Civic Intelligence

Freedom Credit Union

990 • Fiscal year 2015 • EIN 04-1961180

Jan 01, 2015 to Dec 31, 2015 • Filed on Nov 04, 2016

Organization Profilewww.Freedom.coop

View Organization Page

1976 Main StreetSpringfield, MA 01103

(413) 739-6961

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

21st percentile

0.87x

Higher debt load relative to assets than 21% of similar nonprofits.

2015 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2015

Liabilities / Revenue

76th percentile

21.78x

Higher debt load relative to revenue than 76% of similar nonprofits.

2015 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2015

Net Margin

14th percentile

6.2%

Higher net margin than 14% of similar nonprofits.

2015 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2015

Top Officer Pay

35th percentile

$327,505

Higher top officer pay than 35% of similar nonprofits.

Top officer pay equals 1.5% of source-year revenue.

2015 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2015

Asset Growth

21st percentile

3.2%

Faster asset growth than 21% of similar nonprofits.

2015 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2014 to 2015

Revenue Growth

21st percentile

1.4%

Faster revenue growth than 21% of similar nonprofits.

2015 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets21st percentile

Assets

Up

$531,804,006

Up $16,507,693 (+3.2%) from 2014

Net Assets

Down

$69,797,398

Down $123,461 (-0.2%) from 2014

Liabilities

Up

$462,006,608

Up $16,631,154 (+3.7%) from 2014

Revenue And Expenses
Liabilities / Revenue76th percentileNet Margin14th percentile

Revenue

Up

$21,217,100

Up $291,529 (+1.4%) from 2014

Expenses

Up

$19,909,952

Up $523,602 (+2.7%) from 2014

Net Income

Down

$1,307,148

Down $232,073 (-15%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth21st percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$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

2015

Assets$531,804,006
Liabilities$462,006,608
Net Assets$69,797,398
Open 2015 Filing

Operations Trend

Revenue Growth21st percentile

Revenue, expenses, and net income across loaded years, with this 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

2015

Revenue$21,217,100
Expenses$19,909,952
Net Income$1,307,148
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Nov 4, 2016
Return Version
2015v2.1
Gross Receipts
$90,687,082
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.

See Part III Line 1

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$281,334,595$297,882,737▲ $16,548,142
Investments Other Securities$197,321,487$194,581,659▼ $2,739,828
Rtn Earn Endowment Incm Other Fnds$69,920,859$69,797,398▼ $123,461
Land, Buildings, and Equipment, Net$6,552,459$6,930,747▲ $378,288
Receivables From Officers Etc$4,859,354$4,885,534▲ $26,180
Cash and Non-Interest-Bearing Accounts$2,781,721$2,670,741▼ $110,980
Savings and Temporary Cash Investments$1,024,974$1,511,963▲ $486,989
Accounts Receivable$1,216,111$1,175,183▼ $40,928
Prepaid Expenses and Deferred Charges$239,923$321,657▲ $81,734
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$515,296,313$531,804,006▲ $16,507,693
Other Assets Total$19,965,689$21,843,785▲ $1,878,096
Liabilities
Other Liabilities$440,498,851$454,491,870▲ $13,993,019
Mortgage Notes Payable Secured by Investment Property$1,569,000$3,945,000▲ $2,376,000
Accounts Payable and Accrued Expenses$3,307,603$3,569,738▲ $262,135
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$445,375,454$462,006,608▲ $16,631,154
Net Assets / Fund Balance
Total Net Assets Fund Balance$69,920,859$69,797,398▼ $123,461
Total Liabilities and Net Assets / Fund Balance$515,296,313$531,804,006▲ $16,507,693

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$1,035,118$3,816,496$4,851,614
Buildings$2,707,691$1,592,096$4,299,787
Leasehold Improvements$2,513,620$1,286,789$3,800,409
Land$669,981-$669,981
Other Land Buildings$4,337-$4,337
Other Securities$2,480,000--
Compensation and Service Providers
Top Officer Pay35th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Barry CrosbyPresidentFT$259,554$67,951$327,505
Louis ScungioCFOFT$155,782$64,029$219,811
Jeffrey SmithVP LendingFT$118,178$34,214$152,392
Kara HermanVP retail adminFT$107,768$21,911$129,679
Patricia CarbeeVP ErmFT$106,831$18,110$124,941
Karen KatsanosVP Director of HRFT$98,838$18,530$117,368
Cheryl PodgorskiVP OperationsFT$101,688$9,825$111,513
John ReignerDirectorPT$3,211-$3,211
Donald EmersonTreasurer/SECURITY OFFICERPT$3,027-$3,027
William CareyDirectorPT$2,853-$2,853
WILLIAM O'BRIENDirectorPT$2,825-$2,825
Lawrence BouleyVice ChairmanPT$2,751-$2,751
Richard GroverDirectorPT$2,045-$2,045
Charles SimonichChairmanPT$1,291-$1,291
Brian HarringtonDirectorPT$928-$928
Julie KilbrideDirectorPT$447-$447
Louis GuilletteCLERK/secretaryPT$176-$176

