Oklahoma Central Credit Union is located in Tulsa, OK. The organization was established in 1943. 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, Oklahoma Central Credit Union employed 193 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Oklahoma Central 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, Oklahoma Central Credit Union generated $29.4m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 7.0% each year. All expenses for the organization totaled $27.1m during the year ending 12/2019. While expenses have increased by 7.6% 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
TO MAKE A DIFFERENCE IN THE LIVES OF OUR EMPLOYEES, MEMBERS, AND THE COMMUNITIES WE SERVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTE SAVINGS AND PROVIDE FINANCIAL SERVICES TO MEMBER/OWNERS - OVERALL DEPOSIT BALANCES GREW IN 2018 BY $14.2M OR 3.05% OVER THE PREVIOUS YEAR. SOME OF THE SAVINGS CATEGORY CHANGES DURING THE YEAR WERE: SAVINGS AT $3.6M (2.56%); CHECKING AT $4.8M (5.15%); REGULAR CERTIFICATES AT $8.2M (12.92%); MMAS AT $183K (0.16%); IRA SAVINGS AT -$5.4M (-15.57%); IRA CD AT $2.7M (15.97%). THIS REPRESENTS A TOTAL OF 69,673 ACCOUNTS FROM A MEMBERSHIP TOTAL OF 45,473 WITH AN AVERAGE SAVINGS OF $10,521 PER MEMBER. A NO MONTHLY SERVICE CHARGE CONSUMER CHECKING ACCOUNT CONTINUED TO BE POPULAR AND GENERATED 731 NEW ACCOUNTS. OUR LOW-FEE COMMERCIAL CHECKING ACCOUNT CREATED 76 NEW CHECKING ACCOUNTS. THE CREDIT UNION CONTINUED INVOLVEMENT IN THE SHARED BRANCHING NETWORK AND OFFERS 5 CONVENIENT LOCATIONS TO OUR MEMBERSHIP. OUR FINANCIAL WELLNESS PROGRAM PROVIDES EMPLOYEES OF OUR SEGS WITH VALUABLE INFORMATION DESIGNED TO INCREASE THEIR FINANCIAL KNOWLEDGE. THESE PROGRAMS ARE OFFERED TO SEVERAL OF OUR SEG GROUPS AND CONTINUE TO BE POPULAR. A FINANCIAL LITERACY PROGRAM OFFERED SEMINARS TO MEMBERS COVERING A WIDE ARRAY OF TOPICS DESIGNED TO HELP MEMBERS BETTER MANAGE THEIR PERSONAL FINANCES. TURBOTAX PRODUCTS ARE OFFERED AT A DISCOUNTED RATE TO OUR MEMBERSHIP ALONG WITH OUR FREE BILL PAYMENT SYSTEM AND MONEY MANAGEMENT, A FREE MONEY MANAGEMENT TOOL.
PROVIDE ENHANCED ACCESS TO CREDIT AT REASONABLE RATES - THE CREDIT UNION USES A PRUDENT LENDING PHILOSOPHY TO OFFER VARIOUS LOAN PRODUCTS AT A LOW COST FOR MEMBERS TO FINANCE THEIR HOMES, AUTOMOBILES, BOATS, COLLEGE EXPENSES, ETC. DURING 2018, THE CREDIT UNION APPROVED 6,242 LOAN REQUESTS FOR OVER $122.2M. A TOTAL OF 205 REAL ESTATE LOANS WERE APPROVED WITH A DOLLAR AMOUNT OF $14.6M. IN THE MEMBER BUSINESS ARENA, WE APPROVED 7 COMMERCIAL LOAN REQUESTS TOTALING $10.3M FOR MEMBERS. THE CREDIT UNION IS IN ITS ELEVENTH YEAR OF COMMERCIAL LENDING - A DIRECT RESPONSE TO OUR SMALL BUSINESS OWNERS' REQUESTS FOR FINANCIAL SERVICES. PRODUCT OFFERINGS ALSO INCLUDED SHORT TERM (7-YEAR) MORTGAGE LOANS AT LOWER RATES. THE CREDIT UNION CONTINUES OFFERING HOME PROTECTION LOANS (STORM SHELTERS, GENERATORS, ETC.) AT A VERY LOW INTEREST RATE TO HELP MEMBERS AFFORD THE COSTLY EXPENSE OF ADDING A FORTIFIED STORM SHELTER AND BACKUP POWER GENERATION TO THEIR RESIDENCE.
