Civic Intelligence

Freedom Credit Union

990 • Fiscal year 2017 • EIN 04-1961180

Jan 01, 2017 to Dec 31, 2017 • Filed on Oct 24, 2018

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

11th percentile

0.84x

Higher debt load relative to assets than 11% of similar nonprofits.

2017 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2017

Liabilities / Revenue

60th percentile

18.83x

Higher debt load relative to revenue than 60% of similar nonprofits.

2017 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2017

Net Margin

73rd percentile

18%

Higher net margin than 73% of similar nonprofits.

2017 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2017

Top Officer Pay

31st percentile

$336,730

Higher top officer pay than 31% of similar nonprofits.

Top officer pay equals 1.6% of source-year revenue.

2017 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2017

Asset Growth

4th percentile

-1.1%

Faster asset growth than 4% of similar nonprofits.

2017 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2016 to 2017

Revenue Growth

10th percentile

1.7%

Faster revenue growth than 10% of similar nonprofits.

2017 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2016 to 2017

Assets

Down

$484,378,649

Down $5,476,572 (-1.1%) from 2016

Net Assets

Up

$75,634,018

Up $4,374,506 (+6.1%) from 2016

Liabilities

Down

$408,744,631

Down $9,851,078 (-2.4%) from 2016

Revenue

Up

$21,706,429

Up $355,314 (+1.7%) from 2016

Expenses

Down

$17,807,873

Down $1,171,987 (-6.2%) from 2016

Net Income

Up

$3,898,556

Up $1,527,301 (+64%) from 2016

Historical Trend

Balance Sheet Trend

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

2017

Assets$484,378,649
Liabilities$408,744,631
Net Assets$75,634,018

Operations Trend

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

2017

Revenue$21,706,429
Expenses$17,807,873
Net Income$3,898,556
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Oct 24, 2018
Return Version
2017v2.3
Gross Receipts
$28,520,794
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.

To 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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$310,166,071$312,829,314▲ $2,663,243
Investments Other Securities$139,651,358$127,072,881▼ $12,578,477
Rtn Earn Endowment Incm Other Fnds$71,259,512$75,634,018▲ $4,374,506
Receivables From Officers Etc$4,562,952$7,640,952▲ $3,078,000
Land, Buildings, and Equipment, Net$6,704,556$6,325,269▼ $379,287
Savings and Temporary Cash Investments$1,121,218$2,818,274▲ $1,697,056
Cash and Non-Interest-Bearing Accounts$2,408,022$2,324,859▼ $83,163
Prepaid Expenses and Deferred Charges$388,230$1,509,181▲ $1,120,951
Accounts Receivable$1,081,361$1,113,563▲ $32,202
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$489,855,221$484,378,649▼ $5,476,572
Other Assets Total$23,771,453$22,744,356▼ $1,027,097
Liabilities
Other Liabilities$403,824,237$380,508,667▼ $23,315,570
Mortgage Notes Payable Secured by Investment Property$10,689,000$23,818,000▲ $13,129,000
Accounts Payable and Accrued Expenses$4,082,472$4,417,964▲ $335,492
Total Liabilities$418,595,709$408,744,631▼ $9,851,078
Net Assets / Fund Balance
Total Net Assets Fund Balance$71,259,512$75,634,018▲ $4,374,506
Total Liabilities and Net Assets / Fund Balance$489,855,221$484,378,649▼ $5,476,572

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$745,899$4,340,148$5,086,047
Buildings$2,434,640$1,865,147$4,299,787
Leasehold Improvements$2,474,749$1,688,699$4,163,448
Land$669,981-$669,981
Other Securities$150,000--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Glenn WelchPresidentFT$280,610$56,120$336,730
Louis ScungioChief Financial OfficerFT$156,967$60,325$217,292
Jeffrey SmithVice President of LendingFT$124,952$26,923$151,875
David ChaseVice President of Business LendingFT$133,974$16,014$149,988
Viktorija RandallMortgage Loan OfficerFT$104,205$29,002$133,207
Kara HermanVice President of Retail AdminFT$110,184$20,605$130,789
Cheryl PodgorskiVice President of OperationsFT$106,081$8,921$115,002
Lawrence F BouleyChairmanPT$3,801-$3,801
John R ReignerDirectorPT$3,247-$3,247
Donald C EmersonVice ChairmanPT$3,190-$3,190
William T CareyDirectorPT$3,171-$3,171
WILLIAM G O'BRIENDirectorPT$2,815-$2,815
Felix SantanielloDirectorPT$1,594-$1,594
Louis G GuilletteTreasurerPT$1,016-$1,016
Brian D HarringtonDirectorPT$808-$808

