Coastal1 Credit Union
Nonprofit profile at a glance
- EIN
- 050197075
- IRS 990 coverage
- 2010–2024
- Forms available
- Form 990 2024
- Location
- Pawtucket, RI, USA
- Phone
- 4017222212
- Rating confidence
- Limited
Reported finances
- Revenue
- $157,722,319
- Expenses
- $149,070,531
- Assets
- $3,342,555,316
- Liabilities
- $3,016,304,867
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
22 people listed
Executive titles in this filing
- Brian Azar (President/CEO)
- Kathleen Doherty (Senior Vice President)
Highest reported compensation
- Brian Azar (President/CEO): $768,695 total reported compensation
- Valerie J Pimenta (EVP/CFO (Retired 12/2024)): $465,561 total reported compensation
- Jeffrey Kolarik (SVP/CIO): $392,129 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Coastal1 credit union is a cooperative financial institution organized as a credit union for the benefit of its members. The credit union is committed to serving the financial needs of its members to help them attain their financial goals.
What it reported doing in 2024
The credit union is dedicated to serving its members. The credit union had loans totaling $2,892,252,621 due from members and member deposit accounts totaling $2,552,115,510 at december 31, 2024. In addition, safe deposit fees of $119,419 were received from members for rentals in 2024.
Operating model
- Revenue model
- Earned-program. 84% of the money available for current operations came from fees and other program revenue.
- Distribution model
- Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.
The verdict
- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.
Rating breakdown
- Financial Efficiency: NotEnoughData
- Transparency & Controls: 79
- Accountability: 42
- Sustainability: 62
- Growth: 60
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: Limited
- Program expense ratio: Limited
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 90.9%; rating input score 91; 6th percentile among comparable filings
- Pay-setting controls: 4 of 6 controls in place; rating input score 67
- Compensation committee: Pass
- Independent consultant: Pass
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Pass
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: 89.3%; rating input score 89; 22nd percentile among comparable filings
- Major donor itemization: Limited
- Related-party transparency: Limited
Accountability
- Independent voting board: 0%; rating input score 0; 4th percentile among comparable filings
- Governance controls: 9 of 9 controls in place; rating input score 100
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: Pass
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 5.5%; rating input score 58; 58th percentile among comparable filings
- Total-asset coverage ratio: 22.42; rating input score 98; 98th percentile among comparable filings
- Liabilities to assets ratio: 0.9; rating input score 12; 12th percentile among comparable filings
- Officer compensation ratio: 2.9%; rating input score 40; 40th percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: 6.9% per year; rating input score 100; 60th percentile among comparable filings
- Asset growth: 7.3% per year; rating input score 100; 54th percentile among comparable filings
Details
- Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
- Governance: 0 of 12 board members independent · 9 of 9 filing controls reported
- Programs: 1 filed program accomplishment
- Leadership: top reported pay $769K · 22 people listed · 4 of 6 pay-setting controls reported
- Highest-paid contractors: 1 contractor listed · $129K reported
- Consistency: 12 of 13 current checks pass · 1 finding to review
- Schedules: 5 filed schedules · includes grants and executive pay
- Filing history: 15 filing years from 2010 to 2024
- Contacts: How to reach this organization
- Money network: 33 filed money-flow records
- Related organizations: 5 filed related-organization links
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
- Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Accountability: Independent voting board scored 0/100.
- Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
- Review — Sustainability: Operating margin scored 58/100.
- High — Sustainability: Liabilities to assets ratio scored 12/100.
- Moderate — Sustainability: Officer compensation ratio scored 40/100.