COMMUNITY INVOLVEMENT: OKLAHOMA CENTRAL CREDIT UNION CONTINUES TO SUPPORT AND BE ACTIVE IN THE COMMUNITIES WE SERVE. IN 2018, OKLAHOMA CENTRAL SPONSORED OR WAS INVOLVED IN THE FOLLOWING: (1) CREDIT UNION YOUTH MONTH - ENCOURAGING YOUTH TO SET GOALS AND PLAN FOR THEIR FINANCIAL FUTURES THROUGH YOUTH SAVINGS ACCOUNTS.(2) THE ANNUAL CHARITY CONCERT AND RAISED OVER $29,500 FOR THE OKLAHOMA CENTRAL FOUNDATION. THIS MONEY WAS USED TO FUND THE SCHOLARSHIP PROGRAM AND FINANCIAL LITERACY PROGRAMS. (3) THE CREDIT UNION ONCE AGAIN ALLOWED STAFF 40 PAID HOURS OF COMMUNITY SERVICE TO GIVE BACK TO THE COMMUNITY. TO NAME A COUPLE OF BENEFICIARIES OF OUR 40 PAID HOURS OF COMMUNITY SERVICE ARE THE SPECIAL OLYMPICS OF OKLAHOMA AND THE AMERICAN CANCER SOCIETY. (4) OKLAHOMA CENTRAL MADE FINANCIAL DONATIONS THROUGH A REFER-A-FRIEND PROGRAM TO ORGANIZATIONS SUCH AS DVIS, FAMILY & CHILDREN'S SERVICES, JOHN 3:16 MISSION, AND ST. FRANCIS CHILDREN'S HOSPITAL.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Gina Wilson CEO | Officer | 40 | $334,708 |
Brad Scheidt Chief Finance & Strategy Officer | Officer | 40 | $156,154 |
Shelli Schroeder COO | 40 | $141,774 | |
Bill Jolin VP Finance | 40 | $128,291 | |
Ryan Larkin Cio | 40 | $127,309 | |
Pepper Wetherly VP Retail Sales | 40 | $107,891 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Xp Systems Computer | 12/30/18 | $1,018,253 |
Sagenet Computer | 12/30/18 | $327,962 |
Praetoria Group Llc Security | 12/30/18 | $473,665 |
Ncr Statements/home Banking | 12/30/18 | $801,071 |
Transfund Atm Processing | 12/30/18 | $560,326 |
Statement of Revenue | |
---|---|
Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
Investment income | $4,664,262 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $48,743 |
Net Gain/Loss on Asset Sales | $99,793 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $29,411,171 |
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 | $3,785,726 |
Compensation of current officers, directors, key employees. | $1,226,555 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $6,353,316 |
Pension plan accruals and contributions | $123,843 |
Other employee benefits | $940,180 |
Payroll taxes | $541,933 |
Fees for services: Management | $0 |
Fees for services: Legal | $72,836 |
Fees for services: Accounting | $201,370 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $363,025 |
Advertising and promotion | $760,497 |
Office expenses | $2,598,467 |
Information technology | $2,068,444 |
Royalties | $0 |
Occupancy | $2,786,106 |
Travel | $0 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $85,126 |
Interest | $6 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $1,703,891 |
Insurance | $166,154 |
All other expenses | $0 |
Total functional expenses | $27,068,863 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $29,236,006 |
Savings and temporary cash investments | $0 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $752,235 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $331,063,633 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $554,737 |
Investments—publicly traded securities | $0 |
Investments—other securities | $182,790,340 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $15,928,520 |
Total assets | $580,520,428 |
Accounts payable and accrued expenses | $4,556,101 |
Grants payable | $0 |
Deferred revenue | $0 |
Tax-exempt bond liabilities | $0 |
Escrow or custodial account liability | $359,229 |
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 | $498,758,658 |
Total liabilities | $503,673,988 |
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 | $76,846,440 |
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 |