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$18,608,563
Investment Income
$3,090,266
Other Revenue
$7,600
Change in Net Assets
$3,898,556
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$9,141,211
Salaries, Compensation, and Employee Benefits$8,666,662
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$5,809,422
Interest---$2,153,902
Occupancy---$1,772,020
Information Technology---$1,727,960
Current Officers, Directors, Trustees, and Key Employees---$976,520
Other Employee Benefits---$767,462
Office Expenses---$727,182
Advertising---$574,772
Depreciation Depletion---$572,551
Pension Plan Contributions---$559,035
Payroll Taxes---$554,223
Conferences and Meetings---$334,803
Fees for Services Other---$263,609
Fees for Services Accounting---$259,199
Insurance---$106,786
Other Expenses---$40,000
All Other Expenses---$38,368
Travel---$1,730
Total Functional Expenses$0$0$0$17,807,873
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$4,562,952$7,640,952▲ $3,078,000
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Share Savings$136,613,271
Share Certificates$120,700,674
Now Accounts$64,654,237
Money Market$49,766,769
Ira Accounts$8,773,716
Governance and Compliance

Governance Checklist

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

Form 990, Part VI, Section A, Line 6

The credit union is a members only organization. It has 23,940 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 23,940 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 23,940 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 accounting finance manager 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 found to be broken, corrective action is then 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 quarterly 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
Louis Scungio
Title
Senior Vice President/CFO
Phone
4137396961
Signed
2018-10-24
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Louis Scungio
Formed
1922
Legal Domicile
Ma
Voting Board Members
11
Independent Board Members
11
Employees
154
Volunteers
11

Preparer

Firm
Whittlesey Pc
Address
280 TRUMBULL ST 24TH FL, HARTFORD, CT 06103
Preparer
Andrew G Andrews
Phone
8605223111
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IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt13VICE PRESIDENT OF BUSINESS LENDING
IRS990/Form990PartVIISectionAGrp/TitleTxt14VICE PRESIDENT OF LENDING
IRS990/Form990PartVIISectionAGrp/TitleTxt15VICE PRESIDENT OF RETAIL ADMIN
IRS990/Form990PartVIISectionAGrp/TitleTxt16MORTGAGE LOAN OFFICER
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IRS990/OtherExpensesGrp/Desc2MISCELLANEOUS EXPENSE
IRS990/OtherExpensesGrp/Desc3PROVISIONS FOR LOAN LOS
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IRS990/OtherExpensesGrp/TotalAmt1145859
IRS990/OtherExpensesGrp/TotalAmt243998
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IRS990/RegularMonitoringEnfrcInd01
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IRS990/RentalIncomeOrLossGrp/RealAmt07600
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IRS990/SavingsAndTempCashInvstGrp/BOYAmt01121218
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IRS990/ScheduleBRequiredInd00
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IRS990ScheduleD/EquipmentGrp/DepreciationAmt04340148
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IRS990ScheduleD/LandGrp/BookValueAmt0669981
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt149766769
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt2136613271
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt3120700674
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt48773716
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0NOW ACCOUNTS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1MONEY MARKET
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2SHARE SAVINGS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3SHARE CERTIFICATES
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IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt12432700
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt2285000
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt32733834
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt410742
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt5150000
IRS990ScheduleD/OtherSecuritiesGrp/Desc0MORTGAGED BACKED SECURITIES
IRS990ScheduleD/OtherSecuritiesGrp/Desc1FHLB STOCK
IRS990ScheduleD/OtherSecuritiesGrp/Desc2COCC STOCK
IRS990ScheduleD/OtherSecuritiesGrp/Desc3CERTIFICATE OF DEPOSIT
IRS990ScheduleD/OtherSecuritiesGrp/Desc4PSCU STOCK
IRS990ScheduleD/OtherSecuritiesGrp/Desc5ALLOYA CORP
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IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd3C
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd4C
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd5C
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IRS990ScheduleD/TotalBookValueSecuritiesAmt0127072881
IRS990ScheduleD/TotalLiabilityAmt0380508667
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IRS990ScheduleJ/CompensationSurveyInd0X
IRS990ScheduleJ/EquityBasedCompArrngmInd00
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IRS990ScheduleJ/IndependentConsultantInd0X
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt1156967
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt2124952
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount011281
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount16745
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt20
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt20
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt00

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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
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2017 filings • 501(c)14 • $250M-$1B nonprofits