Liberty First Credit Union
- Assets
- $400.5m
- Revenue
- $27.7m
- Investments
- $0.0
- Employees
- 131
- Location
- Lincoln, NE
- Founding
- 07/1971
- Data as of
- 12/2021
- EIN
- 47-0116167
Organization Overview
Liberty First Credit Union is located in Lincoln, NE. The organization was established in 1971. 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, Liberty First Credit Union employed 131 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Liberty First 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, Liberty First Credit Union generated $27.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.6% each year. All expenses for the organization totaled $21.6m during the year ending 12/2021. While expenses have increased by 8.0% 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
FINANCIAL COOPERATIVE ENCOURAGING THRIFT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION PROVIDES SEVERAL DEPOSIT ACCOUNT TYPES TO MEMBERS INCLUDING SAVINGS, CHECKING, CERTIFICATES AND OTHER. THE TOTAL NUMBER OF MEMBERS AT 12/31/2021 WAS 39,561.
THE CREDIT UNION PROVIDES A VARIETY OF LOANS TO MEMBERS INCLUDING REAL ESTATE, CREDIT CARD, VEHICLE AND OTHER. THE TOTAL NUMBER OF LOANS OUTSTANDING AT 12/31/2021 WAS 18,065.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Frank Wilber President | Officer | 45 | $780,310 |
Lisa Krzycki Originator | 40 | $383,668 | |
Jason Bell Originator | 40 | $370,763 | |
Kevin Frenzel SVP Sales, Serv | Officer | 40 | $352,494 |
Amy Davis Originator | 40 | $320,397 | |
Paul E Erickson SVP It | Officer | 40 | $308,925 |
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 | $27,638,084 |
| Investment income | $72,074 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $13,885 |
| Net Gain/Loss on Asset Sales | -$2,914 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $27,721,129 |
| 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. | $1,820,188 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,664,782 |
| Pension plan accruals and contributions | $1,857,098 |
| Other employee benefits | $1,081,717 |
| Payroll taxes | $531,873 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $120,310 |
| Fees for services: Accounting | $82,787 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,212,412 |
| Advertising and promotion | $906,886 |
| Office expenses | $1,177,656 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $559,585 |
| Travel | $73,098 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,371,050 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $835,416 |
| Insurance | $61,689 |
| All other expenses | $88,024 |
| Total functional expenses | $21,594,477 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,783,683 |
| Savings and temporary cash investments | $66,955,670 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,276,489 |
| Loans from Officers, Directors, or Controlling Persons | $1,079,676 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $298,608,727 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $591,057 |
| Net Land, buildings, and equipment | $11,478,548 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $602,205 |
| Intangible assets | $0 |
| Other assets | $12,103,374 |
| Total assets | $400,479,429 |
| Accounts payable and accrued expenses | $7,092,191 |
| 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 | $346,110,887 |
| Total liabilities | $353,203,078 |
| Net assets without donor restrictions | $37,424,405 |
| Net assets with donor restrictions | $9,851,946 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $400,479,429 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Meritrust Credit Union Wichita, KS | $1,281,507,668 | $48,306,293 |
Golden Plains Credit Union Garden City, KS | $831,027,454 | $40,747,458 |
Dutrac Community Credit Union Dubuque, IA | $980,523,751 | $36,287,980 |
Credit Union Of Denver Lakewood, CO | $1,142,313,148 | $39,919,680 |
Azura Credit Union Topeka, KS | $682,703,343 | $33,958,013 |
Millennium Corporate Credit Union Wichita, KS | $1,676,715,852 | $44,466,623 |
Liberty First Credit Union Lincoln, NE | $400,479,429 | $27,721,129 |
Heartland Credit Union Hutchinson, KS | $477,723,732 | $30,631,369 |
Linn Area Credit Union Cedar Rapids, IA | $567,752,241 | $26,390,018 |
Sooper Credit Union Arvada, CO | $541,418,878 | $25,522,076 |
Partner Colorado Credit Union Arvada, CO | $575,170,940 | $26,663,634 |
Mid American Credit Union Wichita, KS | $369,701,114 | $22,939,489 |