
Therese S Stafford (Director) $11,400 $0 $0
Gerard R Cayer (Director) $11,400 $0 $0
James Crosby (Director) $11,400 $0 $0
Richard P Sullivan (Director) $10,450 $0 $0
Leo R Blais (Director) $9,500 $0 $0

Document Links

Fiscal Year Ending Dec.
2021

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$14,903,508
Expenses
$11,224,786
Net Income
$3,678,722
Net Assets
$34,976,877
Notable Sources of Revenue Percent of Total Revenue
Contributions $0
Program Services $14,666,672
98.4%
Investment Income $236,836
1.6%
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $956,909
8.5%
Professional Fundraising Fees $0
Other Salaries and Wages $2,317,758
20.6%
Assets/Debt
Total Assets $328,452,290
Total Liabilities $293,475,413
Net Assets $34,976,877
Compensation
Key Employees and Officers Compensation Related Other
David L Root (President/Ceo) $330,000 $0 $0
Thomas Carroll (Mortgage Lending) $201,718 $0 $0
Ginnie Sosnicki (Coo) $173,738 $0 $0
Claudia Flanagan (Consumer Lending) $106,603 $0 $0
Michael Airhart (Chairman) $15,600 $0 $0
Bruce B Hecker (Secretary) $12,600 $0 $0
Paul E Skaling (Director) $12,600 $0 $0
William A Sheldon (Director) $12,600 $0 $0
James Rowe (Treasurer) $12,600 $0 $0
Parker Capwell (Director) $11,400 $0 $0
Robert H Mc Guire (Director) $11,400 $0 $0
Richard P Sullivan (Director) $11,400 $0 $0
Therese S Stafford (Director) $11,400 $0 $0
Gerard R Cayer (Director) $11,400 $0 $0
James Crosby (Director) $11,400 $0 $0
Leo R Blais (Director) $10,450 $0 $0

Document Links

Fiscal Year Ending Dec.
2020

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$15,471,202
Expenses
$12,449,742
Net Income
$3,021,460
Net Assets
$31,285,138
Notable Sources of Revenue Percent of Total Revenue
Contributions $0
Program Services $15,074,444
97.4%
Investment Income $396,648
2.6%
Bond Proceeds $0
Royalties $0
Rental Property Income $110
0.0%
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $976,529
7.8%
Professional Fundraising Fees $0
Other Salaries and Wages $2,198,560
17.7%
Assets/Debt
Total Assets $323,002,035
Total Liabilities $291,716,897
Net Assets $31,285,138
Compensation
Key Employees and Officers Compensation Related Other
David L Root (President/Ceo) $345,769 $0 $0
Thomas Carroll (Mortgage Lending) $240,398 $0 $0
Ginnie Sosnicki (Coo) $158,372 $0 $0
Claudia Flanagan (Consumer Lending) $103,440 $0 $0
Michael Airhart (Chairman) $14,500 $0 $0
Bruce B Hecker (Secretary) $12,000 $0 $0
William A Sheldon (Director) $12,000 $0 $0
James Rowe (Treasurer) $12,000 $0 $0
Paul E Skaling (Director) $11,700 $0 $0
Leo R Blais (Director) $10,900 $0 $0
Robert H Mc Guire (Director) $10,900 $0 $0
Richard P Sullivan (Director) $10,900 $0 $0
Therese S Stafford (Director) $10,900 $0 $0
Gerard R Cayer (Director) $10,900 $0 $0
Richard Audet (Director) $6,150 $0 $0
James Crosby (Director) $4,750 $0 $0
Parker Capwell (Director) $950 $0 $0

Document Links

Fiscal Year Ending Dec.
2019

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$13,270,542
Expenses
$11,638,936
Net Income
$1,631,606
Net Assets
$28,210,350
Notable Sources of Revenue Percent of Total Revenue
Contributions $0
Program Services $12,532,795
94.4%
Investment Income $737,747
5.6%
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $574,472
4.9%
Professional Fundraising Fees $0
Other Salaries and Wages $2,936,215
25.2%
Assets/Debt
Total Assets $290,170,256
Total Liabilities $261,959,906
Net Assets $28,210,350
Compensation
Key Employees and Officers Compensation Related Other
David L Root (President/Ceo) $330,000 $0 $0
Ginnie Sosnicki (Coo) $150,222 $0 $0
Michael D Airhart (Vice Chairman) $9,000 $0 $0
Bruce B Hecker (Secretary) $9,000 $0 $0
William A Sheldon (Director) $9,000 $0 $0
Leo R Blais (Director) $8,400 $0 $0
Robert H Mc Guire (Director) $8,400 $0 $0
Paul E Skaling (Director) $8,400 $0 $0
Richard Audet (Director) $8,400 $0 $0
Therese S Stafford (Director) $8,400 $0 $0
James Rowe (Treasurer) $8,400 $0 $0
Gerard R Cayer (Director) $8,400 $0 $0
Richard P Sullivan (Director) $7,700 $0 $0
Roger J Laliberte (Chairman) $750 $0 $0

