Civic Intelligence

Freedom Credit Union

EIN 87-0253260 • 501(c)14 • Provo, UT

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Profile

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.

815 North Freedom BlvdProvo, UT 84604

www.freedomcu.com

Siviq Scores

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

Liabilities / Assets

64th percentile

0.89x

Higher debt load relative to assets than 64% of similar nonprofits.

501(c)14 • $50M-$100M nonprofits • Source year 2023

Liabilities / Revenue

65th percentile

18.37x

Higher debt load relative to revenue than 65% of similar nonprofits.

501(c)14 • $50M-$100M nonprofits • Source year 2023

Net Margin

55th percentile

13%

Higher net margin than 55% of similar nonprofits.

501(c)14 • $50M-$100M nonprofits • Source year 2023

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

19th percentile

-3.2%

Faster asset growth than 19% of similar nonprofits.

501(c)14 • $50M-$100M nonprofits • Annualized from 2022 to 2023

Revenue Growth

89th percentile

28%

Faster revenue growth than 89% of similar nonprofits.

501(c)14 • $50M-$100M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets64th percentile

Assets

Up

$67,258,037

Up $6,124,991 (+10%) from 2023

Liabilities

Up

$60,422,660

Up $5,720,389 (+10%) from 2023

Net Assets

Up

$6,835,377

Up $404,602 (+6.3%) from 2023

Operations
Liabilities / Revenue65th percentileNet Margin55th percentile

Revenue

Up

$3,572,134

Up $594,562 (+20%) from 2023

Expenses

Up

$3,124,730

Up $531,672 (+21%) from 2023

Net Income

Up

$447,404

Up $62,890 (+16%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth19th percentile

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

$80M$60M$40M$20M$0Assets 2010: $21,665,496Liabilities 2010: $19,655,256Net Assets 2010: $2,010,2402010Assets 2011: $22,436,791Liabilities 2011: $20,286,487Net Assets 2011: $2,150,3042011Assets 2012: $23,478,722Liabilities 2012: $21,169,481Net Assets 2012: $2,309,2412012Assets 2017: $34,645,777Liabilities 2017: $31,075,346Net Assets 2017: $3,570,4312017Assets 2019: $41,652,628Liabilities 2019: $36,866,990Net Assets 2019: $4,785,6382019Assets 2020: $50,114,394Liabilities 2020: $45,015,834Net Assets 2020: $5,098,5602020Assets 2021: $59,201,307Liabilities 2021: $53,565,847Net Assets 2021: $5,635,4602021Assets 2022: $63,162,368Liabilities 2022: $57,116,107Net Assets 2022: $6,046,2612022Assets 2023: $61,133,046Liabilities 2023: $54,702,271Net Assets 2023: $6,430,7752023Assets 2024: $67,258,037Liabilities 2024: $60,422,660Net Assets 2024: $6,835,3772024

Highlighted filing

2024

Assets$67,258,037
Liabilities$60,422,660
Net Assets$6,835,377
Open 2024 Filing

Operations Trend

Revenue Growth89th percentile

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

$4.0M$3.0M$2.0M$1.0M$0Expenses 2010: $1,173,0062010Expenses 2011: $1,092,8102011Expenses 2012: $945,2722012Revenue 2017: $1,684,271Expenses 2017: $1,277,630Net Income 2017: $406,6412017Revenue 2019: $2,118,801Expenses 2019: $1,678,047Net Income 2019: $440,7542019Revenue 2020: $1,988,316Expenses 2020: $1,675,394Net Income 2020: $312,9222020Revenue 2021: $2,056,202Expenses 2021: $1,519,302Net Income 2021: $536,9002021Revenue 2022: $2,318,403Expenses 2022: $1,907,602Net Income 2022: $410,8012022Revenue 2023: $2,977,572Expenses 2023: $2,593,058Net Income 2023: $384,5142023Revenue 2024: $3,572,134Expenses 2024: $3,124,730Net Income 2024: $447,4042024