Board Members and Trustees

NameTitle
Donald Senecaldirector
F Rory SantanielloDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$16,932,156
Investment Income
$4,268,193
Other Revenue
$16,751
Change in Net Assets
$1,307,148
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$11,102,374
Salaries, Compensation, and Employee Benefits$8,807,578
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$5,527,303
Interest---$3,254,404
Information Technology---$1,610,521
Occupancy---$1,140,334
Other Employee Benefits---$1,100,610
Current Officers, Directors, Trustees, and Key Employees---$996,235
Office Expenses---$759,519
Depreciation Depletion---$673,894
Pension Plan Contributions---$643,792
Fees for Services Other---$546,332
Advertising---$542,999
Payroll Taxes---$539,638
Travel---$259,322
All Other Expenses---$238,784
Fees for Services Accounting---$217,088
Insurance---$128,209
Fees for Services Legal---$91,885
Other Expenses---$20,693
Total Functional Expenses$0$0$0$19,909,952
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$4,859,354$4,885,534▲ $26,180
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Share Certificates$172,918,151
Share Savings$151,466,835
Ira Accounts$56,684,344
Money Market$46,408,990
Now Accounts$27,013,550
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
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

990, PART VI, Lines 11A & 11B - REVIEW OF THE FORM 990

“The Form 990 is reviewed by the accounting finance manager and chief financial officer. After their approval, the Form 990 is reviewed by the board of directors.”

990, PART VI, Line 12C - Conflict of Interest Policy

“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 found to be broken, corrective action is then taken.”

990, PART VI, SECTION C, line 19 -

“AVAILABILITY 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.”

990, PART VI, SECTION A, LINES 6, 7A, & 7B - Members

“The Credit Union is a members only organization. It has 24,281 voting members at the end of the tax year. Each year, at the annual meeting, the members elect the governing board & also vote on all agenda items presented to them that require a vote of the membership.”

Filing and Contact Details

Filer

Filer Name
Freedom Credit Union
EIN
04-1961180
In Care Of
% LOUIS J SCUNGIO
Phone
4137396961
Address
1976 Main Street, Springfield, MA 01103

Signing Officer

Name
Louis J Scungio
Title
VP/CFO
Phone
4137396961
Signed
2016-11-04
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Louis J Scungio
Formed
1922
Legal Domicile
Ma
Voting Board Members
11
Independent Board Members
11
Employees
171
Volunteers
10

Preparer

Firm
Wolf & Company Pc
Address
99 HIGH STREET 21ST FLOOR, BOSTON, MA 02110
Preparer
Jana B Bacon CPA
Phone
6174399700
Supplemental Narrative

Additional Explanations

990, PART IV, LINE 12A - Financial statement audit

“Freedom credit Union has a financial statement audit performed on a fiscal year ended September 30th each year.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt1DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt3Director
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5CHAIRMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt6Treasurer/SECURITY OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8CLERK/secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt9Director
IRS990/Form990PartVIISectionAGrp/TitleTxt10director
IRS990/Form990PartVIISectionAGrp/TitleTxt11Director
IRS990/Form990PartVIISectionAGrp/TitleTxt12PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt13CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt14VP Operations
IRS990/Form990PartVIISectionAGrp/TitleTxt15VP retail admin
IRS990/Form990PartVIISectionAGrp/TitleTxt16VP Lending
IRS990/Form990PartVIISectionAGrp/TitleTxt17VP ERM
IRS990/Form990PartVIISectionAGrp/TitleTxt18VP Director of HR
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IRS990/IRPDocumentW2GCnt00
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IRS990/MaterialDiversionOrMisuseInd0false
IRS990/MembersOrStockholdersInd0true
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0TO PROVIDE A FRIENDLY ATMOSPHERE FOR ITS MEMBERS IN WHICH THEY CAN CONDUCT THEIR FINANCIAL BUSINESS AND TO OFFER FAIR RATES FOR SAVINGS, LOANS AND OTHER SERVICES AS THEY BECOME AVAILABLE.
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IRS990/NetIncomeFromGamingGrp/TotalRevenueColumnAmt00
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IRS990/OfficeExpensesGrp/TotalAmt0759519
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowSFAS117Ind0X
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IRS990/OtherAssetsTotalGrp/EOYAmt021843785
IRS990/OtherEmployeeBenefitsGrp/TotalAmt01100610
IRS990/OtherExpensesGrp/Desc0ATM NETWORK CHARGES
IRS990/OtherExpensesGrp/Desc1PROVISION FOR LOAN LOSS
IRS990/OtherExpensesGrp/Desc2LOAN SERVICING
IRS990/OtherExpensesGrp/Desc3DUES & SUBSCRIPTIONS
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IRS990/OthNotesLoansReceivableNetGrp/BOYAmt0281334595
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt0297882737
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayrollTaxesGrp/TotalAmt0539638
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt00
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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0321657
IRS990/PrincipalOfficerNm0Louis J Scungio
IRS990/ProfessionalFundraisingInd0false
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IRS990/ProgramServiceRevenueGrp/BusinessCd1522100
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IRS990/ProgramServiceRevenueGrp/Desc1MEMBER SERVICE FEES
IRS990/ProgramServiceRevenueGrp/Desc2OTHER INCOME
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt12853856
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt21138189
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt3172918151
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0NOW ACCOUNTS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1MONEY MARKET

Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$531,804,006
Liabilities
$462,006,608
Net assets
$69,797,398
Revenue
$21,217,100
Expenses
$19,909,952
Net income
$1,307,148
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