Foundation Credit Union
- Assets
- $71.5m
- Revenue
- $2.9m
- Investments
- $3.5m
- Employees
- 18
- Location
- Springfield, MO
- Founding
- Data as of
- 12/2023
- EIN
- 44-0444355
Organization Overview
Foundation Credit Union is located in Springfield, MO. As of 12/2023, Foundation Credit Union employed 18 individuals. Foundation 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 12/2023, Foundation Credit Union generated $2.9m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 9.3% each year. All expenses for the organization totaled $2.8m during the year ending 12/2023. While expenses have increased by 11.8% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO BE THE TRUSTED PROVIDER OF QUALITY FINANCIAL SERVICES THAT ARE ECONOMICALLY COMPETITIVE, WHILE STAYING COMMITTED TO ENHANCING THE FINANCIAL WELL-BEING OF OUR MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDES FINANCIAL AND FINANCIALLY RELATED SERVICES TO 3,363 MEMBERS.
PROVIDES A SOURCE OF CREDIT TO MEMBERS AT A FAIR AND REASONABLE RATE OF INTEREST. AS OF DECEMBER 31, 2023, LOANS OUTSTANDING TOTALED $56,327,020.
PAID DIVIDENDS AND INTEREST ON MEMBER DEPOSITS TOTALING $891,215 FOR THE YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brent Forbes Chairman | Trustee | 1 | $0 |
Chrysta Forrest Vice Chairman | Trustee | 1 | $0 |
Amber Salsman Secretary/treasurer | Trustee | 1 | $0 |
Matthew Hudson Board Member | Trustee | 1 | $0 |
Forrest Owens Board Member | Trustee | 1 | $0 |
Stephanie Thomas Ceo/president | Officer | 40 | $126,616 |
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 | $2,764,455 |
| Investment income | $141,442 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$22,696 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,883,201 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $12,500 |
| Grants and other assistance to domestic individuals. | $1,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $139,932 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $513,351 |
| Pension plan accruals and contributions | $11,327 |
| Other employee benefits | $65,567 |
| Payroll taxes | $49,909 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $32,439 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $6,946 |
| Advertising and promotion | $47,639 |
| Office expenses | $177,215 |
| Information technology | $200,375 |
| Royalties | $0 |
| Occupancy | $90,706 |
| Travel | $2,541 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $8,918 |
| Interest | $71,098 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $93,725 |
| Insurance | $43,806 |
| All other expenses | $49,382 |
| Total functional expenses | $2,759,903 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,308,320 |
| Savings and temporary cash investments | $7,493,588 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $56,148,553 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $89,790 |
| Net Land, buildings, and equipment | $2,196,001 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $3,520,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $771,770 |
| Total assets | $71,528,022 |
| Accounts payable and accrued expenses | $235,669 |
| Grants payable | $0 |
| Deferred revenue | $10,000 |
| 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 | $729,605 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $60,322,015 |
| Total liabilities | $61,297,289 |
| 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 | $10,230,733 |
| Total liabilities and net assets/fund balances | $71,528,022 |