Civic Intelligence

Freedom Credit Union

EIN 04-1961180 • 501(c)14 • Springfield, MA

Profile

Our dynamic, sincere and helpful team provides membership value to individuals and businesses while managing a stable, community-minded financial institution.

1976 Main StreetSpringfield, MA 01103

www.freedom.coop

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

20th percentile

0.87x

Higher debt load relative to assets than 20% of similar nonprofits.

501(c)14 • $250M-$1B nonprofits • Source year 2025

Liabilities / Revenue

67th percentile

16.08x

Higher debt load relative to revenue than 67% of similar nonprofits.

501(c)14 • $250M-$1B nonprofits • Source year 2025

Net Margin

72nd percentile

14%

Higher net margin than 72% of similar nonprofits.

501(c)14 • $250M-$1B nonprofits • Source year 2025

Top Officer Pay

52nd percentile

$450,571

Higher top officer pay than 52% of similar nonprofits.

Top officer pay equals 1.1% of source-year revenue.

501(c)14 • $250M-$1B nonprofits • Source year 2025

Asset Growth

46th percentile

2.4%

Faster asset growth than 46% of similar nonprofits.

501(c)14 • $250M-$1B nonprofits • Annualized from 2024 to 2025

Revenue Growth

29th percentile

8.0%

Faster revenue growth than 29% of similar nonprofits.

501(c)14 • $250M-$1B nonprofits • Annualized from 2024 to 2025

Assets

Up

$751,618,910

Up $17,730,348 (+2.4%) from 2024

Liabilities

Up

$652,759,631

Up $8,968,843 (+1.4%) from 2024

Net Assets

Up

$98,859,279

Up $8,761,505 (+9.7%) from 2024

Revenue

Up

$40,594,063

Up $3,014,570 (+8.0%) from 2024

Expenses

Down

$34,808,962

Down $234,757 (-0.7%) from 2024

Net Income

Up

$5,785,101

Up $3,249,327 (+128%) from 2024

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$800M$600M$400M$200M$0Assets 2010: $447,152,608Liabilities 2010: $387,021,454Net Assets 2010: $60,131,1542010Assets 2011: $487,302,934Liabilities 2011: $422,645,868Net Assets 2011: $64,657,0662011Assets 2012: $517,136,522Liabilities 2012: $449,080,212Net Assets 2012: $68,056,3102012Assets 2013: $520,991,029Liabilities 2013: $453,873,609Net Assets 2013: $67,117,4202013Assets 2014: $515,296,313Liabilities 2014: $445,375,454Net Assets 2014: $69,920,8592014Assets 2015: $531,804,006Liabilities 2015: $462,006,608Net Assets 2015: $69,797,3982015Assets 2016: $489,855,221Liabilities 2016: $418,595,709Net Assets 2016: $71,259,5122016Assets 2017: $484,378,649Liabilities 2017: $408,744,631Net Assets 2017: $75,634,0182017Assets 2018: $477,578,497Liabilities 2018: $398,440,492Net Assets 2018: $79,138,0052018Assets 2019: $496,730,711Liabilities 2019: $410,851,904Net Assets 2019: $85,878,8072019Assets 2020: $593,605,651Liabilities 2020: $505,994,363Net Assets 2020: $87,611,2882020Assets 2021: $649,826,140Liabilities 2021: $559,612,487Net Assets 2021: $90,213,6532021Assets 2022: $699,366,789Liabilities 2022: $618,551,299Net Assets 2022: $80,815,4902022Assets 2023: $738,359,654Liabilities 2023: $651,869,684Net Assets 2023: $86,489,9702023Assets 2024: $733,888,562Liabilities 2024: $643,790,788Net Assets 2024: $90,097,7742024Assets 2025: $751,618,910Liabilities 2025: $652,759,631Net Assets 2025: $98,859,2792025

Highlighted filing

2025

Assets$751,618,910
Liabilities$652,759,631
Net Assets$98,859,279

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$60M$40M$20M$0Expenses 2010: $17,821,4312010Expenses 2011: $17,528,8222011Expenses 2012: $18,424,4262012Revenue 2013: $20,449,040Expenses 2013: $19,089,753Net Income 2013: $1,359,2872013Revenue 2014: $20,925,571Expenses 2014: $19,386,350Net Income 2014: $1,539,2212014Revenue 2015: $21,217,100Expenses 2015: $19,909,952Net Income 2015: $1,307,1482015Revenue 2016: $21,351,115Expenses 2016: $18,979,860Net Income 2016: $2,371,2552016Revenue 2017: $21,706,429Expenses 2017: $17,807,873Net Income 2017: $3,898,5562017Revenue 2018: $23,161,113Expenses 2018: $19,037,422Net Income 2018: $4,123,6912018Revenue 2019: $24,911,225Expenses 2019: $22,038,112Net Income 2019: $2,873,1132019Revenue 2020: $23,759,359Expenses 2020: $23,151,492Net Income 2020: $607,8672020Revenue 2021: $26,093,008Expenses 2021: $21,788,261Net Income 2021: $4,304,7472021Revenue 2022: $26,913,534Expenses 2022: $23,288,605Net Income 2022: $3,624,9292022Revenue 2023: $34,489,002Expenses 2023: $30,493,956Net Income 2023: $3,995,0462023Revenue 2024: $37,579,493Expenses 2024: $35,043,719Net Income 2024: $2,535,7742024Revenue 2025: $40,594,063Expenses 2025: $34,808,962Net Income 2025: $5,785,1012025

