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Nonprofiteer
← FREEDOM CREDIT UNION

Form 990 for tax year 2023

Filed by FREEDOM CREDIT UNION.

Totals

Total revenue
$2,977,572
Total expenses
$2,593,058
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$2,723,576
Investment income
$253,996
Other revenue
$0
Total assets, end of year
$61,133,046
Total liabilities, end of year
$54,702,271
Net assets or fund balances, end of year
$6,430,775
Program services expenses (Part IX)
$2,593,058
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$2,593,058

Program services were 100.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: INCOME FROM LOANS

    total $2,299,622 · related or exempt $2,299,622

  • 2b · Program service revenue: FEE INCOME

    total $128,831 · related or exempt $128,831

  • 2c · Program service revenue: INTERCHANGE INCOME

    total $283,726 · related or exempt $283,726

  • 2d · Program service revenue: OTHER INCOME

  • 2e · Program service revenue: MORTGAGE FEE INCOME

    total $11,397 · related or exempt $11,397

  • 3 · Investment income

    total $253,996 · related or exempt $253,996

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $156,022 · program services $156,022

  • 7 · Other salaries and wages

    total $519,909 · program services $519,909

  • 8 · Pension plan contributions

    total $28,425 · program services $28,425

  • 9 · Other employee benefits

    total $56,123 · program services $56,123

  • 10 · Payroll taxes

    total $52,606 · program services $52,606

  • 11b · Fees: legal

    total $25,296 · program services $25,296

  • 11c · Fees: accounting

    total $22,734 · program services $22,734

  • 11g · Fees: other

    total $23,328 · program services $23,328

  • 12 · Advertising and promotion

    total $64,888 · program services $64,888

  • 13 · Office expenses

    total $40,780 · program services $40,780

  • 16 · Occupancy

    total $96,425 · program services $96,425

  • 17 · Travel

    total $593 · program services $593

  • 19 · Conferences, conventions and meetings

    total $13,223 · program services $13,223

  • 20 · Interest

    total $5,825 · program services $5,825

  • 22 · Depreciation, depletion and amortization

    total $144,000 · program services $144,000

  • 23 · Insurance

    total $23,789 · program services $23,789

  • 24a · Other expenses: OFFICE OPERATIONS

    total $209,651 · program services $209,651

  • 24b · Other expenses: LOAN SERVICING

    total $215,170 · program services $215,170

  • 24c · Other expenses: PROVISION FOR LOAN LOSSES

    total $112,500 · program services $112,500

  • 24d · Other expenses: DIVIDENDS EXPENSE

    total $751,582 · program services $751,582

  • 24e · All other expenses

    total $30,189 · program services $30,189

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $483,633 · end of year $514,124

  • 2 · Savings and temporary cash investments

    beginning of year $10,926,154 · end of year $9,292,352

  • 4 · Accounts receivable

    beginning of year $23,802 · end of year $23,802

  • 7 · Other notes and loans receivable

    beginning of year $46,457,722 · end of year $46,238,468

  • 9 · Prepaid expenses and deferred charges

    beginning of year $275,704 · end of year $225,149

  • 10a · Land, buildings and equipment: cost or other basis

    $5,130,946

  • 10b · Land, buildings and equipment: accumulated depreciation

    $1,213,779

  • 10c · Land, buildings and equipment, net

    beginning of year $4,072,454 · end of year $3,917,167

  • 15 · Other assets

    beginning of year $922,899 · end of year $921,984

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,125,787 · end of year $754,652

  • 25 · Other liabilities

    beginning of year $55,990,320 · end of year $53,947,619

  • 31 · Retained earnings, endowment or other funds

    beginning of year $6,046,261 · end of year $6,430,775

Mission and programs · 2023

Mission

PROVIDE A FULL RANGE OF FINANCIAL SERVICES TO MEMBERS OF FREEDOM CREDIT UNION. THE CREDIT UNION CURRENTLY SERVICES APPROXIMATELY 4000 MEMBERS PRIMARILY LOCATED IN UTAH COUNTY, UTAH.

  • TOTAL PROGRAM SERVICE EXPENSES

    Expenses $2,593,058

As filed on the 2023 return.

Listed in Part VII

  • Ken Payne

    PRESIDENT AND CEO

    Total calculated
    $156,022
    From this org
    $156,022
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $123,734
    Bonus
    $25,029
    Other
    $7,259
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $156,022

  • Robert Wager

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Karl Golding

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Robin Roberts

    BOARD SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Thomas Crabb

    BOARD CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Lynn Smith

    BOARD VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2023
Filed
8 May 2024
IRS schema version
2023v5.0
Source object
202441349349306524

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