Document Links

Fiscal Year Ending Dec.
2018

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$12,318,962
Expenses
$10,486,323
Net Income
$1,832,639
Net Assets
$26,499,026
Notable Sources of Revenue Percent of Total Revenue
Contributions $0
Program Services $11,784,977
95.7%
Investment Income $533,985
4.3%
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $723,322
6.9%
Professional Fundraising Fees $0
Other Salaries and Wages $2,331,479
22.2%
Assets/Debt
Total Assets $270,458,405
Total Liabilities $243,959,379
Net Assets $26,499,026
Compensation
Key Employees and Officers Compensation Related Other
David L Root (President/Ceo) $330,000 $0 $44,100
Ginnie Sosnicki (Coo) $134,300 $0 $0
Thomas Carroll (Mortgage Originator) $112,522 $0 $0
Roger J Laliberte (Chairman) $9,000 $0 $0
Michael D Airhart (Vice Chairman) $9,000 $0 $0
Bruce B Hecker (Secretary) $9,000 $0 $0
William A Sheldon (Director) $9,000 $0 $0
James Rowe (Treasurer) $9,000 $0 $0
Paul E Skaling (Director) $8,400 $0 $0
Richard Audet (Director) $8,400 $0 $0
Richard P Sullivan (Director) $8,400 $0 $0
Therese S Stafford (Director) $8,400 $0 $0
Gerard R Cayer (Director) $8,400 $0 $0
Leo R Blais (Director) $7,700 $0 $0
Robert H Mc Guire (Director) $7,700 $0 $0

Document Links

Fiscal Year Ending Dec.
2017

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$11,851,814
Expenses
$10,270,419
Net Income
$1,581,395
Net Assets
$24,684,292
Notable Sources of Revenue Percent of Total Revenue
Contributions $0
Program Services $11,236,892
94.8%
Investment Income $592,362
5.0%
Bond Proceeds $0
Royalties $0
Rental Property Income $22,560
0.2%
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $636,072
6.2%
Professional Fundraising Fees $0
Other Salaries and Wages $2,135,008
20.8%
Assets/Debt
Total Assets $248,426,040
Total Liabilities $223,741,748
Net Assets $24,684,292

Document Links

Fiscal Year Ending Dec.
2016

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$11,832,863
Expenses
$10,708,561
Net Income
$1,124,302
Net Assets
$23,067,328
Notable Sources of Revenue Percent of Total Revenue
Contributions $0
Program Services $11,275,859
95.3%
Investment Income $557,004
4.7%
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $519,500
4.9%
Professional Fundraising Fees $0
Other Salaries and Wages $1,428,142
13.3%
Assets/Debt
Total Assets $257,756,254
Total Liabilities $234,688,926
Net Assets $23,067,328
Compensation
Key Employees and Officers Compensation Related Other
David L Root (President/Ceo) $300,000 $0 $42,000
Ginnie Sosnicki (Coo) $118,500 $0 $0
Roger J Laliberte (Chairman) $9,000 $0 $0
Bruce B Hecker (Secretary) $9,000 $0 $0
Leo R Blais (Director) $8,400 $0 $0
Robert H Mc Guire (Director) $8,400 $0 $0
Richard Audet (Director) $8,400 $0 $0
William A Sheldon (Director) $8,400 $0 $0
Richard P Sullivan (Director) $8,400 $0 $0
Therese S Stafford (Director) $8,400 $0 $0
Gerard R Cayer (Director) $8,400 $0 $0
Michael D Airhart (Vice Chairman) $8,250 $0 $0
James Rowe (Treasurer) $8,250 $0 $0
Paul E Skaling (Director) $7,700 $0 $0