Highlighted filing

2025

Revenue$40,594,063
Expenses$34,808,962
Net Income$5,785,101

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$752$653$98.9$40.6$34.8$5.79
2024Detailed filing. Detailed filing data is available for this year.$734$644$90.1$37.6$35.0$2.54
2023Detailed filing. Detailed filing data is available for this year.$738$652$86.5$34.5$30.5$4.00
2022Detailed filing. Detailed filing data is available for this year.$699$619$80.8$26.9$23.3$3.62
2021Detailed filing. Detailed filing data is available for this year.$650$560$90.2$26.1$21.8$4.30
2020Detailed filing. Detailed filing data is available for this year.$594$506$87.6$23.8$23.2$0.61
2019Detailed filing. Detailed filing data is available for this year.$497$411$85.9$24.9$22.0$2.87
2018Detailed filing. Detailed filing data is available for this year.$478$398$79.1$23.2$19.0$4.12
2017Detailed filing. Detailed filing data is available for this year.$484$409$75.6$21.7$17.8$3.90
2016Detailed filing. Detailed filing data is available for this year.$490$419$71.3$21.4$19.0$2.37
2015Detailed filing. Detailed filing data is available for this year.$532$462$69.8$21.2$19.9$1.31
2014Detailed filing. Detailed filing data is available for this year.$515$445$69.9$20.9$19.4$1.54
2013Detailed filing. Detailed filing data is available for this year.$521$454$67.1$20.4$19.1$1.36
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$517$449$68.1$18.4
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$487$423$64.7$17.5
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$447$387$60.1$17.8
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2025 to Dec 31, 2025
Signed
Mar 26, 2026
Return Version
2025v4.0
Gross Receipts
$45,734,771
Mission and Program Overview

Mission

Our dynamic, sincere and helpful team provides membership value to individuals and businesses while managing a stable, community-minded financial institution.

Our dynamic, sincere and helpful team provides membership value to individuals and businesses while managing a stable, community-minded financial institution

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$543,109,446$524,467,506▼ $18,641,940
Investments in Publicly Traded Securities$115,410,889$123,095,681▲ $7,684,792
Rtn Earn Endowment Incm Other Fnds$90,097,774$98,859,279▲ $8,761,505
Savings and Temporary Cash Investments$33,569,457$57,886,432▲ $24,316,975
Receivables From Officers Etc$15,113,604$15,468,004▲ $354,400
Accounts Receivable$3,838,754$9,104,605▲ $5,265,851
Land, Buildings, and Equipment, Net$5,128,686$5,293,554▲ $164,868
Cash and Non-Interest-Bearing Accounts$3,416,054$2,581,030▼ $835,024
Prepaid Expenses and Deferred Charges$1,333,387$1,613,048▲ $279,661
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$733,888,562$751,618,910▲ $17,730,348
Other Assets Total$12,968,285$12,109,050▼ $859,235
Liabilities
Other Liabilities$569,725,644$595,770,619▲ $26,044,975
Mortgage Notes Payable Secured by Investment Property$68,457,130$52,791,895▼ $15,665,235
Accounts Payable and Accrued Expenses$5,608,014$4,197,117▼ $1,410,897
Total Liabilities$643,790,788$652,759,631▲ $8,968,843
Net Assets / Fund Balance
Total Net Assets Fund Balance$90,097,774$98,859,279▲ $8,761,505
Total Liabilities and Net Assets / Fund Balance$733,888,562$751,618,910▲ $17,730,348

