FREEDOM CREDIT UNION

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1934

Legal Domicile

Principal Officer

JOHN F KING

Phone

2156125900

Tax Period

2024-01-01 to 2024-12-31

FREEDOM CREDIT UNION, founded in 1934, is a mid-sized nonprofit that reported $79.7M in total revenue in fiscal year 2024. Revenue grew 15% year-over-year, indicating healthy expansion. The organization ran a surplus of $17.8M, a strong 22% operating margin.

Mission

TO PROVIDE LOW COST FINANCIAL SERVICES AND PRODUCTS TO ITS MEMBERS.

Program Service Accomplishments

Program 1

CREDIT UNIONS ARE COOPERATIVE SAVINGS AND CREDIT ASSOCIATIONS INCORPORATED FOR THE PURPOSE OF PROMOTING THRIFT AMONG ITS 64,027 MEMBERS, CREATING A SOURCE OF CREDIT FOR SUCH MEMBERS AT REASONABLE...

CREDIT UNIONS ARE COOPERATIVE SAVINGS AND CREDIT ASSOCIATIONS INCORPORATED FOR THE PURPOSE OF PROMOTING THRIFT AMONG ITS 64,027 MEMBERS, CREATING A SOURCE OF CREDIT FOR SUCH MEMBERS AT REASONABLE RATES OF INTEREST AND PROVIDING AN OPPORTUNITY FOR ITS MEMBERS TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $42,181,351

Investment Income $24,278,798

Other Revenue $13,236,352

TOTAL REVENUE $79,696,501

Expense Breakdown

Grants Paid $0

Salaries & Benefits $12,529,923

Fundraising Expenses $0

Other Expenses $49,316,651

TOTAL EXPENSES $61,846,574

Year-over-Year Comparison

	2024	2023	Change
Revenue	$79,696,501	$69,525,763	+0.1%
Expenses	$61,846,574	$53,032,551	+0.2%
Net Income	$17,849,927	$16,493,212	+0.1%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

N/A

Employees

109

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$1,650,621

Total Directors

$121,290

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CHRISTOPHER MCGINLEY	CHAIRMAN	1.00	Officer Director	$21,000	$0	$21,000
GEORGE MADDEN	VICE CHAIRMAN	1.00	Officer Director	$15,680	$0	$15,680
CHARLES M WHITING	SECRETARY	1.00	Officer Director	$15,680	$0	$15,680
MARIE E SEJDA	DIRECTOR	1.00	Director	$12,750	$0	$12,750
WADE BIRCHFIELD	DIRECTOR	1.00	Director	$12,750	$0	$12,750
STEVEN TURCO	DIRECTOR	1.00	Director	$10,500	$0	$10,500
VINCENT RUTLAND	DIRECTOR	1.00	Director	$11,250	$0	$11,250
MATTHEW LENTZ	TREASURER	1.00	Officer Director	$15,680	$0	$15,680
DONALD WOODS ENDING JUNE 2024	DIRECTOR	1.00	Director	$6,000	$0	$6,000
JOHN F KING	PRESIDENT/CEO	50.00	Officer	$1,050,672	$73,447	$1,124,119
KEVIN QUINN	SVP - CHIEF FINANCIAL OFFI	50.00	Officer	$380,160	$78,302	$458,462
TIM GREIM ENDING JUNE 2024	SVP - CHIEF INFORMATION OF	50.00	Highest	$243,574	$39,526	$283,100
PATRICK MACLEOD	CONSUMER LENDING MANAGER	40.00	Highest	$163,198	$56,690	$219,888
KARIN COLON	SVP- CHIEF OPERATIONS OFFI	50.00	Highest	$411,397	$62,834	$474,231
ELISABETH HOPPER	SVP/ERM	50.00	Highest	$297,124	$64,450	$361,574
MIGUEL DUPREY	MEMBER SERVICES TEAM MANAGER	40.00	Highest	$154,825	$53,575	$208,400

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	$79,696,501	$61,846,574	$1,384,336,360	$17,849,927
2023	$69,525,763	$53,032,551	$1,231,174,769	$16,493,212
2022	$50,265,663	$36,597,037	$1,150,459,272	$13,668,626
2021	$49,137,392	$36,750,247	$1,102,281,816	$12,387,145
2020	$49,035,328	$40,248,691	$1,109,494,234	$8,786,637
2019	$52,512,763	$38,890,603	$996,560,714	$13,622,160
2018	$45,924,938	$34,809,772	$887,499,877	$11,115,166