Forrit Credit Union: Nonprofit Profile, Financials & Form 990 (EIN 93-0256538)

Revenue by fiscal year
FY2020	$3.5M
FY2021	$3.3M
FY2022	$3.7M
FY2023	$4.6M
FY2024	$5.2M
FY2025	$5.1M

Expenses by fiscal year
FY2020	$3.1M
FY2021	$3.1M
FY2022	$3.8M
FY2023	$4.3M
FY2024	$5.5M
FY2025	$7.0M

Net assets by fiscal year
FY2020	$95.1M
FY2021	$104.8M
FY2022	$101.6M
FY2023	$98.3M
FY2024	$10.4M
FY2025	$8.5M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Oct 1944.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

6 people listed on the 990; $777K paid to officers and key staff.

Part VII, Section A · reportable compensation

Justin Olson

CEO/President

$167,109Pt VII · Sec A

Wendy Russell

Interim CEO/Director of Finance

$158,433Pt VII · Sec A

Andrew Ackman

Director of IT

$125,928Pt VII · Sec A

Cindy Packard

Director of Member Services

$123,005Pt VII · Sec A

Yuki Lam

Director of Marketing

$101,706Pt VII · Sec A

Sarah Buck

Director of Experience

$101,311Pt VII · Sec A

Compensation history total reportable pay by year · 8 named individuals · Part VII

Name	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
James Lumpkin	—	—	—	—	—	$377,229
Justin Olson	$167,109	$171,987	$160,324	$128,058	$134,059	$105,702
Wendy Russell	$158,433	$133,839	$111,913	$92,900	—	—
Andrew Ackman	$125,928	$117,383	$106,148	$95,176	—	—
Cindy Packard	$123,005	$113,089	$104,947	$93,068	—	—
Kathleen Scholes	—	—	—	—	$40,403	$115,157
Yuki Lam	$101,706	$93,916	$86,632	—	—	—
Sarah Buck	$101,311	$93,451	$86,092	$84,404	—	—

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

See Forrit Credit Union executive salaries →

On this list? Claim this org

Something off? Claim to add context

Questions the 990 asks

The form asks each of these directly. These are the filed answers.

Family or business ties among officersPt VI · Ln 2No
Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Offers savings, investments, and loans at good rates with low fees to improve members' finances.

Questions for Forrit Credit Union

Tap to ask. Forrit Credit Union sees how many people are interested.

Your first name shows with your question. Forrit Credit Union answers here, for everyone.

Provided by the organization

Know this org? Add your story

2 programs · in their own filed words · FY2025

01

Operations & maintenance of a cooperative credit union owned by its members.

