Oklahoma Educators Credit Union
- Assets
- $253.8m
- Revenue
- $17.8m
- Investments
- $58.0m
- Employees
- 208
- Location
- Oklahoma City, OK
- Founding
- 12/1965
- Data as of
- 12/2022
- EIN
- 73-0742019
Organization Overview
Oklahoma Educators Credit Union is located in Oklahoma City, OK. The organization was established in 1965. 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 12/2022, Oklahoma Educators Credit Union employed 208 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Oklahoma Educators 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 12/2022, Oklahoma Educators Credit Union generated $17.8m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 13.0% each year . All expenses for the organization totaled $14.8m during the year ending 12/2022. While expenses have increased by 13.9% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDING FINANCIAL SERVICES TO SCHOOL EMPLOYEES, STUDENTS, AND THEIR FAMILIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OKLAHOMA EDUCATORS CREDIT UNION IS A STATE CHARTERED CREDIT UNION SERVICING EDUCATORS, STUDENTS, AND THEIR FAMILIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Renee Axtell Board Member | Trustee | 5 | $0 |
Chester Weems Board Member | Trustee | 5 | $0 |
Steven Allen Board Member | Trustee | 5 | $0 |
James Harrod Board Member | Trustee | 5 | $0 |
Rick Dawkins Board Member | Trustee | 5 | $0 |
Jeff Dewitt Board Member - Chairman | Trustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cnet Inc Network Maintenance And Security | 12/30/22 | $169,499 |
Jack Henry & Associates Inc Data Processing Services/core Processor | 12/30/22 | $450,539 |
Augusta Contracting Contractor For Remodel | 12/30/22 | $137,839 |
Rate Genius Loan Refinance Referral Fees | 12/30/22 | $355,890 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $16,829,346 |
| Investment income | $985,419 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $8,873 |
| Net Gain/Loss on Asset Sales | $10,615 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $17,834,253 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $6,293 |
| Grants and other assistance to domestic individuals. | $13,398 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $1,294,031 |
| Compensation of current officers, directors, key employees. | $1,033,354 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,114,814 |
| Pension plan accruals and contributions | $40,994 |
| Other employee benefits | $450,806 |
| Payroll taxes | $356,838 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $198,902 |
| Fees for services: Accounting | $45,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $5,184 |
| Fees for services: Other | $120,505 |
| Advertising and promotion | $242,608 |
| Office expenses | $507,290 |
| Information technology | $870,725 |
| Royalties | $0 |
| Occupancy | $392,399 |
| Travel | $36,844 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $90,642 |
| Interest | $154,804 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $332,702 |
| Insurance | $99,130 |
| All other expenses | $419,716 |
| Total functional expenses | $14,832,015 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,430,866 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $60,111 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $171,760,501 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $688,583 |
| Net Land, buildings, and equipment | $11,948,385 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $58,008,781 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,903,084 |
| Total assets | $253,800,311 |
| Accounts payable and accrued expenses | $1,929,977 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $28,537,900 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $202,620,665 |
| Total liabilities | $233,088,542 |
| 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 |
| Retained earnings, endowment, accumulated income, or other funds | $20,711,769 |
| Total liabilities and net assets/fund balances | $253,800,311 |
Grants Awarded
Over the last fiscal year, Oklahoma Educators Credit Union has awarded $6,293 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
SUITED FOR SUCCESS PURPOSE: Helps women achieve self sufficiency by providing professional clothing and career development services. | $5,993 |
CREDIT UNION HOUSE OF OKLAHOMA PURPOSE: Location supported by all credit unions in the area and is utilized for events, training, conferences, and meetings. | $300 |