True Sky Credit Union
- Assets
- $645.8m
- Revenue
- $31.5m
- Investments
- $1.2m
- Employees
- 238
- Location
- Oklahoma City, OK
- Founding
- 08/1952
- Data as of
- 12/2019
- EIN
- 73-0564572
Organization Overview
True Sky Credit Union is located in Oklahoma City, OK. The organization was established in 1952. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2018, True Sky Credit Union employed 238 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. True Sky Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2019, True Sky Credit Union generated $31.5m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 5.4% each year. All expenses for the organization totaled $29.1m during the year ending 12/2019. While expenses have increased by 5.9% per year over the past 5 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2019
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDING HIGH QUALITY SERVICE TO EMPOWER OUR MEMBERS AND ENRICH THEIR LIVES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AT THE CORE OF TRUE SKY CREDIT UNION, IS THE MEMBERSHIP SHARE PROGRAMS. TRUE SKY CU MEMBERS ENJOY A WIDE VARIETY OF SAVINGS PROGRAMS INCLUDING TRADITIONAL SAVINGS ACCOUNTS, SHARE CERTIFICATES (CD'S)-CONSISTING OF FLEXIBLE TERMS THAT MEET THEIR INDIVIDUAL SAVINGS LIFESTYLE; RANGING FROM 3 TO 60 MONTHS, IRAS (TRADITIONAL, ROTH, SEP) CONSISTS OF CERTIFICATES AS WELL AS INDIVIDUAL SHARES, MONEY MARKET SHARE ACCOUNTS THAT PAY A HIGHER INTEREST RATE FOR HIGHER BALANCES AND A REWARDS CHECKING (OPTIMUM CHECKING ACCOUNT) THAT PAYS A HIGHLY COMPETITIVE RATE ON BALANCES UP TO $40,000 IF CERTAIN REQUIREMENTS ARE MET. EACH MEMBER INVESTS $25 IN TRUE SKY CREDIT UNION WITH THEIR MEMBERSHIP SHARE. THIS $25 MEMBERSHIP SHARE GUARANTEES THAT EACH MEMBER HAS THE SAME VOICE IN THE LEADERSHIP OF THE CREDIT UNION BY ONE MEMBER - ONE VOTE.
IN ADDITION TO OFFERING A WIDE VARIETY OF MEMBER SAVING PRODUCTS, TRUE SKY CREDIT UNION HAS DEVELOPED VENDOR RELATIONSHIPS THAT ASSIST US IN THE DAY TO DAY OPERATIONS OF THE CREDIT UNION. THIS SUPPORT IS VITAL TO TRUE SKY CU WHICH ALLOWS US TO OFFER 24 HOUR BANKING (INTERNET AND MOBILE BANKING), CREDIT UNION SHARED SERVICE CENTER ACCESS VIA THE COOP NETWORK PLATFORM AND SWITCH FEES, DEBIT CARD PROCESSING (VISA FEES, TRANSACTION FEES, CARD STOCK, ATM FEES) AND DATA PROCESSING FEES (CORE SYSTEM MAINTENANCE-CONNECTIVITY FEES, INCLUDING APIS, INTERFACES, ETC.), LEGAL COUNSEL-COMPLIANCE, AND VARIOUS OTHER VENDOR FEES. THE EXPERTISE OF THE SERVICES PROVIDED BY THESE VENDORS ALLOW TRUE SKY CREDIT UNION TO CONDUCT OUR MEMBER TRANSACTIONS SEAMLESSLY AND EFFICIENTLY.
