Oklahoma Central Credit Union
- Assets
- $672.8m
- Revenue
- $34.9m
- Investments
- $266.4m
- Employees
- 177
- Location
- Tulsa, OK
- Founding
- 01/1943
- Data as of
- 12/2023
- EIN
- 73-0731221
Organization Overview
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 12/2023, Oklahoma Central Credit Union employed 177 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 12/2023, Oklahoma Central Credit Union generated $34.9m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 5.8% each year. All expenses for the organization totaled $28.0m during the year ending 12/2023. While expenses have increased by 4.6% per year over the past 9 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
2023
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 DECREASED IN 2023 BY $30M OR 4.88% OVER THE PREVIOUS YEAR. SOME OF THE SAVINGS CATEGORY CHANGES DURING THE YEAR WERE: SAVINGS DECREASED BY $23M (9.86%); REGULAR CERTIFICATES INCREASED BY $18M (26.19%); CHECKING DECREASED $4.9M (3.21%); IRAS (SAVINGS AND CERTIFICATES) INCREASED $395K (.87%), AND MONEY MARKET DECREASED $21M (16.49%). IN TOTAL, THIS REPRESENTS 68,998 ACCOUNTS FROM A MEMBERSHIP TOTAL OF 43,452 WITH AN AVERAGE SAVINGS OF $13,723 PER MEMBER. THE MOMENTUM CHECKING ACCOUNT CONTINUED TO BE POPULAR DURING 2023 AND GENERATED 1,492 NEW ACCOUNTS. OUR LOW-FEE COMMERCIAL CHECKING ACCOUNT CREATED 78 NEW 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.
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 2023, THE CREDIT UNION APPROVED 3,585 LOAN REQUESTS FOR OVER $87M. A TOTAL OF 316 REAL ESTATE LOANS WERE APPROVED WITH A DOLLAR AMOUNT OF $26M. THE CREDIT UNION IS IN ITS SIXTEENTH YEAR OF COMMERCIAL LENDING AS A DIRECT RESPONSE TO OUR SMALL BUSINESS OWNERS' REQUESTS FOR FINANCIAL SERVICES. PRODUCT OFFERINGS ALSO INCLUDE SHORT TERM (7-YEAR) MORTGAGE LOANS. THE CREDIT UNION CONTINUES OFFERING HOME PROTECTION LOANS (STORM SHELTERS, GENERATORS, ETC.) AT A LOW INTEREST RATE TO HELP MEMBERS AFFORD THE COSTLY EXPENSE OF ADDING THESE ITEMS.
COMMUNITY INVOLVEMENT: OKLAHOMA CENTRAL CREDIT UNION CONTINUES TO SUPPORT AND BE ACTIVE IN THE COMMUNITIES WE SERVE. IN 2023, 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) CONTRIBUTED OVER $40K TO THE OKLAHOMA CENTRAL FOUNDATION. THIS MONEY WAS USED TO FUND FINANCIAL LITERACY, SCHOLARSHIPS, LOCAL TEACHER SUPPORT AND SCHOOL TECHNOLOGY. 3) THE CREDIT UNION ONCE AGAIN ALLOWED 40 PAID HOURS OF COMMUNITY SERVICE TO GIVE BACK TO THE COMMUNITY. BY YEAR END 2023, EMPLOYEES CONTRIBUTED 2152 HOURS TO VARIOUS ORGANIZATIONS. 4) OKLAHOMA CENTRAL MADE FINANCIAL DONATIONS THROUGH A REFER-A-FRIEND PROGRAM TO ORGANIZATIONS SUCH AS DVIS, FAMILY & CHILDREN'S SERVICES, ST. FRANCIS CHILDREN'S HOSPITAL AND JOHN 3:16 MISSION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tim Hille Chairperson | Trustee | 1 | $0 |
Joel Dollar Vice Chairperson | Trustee | 1 | $0 |
Penny Cheffey Secretary/treasurer | Trustee | 1 | $0 |
Andy Murphree Director | Trustee | 1 | $0 |
Anne Dorman Director | Trustee | 1 | $0 |
Susan Phelps Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Software Services | 12/30/23 | $935,986 |
N2 Advertising Llc Advertising | 12/30/23 | $887,045 |
Ncr Corporation Statements/home Banking | 12/30/23 | $859,063 |
Transfund Atm Processing | 12/30/23 | $354,874 |
Robinett Attorney | 12/30/23 | $255,604 |
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 | $24,219,258 |
| Investment income | $10,285,159 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$413,594 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $34,863,456 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $53,090 |
| 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. | $1,045,472 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,230,152 |
| Pension plan accruals and contributions | $408,463 |
| Other employee benefits | $1,117,209 |
| Payroll taxes | $620,123 |
| Fees for services: Management | $403,845 |
| Fees for services: Legal | $43,755 |
| Fees for services: Accounting | $156,160 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,410,432 |
| Office expenses | $2,668,171 |
| Information technology | $2,361,569 |
| Royalties | $0 |
| Occupancy | $1,415,236 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $130,359 |
| Interest | $5,719,042 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,627,277 |
| Insurance | $219,599 |
| All other expenses | $0 |
| Total functional expenses | $28,010,061 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,776,748 |
| Savings and temporary cash investments | $31,731,320 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,426,453 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $338,626,586 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $838,638 |
| Net Land, buildings, and equipment | $17,623,366 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $266,376,445 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $9,449,473 |
| Total assets | $672,849,029 |
| Accounts payable and accrued expenses | $2,164,142 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $305,296 |
| 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 | $595,935,225 |
| Total liabilities | $598,404,663 |
| 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 | $74,444,366 |
| Total liabilities and net assets/fund balances | $672,849,029 |
Grants Awarded
Over the last fiscal year, Oklahoma Central Credit Union has awarded $47,965 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
OKLAHOMA CENTRAL FOUNDATION INC PURPOSE: CHARITABLE CONTRIBUTION | $40,865 |
UNIVERSITY OF TULSA PURPOSE: CHARITABLE CONTRIBUTION | $7,100 |