True Sky Credit Union

True Sky Credit Union 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.

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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True Sky Credit Union Board, Officers & Key Employees

Name (title)Compensation
Steve Rasmussen
President/ceo
$268,319
Jef Fialkowski
Sr VP Of It
$169,075
Glen Fields
Sr VP Of Fin'l Services
$161,005
Julie Gamblin
VP Of Hr
$137,934
Natalia Valenzuela
CFO
$131,490
Sean M Cahill
New President/ceo
$67,250

True Sky Credit Union Vendors

Vendor Name (Service)Compensation
Staplegun Design Inc
Marketing/advertising/rebranding
$529,897
At&t Corporation
Telecommunications
$326,129
Finastra Usa Corporation
System/data Processing/maintenance Svc
$283,696
Air Technologies
Service/maintenance Industrial Air Condi
$215,832
Cubus Solutions Inc
System/data Processing/maintenance Svc
$252,914
View All Vendors

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

True Sky Credit Union Peer Organizations

Organization NameAssets
Elevations Credit Union
Boulder, CO
$149,375,954
Ttcu Federal Credit Union
Tulsa, OK
$107,654,707
Credit Union Of Texas
Allen, TX
$92,923,025
Meritrust Credit Union
Wichita, KS
$75,229,939
First Community Credit Union Of Houston
Houston, TX
$78,841,838
Texas Trust Credit Union
Arlington, TX
$71,525,575
Westerra Credit Union
Denver, CO
$71,471,009
Firstmark Credit Union
San Antonio, TX
$59,445,918
Credit Union Of America
Wichita, KS
$61,355,535
Credit Unions Chartered In The State Of Colorado
Boulder, CO
$60,792,013
First Service Credit Union
Houston, TX
$51,399,270
Neighborhood Credit Union
Dallas, TX
$51,652,385

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