Oklahomas Credit Union
- Assets
- $721.4m
- Revenue
- $32.2m
- Investments
- $0.0
- Employees
- 190
- Location
- Oklahoma City, OK
- Founding
- 06/1955
- Data as of
- 12/2021
- EIN
- 73-6093655
Organization Overview
Oklahomas Credit Union is located in Oklahoma City, OK. The organization was established in 1955. 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 12/2021, Oklahomas Credit Union employed 190 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Oklahomas 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 12/2021, Oklahomas Credit Union generated $32.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.7% each year. All expenses for the organization totaled $24.5m during the year ending 12/2021. While expenses have increased by 3.2% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
HELPING OKLAHOMANS DO MORE WITH THEIR MONEY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING MEMBERS WITH COMPETITIVE SAVINGS AND LOAN PRODUCTS AND SERVICES SO THAT THEY CAN DO MORE WITH THEIR MONEY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Luann Schmiedel President/ceo | Officer | 40 | $397,160 |
Mark W Kelly Former President | 0 | $375,575 | |
Philip Sherwin Chief Innovation Officer | Officer | 40 | $225,783 |
Ronda Bailey Chief Lending Officer | 40 | $200,042 | |
Jennifer Lown Chief Experience Officer | 40 | $160,750 | |
Sherlyn Smith Chief Operations Officer | 40 | $154,875 |
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 | $29,326,569 |
| Investment income | $2,454,471 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $4,395 |
| Net Rental Income | $71,935 |
| Net Gain/Loss on Asset Sales | $36,138 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $32,235,785 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $686,505 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,686,231 |
| Pension plan accruals and contributions | $650,432 |
| Other employee benefits | $833,664 |
| Payroll taxes | $608,012 |
| Fees for services: Management | $8,045 |
| Fees for services: Legal | $26,205 |
| Fees for services: Accounting | $220,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $116,239 |
| Advertising and promotion | $542,381 |
| Office expenses | $359,544 |
| Information technology | $2,167,713 |
| Royalties | $0 |
| Occupancy | $483,677 |
| Travel | $19,950 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $184,987 |
| Interest | $4,970,652 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $452,487 |
| Insurance | $136,109 |
| All other expenses | $313,288 |
| Total functional expenses | $24,515,442 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,111,825 |
| Savings and temporary cash investments | $24,453,044 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $490,531,677 |
| Loans from Officers, Directors, or Controlling Persons | $1,066,562 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $267,522 |
| Net Land, buildings, and equipment | $13,335,053 |
| Investments—publicly traded securities | $180,568,689 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $9,018,327 |
| Total assets | $721,352,699 |
| Accounts payable and accrued expenses | $578,032,162 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $358,194 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $54,500,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $378,167 |
| Total liabilities | $633,268,523 |
| 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 | $8,537,005 |
| Retained earnings, endowment, accumulated income, or other funds | $79,547,171 |
| Total liabilities and net assets/fund balances | $721,352,699 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Firstmark Credit Union San Antonio, TX | $1,229,967,544 | $50,715,745 |
Meritrust Credit Union Wichita, KS | $1,281,507,668 | $48,306,293 |
True Sky Credit Union Oklahoma City, OK | $831,301,668 | $47,281,663 |
United Heritage Credit Union Austin, TX | $1,405,950,790 | $55,051,200 |
First Service Credit Union Houston, TX | $855,098,387 | $54,328,304 |
Neighborhood Credit Union Dallas, TX | $1,066,752,639 | $52,511,237 |
Velocity Credit Union Austin, TX | $1,067,927,517 | $65,298,866 |
Texans Credit Union Richardson, TX | $2,114,687,717 | $56,103,692 |
Resource One Credit Union Dallas, TX | $739,668,611 | $42,535,084 |
Fort Worth Community Credit Union Bedford, TX | $1,211,753,992 | $43,127,818 |
Weokie Federal Credit Union Oklahoma City, OK | $1,024,486,254 | $42,986,888 |
Community Resource Credit Union Baytown, TX | $712,967,542 | $43,169,320 |