Highlighted filing

2024

Revenue$3,572,134
Expenses$3,124,730
Net Income$447,404
Open 2024 Filing

Filings

Most recent year

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

Open filing
Assets
$67,258,037
Liabilities
$60,422,660
Net assets
$6,835,377
Revenue
$3,572,134
Expenses
$3,124,730
Net income
$447,404
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$67.3$60.4$6.84$3.57$3.12$0.45
2023Detailed filing. Detailed filing data is available for this year.$61.1$54.7$6.43$2.98$2.59$0.38
2022Detailed filing. Detailed filing data is available for this year.$63.2$57.1$6.05$2.32$1.91$0.41
2021Detailed filing. Detailed filing data is available for this year.$59.2$53.6$5.64$2.06$1.52$0.54
2020Detailed filing. Detailed filing data is available for this year.$50.1$45.0$5.10$1.99$1.68$0.31
2019Summary only. Only limited summary data is available for this year.$41.7$36.9$4.79$2.12$1.68$0.44
2017Summary only. Only limited summary data is available for this year.$34.6$31.1$3.57$1.68$1.28$0.41
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$23.5$21.2$2.31$0.95
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$22.4$20.3$2.15$1.09
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$21.7$19.7$2.01$1.17
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Feb 10, 2025
Return Version
2024v5.0
Gross Receipts
$3,572,134
Mission and Program Overview

Mission

Provide a full range of financial services to members of Freedom Credit Union. The credit union currently services approximately 3500 members primarily located in Utah County, Utah.

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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$46,238,468$47,006,248▲ $767,780
Savings and Temporary Cash Investments$802,450$7,492,649▲ $6,690,199
Rtn Earn Endowment Incm Other Fnds$6,430,775$6,835,377▲ $404,602
Investments in Publicly Traded Securities$8,489,902$6,775,335▼ $1,714,567
Land, Buildings, and Equipment, Net$3,917,167$3,893,463▼ $23,704
Cash and Non-Interest-Bearing Accounts$514,124$670,326▲ $156,202
Prepaid Expenses and Deferred Charges$225,149$197,382▼ $27,767
Accounts Receivable$23,802$48,928▲ $25,126
Total Assets$61,133,046$67,258,037▲ $6,124,991
Other Assets Total$921,984$1,173,706▲ $251,722
Liabilities
Other Liabilities$53,947,619$59,782,302▲ $5,834,683
Accounts Payable and Accrued Expenses$754,652$640,358▼ $114,294
Total Liabilities$54,702,271$60,422,660▲ $5,720,389
Net Assets / Fund Balance
Total Net Assets Fund Balance$6,430,775$6,835,377▲ $404,602
Total Liabilities and Net Assets / Fund Balance$61,133,046$67,258,037▲ $6,124,991

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,385,864$820,540$3,206,404
Land$1,137,842-$1,137,842
Equipment$369,757$541,352$911,109
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseOtherTotal
Ken PaynePresident and CEOFT$130,747$23,875$154,622
Suzanne M AshbyExecutive Vice President-$93,975-$93,975

Board Members and Trustees

NameTitle
Thomas CrabbBoard Chairman
Lynn SmithBoard Vice Chairman
Karl GoldingBoard Member
Robert WagerBoard Member
Robin RobertsBoard Secretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$3,288,241
Investment Income
$283,893
Other Revenue
$0
Change in Net Assets
$447,404
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,204,243
Salaries, Compensation, and Employee Benefits$920,487
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Expenses$1,125,984--$1,125,984
Other Salaries and Wages$499,698--$499,698
Current Officers, Directors, Trustees, and Key Employees$248,597--$248,597
Depreciation Depletion$139,119--$139,119
Information Technology$126,730--$126,730
Occupancy$99,712--$99,712
Other Employee Benefits$78,678--$78,678
Payroll Taxes$68,271--$68,271
Advertising$51,665--$51,665
Fees for Services Legal$26,779--$26,779
Pension Plan Contributions$25,243--$25,243
Fees for Services Accounting$24,474--$24,474
Insurance$23,736--$23,736
All Other Expenses$21,699--$21,699
Conferences and Meetings$12,908--$12,908
Interest$4,257--$4,257
Travel$627--$627
Total Functional Expenses$3,124,730$0$0$3,124,730
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Member Deposits$59,782,302
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
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
No
Management duties delegated
No

Governance Explanations

Members or stockholder classes and rights Part VI line 6

“The credit union is owned by its members.”

