2024-10-11T14:01:56-05:00 2023-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2023-01-01 730731221 OKLAHOMA CENTRAL CREDIT UNION OKLA 9186646000 4956 S PEORIA AVE TULSA OK 74105 BILL JOLIN CFO 9186646000 2024-10-11 1 0 ROBERT PARKS CPA P00740435 2482443000 2024-09-23 2023 2024-10-15 13:58:12Z EUGENIA WILSON 4956 S PEORIA AVE TULSA OK 74105 42946234 0 X WWW.OKLAHOMACENTRAL.CREDITUNION X 1941 OK TO MAKE A DIFFERENCE IN THE LIVES OF OUR EMPLOYEES, MEMBERS, AND THE COMMUNITIES WE SERVE. 7 7 177 9 141902 0 0 0 22598406 24219258 3984363 9871565 0 772633 26582769 34863456 40000 53090 0 0 9482139 10421419 0 0 0 13243880 17535552 22766019 28010061 3816750 6853395 692106442 672849029 629259241 598404663 62847201 74444366 X OKLAHOMA CENTRAL CREDIT UNION (THE CREDIT UNION) IS A 501(C)(14), STATE-CHARTERED CREDIT UNION. THE CREDIT UNION PROVIDES CONSUMER AND BUSINESS FINANCIAL SERVICES TO INCLUDE DEPOSIT ACCOUNTS, INVESTMENTS, AND LOANS. OUR MISSION IS TO MAKE A DIFFERENCE IN THE LIVES OF OUR EMPLOYEES, MEMBERS, AND THE COMMUNITIES WE SERVE. 0 0 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. 0 0 0 0 0 0 0 1 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 13942 0 1 177 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 0 0 0 0 1 1 1 1 1 1 1 0 X BILL JOLIN 9186646000 4956 S PEORIA AVE TULSA OK 74105 TIM HILLE CHAIRPERSON 1.00 X 0 0 0 JOEL DOLLAR VICE CHAIRPERSON 1.00 X 0 0 0 PENNY CHEFFEY SECRETARY/TREASURER 1.00 X 0 0 0 ANDY MURPHREE DIRECTOR 1.00 X 0 0 0 ANNE DORMAN DIRECTOR 1.00 X 0 0 0 SUSAN PHELPS DIRECTOR 1.00 X 0 0 0 JOHN KUSHNERICK DIRECTOR 1.00 X 0 0 0 EUGENIA WILSON PRESIDENT/CEO 40.00 X 447789 0 167371 WILLIAM JOLIN CFO 40.00 X 177765 0 10650 SHELLI SCHROEDER EVP COO 40.00 X 217654 0 24243 KATRINA MORTON VP OF LENDING 40.00 X 151838 0 18521 JOYCE WHITE VP OF ACCOUNTING 40.00 X 143659 0 13175 JEREMY LIPPIATT VP OF INTEGRATED TECHNOLOGY 40.00 X 136491 0 12279 ALLEN COFFER VP OF STRATEGIC & INNOVATION 40.00 X 120653 0 11867 MARGUERITE VAVRICK DIRECTOR OF HUMAN SERVICES 40.00 X 114671 0 16712 1510520 0 274818 13 0 1 0 FISERV 255 FISERV DRIVE BROOKFIELD WI 53045 SOFTWARE SERVICES 935986 N2 ADVERTISING LLC 6910 S YORKTOWN AVE SUITE 702753 TULSA OK 74170 ADVERTISING 887045 NCR CORPORATION 864 SPRING STREET NW ATLANTA GA 30308 STATEMENTS/HOME BANKING 859063 TRANSFUND PO BOX 740641 LOS ANGELES CA 90074 ATM PROCESSING 354874 ROBINETT 401 S BOSTON AVE SUITE 1600 TULSA OK 74103 ATTORNEY 255604 19 INTEREST INCOME ON LOANS 522100 18470771 18470771 INTERCHANGE INCOME 522100 2730788 2730788 SERVICE CHARGES AND OTHER FEES 522100 1561505 1561505 OTHER INCOME 522100 1314292 1314292 FINANCE AND INSURANCE 520000 141902 141902 24219258 10285159 10285159 7577968 91216 7984122 98656 -406154 -7440 -413594 -413594 GAIN ON EQUITY SECURITIES 522100 772633 772633 772633 34863456 24436395 141902 10285159 53090 1045472 7230152 408463 1117209 620123 403845 43755 156160 1410432 2668171 2361569 1415236 130359 5719042 1627277 219599 LOAN SERVICING COSTS 673458 OTHER OPERATING 556196 STATE INCOME TAX 302669 PLL -152216 28010061 4868969 3776748 33269549 31731320 965043 4426453 