Freedom Credit Union
- Assets
- $63.2m
- Revenue
- $2.3m
- Investments
- $0.0
- Employees
- 16
- Location
- Provo, UT
- Founding
- 07/1956
- Data as of
- 12/2022
- EIN
- 87-0253260
Organization Overview
Freedom Credit Union is located in Provo, UT. The organization was established in 1956. 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 Credit Union employed 16 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. 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 12/2022, Freedom Credit Union generated $2.3m in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 2.3% each year. All expenses for the organization totaled $1.9m during the year ending 12/2022. While expenses have increased by 3.3% per year over the past 4 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE A FULL RANGE OF FINANCIAL SERVICES TO MEMBERS OF FREEDOM CREDIT UNION. THE CREDIT UNION CURRENTLY SERVICES APPROXIMATELY 3500 MEMBERS PRIMARILY LOCATED IN UTAH COUNTY, UTAH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TOTAL PROGRAM SERVICE EXPENSES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ken Payne President And CEO | Officer | 40 | $138,282 |
Robert Wager Board Member | Trustee | 1 | $0 |
Karl Golding Board Member | Trustee | 1 | $0 |
Robin Roberts Board Secretary | Trustee | 1 | $0 |
Thomas Crabb Board Chairman | Trustee | 1 | $0 |
Lynn Smith Board Vice Chairman | 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 | $2,139,278 |
| Investment income | $179,125 |
| 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 | $2,318,403 |
| 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. | $138,282 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $512,013 |
| Pension plan accruals and contributions | $29,493 |
| Other employee benefits | $47,468 |
| Payroll taxes | $50,937 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $12,598 |
| Fees for services: Accounting | $21,523 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $16,156 |
| Advertising and promotion | $85,140 |
| Office expenses | $49,054 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $58,391 |
| Travel | $2,035 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,990 |
| Interest | $3,198 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $84,603 |
| Insurance | $20,940 |
| All other expenses | $34,460 |
| Total functional expenses | $1,907,602 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $483,633 |
| Savings and temporary cash investments | $10,926,154 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $23,802 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $46,457,722 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $275,704 |
| Net Land, buildings, and equipment | $4,072,454 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $922,899 |
| Total assets | $63,162,368 |
| Accounts payable and accrued expenses | $1,125,787 |
| 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 | $55,990,320 |
| Total liabilities | $57,116,107 |
| 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 | $6,046,261 |
| Total liabilities and net assets/fund balances | $63,162,368 |