Oklahomas Credit Union
- Assets
- $780.5m
- Revenue
- $35.1m
- Investments
- $0.0
- Employees
- 225
- Location
- Oklahoma City, OK
- Founding
- 06/1955
- Data as of
- 12/2022
- 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 12/2022, Oklahomas Credit Union employed 225 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 12/2022, Oklahomas Credit Union generated $35.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.3% each year. All expenses for the organization totaled $28.1m during the year ending 12/2022. While expenses have increased by 5.8% 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
2022
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 | $405,188 |
Philip Sherwin Chief Strategy Officer | Officer | 40 | $249,476 |
Ronda Bailey Chief Lending Officer | 40 | $215,000 | |
Shane Richins Chief Financial Officer | Officer | 40 | $198,167 |
Jennifer Lown Chief Experience Officer | 40 | $182,000 | |
Sherlyn Smith Chief Operations Officer | 40 | $178,000 |
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 | $32,028,124 |
| Investment income | $3,665,427 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $2,309 |
| Net Rental Income | $66,742 |
| Net Gain/Loss on Asset Sales | -$610,593 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $35,089,977 |
| 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. | $943,953 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,389,015 |
| Pension plan accruals and contributions | $666,035 |
| Other employee benefits | $804,706 |
| Payroll taxes | $700,862 |
| Fees for services: Management | $9,431 |
| Fees for services: Legal | $60,423 |
| Fees for services: Accounting | $190,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $82,669 |
| Advertising and promotion | $513,130 |
| Office expenses | $344,533 |
| Information technology | $3,003,068 |
| Royalties | $0 |
| Occupancy | $518,262 |
| Travel | $28,009 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $230,661 |
| Interest | $5,775,472 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $408,024 |
| Insurance | $155,629 |
| All other expenses | $187,638 |
| Total functional expenses | $28,143,704 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,867,165 |
| Savings and temporary cash investments | $55,166,678 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $544,531,196 |
| Loans from Officers, Directors, or Controlling Persons | $1,090,577 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $293,727 |
| Net Land, buildings, and equipment | $12,952,842 |
| Investments—publicly traded securities | $153,568,602 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $10,015,406 |
| Total assets | $780,486,193 |
| Accounts payable and accrued expenses | $635,436,445 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $168,452 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $70,500,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $534,954 |
| Total liabilities | $706,639,851 |
| 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 | $65,309,337 |
| Total liabilities and net assets/fund balances | $780,486,193 |