Freedom Credit Union
- Assets
- $649.8m
- Revenue
- $26.1m
- Investments
- $0.0
- Employees
- 147
- Location
- Springfield, MA
- Founding
- 09/1934
- Data as of
- 12/2021
- 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 12/2021, Freedom Credit Union employed 147 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 12/2021, Freedom Credit Union generated $26.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.0% each year. All expenses for the organization totaled $21.8m during the year ending 12/2021. While expenses have increased by 1.3% 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
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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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Glenn Welch President | Officer | 45 | $401,091 |
Louis Scungio Chief Financial Officer | Officer | 45 | $195,638 |
Jeffrey Smith Vice President Of Lending | 45 | $160,294 | |
David Chase Vice President Of Business | 45 | $148,456 | |
Lisa Mish Mortgage Loan Officer | 45 | $140,964 | |
Kara Herman Vice President Of Retail A | 45 | $137,077 |
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 | $22,255,554 |
| Investment income | $2,856,977 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $980,477 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $26,093,008 |
| 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. | $1,517,061 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,787,762 |
| Pension plan accruals and contributions | $619,928 |
| Other employee benefits | $855,374 |
| Payroll taxes | $550,077 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $305,253 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $508,749 |
| Advertising and promotion | $1,230,739 |
| Office expenses | $745,440 |
| Information technology | $2,549,408 |
| Royalties | $0 |
| Occupancy | $1,287,318 |
| Travel | $6,334 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $108,577 |
| Interest | $1,954,705 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $742,361 |
| Insurance | $219,063 |
| All other expenses | $44,100 |
| Total functional expenses | $21,788,261 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,025,136 |
| Savings and temporary cash investments | $3,652,677 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,385,946 |
| Loans from Officers, Directors, or Controlling Persons | $14,095,953 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $443,456,616 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,177,947 |
| Net Land, buildings, and equipment | $5,832,100 |
| Investments—publicly traded securities | $152,113,049 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $25,086,716 |
| Total assets | $649,826,140 |
| Accounts payable and accrued expenses | $6,448,616 |
| 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 | $26,314,292 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $526,849,579 |
| Total liabilities | $559,612,487 |
| 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 | $90,213,653 |
| Total liabilities and net assets/fund balances | $649,826,140 |
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|---|---|---|
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Harvard University Employees Credit Union Cambridge, MA | $1,037,994,144 | $42,695,601 |
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Align Credit Union Lowell, MA | $748,085,438 | $24,193,748 |