TRUE SKY CREDIT UNION OFFERS A PLETHORA OF LOAN PRODUCTS THAT ARE DESIGNED TO MEET THE INDIVIDUAL NEEDS OF ITS MEMBERSHIP. WHETHER IT BE THE "DREAM HOME", CLASSIC MUSCLE CAR, STORM SHELTER OR USING A CREDIT CARD TO TAKE THE FAMILY TO DISNEYWORLD, TRUE SKY CREDIT UNION IS THEIR FINANCIAL DREAM PROVIDER. SO THAT TRUE SKY CU CAN FINANCE OUR MEMBER'S DREAMS, THERE ARE COSTS ASSOCIATED WITH THESE LOAN PRODUCTS. TRUE SKY CU IS A PROUD PROVIDER OF VISA PRODUCTS AND WITH THIS RELATIONSHIP THERE ARE FRAUD EXPENSES. COMPROMISED CARDS OCCUR ALMOST DAILY. DATA BREACHES PLAGUE THE NEWS HEADLINES AND UNFORTUNATELY THE INSTITUTIONS BEAR THIS FINANCIAL BURDEN. THERE ARE ALSO FEES ASSOCIATED WITH VISA, AS WELL AS TRANSACTION COST, CARD STOCK AND NETWORK COSTS. TO BE COMPETITIVE, TRUE SKY CREDIT UNION DOES OFFER REWARD CREDIT CARDS THAT PAY SCORECARD POINTS THAT CAN BE REDEEMED FOR PRIZES OR CASH. THIS IS A DIRECT COST IN OFFERING A REWARDS CREDIT CARD. THERE ARE EXPENSES RELATED TO THAT DREAM HOME IN THE FORM OF NMLS LICENSING FEES, MORTGAGE FILINGS AND RELEASES, MORTGAGE SOFTWARE LICENSING AND FEES, COMPLIANCE COSTS AND CERTAIN VERIFICATION COSTS (EMPLOYMENT AND LOAN REVIEW). TRUE SKY CREDIT UNION STRIVES TO BE OUR MEMBERS' FIRST CHOICE WHEN IT COMES TO BORROWING.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steve Rasmussen President/ceo | Officer | 40 | $268,319 |
Jef Fialkowski Sr VP Of It | 40 | $169,075 | |
Glen Fields Sr VP Of Fin'l Services | 40 | $161,005 | |
Julie Gamblin VP Of Hr | 40 | $137,934 | |
Natalia Valenzuela CFO | Officer | 40 | $131,490 |
Sean M Cahill New President/ceo | Officer | 40 | $67,250 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Air Technologies Service/maintenance Industrial Air Condi | 12/30/18 | $215,832 |
At&t Corporation Telecommunications | 12/30/18 | $326,129 |
Finastra Usa Corporation System/data Processing/maintenance Svc | 12/30/18 | $283,696 |
Staplegun Design Inc Marketing/advertising/rebranding | 12/30/18 | $529,897 |
Cubus Solutions Inc System/data Processing/maintenance Svc | 12/30/18 | $252,914 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Investment income | $3,492,607 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $15,292 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $31,459,192 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $512,876 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,479,991 |
| Pension plan accruals and contributions | $116,387 |
| Other employee benefits | $2,044,444 |
| Payroll taxes | $677,622 |
| Fees for services: Management | $240,670 |
| Fees for services: Legal | $70,188 |
| Fees for services: Accounting | $147,311 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,759,214 |
| Advertising and promotion | $1,020,377 |
| Office expenses | $2,039,683 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $678,751 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $393,087 |
| Interest | $4,906,614 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $957,350 |
| Insurance | $142,019 |
| All other expenses | $0 |
| Total functional expenses | $29,132,616 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,366,881 |
| Savings and temporary cash investments | $36,527,233 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,145,626 |
| Loans from Officers, Directors, or Controlling Persons | $6,463,228 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $439,651,741 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $975,472 |
| Investments—publicly traded securities | $117,134,590 |
| Investments—other securities | $1,151,400 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $20,757,884 |
| Total assets | $645,797,421 |
| Accounts payable and accrued expenses | $7,047,217 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $2,326,304 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $578,503,201 |
| Total liabilities | $587,876,722 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $57,920,699 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Elevations Credit Union Boulder, CO | $2,213,511,736 | $149,375,954 |
Ttcu Federal Credit Union Tulsa, OK | $2,019,744,867 | $107,654,707 |
Credit Union Of Texas Allen, TX | $1,393,394,999 | $92,923,025 |
Meritrust Credit Union Wichita, KS | $1,215,121,922 | $75,229,939 |
First Community Credit Union Of Houston Houston, TX | $1,792,099,234 | $78,841,838 |
Texas Trust Credit Union Arlington, TX | $1,344,628,631 | $71,525,575 |
Westerra Credit Union Denver, CO | $1,571,773,647 | $71,471,009 |
Firstmark Credit Union San Antonio, TX | $1,020,010,997 | $59,445,918 |
Credit Union Of America Wichita, KS | $985,502,271 | $61,355,535 |
Credit Unions Chartered In The State Of Colorado Boulder, CO | $1,241,180,693 | $60,792,013 |
First Service Credit Union Houston, TX | $759,318,816 | $51,399,270 |
Neighborhood Credit Union Dallas, TX | $810,062,773 | $51,652,385 |