The Freedom Bank Foundation Inc
Nonprofit profile at a glance
- EIN
- 134330939
- IRS 990-EZ coverage
- 2022–2025
- Forms available
- Form 990-EZ 2025, Form 990-N 2016
- Location
- Mclean, VA, USA
- Phone
- 7032425300
- Rating
- 51
- Verdict
- MIXED
- Rating confidence
- Moderate
- Sector
- Public, Society Benefit N.E.C.
Reported finances
- Revenue
- $100,324
- Expenses
- $68,414
- Assets
- $131,608
- Liabilities
- $15,765
Source: IRS Form 990-EZ. Selected filing: tax year 2025. Amounts in USD.
Leadership & pay
4 people listed
People named in this filing
- JOSEPH J THOMAS (DIRECTOR)
- RICHARD HUTCHINSON (DIRECTOR)
- KATHLEEN JOHNSON (DIRECTOR)
Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.
Source: IRS Form 990-EZ. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
The freedom bank foundation's mission is to support and foster relationships with non-profit organizations that promote financial inclusion and make the communities freedom bank serves more vibrant and more equitable.the foundation engages with the latino economic development center (ledc) to administer the freedom fund, which provides financing and technical assistance to underrepresented entrepreneurs across the dc region. To date, the foundation has contributed over $350,000 to the freedom fund and supported numerous individuals and companies. More recently, the foundation launched a new initiative: the freedom down payment assistance (dpa) program administered by ledc to help individuals and families who can afford monthly mortgage payments but struggle to save for a down payment or closing costs finally be able to purchase a home. It is an exciting expansion of the freedom fund's impact, expanding beyond business growth to help people achieve homeownership, the cornerstone
What it reported doing in 2025
The freedom bank foundation's mission is to support and foster relationships with non-profit organizations that promote financial inclusion and make the communities freedom bank serves more vibrant and more equitable.the foundation engages with the latino economic development center (ledc) to administer the freedom fund, which provides financing and technical assistance to underrepresented entrepreneurs across the dc region. To date, the foundation has contributed over $350,000 to the freedom fund and supported numerous individuals and companies. More recently, the foundation launched a new initiative: the freedom down payment assistance (dpa) program administered by ledc to help individuals and families who can afford monthly mortgage payments but struggle to save for a down payment or closing costs finally be able to purchase a home. It is an exciting expansion of the freedom fund's impact, expanding beyond business growth to help people achieve homeownership, the cornerstone of financial stability. The freedom bank foundation receives donations from the bank and its employees, as well as coordinates its annual empowering dreams gala to leverage the platform to promote economic inclusion and homeownership in the local community. Freedom bank, through the foundation and in line with the bank's commitment to diversity and inclusion initiatives, is making an effort to level the playing field to achieve greater equality.
Operating model
- Revenue model
- Other-operating. 100% of the money available for current operations came from other operating 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
MIXED - The filed numbers largely add up and program spending has grown recently. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.
Rating breakdown
- Financial Efficiency: 20
- Transparency & Controls: 82
- Sustainability: 72
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 17.3%; rating input score 17
- Program expense ratio: 25.4%; rating input score 25
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 52nd percentile among comparable filings
- Major donor itemization: Limited
Sustainability
- Operating margin: 31.8%; rating input score 83; 83rd percentile among comparable filings
- Total-asset coverage ratio: 1.92; rating input score 78; 78th percentile among comparable filings
- Liabilities to assets ratio: 0.12; rating input score 19; 19th percentile among comparable filings
- Officer compensation ratio: 0%; rating input score 63; 63rd percentile among comparable filings
Growth
- Program expense growth: 120% per year; rating input score 100; 98th percentile among comparable filings
- Revenue growth: 4% per year; rating input score 100; 39th percentile among comparable filings
- Asset growth: 13.6% per year; rating input score 100; 68th percentile among comparable filings
Details
- Where the money goes: 17.3% of revenue deployed · 25.4% of spending went to programs
- Governance: Filed governance answers
- Accomplishments: 1 filed program accomplishment · $17K in reported program spending
- Leadership: top reported pay $0 · 4 people listed
- Consistency: 8 of 9 current checks pass · 1 finding to review
- Schedules: 3 filed schedules
- Filing history: 4 filing years from 2022 to 2025
- Contacts: How to reach this organization
- 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.
Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.
- High — Financial Efficiency: Mission deployment rate scored 17/100.
- High — Financial Efficiency: Program expense ratio scored 25/100.
- Moderate — Transparency & Controls: Part III transfer expenses within program total did not reconcile in the filed values.
- High — Sustainability: Liabilities to assets ratio scored 19/100.
- High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.