Civic Intelligence

Liberty One Credit Union

EIN 75-0297300 • 501(c)14 • Arlington, TX

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Profile

Libertyone seeks to be our members' primary financial institution and will adhere to the highest ethical standards while maintaining a sound financial foundation.

2221 E Lamar BlvdArlington, TX 76006

www.libertyonecu.com

Siviq Scores

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

Liabilities / Assets

61st percentile

0.90x

Higher debt load relative to assets than 61% of similar nonprofits.

501(c)14 • $100M-$250M nonprofits • Source year 2024

Liabilities / Revenue

78th percentile

17.79x

Higher debt load relative to revenue than 78% of similar nonprofits.

501(c)14 • $100M-$250M nonprofits • Source year 2024

Net Margin

14th percentile

2.2%

Higher net margin than 14% of similar nonprofits.

501(c)14 • $100M-$250M nonprofits • Source year 2024

Top Officer Pay

71st percentile

$289,611

Higher top officer pay than 71% of similar nonprofits.

Top officer pay equals 3.3% of source-year revenue.

501(c)14 • $100M-$250M nonprofits • Source year 2024

Asset Growth

59th percentile

3.8%

Faster asset growth than 59% of similar nonprofits.

501(c)14 • $100M-$250M nonprofits • Annualized from 2023 to 2024

Revenue Growth

83rd percentile

22%

Faster revenue growth than 83% of similar nonprofits.

501(c)14 • $100M-$250M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets61st percentile

Assets

Up

$172,389,038

Up $6,389,170 (+3.8%) from 2023

Liabilities

Up

$155,293,007

Up $5,220,159 (+3.5%) from 2023

Net Assets

Up

$17,096,031

Up $1,169,011 (+7.3%) from 2023

Operations
Liabilities / Revenue78th percentileNet Margin14th percentile

Revenue

Up

$8,727,525

Up $1,559,774 (+22%) from 2023

Expenses

Up

$8,536,376

Up $1,593,620 (+23%) from 2023

Net Income

Down

$191,149

Down $33,846 (-15%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth59th percentile

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

$200M$150M$100M$50M$0Assets 2008: $68,809,090Liabilities 2008: $59,456,030Net Assets 2008: $9,353,0602008Assets 2010: $86,029,199Liabilities 2010: $75,929,077Net Assets 2010: $10,100,1222010Assets 2011: $93,092,365Liabilities 2011: $82,524,550Net Assets 2011: $10,567,8152011Assets 2012: $98,009,106Liabilities 2012: $86,671,362Net Assets 2012: $11,337,7442012Assets 2013: $103,221,497Liabilities 2013: $91,953,237Net Assets 2013: $11,268,2602013Assets 2014: $105,243,197Liabilities 2014: $93,425,840Net Assets 2014: $11,817,3572014Assets 2015: $112,708,681Liabilities 2015: $100,237,392Net Assets 2015: $12,471,2892015Assets 2016: $118,951,063Liabilities 2016: $106,008,615Net Assets 2016: $12,942,4482016Assets 2017: $127,835,164Liabilities 2017: $114,556,946Net Assets 2017: $13,278,2182017Assets 2018: $132,005,777Liabilities 2018: $118,241,354Net Assets 2018: $13,764,4232018Assets 2019: $133,817,486Liabilities 2019: $118,870,232Net Assets 2019: $14,947,2542019Assets 2020: $148,595,553Liabilities 2020: $132,288,530Net Assets 2020: $16,307,0232020Assets 2021: $165,766,970Liabilities 2021: $148,864,338Net Assets 2021: $16,902,6322021Assets 2022: $165,630,553Liabilities 2022: $150,867,307Net Assets 2022: $14,763,2462022Assets 2023: $165,999,868Liabilities 2023: $150,072,848Net Assets 2023: $15,927,0202023Assets 2024: $172,389,038Liabilities 2024: $155,293,007Net Assets 2024: $17,096,0312024

Highlighted filing

2024

Assets$172,389,038
Liabilities$155,293,007
Net Assets$17,096,031
Open 2024 Filing