Document Links

Fiscal Year Ending Dec.
2015

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$11,737,634
Expenses
$10,688,239
Net Income
$1,049,395
Net Assets
$21,869,634
Notable Sources of Revenue Percent of Total Revenue
Contributions $0
Program Services $11,253,389
95.9%
Investment Income $484,245
4.1%
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $671,974
6.3%
Professional Fundraising Fees $0
Other Salaries and Wages $1,610,249
15.1%
Assets/Debt
Total Assets $246,777,584
Total Liabilities $224,907,950
Net Assets $21,869,634
Compensation
Key Employees and Officers Compensation Related Other
David L Root (President/Ceo) $325,679 $0 $34,500
Denise Warburton (Vp Mortgage Lending) $126,161 $0 $0
Ginnie Sosnicki (Coo) $121,534 $0 $0
Roger J Laliberte (Chairman) $9,000 $0 $0
Michael D Airhart (Vice Chairman) $9,000 $0 $0
Bruce B Hecker (Secretary) $9,000 $0 $0
James Rowe (Director) $9,000 $0 $0
Leo R Blais (Director) $8,400 $0 $0
Robert H Mc Guire (Director) $8,400 $0 $0
Paul E Scaling (Director) $8,400 $0 $0
Richard Audet (Director) $8,400 $0 $0
Richard P Sullivan (Director) $8,400 $0 $0
Therese S Stafford (Director) $8,400 $0 $0
Gerard R Cayer (Director) $7,700 $0 $0
William A Sheldon (Director) $4,500 $0 $0
Thomas F Lacolle (Treasurer) $0 $0 $0

Document Links

Fiscal Year Ending Dec.
2014

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$11,124,509
Expenses
$10,522,955
Net Income
$601,554
Net Assets
$20,746,486
Notable Sources of Revenue Percent of Total Revenue
Contributions $0
Program Services $10,518,760
94.6%
Investment Income $605,749
5.4%
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $119,200
1.1%
Professional Fundraising Fees $0
Other Salaries and Wages $2,514,004
23.9%
Assets/Debt
Total Assets $232,012,055
Total Liabilities $211,265,569
Net Assets $20,746,486
Compensation
Key Employees and Officers Compensation Related Other
David L Root (President/Ceo) $300,000 $0 $34,000
Ginnie Sosnicki (Coo) $114,370 $0 $0
Denise Warburton (Vp Mortgage Lending) $107,858 $0 $0
Roger J Laliberte (Chairman) $9,000 $0 $0
Michael D Airhart (Vice Chairman) $9,000 $0 $0
Bruce B Hecker (Secretary) $9,000 $0 $0
William A Sheldon (Director) $9,000 $0 $0
James Rowe (Director) $9,000 $0 $0
Richard Audet (Director) $8,400 $0 $0
Richard P Sullivan (Director) $8,400 $0 $0
Therese S Stafford (Director) $8,400 $0 $0
Gerard R Cayer (Director) $8,400 $0 $0
Leo R Blais (Director) $7,700 $0 $0
Robert H Mc Guire (Director) $7,700 $0 $0
Paul E Scaling (Director) $7,700 $0 $0
Thomas F Lacolle (Treasurer) $0 $0 $0

Document Links

Fiscal Year Ending Dec.
2013

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$11,571,077
Expenses
$10,698,260
Net Income
$872,817
Net Assets
$20,208,944
Notable Sources of Revenue Percent of Total Revenue
Contributions $0
Program Services $11,032,755
95.3%
Investment Income $538,322
4.7%
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $679,753
6.4%
Professional Fundraising Fees $0
Other Salaries and Wages $2,144,028
20.0%
Assets/Debt
Total Assets $229,968,547
Total Liabilities $209,759,603
Net Assets $20,208,944
Compensation
Key Employees and Officers Compensation Related Other
David L Root (President/Ceo) $325,000 $0 $0
Denise Warburton (Vp Mortgage Lending) $138,643 $0 $0
Ginnie Sosnicki (Coo) $108,660 $0 $0
Roger J Laliberte (Chairman) $9,750 $0 $0
Michael D Airhart (Vice Chairman) $9,750 $0 $0
Bruce B Hecker (Secretary) $9,750 $0 $0
William A Sheldon (Director) $9,750 $0 $0
James Rowe (Director) $9,350 $0 $0
Robert H Mc Guire (Director) $9,100 $0 $0
Paul E Scaling (Director) $9,100 $0 $0
Richard Audet (Director) $9,100 $0 $0
Richard P Sullivan (Director) $9,100 $0 $0
Therese S Stafford (Director) $9,100 $0 $0
Leo R Blais (Director) $7,700 $0 $0
Thomas F Lacolle (Treasurer) $4,500 $0 $0
Gerard R Cayer (Director) $1,400 $0 $0

