Freestone Credit Union
- Assets
- $52.3m
- Revenue
- $2.1m
- Investments
- $0.0
- Employees
- 23
- Location
- Teague, TX
- Founding
- 06/1976
- Data as of
- 12/2021
- EIN
- 74-1250330
Organization Overview
Freestone Credit Union is located in Teague, TX. The organization was established in 1976. 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, Freestone Credit Union employed 23 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Freestone 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, Freestone Credit Union generated $2.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.2% each year. All expenses for the organization totaled $1.7m during the year ending 12/2021. While expenses have increased by 0.3% 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 MISSION IS TO PROVIDE QUALITY FINANCIAL SERVICES TO OUR MEMBERS. WE ARE DEDICATED TO PROVIDING LOANS AT REASONABLE RATES, PROMOTING THRIFT AND MAINTAINING FINANCIAL STABILITY TO SAFEGUARD THE ASSETS OF FREESTONE CREDIT UNION. AT THE SAME TIME, WE WILL OFFER THESE SERVICES WITH PROFESSIONALISM, INTEGRITY AND INNOVATION TO PROVIDE FOR THE INDIVIDUAL NEEDS OF EACH MEMBER. ALTHOUGH SOUNDNESS AND SAFETY OF OP0ERATIONS IS IMPERATIVE, SERVICE IN A COOPERATIVE SPIRIT IS VITAL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
REGULAR SHARES INCREASED 3,684,495 SHARE DRAFTS INCREASED 3,163,092 IRAS INCREASED 205,898 OTHER DEPOSITS INCREASED 293,390
LOANS INCREASED 2,240,914
CREDIT UNION SIGNED UP WITH THREE NEW PROGRAMS THAT ARE INTEGRATED THROUGH OUR CORE PROCESSING SYSTEM FOR ELECTRONIC SIGNATURES FOR LOAN DOCUMENTS. A PROGRAM TO ACCEPT LOAN PAYMENTS BY DEBIT CARDS. FINANCIAL EDUCATION THROUGH HOME BANKING FOR CREDIT REPORTS.
NO OTHER SIGNIFICANT CHANGES IN OPERATION DURING CURRENT TAX YEAR OTHER THAN THOSE NOTED ABOVE IN SECTION 3, 4A/4B/4C.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kenneth Allen Vice Chairma | OfficerTrustee | $0 | |
Nancy Roberts Chairman | OfficerTrustee | $0 | |
Mary Lee Secretary/tr | OfficerTrustee | $0 | |
JD Hncock Director | Trustee | $0 | |
Mike Griffen Director | Trustee | $0 | |
Jessica Risken Director | Trustee | $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 | $1,782,321 |
| Investment income | $131,843 |
| 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 | $2,070,107 |
| 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 | $78,979 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $603,023 |
| Pension plan accruals and contributions | $15,489 |
| Other employee benefits | $9,853 |
| Payroll taxes | $41,852 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $864 |
| 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 | $259,458 |
| Advertising and promotion | $32,314 |
| Office expenses | $460,696 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $98,356 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $11,126 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $98,676 |
| Insurance | $40,647 |
| All other expenses | -$126,509 |
| Total functional expenses | $1,707,508 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,621,942 |
| Savings and temporary cash investments | $0 |
| 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 | $26,842,916 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $67,131 |
| Net Land, buildings, and equipment | $1,486,345 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $22,198,195 |
| Intangible assets | $0 |
| Other assets | $81,164 |
| Total assets | $52,297,693 |
| Accounts payable and accrued expenses | $239,922 |
| 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 | $47,065,592 |
| Total liabilities | $47,305,514 |
| 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 | $4,992,179 |
| Total liabilities and net assets/fund balances | $52,297,693 |
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