Oklahoma Central Credit Union FY2022 filing

Not tax-deductible

Tulsa, OKMutual-benefit / member-servingSince 1941Mutual / membership EIN 73-0731221Revenue $26.6M in FY2022

On file with the IRSoklahomacentral.creditunion11335 E 41st St, 74146-2920 · Tulsa, OKTax-exempt since Jan 1943

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To make a difference in the lives of our employees, members, and the communities we serve.

$3.0M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Pay: Part VII

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FY2022 · Form 990Independent: from IRS data, not the org
Download 990
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
5 of 5
filings with a surplus
Average surplus $4.6M a year · 15% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Pay to officers and key staff
$3.0M
to officers and key staff · 13% of spending
Looks good: pay to officers and key staff is 13% of spending; 15% or less.
Pt VII · Sec A
20 mo
of spending, in cash
Plus $245.9M in investments, Pt X · Ln 11–13
Looks good: 20.1 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$629.3M
91% of total assets
Concern: liabilities are 91% of assets; over 80%.
Pt X · Ln 26
Independent board members
7
of 7 voting members
Looks good: 7 of 7 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$26.6M
+0.2% vs prior year
Spent
$22.8M
Net assets
$62.8M
By yearFY2020–FY2024
Revenue
$26.6M
FY2022+0.2%
Tap a bar for its year
Revenue by fiscal year
FY2020$28.3M
FY2021$26.5M
FY2022$26.6M
FY2023$34.9M
FY2024$38.2M
Expenses
$22.8M
FY2022▲ +1%
Tap a bar for its year
Expenses by fiscal year
FY2020$25.0M
FY2021$22.5M
FY2022$22.8M
FY2023$28.0M
FY2024$33.1M
Net assets
$62.8M
FY2022▼ -24%
Tap a bar for its year
Net assets by fiscal year
FY2020$83.6M
FY2021$82.7M
FY2022$62.8M
FY2023$74.4M
FY2024$81.1M

From the FY2022 Form 990 · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Jan 1943.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

15 people listed on the 990; $3.0M paid to officers and key staff.

Part VII, Section A · reportable compensation
Chief Executive Officer
$2,037,516Pt VII · Sec A
EVP Chief Operating Officer
$207,777Pt VII · Sec A
Chief Financial Officer
$167,998Pt VII · Sec A
VP of Integrated Technology Services
$135,420Pt VII · Sec A
VP of Lending
$131,796Pt VII · Sec A
Director of Human Resources
$114,698Pt VII · Sec A
Director of Marketing
$111,585Pt VII · Sec A
VP of Strategy and Innovation
$102,389Pt VII · Sec A

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Eugenia Wilson$476,445$447,789$2,037,516$1,004,410$680,556
Shelli Schroeder$239,041$217,654$207,777$199,371$181,127
William Jolin$187,463$177,765$167,998$158,525$141,889
Brad Scheidt———$156,565$186,045
Katrina Morton$160,217$151,838$131,796——
Joyce White$151,161$143,659———
Jeremy Lippiatt$145,415$136,491$135,420$137,537—
Allen Coffer$142,860$120,653$102,389——

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Improves lives for employees, members, and communities.

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Provided by the organization

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3 programs · in their own filed words · FY2022
01

Promote savings and provide financial services to MEMBER/OWNERS - overall deposit balances grew in 2022 by $218k or 0.03% over the previous year. Some of the savings category changes during the year were: savings at $2.6 million (1.16%); regular certificates at $6.8 million (10.92%); checking at $5.8 million (3.93%); iras decreased $3.4…

Pt IX · col B
02

Community Involvement

Oklahoma central credit union (the credit union) continues to support and be active in the communities we serve. In 2022, the credit union 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.

Pt IX · col B
03

Provide Enhanced Access to Credit at Reasonable Rates

Oklahoma central credit union (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 2022, the credit union approved 5,464 loan requests for over $157 million.

Pt IX · col B

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · this organization's grantmaking
Grants paid · 11 grants · $324K · 2020–2024

By the numbers

The FY2022 990, line by line.