Document Links

Fiscal Year Ending Dec.
2012

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$12,633,797
Expenses
$11,327,320
Net Income
$1,306,477
Net Assets
$20,088,621
Notable Sources of Revenue Percent of Total Revenue
Contributions $0
Program Services $12,047,330
95.4%
Investment Income $586,467
4.6%
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $403,800
3.6%
Professional Fundraising Fees $0
Other Salaries and Wages $2,631,479
23.2%
Assets/Debt
Total Assets $220,712,691
Total Liabilities $200,624,070
Net Assets $20,088,621

Document Links

Fiscal Year Ending Dec.
2011

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$13,484,205
Expenses
$13,607,066
Net Income
-$122,861
Net Assets
$18,796,834
Notable Sources of Revenue Percent of Total Revenue
Contributions $0
Program Services $11,819,863
87.7%
Investment Income $1,664,342
12.3%
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $385,134
2.8%
Professional Fundraising Fees $0
Other Salaries and Wages $3,095,552
22.7%
Assets/Debt
Total Assets $248,263,097
Total Liabilities $229,466,263
Net Assets $18,796,834

Document Links

Fiscal Year Ending Dec.
2010

No Extracted Financial Data

Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.

Document Links

Fiscal Year Ending Dec.
2009

No Extracted Financial Data

Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.

Document Links

Fiscal Year Ending Dec.
2008

No Extracted Financial Data

Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.

Document Links

Fiscal Year Ending Dec.
2007

No Extracted Financial Data

Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.

Document Links

Fiscal Year Ending Dec.
2006

No Extracted Financial Data

Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.

Document Links

Fiscal Year Ending Dec.
2005

No Extracted Financial Data

Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.

Document Links

Fiscal Year Ending March
2005

No Extracted Financial Data

Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.

Document Links

Fiscal Year Ending Dec.
2004

No Extracted Financial Data

Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.

Document Links

Fiscal Year Ending March
2004

No Extracted Financial Data

Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.

Document Links

Fiscal Year Ending March
2003

No Extracted Financial Data

Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.

Document Links

Fiscal Year Ending March
2002

No Extracted Financial Data

Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.

Document Links

Fiscal Year Ending March
2001

No Extracted Financial Data

Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.

Document Links

About This Data

Nonprofit Explorer includes summary data for nonprofit tax returns and full Form 990 documents, in both PDF and digital formats.

The summary data contains information processed by the IRS during the 2012-2019 calendar years; this generally consists of filings for the 2011-2018 fiscal years, but may include older records. This data release includes only a subset of what can be found in the full Form 990s.

In addition to the raw summary data, we link to PDFs and digital copies of full Form 990 documents wherever possible. This consists of separate releases by the IRS of Form 990 documents processed by the agency, which we update regularly.

We also link to copies of audits nonprofit organizations that spent $750,000 or more in Federal grant money in a single fiscal year since 2016. These audits are copied from the Federal Audit Clearinghouse.

Which Organizations Are Here?

Every organization that has been recognized as tax exempt by the IRS has to file Form 990 every year, unless they make less than $200,000 in revenue and have less than $500,000 in assets, in which case they have to file form 990-EZ. Organizations making less than $50,000 don’t have to file either form but do have to let the IRS they’re still in business via a Form 990N "e-Postcard."

Nonprofit Explorer has organizations claiming tax exemption in each of the 27 subsections of the 501(c) section of the tax code, and which have filed a Form 990, Form 990EZ or Form 990PF. Taxable trusts and private foundations that are required to file a form 990PF are also included. Small organizations filing a Form 990N "e-Postcard" are not included in this data.

Types of Nonprofits

There are 27 nonprofit designations based on the numbered subsections of section 501(c) of the tax code. See the list »

Get the Data

For those interested in acquiring the original data from the source, here’s where our data comes from:

  • Raw filing data. Includes EINs and summary financials as structured data.
  • Exempt Organization profiles. Includes organization names, addresses, etc. You can merge this with the raw filing data using EIN numbers.
  • Form 990 documents. Prior to 2017, these documents were obtained and processed by Public.Resource.org and ProPublica. Bulk PDF downloads since 2017 are available from the IRS.
  • Form 990 documents as XML files. Includes complete filing data (financial details, names of officers, tax schedules, etc.) in machine-readable format. Only available for electronically filed documents. Electronic data released prior to October 2021 is also available through Amazon Web Services.
  • Audits. PDFs of single or program-specific audits for nonprofit organizations that spent $750,000 or more in Federal grant money in a single fiscal year. Available for fiscal year 2015 and later.

API

The data powering this website is available programmatically, via an API. Read the API documentation »