Freedom Credit Union
- Assets
- $1.2b
- Revenue
- $69.5m
- Investments
- $197.3m
- Employees
- 110
- Location
- Warminster, PA
- Founding
- Data as of
- 12/2023
- EIN
- 23-2403099
Organization Overview
Freedom Credit Union is located in Warminster, PA. As of 12/2023, Freedom Credit Union employed 110 individuals. 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 12/2023, Freedom Credit Union generated $69.5m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 8.2% each year. All expenses for the organization totaled $53.0m during the year ending 12/2023. While expenses have increased by 7.3% 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 PROVIDE LOW COST FINANCIAL SERVICES AND PRODUCTS TO ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CREDIT UNIONS ARE COOPERATIVE SAVINGS AND CREDIT ASSOCIATIONS INCORPORATED FOR THE PURPOSE OF PROMOTING THRIFT AMONG ITS 65,616 MEMBERS, CREATING A SOURCE OF CREDIT FOR SUCH MEMBERS AT REASONABLE RATES OF INTEREST AND PROVIDING AN OPPORTUNITY FOR ITS MEMBERS TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Christopher Mcginley Chairman | OfficerTrustee | 1 | $21,000 |
George Madden Vice Chairman | OfficerTrustee | 1 | $15,680 |
Charles M Whiting Secretary | OfficerTrustee | 1 | $15,680 |
Marie E Sejda Director | Trustee | 1 | $11,250 |
Crystal Barnett Ending June 2023 Director | Trustee | 1 | $3,750 |
Wade Birchfield Director | Trustee | 1 | $11,250 |
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 | $36,039,977 |
| Investment income | $17,368,724 |
| 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 | $69,525,763 |
| 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. | $1,611,425 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,795,732 |
| Pension plan accruals and contributions | $687,479 |
| Other employee benefits | $2,110,609 |
| Payroll taxes | $561,594 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $54,000 |
| Fees for services: Accounting | $90,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,393,833 |
| Advertising and promotion | $411,620 |
| Office expenses | $772,655 |
| Information technology | $1,956,908 |
| Royalties | $0 |
| Occupancy | $956,591 |
| Travel | $176,377 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $191,358 |
| All other expenses | $1,708,936 |
| Total functional expenses | $53,032,551 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,487,649 |
| Savings and temporary cash investments | $257,615,386 |
| 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 | $750,320,317 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,142,829 |
| Net Land, buildings, and equipment | $50,018 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $197,282,785 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $23,275,785 |
| Total assets | $1,231,174,769 |
| Accounts payable and accrued expenses | $5,635,079 |
| 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 | $1,066,847,639 |
| Total liabilities | $1,072,482,718 |
| 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 | $158,692,051 |
| Total liabilities and net assets/fund balances | $1,231,174,769 |