Pt IX · col B

02

Interest & dividends paid on savings, certificate of deposit and borrowings

Pt IX · col B

By the numbers

The FY2025 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$5.1M

Ln 12

Fees for servicesLn 2g$4.2M

Investment incomeLn 3$947K

Money outPt IX

$7.0M

Ln 25

Owns and owesPt X

$8.5M

net assets · Ln 32

Cash and savingsLn 1–2$15.4M

Total assetsLn 16$82.0M

LiabilitiesLn 26$73.5M

PeoplePt VI, VII

6

listed · VII A

PaidVII A6

Voting boardVI 1a7

IndependentVI 1b7

2In more detail

Revenue in detailPt VIII

Fees for servicesLn 2g$4.2M

Investment incomeLn 3$947K

Total revenueLn 12$5.1M

Assets in detailPt X, end of year

CashLn 1$402K

SavingsLn 2$15.0M

Cash and savings togetherLn 1–2$15.4M

Land, buildings, equipmentLn 10c$2.0M

Other assetsLn 15$1.1M

Total assetsLn 16$82.0M

LiabilitiesLn 26$73.5M

Net assetsLn 32$8.5M

OperationsPt I, VI

EmployeesI 525

VolunteersI 67

Fiscal year endsHeaderDecember

Conflict-of-interest policyVI 12aNo

Whistleblower policyVI 13Yes

Records policyVI 14Yes

3Year over year

Balance sheet, start vs end of yearPt X · col A, B

Line	Start FY25	End FY25
Cash and savingsLn 1–2	$29.7M	$15.4M
Land, buildings, equipmentLn 10c	$2.2M	$2.0M
Total assetsLn 16	$93.7M	$82.0M
LiabilitiesLn 26	$83.3M	$73.5M
Net assetsLn 32	$10.4M	$8.5M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic organizationsLn 1	$0
Grants to domestic individualsLn 2	$0
Grants and assistance to foreign recipientsLn 3	$0
Benefits paid to or for membersLn 4	$0
Pay of current officers, directors and key staffLn 5	$777K
Pay of disqualified personsLn 6	$0
Other salaries and wagesLn 7	$1.1M
Pension plan contributionsLn 8	$46K
Other employee benefitsLn 9	$170K
Payroll taxesLn 10	$184K
Management feesLn 11a	$248K
Legal feesLn 11b	$6K
Accounting feesLn 11c	$270K
Lobbying feesLn 11d	$0
Professional fundraising feesLn 11e	$0
Investment management feesLn 11f	$0
Other fees for servicesLn 11g	$0
Advertising and promotionLn 12	$312K
Office expensesLn 13	$159K
Information technologyLn 14	$686K
RoyaltiesLn 15	$0
OccupancyLn 16	$300K
TravelLn 17	$3K
Travel and entertainment for public officialsLn 18	$0
Conferences, conventions and meetingsLn 19	$29K
InterestLn 20	$295K
Payments to affiliatesLn 21	$0
Depreciation, depletion and amortizationLn 22	$339K
InsuranceLn 23	$30K
Other expenses (24a–d)Ln 24	$2.1M
All other expensesLn 24e	−$108K
Total functional expensesLn 25	$7.0M	$0	$0	$0

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest Viewing	$5.1M	$7.0M	−$1.8M	$8.5M	990 PDF
FY2024	$5.2M	$5.5M	−$307K	$10.4M	990 PDF
FY2023	$4.6M	$4.3M	$224K	$98.3M	990 PDF
FY2022	$3.7M	$3.8M	−$104K	$101.6M	990 PDF
FY2021	$3.3M	$3.1M	$198K	$104.8M	990 PDF
FY2020	$3.5M	$3.1M	$396K	$95.1M	990 PDF

More to add? Claim this org

Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support J · Pay O · Explanations

See the full FY2025 990 (6 parts)

Part I · Summary $5,118,064 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $0$0

I-9 Program service revenuePrior year $3,969,333$4,171,344

I-10 Investment incomePrior year $1,257,231$946,720

I-11 Other revenuePrior year $0$0

I-12 Total revenuePrior year $5,226,564$5,118,064

I-13 Grants and similar amounts paidPrior year $0$0

I-14 Benefits paid to membersPrior year $0$0

I-15 Salaries and benefitsPrior year $2,180,075$2,245,902

I-16a Professional fundraising feesPrior year $0$0

I-17 Other expensesPrior year $3,353,474$4,707,668

I-18 Total expensesPrior year $5,533,549$6,953,570

I-19 Revenue less expensesPrior year −$306,985−$1,835,506

Part VI · Governance 7 of 7 board members independent, 1 to look at

VI-1a Voting members of the governing body7

VI-1b Independent voting members7

VI-12a Written conflict of interest policyNo

VI-2 Family or business relationship among officers or directorsNo

VI-13 Written whistleblower policyYes

VI-14 Document retention and destruction policyYes

VI-15a Process for setting top official's payYes

Part VIII · Statement of revenue $5,118,064 across 5 lines filed

VIII-1h Total contributions, gifts and grants$0

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $0 · Unrelated business $0 · Excluded from tax $4,171,344$4,171,344

VIII-3 Investment incomeRelated to mission $0 · Unrelated business $0 · Excluded from tax $946,720$946,720