368701081 338626586 916091 838638 41297579 23674213 18093509 17623366 245879164 266376445 19413036 9449473 692106442 672849029 2436058 2164142 296956 305296 626526227 595935225 629259241 598404663 X 0 0 0 0 62847201 74444366 62847201 74444366 692106442 672849029 X 6853395 4463269 280501 X X 0 1 X 1 0 0 1 X 7742539 7742539 18765830 10566516 8199314 14789210 13107697 1681513 17623366 MORTGAGE-BACKED SECURITIES 87135284 F COLLATERALIZED MORTGAGE OBLIGATIONS 105279666 F US TREASURY NOTES 9855586 F MUNICIPAL BONDS 53114178 F SERP PLAN 9453484 F FHLB STOCK 577400 F MEMBER CAPITAL 750000 C OTHER INVESTMENTS 208790 C PSCU CAPITAL 2057 C 266376445 SHARES ACCOUNTS 207549410 SHARE DRAFT ACCOUNTS 148127245 MONEY MARKET ACCOUNTS 107802474 INDIVIDUAL RETIREMENT ACCOUNTS (IRA) 24137283 SHARE AND IRA CERTIFICATES 108318813 595935225 X 35269610 0 35269610 -406154 -406154 34863456 28416215 406154 406154 28010061 0 28010061 PART IV, LINE 2B: THE ORGANIZATION'S ESCROW ACCOUNTS ARE MAINTAINED BY OKLAHOMA CENTRAL CREDIT UNION FOR THE BENEFIT OF PAYING REAL ESTATE TAXES AND/OR INSURANCE ON BEHALF OF THE CREDIT UNION'S MEMBERS THAT HOLD MORTGAGES. PART X, LINE 2: THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE AND LOCAL INCOME TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE (IRC) AND STATE TAX LAWS. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME DERIVED BY STATE-CHARTERED CREDIT UNIONS. GENERALLY, THESE TAXES ARE INSIGNIFICANT TO THE CREDIT UNION. PART XI, LINE 4B - OTHER ADJUSTMENTS: LOSS ON SALE OF INVESTMENTS CLASSIFIED AS EXPENSE FOR FINANCIAL REPORTING PURPOSES WITHIN THE AUDITED FINANCIAL STATEMENTS BUT REPORTED AS A REDUCTIO OF REVENUE WITHIN THE FORM 990 STATEMENT OF REVENUE. PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON SALE OF INVESTMENTS CLASSIFIED AS EXPENSE FOR FINANCIAL REPORTING PURPOSES WITHIN THE AUDITED FINANCIAL STATEMENTS BUT REPORTED AS A REDUCTIO OF REVENUE WITHIN THE FORM 990 STATEMENT OF REVENUE. 1 OKLAHOMA CENTRAL FOUNDATION INC 11335 E 41ST STREET TULSA OK 74146 452804883 501(C)(3) 40865 0 CHARITABLE CONTRIBUTION UNIVERSITY OF TULSA 800 S TUCKER DRIVE TULSA OK 74104 730579298 501(C)(3) 7100 0 CHARITABLE CONTRIBUTION 2 0 PART I, LINE 2: DONATIONS ARE PROVIDED TO THE OKLAHOMA CENTRAL FOUNDATION, INC. THIS IS A BUDGETED ITEM APPROVED BY THE BOARD OF DIRECTORS. THE PRESIDENT OF OKLAHOMA CENTRAL CREDIT UNION IS ON THE BOARD OF THE OKLAHOMA CENTRAL FOUNDATION, AND HELPS TO GUIDE AND MONITOR THE USE OF THE FUNDS. THE FUNDS CONTRIBUTED TO TULSA UNIVERSITY WERE USED TO SPONSOR AN ART EXHIBIT AT THE ANNUAL MAYFEST. X X X X 0 1 0 EUGENIA WILSON PRESIDENT/CEO 364807 0 73732 0 9250 0 151458 0 15913 0 615160 0 0 0 SHELLI SCHROEDER EVP COO 183105 0 34549 0 0 0 5843 0 18400 0 241897 0 0 0 WILLIAM JOLIN CFO 150604 0 27161 0 0 0 6879 0 3771 0 188415 0 0 0 KATRINA MORTON VP OF LENDING 129850 0 21988 0 0 0 5300 0 13221 0 170359 0 0 0 JOYCE WHITE VP OF ACCOUNTING 124063 0 19596 0 0 0 5796 0 7379 0 156834 0 0 0 PART I, LINE 3 THE PRESIDENT/CEO PARTICIPATES IN A NON-QUALIFIED 457(F) RETIREMENT PLAN. THE EXPENSE ACCRUED DURING THE YEAR ENDED DECEMBER 