1The main four
Money inPt VIII
$26.6M
Ln 12
Fees for servicesLn 2g$22.6M
Investment incomeLn 3$4.0M
Money outPt IX
$22.8M
Ln 25
Owns and owesPt X
$62.8M
net assets · Ln 32
Cash and savingsLn 1–2$38.1M
Total assetsLn 16$692.1M
LiabilitiesLn 26$629.3M
PeoplePt VI, VII
15
listed · VII A
PaidVII A8
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$22.6M
Investment incomeLn 3$4.0M
Gains on assetsLn 7−$1.5M
Total revenueLn 12$26.6M
Assets in detailPt X, end of year
CashLn 1$38.1M
Cash and savings togetherLn 1–2$38.1M
InvestmentsLn 11–13$245.9M
Land, buildings, equipmentLn 10c$18.1M
Other assetsLn 15$19.4M
Total assetsLn 16$692.1M
LiabilitiesLn 26$629.3M
Net assetsLn 32$62.8M
OperationsPt I, VI
EmployeesI 5182
VolunteersI 69
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY22End FY22
Cash and savingsLn 1–2$35.0M$38.1M
InvestmentsLn 11–13$294.3M$245.9M
Land, buildings, equipmentLn 10c$20.0M$18.1M
Total assetsLn 16$713.1M$692.1M
LiabilitiesLn 26$630.4M$629.3M
Net assetsLn 32$82.7M$62.8M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$40K
Pay of current officers, directors and key staffLn 5$2.6M
Other salaries and wagesLn 7$4.8M
Pension plan contributionsLn 8$372K
Other employee benefitsLn 9$1.1M
Payroll taxesLn 10$590K
Management feesLn 11a$525K
Legal feesLn 11b$26K
Accounting feesLn 11c$191K
Advertising and promotionLn 12$917K
Office expensesLn 13$2.4M
Information technologyLn 14$2.3M
OccupancyLn 16$1.9M
Conferences, conventions and meetingsLn 19$74K
InterestLn 20$211
Depreciation, depletion and amortizationLn 22$1.6M
InsuranceLn 23$229K
Other expenses (24a–d)Ln 24$3.1M
Total functional expensesLn 25$22.8M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $38.2M$33.1M$5.1M$81.1M 990 PDF
FY2023 $34.9M$28.0M$6.9M$74.4M 990 PDF
FY2022 Viewing $26.6M$22.8M$3.8M$62.8M 990 PDF
FY2021 $26.5M$22.5M$4.0M$82.7M 990 PDF
FY2020 $28.3M$25.0M$3.3M$83.6M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support J · Pay O · Explanations
See the full FY2022 990 (6 parts)
Part I · Summary $26,582,769 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $22,605,780$22,598,406
I-10 Investment incomePrior year $3,881,780$3,984,363
I-11 Other revenuePrior year $51,452$0
I-12 Total revenuePrior year $26,539,012$26,582,769
I-13 Grants and similar amounts paidPrior year $25,000$40,000
I-14 Benefits paid to membersPrior year $2,123,903$0
I-15 Salaries and benefitsPrior year $9,565,432$9,482,139
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $10,812,448$13,243,880
I-18 Total expensesPrior year $22,526,783$22,766,019
I-19 Revenue less expensesPrior year $4,012,229$3,816,750
Part VI · Governance 7 of 7 board members independent, no flags
VI-1a Voting members of the governing body7
VI-1b Independent voting members7
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $26,582,769 across 4 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $22,416,960 · Unrelated business $181,446$22,598,406
VIII-3 Investment incomeExcluded from tax $5,534,328$5,534,328
VIII-7 Net gain or loss on sales of assetsExcluded from tax −$1,549,965−$1,549,965
VIII-12 Total revenueRelated to mission $22,416,960 · Unrelated business $181,446 · Excluded from tax $3,984,363$26,582,769
Part IX · Statement of functional expenses $22,766,019 across 18 lines filed
IX-1 Grants to domestic organizations$40,000
IX-5 Pay of current officers, directors and key staff$2,625,607
IX-7 Other salaries and wages$4,830,382
IX-8 Pension plan contributions$372,138
IX-9 Other employee benefits$1,064,459
IX-10 Payroll taxes$589,553
IX-11a Management fees$525,468
IX-11b Legal fees$25,866
IX-11c Accounting fees$191,193
IX-12 Advertising and promotion$916,712
IX-13 Office expenses$2,375,622
IX-14 Information technology$2,254,474
IX-16 Occupancy$1,880,544
IX-19 Conferences, conventions and meetings$73,787
IX-20 Interest$211
IX-22 Depreciation, depletion and amortization$1,639,330
IX-23 Insurance$228,871
IX-24 Other expenses (24a–d)$3,131,802
IX-25 Total functional expenses$22,766,019
Part X · Balance sheet $692,106,442 assets, 12 lines filed
Asset lines not itemized here account for $368,701,081; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $35,034,151$38,138,518
X-4 Accounts receivableStart of year $978,453$965,043
X-9 Prepaid expenses and deferred chargesStart of year $596,011$916,091
X-10c Land, buildings and equipment, netStart of year $20,035,802$18,093,509
X-12 Other securitiesStart of year $294,341,800$245,879,164
X-15 Other assetsStart of year $19,853,994$19,413,036
X-16 Total assetsStart of year $713,131,238$692,106,442
X-17 Accounts payable and accrued expensesStart of year $3,838,071$2,436,058
X-25 Other liabilitiesStart of year $626,275,356$626,526,227
X-26 Total liabilitiesStart of year $630,443,132$629,259,241
X-32 Total net assets or fund balancesStart of year $82,688,106$62,847,201
X-33 Total liabilities and net assetsStart of year $713,131,238$692,106,442
Part XI · Reconciliation of net assets $62,847,201 net assets at year end
XI-1 Total revenue$26,582,769
XI-2 Total expenses$22,766,019
XI-3 Revenue less expenses$3,816,750
XI-4 Net assets at start of year$82,688,106
XI-5 Net unrealized gains (losses) on investments−$23,897,799
XI-9 Other changes in net assets$240,144
XI-10 Net assets at end of year$62,847,201

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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