Freudenberg Nok Employees Credit Union

Freudenberg Nok Employees Credit Union reports significant deficit with expenses exceeding revenue by over tenfold in 2022.

EIN: 20256463 · Bristol, NH · Updated: 2026-03-28

$42KRevenue

$1.6MAssets

40/100Mission Score (Fair)

Is Freudenberg Nok Employees Credit Union Legit?

Significant Concerns

GoodFiling Consistency

ExcellentSpending Efficiency

ModerateTransparency

3 FoundRed Flags

Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →

Freudenberg Nok Employees Credit Union directs 90% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.

About Freudenberg Nok Employees Credit Union

Freudenberg Nok Employees Credit Union (EIN: 20256463) is a nonprofit organization based in Bristol, NH. The organization reported total revenue of $42K and total assets of $1.6M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Freudenberg Nok Employees Credit Union's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.

AI Transparency Report

Freudenberg Nok Employees Credit Union exhibits concerning financial trends, particularly in its latest filing. In 2022, the organization reported revenue of $42,317 against expenses of $546,967, indicating a significant deficit and an unsustainable spending pattern. This is a sharp increase in expenses compared to previous years, where expenses were generally closer to or below revenue. While the organization maintains substantial assets of $1,623,586, the rapid depletion of funds through high expenses relative to revenue is a major red flag for long-term financial health. The consistent reporting of 0% officer compensation across all filings suggests good transparency regarding executive pay, but the overall financial management raises questions.

Mission Effectiveness Score

NonprofitSpending's AI analysis rates Freudenberg Nok Employees Credit Union with a Mission Score of 40 out of 100 (Fair). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.

Spending Breakdown

admin: 10%
programs: 90%
fundraising: 0%

According to IRS 990 filings, Freudenberg Nok Employees Credit Union allocates its expenses as follows: admin: 10%, programs: 90%, fundraising: 0%. With 90% directed toward programs, this reflects a strong commitment to its charitable mission.

Executive Compensation Analysis

Executive compensation is consistently reported as 0% across all available filings, indicating that no officers receive compensation from the organization, which is a positive sign for resource allocation.

Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.

Red Flags

The following concerns were identified during AI analysis of Freudenberg Nok Employees Credit Union's IRS 990 filings:

Expenses ($546,967) significantly exceeded revenue ($42,317) in 2022, indicating a substantial operating deficit.
A sharp increase in expenses in 2022 compared to prior years (e.g., $111,657 in 2021) without a corresponding increase in revenue.
Declining revenue trend from $92,088 in 2019 to $42,317 in 2022.

Strengths

The following positive indicators were identified for Freudenberg Nok Employees Credit Union:

Consistent reporting of 0% officer compensation across all filings, indicating no executive pay.
Maintains substantial assets ($1,623,586 in 2022) despite recent financial challenges.

Frequently Asked Questions about Freudenberg Nok Employees Credit Union

Is Freudenberg Nok Employees Credit Union a legitimate charity?

Based on AI analysis of IRS 990 filings, Freudenberg Nok Employees Credit Union (EIN: 20256463) significant concerns. Mission Score: 40/100. 3 red flags identified, 2 strengths noted.

How does Freudenberg Nok Employees Credit Union spend its money?

Freudenberg Nok Employees Credit Union directs 90% of its spending to programs and services. The remaining budget covers administration and fundraising costs.

Are donations to Freudenberg Nok Employees Credit Union tax-deductible?

Freudenberg Nok Employees Credit Union is registered as a tax-exempt nonprofit (EIN: 20256463). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.

What caused the dramatic increase in expenses from $111,657 in 2021 to $546,967 in 2022?

The provided data does not specify the nature of these expenses, but this significant jump is the primary driver of the large deficit in the latest filing.

Is Freudenberg Nok Employees Credit Union financially sustainable given its recent spending patterns?

Based on the 2022 filing where expenses ($546,967) far exceeded revenue ($42,317), the current spending pattern is not sustainable and will lead to rapid asset depletion if not addressed.

How does the organization plan to address the significant deficit reported in 2022?

The provided IRS 990 data does not offer insights into future financial strategies or plans to mitigate the deficit.

Filing History

IRS 990 filing history for Freudenberg Nok Employees Credit Union showing financial trends over 13 years of public records:

Over 13 years of IRS 990 filings (2011–2022), Freudenberg Nok Employees Credit Union's revenue has declined by 43.9%, moving from $75K to $42K. Total assets decreased by 19.5% over the same period, from $2.0M to $1.6M. Total functional expenses rose by 674.5%, from $71K to $547K. In its most recent filing year (2022), Freudenberg Nok Employees Credit Union reported a deficit of $505K, with expenses exceeding revenue. The organization holds $1.5M in liabilities against $1.6M in assets (debt-to-asset ratio: 93.9%), resulting in net assets of $99K.

Year	Revenue	Expenses	Assets	Liabilities	Officer Comp.	PDF
2022	$42K	$547K	$1.6M	$1.5M	—	View 990
2021	$49K	$112K	$2.4M	$1.8M	—	—
2020	$78K	$76K	$2.7M	$2.0M	—	—
2019	$92K	$84K	$2.6M	$1.9M	—	View 990
2019	$70K	$70K	$2.8M	$2.1M	—	—
2018	$70K	$70K	$2.8M	$2.1M	—	—
2017	$51K	$51K	$2.7M	$2.0M	—	View 990
2016	$48K	$47K	$2.6M	$1.9M	—	View 990
2015	$52K	$53K	$2.5M	$1.8M	—	View 990
2014	$58K	$58K	$2.3M	$1.6M	—	View 990
2013	$63K	$63K	$2.0M	$1.3M	—	View 990
2012	$75K	$73K	$2.0M	$1.3M	—	View 990
2011	$75K	$71K	$2.0M	$1.4M	—	View 990

Year-by-Year Financial Summary

2022: Revenue of $42K, expenses of $547K, and assets of $1.6M (revenue -13.0% year-over-year).
2021: Revenue of $49K, expenses of $112K, and assets of $2.4M (revenue -37.5% year-over-year).
2020: Revenue of $78K, expenses of $76K, and assets of $2.7M (revenue -15.4% year-over-year).
2019: Revenue of $92K, expenses of $84K, and assets of $2.6M (revenue +32.0% year-over-year).
2019: Revenue of $70K, expenses of $70K, and assets of $2.8M (revenue +0.0% year-over-year).
2018: Revenue of $70K, expenses of $70K, and assets of $2.8M (revenue +36.6% year-over-year).
2017: Revenue of $51K, expenses of $51K, and assets of $2.7M (revenue +7.2% year-over-year).
2016: Revenue of $48K, expenses of $47K, and assets of $2.6M (revenue -8.1% year-over-year).
2015: Revenue of $52K, expenses of $53K, and assets of $2.5M (revenue -10.7% year-over-year).
2014: Revenue of $58K, expenses of $58K, and assets of $2.3M (revenue -7.4% year-over-year).
2013: Revenue of $63K, expenses of $63K, and assets of $2.0M (revenue -15.9% year-over-year).
2012: Revenue of $75K, expenses of $73K, and assets of $2.0M (revenue -1.2% year-over-year).
2011: Revenue of $75K, expenses of $71K, and assets of $2.0M.

Data Sources and Methodology

This transparency report for Freudenberg Nok Employees Credit Union is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.

IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.

Disclaimer

AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.