31, 2023 WAS $139,320. THIS IS INCLUDED IN DEFERRED COMPENSATION REPORTED WITH THE CEO'S DEFERRED COMPENSATION BENEFITS REPORTED IN PART VII AND SCH J, PART II. THERE WERE NO BENEFIT PAYOUTS DURING 2023. FORM 990, PART VI, SECTION A, LINE 6 OKLAHOMA CENTRAL CREDIT UNION HAS MEMBERS AS SPECIFIED BY ITS BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A OKLAHOMA CENTRAL CREDIT UNION MEMBERS HAVE THE POWER TO ELECT THE BOARD OF DIRECTORS AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION A, LINE 8B OKLAHOMA CENTRAL CREDIT UNION DOES NOT HAVE COMMITTEES WITH AUTHORITY TO ACT ON THE GOVERNING BODY'S BEHALF. FORM 990, PART VI, SECTION B, LINE 11B THE CHIEF FINANCIAL OFFICER REVIEWS THE FORM 990 AND DISCUSSES IT WITH THE CHIEF EXECUTIVE OFFICER. A DRAFT OF FORM 990 IS PRESENTED TO THE BOARD OF DIRECTORS PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C OKLAHOMA CENTRAL CREDIT UNION (THE CREDIT UNION) MONITORS AND ENFORCES COMPLIANCE WITH THE CONFLICT-OF-INTEREST POLICY BY ANNUALLY DISTRIBUTING AND REQUIRING EACH BOARD MEMBER TO SIGN THE BOARD OF DIRECTORS CODE OF CONDUCT. THE CODE OF CONDUCT INCLUDES THE CREDIT UNIONS CONFLICT OF INTEREST GUIDELINES. FORM 990, PART VI, SECTION B, LINE 15 A THIRD-PARTY COMPENSATION CONSULTANT SERVICE IS USED. SOFTWARE IS PROVIDED TO ADMINISTER AND MAINTAIN COMPENSATION LEVELS OF ALL STAFF. COMPENSATION IS BASED ON JOB EVALUATIONS AND GRADE LEVELS. GRADE LEVELS DICTATE WHETHER RANGE IS AT THE NATIONAL, REGIONAL OR LOCAL LEVELS. OVERALL GRADE LEVEL SYSTEM TESTING IS DONE PERIODICALLY AND FOR SPECIFIC OCCURRENCES WITH AN OUTSIDE CONSULTANT WHEN NEW POSITIONS ARE ADDED OR AT THE REQUEST OF OKLAHOMA CENTRAL CREDIT UNION. A COMPENSATION SALARY SURVEY COMPILED BY A NATIONAL ASSOCIATION IS PROVIDED TO THE BOARD OF DIRECTORS. THE BOARD OF DIRECTORS USES SURVEY AND GRADE LEVEL INFORMATION TO EVALUATE THE CHIEF EXECUTIVE OFFICER AS WELL AS OTHER OFFICERS AND KEY EMPLOYEES. THE BOARD OF DIRECTORS MEETS INDEPENDENTLY OF REGULAR MEETINGS FOR COMPENSATION DISCUSSIONS ANNUALLY OF THE CHIEF EXECUTIVE OFFICER. THE BOARD OF DIRECTORS KEEPS CONTEMPORANEOUS SUBSTANTIATION OF THE DELIBERATION AND DECISION. THIS PROCESS OCCURRED IN APRIL 2024. FORM 990, PART VI, SECTION C, LINE 19 OKLAHOMA CENTRAL CREDIT UNION (THE CREDIT UNION) MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST IN THE SAME TIME AND MANNER AS OTHER DISCLOSURES REQUIRED UNDER INTERNAL REVENUE CODE 6104. THE CREDIT UNION DOES NOT HAVE A SEPARATE CONFLICT OF INTEREST POLICY. THE CODE OF CONDUCT INCLUDES THE CREDIT UNIONS CONFLICT OF INTEREST GUIDELINES WHICH IS NOT MADE AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: RECLASSIFICATION ADJUSTMENT FOR NET INVESTMENT (GAINS)/LOSSES INCLUDED IN NET INCOME 406,154. CUMULATIVE EFFECT FROM CHANGE IN ACCOUNTING PRINCIPLE -125,653. FORM 990, PART XII, LINE 2C THE OVERSIGHT AND SELECTION PROCESS HAS NOT CHANGED FROM THE PRIOR TAX YEAR. OKLAHOMA CENTRAL FOUNDATION INC 11335 E 41ST STREET TULSA OK 74146 452804883 FUNDRAISING OK 501(C)(3) LINE 7 OKLAHOMA CENTRAL CREDIT UNION 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0