Operations Trend

Revenue Growth83rd percentile

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

$10M$5.0M$0Expenses 2008: $4,625,5132008Expenses 2010: $4,421,0892010Expenses 2011: $3,870,7682011Revenue 2012: $4,676,504Expenses 2012: $3,983,947Net Income 2012: $692,5572012Revenue 2013: $4,599,401Expenses 2013: $4,256,073Net Income 2013: $343,3282013Revenue 2014: $4,687,749Expenses 2014: $4,247,304Net Income 2014: $440,4452014Revenue 2015: $5,004,959Expenses 2015: $4,438,740Net Income 2015: $566,2192015Revenue 2016: $5,176,775Expenses 2016: $4,580,591Net Income 2016: $596,1842016Revenue 2017: $5,403,959Expenses 2017: $4,873,299Net Income 2017: $530,6602017Revenue 2018: $5,797,182Expenses 2018: $5,098,657Net Income 2018: $698,5252018Revenue 2019: $6,012,708Expenses 2019: $5,446,841Net Income 2019: $565,8672019Revenue 2020: $6,191,438Expenses 2020: $5,191,854Net Income 2020: $999,5842020Revenue 2021: $6,437,943Expenses 2021: $5,046,928Net Income 2021: $1,391,0152021Revenue 2022: $6,305,907Expenses 2022: $5,152,583Net Income 2022: $1,153,3242022Revenue 2023: $7,167,751Expenses 2023: $6,942,756Net Income 2023: $224,9952023Revenue 2024: $8,727,525Expenses 2024: $8,536,376Net Income 2024: $191,1492024

Highlighted filing

2024

Revenue$8,727,525
Expenses$8,536,376
Net Income$191,149
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$172,389,038
Liabilities
$155,293,007
Net assets
$17,096,031
Revenue
$8,727,525
Expenses
$8,536,376
Net income
$191,149
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$172$155$17.1$8.73$8.54$0.19
2023Detailed filing. Detailed filing data is available for this year.$166$150$15.9$7.17$6.94$0.22
2022Detailed filing. Detailed filing data is available for this year.$166$151$14.8$6.31$5.15$1.15
2021Detailed filing. Detailed filing data is available for this year.$166$149$16.9$6.44$5.05$1.39
2020Detailed filing. Detailed filing data is available for this year.$149$132$16.3$6.19$5.19$1.00
2019Detailed filing. Detailed filing data is available for this year.$134$119$14.9$6.01$5.45$0.57
2018Detailed filing. Detailed filing data is available for this year.$132$118$13.8$5.80$5.10$0.70
2017Detailed filing. Detailed filing data is available for this year.$128$115$13.3$5.40$4.87$0.53
2016Detailed filing. Detailed filing data is available for this year.$119$106$12.9$5.18$4.58$0.60
2015Detailed filing. Detailed filing data is available for this year.$113$100$12.5$5.00$4.44$0.57
2014Detailed filing. Detailed filing data is available for this year.$105$93.4$11.8$4.69$4.25$0.44
2013Detailed filing. Detailed filing data is available for this year.$103$92.0$11.3$4.60$4.26$0.34
2012Summary only. Only limited summary data is available for this year.$98.0$86.7$11.3$4.68$3.98$0.69
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$93.1$82.5$10.6$3.87
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$86.0$75.9$10.1$4.42
2008Facts available. Structured filing facts are available, but richer extracted sections are limited.$68.8$59.5$9.35$4.63
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Mar 4, 2025
Return Version
2024v5.1
Gross Receipts
$8,727,525
Mission and Program Overview

Mission

Lierty one seeks to be our members primary financial institution

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$127,495,282$129,533,906▲ $2,038,624
Investments Other Securities$34,121,401$38,933,396▲ $4,811,995
Rtn Earn Endowment Incm Other Fnds$15,927,020$17,096,031▲ $1,169,011
Receivables From Officers Etc$1,173,920$902,199▼ $271,721
Cash and Non-Interest-Bearing Accounts$482,508$409,835▼ $72,673
Prepaid Expenses and Deferred Charges$325,829$270,608▼ $55,221
Land, Buildings, and Equipment, Net$44,264$39,931▼ $4,333
Total Assets$165,999,868$172,389,038▲ $6,389,170
Other Assets Total$2,356,664$2,299,163▼ $57,501
Liabilities
Other Liabilities$146,099,791$153,472,067▲ $7,372,276
Accounts Payable and Accrued Expenses$3,973,057$1,820,940▼ $2,152,117
Total Liabilities$150,072,848$155,293,007▲ $5,220,159
Net Assets / Fund Balance
Total Net Assets Fund Balance$15,927,020$17,096,031▲ $1,169,011
Total Liabilities and Net Assets / Fund Balance$165,999,868$172,389,038▲ $6,389,170

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$38,025$634,706$672,731
Leasehold Improvements$1,906$71,327$73,233
Land$0--
Other Securities$15,490,072--
Compensation and Service Providers
Top Officer Pay71st percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Mike Funk--$214,401$119,374$333,775
Mike FunkPresidentFT$289,611-$289,611
Kim PurintunVP of Executive OperationsFT$137,580-$137,580
Brad FergusonVP of Member ServicesFT$130,524-$130,524