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$1,120,506$7,450,302$8,570,808
Leasehold Improvements$1,832,874$3,537,122$5,369,996
Buildings$1,619,493$2,525,827$4,145,320
Land$720,681-$720,681
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Glenn WelchPresidentFT$372,045$78,526$450,571
Lee CraigChief Financial OfficerFT$215,547$52,229$267,776
Jack VadnaisDirector of Financial PlaFT$35,481$204,904$240,385
David ChaseVice President of BusinessFT$174,746$64,679$239,425
Jeffrey SmithVice President of LendingFT$180,677$57,877$238,554
Kara HermanVice President of Retail aFT$162,784$58,340$221,124
Gina NoblitDirector of Human ResourceFT$166,546$53,426$219,972
Cheryl PodgorskiVP OperationsFT$163,641$46,413$210,054
Allen ReedInformation Security OfficFT$132,468$52,919$185,387
Eugene Marceau JrIt AdminFT$95,890$83,681$179,571
Molly K TerpoaAccounting ManagerFT$102,787$66,122$168,909
Donald C EmersonDirectorPT$3,005-$3,005

Board Members and Trustees

NameTitle
William T CareyChairperson/director
Brian D HarringtonVice Chairperson/director
Daniel ReignerDirector
Donald R SenecalDirector
Lawrence F BouleyDirector
Louis G GuilletteDirector
Mark WayneDirector
Rondeau NicoleDirector
WILLIAM G O'BRIENDirector
William FlahertySecretary/treasurer/director
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$33,009,693
Investment Income
$7,584,370
Other Revenue
$0
Change in Net Assets
$5,785,101
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$24,309,265
Salaries, Compensation, and Employee Benefits$10,499,697
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest---$11,153,320
Other Salaries and Wages---$5,604,489
Information Technology---$3,105,012
Current Officers, Directors, Trustees, and Key Employees---$2,699,292
Occupancy---$1,500,440
Advertising---$1,340,782
Other Employee Benefits---$1,040,560
Fees for Services Other---$1,012,448
Office Expenses---$850,172
Payroll Taxes---$641,857
Depreciation Depletion---$632,942
Pension Plan Contributions---$513,499
Fees for Services Accounting---$410,435
Conferences and Meetings---$321,846
Other Expenses---$166,879
Insurance---$153,942
All Other Expenses---$116,233
Travel---$7,986
Total Functional Expenses$0$0$0$34,808,962
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Officers, Directors, Trustees, and Key Employees$15,113,604$15,468,004▲ $354,400
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Term Certificates$242,607,224
Share Savings$195,816,785
Now Accounts$88,751,460
Money Market$40,607,943
Ira Savings Accounts$27,594,238
Lease Liability$392,969
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

The credit union is a members only organization. It has 31,600 voting members at the end of the tax year. Each year, at the annual meeting, the members elect the governing board and also vote on all agenda items presented to them that require a vote of the membership.

Form 990, Part VI, Section A, Line 7A

The credit union is a members only organization. It has 31,600 voting members at the end of the tax year. Each year, at the annual meeting, the members elect the governing board and also vote on all agenda items presented to them that require a vote of the membership.

Form 990, Part VI, Section A, Line 7B

The credit union is a members only organization. It has 31,600 voting members at the end of the tax year. Each year, at the annual meeting, the members elect the governing board and also vote on all agenda items presented to them that require a vote of the membership.

Form 990, Part VI, Section B, Line 11B

The form 990 is reviewed by the accountant and chief financial officer. After their approval, the form 990 is reviewed by the board of directors.

Form 990, Part VI, Section B, Line 12C

The credit union educates all staff on the conflict of interest policy at the time of hire. Therefore, all staff are aware of the policy and the credit union relies on the integrity and honesty of its employees to adhere to it. If the policy is violated, corrective action is taken.

Form 990, Part VI, Section B, Line 15

The members of the board of directors review and approve the annual compensation of the ceo/president at its board meeting in december. In determining the ceo/president's compensation, the members consider the compensation paid to other chief executive officers at comparable business organizations.

Form 990, Part VI, Section C, Line 19

Availability of governing documents, coi policy and financial statements: the credit union makes its governing documents, conflict of interest policy, form 990 and audited financial statements available to the public upon request or through various websites that are open to the general public.

Filing and Contact Details

Filer

Filer Name
Freedom Credit Union
EIN
04-1961180
Phone
4137396961
Address
1976 MAIN STREET, SPRINGFIELD, MA 01103

Signing Officer

Name
Lee Craig
Title
Senior Vice President/CFO
Phone
4137396961
Signed
2026-03-26
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Lee Craig
Formed
1922
Legal Domicile
Ma
Voting Board Members
11
Independent Board Members
11
Employees
159
Volunteers
11

Preparer

Firm
Whittlesey Pc
Address
280 TRUMBULL ST 24TH FL, HARTFORD, CT 06103
Preparer
Thomas Goldfuss
Phone
8605223111
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IRS990/Form990PartVIISectionAGrp/TitleTxt13VICE PRESIDENT OF LENDING
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IRS990/Form990PartVIISectionAGrp/TitleTxt15VICE PRESIDENT OF BUSINESS
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IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR OF FINANCIAL PLA
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