Freedom Credit Union
- Assets
- $699.4m
- Revenue
- $26.9m
- Investments
- $0.0
- Employees
- 154
- Location
- Springfield, MA
- Founding
- 09/1934
- Data as of
- 12/2022
- EIN
- 04-1961180
Organization Overview
Freedom Credit Union is located in Springfield, MA. The organization was established in 1934. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2022, Freedom Credit Union employed 154 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Freedom Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2022, Freedom Credit Union generated $26.9m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.0% each year. All expenses for the organization totaled $23.3m during the year ending 12/2022. While expenses have increased by 2.0% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
OUR DYNAMIC, SINCERE AND HELPFUL TEAM PROVIDES MEMBERSHIP VALUE TO INDIVIDUALS AND BUSINESSES WHILE MANAGING A STABLE, COMMUNITY-MINDED FINANCIAL INSTITUTION
Describe the Organization's Program Activity:
Part 3 - Line 4a
NOT REQUIRED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Donald C Emerson Chairman | OfficerTrustee | 10 | $2,617 |
Louis G Guillette Vice Chairman | OfficerTrustee | 5 | $1,216 |
John R Reigner Director/security Officer | Trustee | 5 | $4,222 |
William G O'brien Director | Trustee | 5 | $1,063 |
William T Carey Treasurer | OfficerTrustee | 5 | $1,589 |
Lawrence F Bouley Director | Trustee | 5 | $1,541 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $23,509,643 |
| Investment income | $3,487,750 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$83,859 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $26,913,534 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $2,094,216 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,456,040 |
| Pension plan accruals and contributions | $565,567 |
| Other employee benefits | $820,288 |
| Payroll taxes | $606,863 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $357,130 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $914,805 |
| Advertising and promotion | $1,443,965 |
| Office expenses | $781,544 |
| Information technology | $2,673,526 |
| Royalties | $0 |
| Occupancy | $1,272,935 |
| Travel | $3,004 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $279,292 |
| Interest | $2,101,767 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $683,849 |
| Insurance | $185,457 |
| All other expenses | $41,573 |
| Total functional expenses | $23,288,605 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,849,630 |
| Savings and temporary cash investments | $1,054,035 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,930,779 |
| Loans from Officers, Directors, or Controlling Persons | $14,428,870 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $502,939,054 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,626,280 |
| Net Land, buildings, and equipment | $5,464,126 |
| Investments—publicly traded securities | $141,838,396 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $26,235,619 |
| Total assets | $699,366,789 |
| Accounts payable and accrued expenses | $5,167,527 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $68,041,306 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $545,342,466 |
| Total liabilities | $618,551,299 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $80,815,490 |
| Total liabilities and net assets/fund balances | $699,366,789 |