Board Members and Trustees

NameTitle
Charles RamirezChairman
Don RaweVice Chair
Calvin SmithDirector
David WilliamsonDirector
Jacqueline DixonDirector
Linda KunzeSecretary
Steve HammondsTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$8,168,266
Investment Income
$559,259
Other Revenue
$0
Change in Net Assets
$191,149
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$6,154,277
Salaries, Compensation, and Employee Benefits$2,382,099
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
All Other Expenses$4,421,537$0$0$4,421,537
Other Salaries and Wages$1,316,943$0$0$1,316,943
Current Officers, Directors, Trustees, and Key Employees$557,715$0$0$557,715
Information Technology$325,591$0$0$325,591
Other Employee Benefits$293,121$0$0$293,121
Payroll Taxes$130,019$0$0$130,019
Occupancy$119,758$0$0$119,758
Office Expenses$103,255$0$0$103,255
Pension Plan Contributions$84,301$0$0$84,301
Advertising$68,134$0$0$68,134
Fees for Services Other$62,866$0$0$62,866
Interest$51,122$0$0$51,122
Travel$45,872$0$0$45,872
Other Expenses$44,164$0$0$44,164
Insurance$36,192$0$0$36,192
Fees for Services Accounting$30,471$0$0$30,471
Depreciation Depletion$23,438$0$0$23,438
Fees for Services Legal$12,339$0$0$12,339
Total Functional Expenses$8,536,376$0$0$8,536,376
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$1,173,920$902,199▼ $271,721
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Membership Equity$153,472,067
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
Filing and Contact Details

Filer

Filer Name
Liberty One Credit Union
EIN
75-0297300
Phone
2144135588
Address
2221 E LAMAR BLVD, ARLINGTON, TX 76006

Signing Officer

Name
Mike Funk
Title
President/CEO
Phone
2144135588
Signed
2025-03-04
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mike Funk
Formed
1935
Legal Domicile
TX
Voting Board Members
7
Independent Board Members
7
Employees
26
Volunteers
9

Preparer

Firm
Greg R Schmidt CPA
Address
26 Cypress Pt, Amarillo, TX 79124
Preparer
Greg R Schmidt
Phone
8552759297
Supplemental Narrative

Additional Explanations

Pt VI, Line 6

“The credit unions members elect the members of the governing body”

Pt VI, Line 7A

“The credit unions members elect the members of the governing body”

Pt VI, Line 7B

“The credit unions members elect the members of the governing body and can vote to have them removed as well”

Pt VI, Line 11B

“The credit union hires a cpa to prepare the form 990 and a copy of this form is provided to the board for review”

Pt VI, Line 12C

“The board is instructed to disclose any matters that would create a conflict of interest and employees sign a statement when they begin employment”

Pt VI, Line 15A

“Salary surveys are used to set compensation, and the board approves the compensation package of the ceo”

Pt VI, Line 15B

“Salary surveys are used to set compensation”

Form 990, Part IX, Line 24E

“Banking & credit card 108784. 108784.”

Form 990, Part IX, Line 24E

“MISC 238847. 238847.”

Form 990, Part IX, Line 24E

“Operating fee 22494. 22494.”

Form 990, Part IX, Line 24E

“Dividends 3873376. 3873376.”

Form 990, Part IX, Line 24E

“Loan servicing 178036. 178036.”

Raw XML AppendixShowing 400 of 533 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Desc0LIBERTYONE CREDIT UNION PROVIDES AUTOMOBILE LOANS TO ITS MEMBERS AND WE STRIVE TO KEEP OUR RATES LOWER THAN BANKS OR OTHER FINANCIAL INSTITUTIONS. AS OF DECEMBER 31, 2017 THE CREDIT UNION HAD 8,497 MEMBERS, WITH A TOTAL OF 2,708 AUTO LOANS, CARRYING AN OUTSTANDING BALANCE OF $46,629,528.
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IRS990/Form990PartVIISectionAGrp/PersonNm1DON RAWE
IRS990/Form990PartVIISectionAGrp/PersonNm2STEVE HAMMONDS
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IRS990/Form990PartVIISectionAGrp/PersonNm7MIKE FUNK
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IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt8VP OF EXECUTIVE OPERATIONS
IRS990/Form990PartVIISectionAGrp/TitleTxt9VP OF MEMBER SERVICES
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