993 Freedom First Credit Union Inc
- Assets
- $55.0m
- Revenue
- $2.0m
- Investments
- $21.5m
- Employees
- 21
- Location
- Dayton, OH
- Founding
- 04/1969
- Data as of
- 12/2021
- EIN
- 31-0645425
Organization Overview
993 Freedom First Credit Union Inc is located in Dayton, OH. The organization was established in 1969. 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 12/2021, 993 Freedom First Credit Union Inc employed 21 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. 993 Freedom First Credit Union Inc 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 12/2021, 993 Freedom First Credit Union Inc generated $2.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.7% each year. All expenses for the organization totaled $1.8m during the year ending 12/2021. While expenses have increased by 4.0% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
FREEDOM 1ST CREDIT UNION, INC. AS A MEMBER OWNED AND DIRECTED FINANCIAL INSTITUTION IS DEDICATED TO SERVING THE PRESENT AND FUTURE NEEDS OF OUR MEMBERS, THROUGH COST EFFECTIVE FINANCIAL SERVICES CONSISTENT WITH CO-OPERATIVE PRINCIPLES, APPLICABLE LEGISLATION AND SOUND MANAGEMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION SERVICES THEIR 7,495 MEMBERS BY PROVIDING DEPOSIT SERVICES INCLUDING REGULAR SHARE AND CLUB ACCOUNTS, SHARE DRAFT ACCOUNTS, MONEY MARKET SHARES, SHARE CERTIFICATES AND IRA ACCOUNTS. SHARES INCREASED 10.03 PERCENT IN 2021.
LOAN PRODUCTS OFFERED BY THE CREDIT UNION INCLUDES UNSECURED LOANS, NEW & USED VEHICLE LOANS, RECREATIONAL VEHICLE LOANS, SHARE SECURED LOANS, AND REAL ESTATE LOANS. THE CREDIT UNION GRANTED 804 LOANS IN 2021 TOTALING $13,991,023 AT COMPETITIVE LOAN RATES. LOANS INCREASED 5.22 PERCENT IN 2021.
THE CREDIT UNION PAID COMPETITIVE DIVIDENDS IN 2021 ON THE 9,355 SHARE ACCOUNTS, MONEY MARKET SHARES, SHARE CERTIFICATES AND IRA ACCOUNTS HELD BY THE CREDIT UNION'S 7,495 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Deborah Devous CEO | 40 | $105,846 | |
Grace Flannagan Board Secretary | OfficerTrustee | 0.75 | $0 |
Jennie Kaltenback Board Treasurer | OfficerTrustee | 0.75 | $0 |
Luther Blakley Board Vice President | OfficerTrustee | 0.75 | $0 |
James Shute Board President | OfficerTrustee | 0.75 | $0 |
Charlene Nuse Director | Trustee | 0.75 | $0 |
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 | $1,765,473 |
| Investment income | $216,016 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,000,560 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $678,769 |
| Pension plan accruals and contributions | $36,533 |
| Other employee benefits | $8,676 |
| Payroll taxes | $53,283 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $26,186 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,311 |
| Advertising and promotion | $57,149 |
| Office expenses | $166,490 |
| Information technology | $324,522 |
| Royalties | $0 |
| Occupancy | $105,285 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $80,395 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $73,799 |
| Insurance | $34,766 |
| All other expenses | $9,589 |
| Total functional expenses | $1,780,335 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,620,582 |
| Savings and temporary cash investments | $2,898,371 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $88,704 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $25,756,689 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $49,315 |
| Net Land, buildings, and equipment | $2,102,939 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $21,514,669 |
| Investments—program-related | $392,217 |
| Intangible assets | $0 |
| Other assets | $621,770 |
| Total assets | $55,045,256 |
| Accounts payable and accrued expenses | $918,127 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $49,756,661 |
| Total liabilities | $50,674,788 |
| 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 | $4,370,468 |
| Total liabilities and net assets/fund balances | $55,045,256 |
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