Freedom Credit Union

Nonprofit profile at a glance

EIN
041961180
IRS 990 coverage
2010–2025
Forms available
Form 990 2025
Location
Springfield, MA, USA
Phone
4137396961
Rating confidence
Limited

Official website

Reported finances

Revenue
$40,594,063
Expenses
$34,808,962
Assets
$751,618,910
Liabilities
$652,759,631

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

22 people listed

Executive titles in this filing

  • GLENN WELCH (PRESIDENT)
  • JEFFREY SMITH (VICE PRESIDENT OF LENDING)
  • KARA HERMAN (VICE PRESIDENT OF RETAIL A)
  • DAVID CHASE (VICE PRESIDENT OF BUSINESS)

Highest reported compensation

  • GLENN WELCH (PRESIDENT): $450,571 total reported compensation
  • LEE CRAIG (CHIEF FINANCIAL OFFICER): $267,776 total reported compensation
  • JACK VADNAIS (DIRECTOR OF FINANCIAL PLA): $240,385 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Our dynamic, sincere and helpful team provides membership value to individuals and businesses while managing a stable, community-minded financial institution.

What it reported doing in 2025

Not required.

Operating model

Revenue model
Earned-program. 84% of the money available for current operations came from fees and other program revenue.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 88
  • Accountability: 91
  • Sustainability: 65
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: 5 of 6 controls in place; rating input score 83
    • Compensation committee: Missing
    • Independent consultant: Pass
    • Other Form 990s reviewed: Pass
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 14.3%; rating input score 67; 67th percentile among comparable filings
  • Total-asset coverage ratio: 21.59; rating input score 95; 95th percentile among comparable filings
  • Liabilities to assets ratio: 0.87; rating input score 9; 9th percentile among comparable filings
  • Officer compensation ratio: 7.5%; rating input score 39; 39th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 4.7% per year; rating input score 100; 38th percentile among comparable filings
  • Asset growth: 3.4% per year; rating input score 100; 22nd percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 11 of 11 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $451K · 22 people listed · 5 of 6 pay-setting controls reported
  • Consistency: 10 of 10 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 15 filing years from 2010 to 2025
  • Contacts: How to reach this organization
  • Money network: 15 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Sustainability: Liabilities to assets ratio scored 9/100.
  • Moderate — Sustainability: Officer compensation ratio scored 39/100.