Freedom Community Credit Union
- Assets
- $31.4m
- Revenue
- $761.9k
- Investments
- $0.0
- Employees
- 8
- Location
- Fargo, ND
- Founding
- 05/1950
- Data as of
- 12/2022
- EIN
- 45-0273190
Organization Overview
Freedom Community Credit Union is located in Fargo, ND. The organization was established in 1950. 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 Community Credit Union employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Freedom Community 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 Community Credit Union generated $761.9k in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (1.0%) each year. All expenses for the organization totaled $794.5k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (0.2%) per year over the past 8 years. 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
CREDIT UNION SERVICES
Describe the Organization's Program Activity:
Part 3 - Line 4a
MEMBER LOANS
MEMBER SAVINGS
INVESTMENTS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mary Hagen Chief Exec Officer | Officer | 40 | $18,627 |
Thomas Brummer Director | Trustee | 1 | $0 |
Brad Johnson Director | Trustee | 1 | $0 |
Robbi Foss Chairman | Trustee | 1 | $0 |
Brent Ehrichs Vice President | Trustee | 1 | $0 |
Paula Johnson Secretary | Trustee | 1 | $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 | $639,342 |
| Investment income | $122,541 |
| 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 | $761,883 |
| 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. | $108,627 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $177,840 |
| Pension plan accruals and contributions | $19,555 |
| Other employee benefits | $61,263 |
| Payroll taxes | $21,500 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $4,577 |
| Office expenses | $76,741 |
| Information technology | $105,955 |
| Royalties | $0 |
| Occupancy | $45,291 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,420 |
| Interest | $9,036 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $42,115 |
| Insurance | $22,855 |
| All other expenses | $20,728 |
| Total functional expenses | $794,458 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,547,269 |
| Savings and temporary cash investments | $14,395,635 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $41,368 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $13,988,817 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $30,890 |
| Net Land, buildings, and equipment | $1,155,273 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $282,999 |
| Total assets | $31,442,251 |
| Accounts payable and accrued expenses | $93,949 |
| 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 | $28,774,833 |
| Total liabilities | $28,868,782 |
| 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 | $2,573,469 |
| Total liabilities and net assets/fund balances | $31,442,251 |