Member election for additional members Part VI line 7A

“The members elect the board of directors.”

Form 990 governing body review Part VI line 11

“No review was conducted or will be conducted.”

CEO executive director top management comp Part VI line 15A

“A report produced by the national assoication of credit unions is written and submitted to ceo for review. The report is then submitted to the board of directors, who deliberate on the salaries of the ceo and key employees and then make a decision.”

Other officer or key employee compensation Part VI line 15B

“A report produced by the credit union national association is written and submitted to ceo for review. The report is then submitted to the board of directors, who deliberate on the salaries of the ceo and key employees and then make a decision.”

Governing documents etc available to public Part VI line 19

“Governing documents are available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Freedom Credit Union
EIN
87-0253260
In Care Of
% KEN PAYNE
Phone
8013752120
Address
815 NORTH FREEDOM BLVD, PROVO, UT 84604

Signing Officer

Name
Ken Payne
Title
President and CEO
Phone
3852485681
Signed
2025-02-10
Discuss with paid preparer
No

Organization Details

Formed
1956
Legal Domicile
Ut
Voting Board Members
5
Independent Board Members
5
Employees
18
Volunteers
5

Preparer

Firm
Vincent & Vincent CPAs PLLC
Address
PO Box 1171, Pleasant Grove, UT 84062
Preparer
Keith M Vincent
Phone
8018999407
Raw XML Appendix376 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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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE CREDIT UNION IS OWNED BY ITS MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE MEMBERS ELECT THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2NO REVIEW WAS CONDUCTED OR WILL BE CONDUCTED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3A REPORT PRODUCED BY THE NATIONAL ASSOICATION OF CREDIT UNIONS IS WRITTEN AND SUBMITTED TO CEO FOR REVIEW. THE REPORT IS THEN SUBMITTED TO THE BOARD OF DIRECTORS, WHO DELIBERATE ON THE SALARIES OF THE CEO AND KEY EMPLOYEES AND THEN MAKE A DECISION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4A REPORT PRODUCED BY THE CREDIT UNION NATIONAL ASSOCIATION IS WRITTEN AND SUBMITTED TO CEO FOR REVIEW. THE REPORT IS THEN SUBMITTED TO THE BOARD OF DIRECTORS, WHO DELIBERATE ON THE SALARIES OF THE CEO AND KEY EMPLOYEES AND THEN MAKE A DECISION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5GOVERNING DOCUMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Members or stockholder classes and rights Part VI line 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Member election for additional members Part VI line 7a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990 governing body review Part VI line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3CEO executive director top management comp Part VI line 15a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Other officer or key employee compensation Part VI line 15b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Governing documents etc available to public Part VI line 19
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ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0false
ReturnHeader/BusinessOfficerGrp/PersonNm0KEN PAYNE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT AND CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum03852485681
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-02-10
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0FREEDOM CREDIT UNION
ReturnHeader/Filer/BusinessNameControlTxt0FREE
ReturnHeader/Filer/EIN0870253260
ReturnHeader/Filer/InCareOfNm0% KEN PAYNE
ReturnHeader/Filer/PhoneNum08013752120
ReturnHeader/Filer/USAddress/AddressLine1Txt0815 NORTH FREEDOM BLVD
ReturnHeader/Filer/USAddress/CityNm0PROVO
ReturnHeader/Filer/USAddress/StateAbbreviationCd0UT
ReturnHeader/Filer/USAddress/ZIPCd084604
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0true
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0934381952
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0Vincent & Vincent CPAs PLLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0PO Box 1171
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Pleasant Grove
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0UT
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd084062
ReturnHeader/PreparerPersonGrp/PhoneNum08018999407
ReturnHeader/PreparerPersonGrp/PreparationDt02025-03-05
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0KEITH M VINCENT
ReturnHeader/ReturnTs02025-03-05T14:43:43-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02024-01-01
ReturnHeader/TaxPeriodEndDt02024-12-31
ReturnHeader/TaxYr02024

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