VIII-5 RoyaltiesRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$0

VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $5,118,064$5,118,064

Part IX · Statement of functional expenses $6,953,570 across 31 lines filed

IX-1 Grants to domestic organizations$0

IX-2 Grants to domestic individuals$0

IX-3 Grants and assistance to foreign recipients$0

IX-4 Benefits paid to or for members$0

IX-5 Pay of current officers, directors and key staff$777,492

IX-6 Pay of disqualified persons$0

IX-7 Other salaries and wages$1,067,685

IX-8 Pension plan contributions$45,895

IX-9 Other employee benefits$170,387

IX-10 Payroll taxes$184,443

IX-11a Management fees$248,018

IX-11b Legal fees$6,211

IX-11c Accounting fees$270,024

IX-11d Lobbying fees$0

IX-11e Professional fundraising fees$0

IX-11f Investment management fees$0

IX-11g Other fees for services$0

IX-12 Advertising and promotion$311,636

IX-13 Office expenses$158,912

IX-14 Information technology$686,026

IX-15 Royalties$0

IX-16 Occupancy$299,765

IX-17 Travel$3,282

IX-18 Travel and entertainment for public officials$0

IX-19 Conferences, conventions and meetings$29,198

IX-20 Interest$294,541

IX-21 Payments to affiliates$0

IX-22 Depreciation, depletion and amortization$339,347

IX-23 Insurance$29,679

IX-24 Other expenses (24a–d)$2,139,513

IX-24e All other expenses−$108,484

IX-25 Total functional expensesPrograms $0 · Management $0 · Fundraising $0$6,953,570

Part X · Balance sheet $81,997,222 assets, 12 lines filed

Asset lines not itemized here account for $63,295,947; see the IRS return.

X-1 Cash, non-interest-bearingStart of year $397,018$402,393

X-2 Savings and temporary cash investmentsStart of year $29,352,102$14,995,802

X-4 Accounts receivableStart of year $185,197$67,312

X-9 Prepaid expenses and deferred chargesStart of year $288,876$217,239

X-10c Land, buildings and equipment, netStart of year $2,211,258$1,951,778

X-15 Other assetsStart of year $1,132,457$1,066,751

X-16 Total assetsStart of year $93,697,179$81,997,222

X-17 Accounts payable and accrued expensesStart of year $407,908$497,798

X-25 Other liabilitiesStart of year $82,912,052$72,957,711

X-26 Total liabilitiesStart of year $83,319,960$73,455,509

X-32 Total net assets or fund balancesStart of year $10,377,219$8,541,713

X-33 Total liabilities and net assetsStart of year $93,697,179$81,997,222

Part XI · Reconciliation of net assets $8,541,713 net assets at year end

XI-1 Total revenue$5,118,064

XI-2 Total expenses$6,953,570

XI-3 Revenue less expenses−$1,835,506

XI-4 Net assets at start of year$10,377,219

XI-5 Net unrealized gains (losses) on investments$0

XI-6 Donated services and use of facilities$0

XI-7 Investment expenses$0

XI-8 Prior period adjustments$0

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year$8,541,713

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

Names, privacy, and removal requests More

The names, titles, and compensation shown on this page are reproduced from IRS Form 990 filings, which are public records.

Philanthropy.org does not alter the content of those filings. All information appears exactly as reported by the filing organization for the tax year shown.

We publish only information contained in the public IRS filing — and less than the filing contains. Our profile pages do not display street addresses, telephone numbers, personal email addresses, or other personal contact information, even where the filing includes them.

Many people share the same name. A name shown on this page reflects only what one organization reported in one IRS filing for one tax year. It should not be interpreted as identifying any other individual with the same or a similar name.

If you are no longer affiliated with the organization, your name will generally stop appearing in future IRS filings once the organization no longer reports you. Pages for tax years in which you were reported remain published because those filings remain part of the public record.

Philanthropy.org does not alter or remove IRS filing records. Removing a page from this website would not remove the underlying IRS filing, which remains publicly available from the IRS and other publishers of the same information.

If you believe the IRS filing itself is inaccurate, corrections must be made by the filing organization or the IRS directly.

Your org? Add context

Made it to the end? Claim this org