2023-10-02T10:09:06-05:00 2022-12-31 420714325 RSM US LLP 4650 EAST 53RD STREET DAVENPORT IA 528073479 990 2022-01-01 730731221 OKLAHOMA CENTRAL CREDIT UNION OKLA 9186646000 4956 S PEORIA AVE TULSA OK 74105 BILL JOLIN CHIEF FINANCIAL OFFICER 9186646000 2023-09-28 1 BILL JOLIN 999009999 0 JENIFER L CHASE P01306883 5638884000 2023-09-25 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z EUGENIA WILSON 4956 S PEORIA AVE TULSA OK 74105 97143323 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 7 204 9 181446 0 0 0 22605780 22598406 3881780 3984363 51452 0 26539012 26582769 25000 40000 2123903 0 9565432 9482139 0 0 0 10812448 13243880 22526783 22766019 4012229 3816750 713131238 692106442 630443132 629259241 82688106 62847201 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 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 MILLION (6.90%), AND MONEY MARKET AT $11.6 MILLION (8.25%). IN TOTAL, THIS REPRESENTS 69,432 ACCOUNTS FROM A MEMBERSHIP TOTAL OF 44,299 WITH AN AVERAGE SAVINGS OF $14,150 PER MEMBER. THE MOMENTUM CHECKING ACCOUNT BECAME POPULAR DURING 2022 AND GENERATED 238 NEW ACCOUNTS. OUR LOW-FEE COMMERCIAL CHECKING ACCOUNT CREATED 17 NEW ACCOUNTS. OKLAHOMA CENTRAL 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 SELECT EMPLOYEE GROUPS (SEG) 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 - 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. A TOTAL OF 271 REAL ESTATE LOANS WERE APPROVED WITH A DOLLAR AMOUNT OF $24 MILLION. THE CREDIT UNION IS IN ITS FIFTEENTH 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 VERY LOW INTEREST RATE TO HELP MEMBERS AFFORD THE COSTLY EXPENSE OF ADDING THESE ITEMS. 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. 2) CONTRIBUTED $40,000 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 2022, EMPLOYEES CONTRIBUTED 1,472 HOURS TO VARIOUS ORGANIZATIONS. 4) THE CREDIT UNION 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 0 0 0 1 8953 0 1 204 1 1 1 0 0 0 0 0 1 0 X 7 7 0 0 0 0 1 1 0 1 0 0 0 0 1 1 1 1 1 1 1 0 X BILL JOLIN 9186646000 4956 S PEORIA AVE TULSA OK 74105 TOM HILLE CHAIRMAN 1.00 0.00 X X 0 0 0 PENNY CHEFFEY SECRETARY/TREASURER 1.00 0.00 X X 0 0 0 JOEL DOLLAR VICE CHAIRMAN 1.00 0.00 X X 0 0 0 ANNE DORMAN DIRECTOR 1.00 0.00 X 0 0 0 JOHN KUSHNERICK DIRECTOR 1.00 0.00 X 0 0 0 ANDY MURPHREE DIRECTOR 1.00 0.00 X 0 0 0 SUSAN PHELPS DIRECTOR 1.00 0.00 X 0 0 0 EUGENIA WILSON CHIEF EXECUTIVE OFFICER 40.00 1.00 X 2037516 0 172321 SHELLI SCHROEDER EVP CHIEF OPERATING OFFICER 40.00 0.00 X 207777 0 31330 WILLIAM JOLIN CHIEF FINANCIAL OFFICER 40.00 0.00 X 167998 0 8664 KATHLEEN MANNING DIRECTOR OF MARKETING 40.00 0.00 X 111585 0 28419 MARGUERITE VAVRICK DIRECTOR OF HUMAN RESOURCES 40.00 0.00 X 114698 0 23155 JEREMY LIPPIATT VP OF INTEGRATED TECHNOLOGY SERVICES 40.00 0.00 X 135420 0 13381 ALLEN COFFER VP OF STRATEGY AND INNOVATION 40.00 0.00 X 102389 0 14867 KATRINA MORTON VP OF LENDING 40.00 0.00 X 131796 0 20163 3009179 0 312300 9 0 1 0 FISERV INC 255 FISERV DRIVE BROOKFIELD WI 53045 SOFTWARE SERVICES 981002 NCR CORPORATION 864 SPRING STREET NW ATLANTA GA 30308 STATEMENTS/HOME BANKING 797340 N2 ADVERTISING LLC 6910 S YORKTOWN AVENUE SUITE 70275 TULSA OK 74170 ADVERTISING 642621 SHI INTERNATIONAL CORP 290 DAVIDSON AVENUE SOMERSET NJ 08873 SOFTWARE SERVICES 393284 PRAETORIA GROUP LLC 115 W 3RD STREET SUITE 803 TULSA OK 74103 SECURITY 315369 20 INTEREST INCOME ON LOANS TO MEMBE 522100 16358731 16358731 INTERCHANGE INCOME 522100 2699829 2699829 OTHER INCOME 522100 1826583 1741266 85317 SERVICE CHARGES AND OTHER FEES 522100 1713263 1617134 96129 22598406 5534328 5534328 69010589 70560554 -1549965 -1549965 -1549965 26582769 22416960 181446 3984363 40000 2625607 4830382 372138 1064459 589553 525468 25866 191193 916712 2375622 2254474 1880544 73787 211 1639330 228871 DIVIDENDS PAID TO MEMBE 2162902 LOAN SERVICING COSTS 712341 STATE INCOME TAX 185744 PROVISION FOR LOAN LOSS 70815 22766019 35034151 38138518 978453 965043 342291027 368701081 596011 916091 40554189 22460680 20035802 18093509 294341800 245879164 19853994 19413036 713131238 692106442 3838071 2436058 329705 296956 626275356 626526227 630443132 629259241 X 0 0 0 0 82688106 62847201 82688106 62847201 713131238 692106442 X 3816750 -23897799 240144 X X 0 1 X 1 0 0 1 X 7742538 7742538 18381727 9750938 8630789 321838 321838 0 14108086 12387904 1720182 18093509 AVAILABLE FOR SALE: MORTGAGE BACKED SECURITIES 104998704 F AVAILABLE FOR SALE: COLLATERALIZED MORTGAGE OBLIGATIONS 90070276 F AVAILABLE FOR SALE: MUNICIPAL BONDS 50810184 F 245879164 SHARE ACCOUNTS 230302442 SHARE DRAFT ACCOUNTS 153037743 MONEY MARKET ACCOUNTS 129091861 INDIVIDUAL RETIREMENT ACCOUNTS 27692835 SHARE & IRA CERTIFICATES 86401346 626526227 X 26582769 0 26582769 0 26582769 22766019 0 22766019 0 22766019 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: OKLAHOMA CENTRAL CREDIT UNION (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. 1 OKLAHOMA CENTRAL FOUNDATION INC 11335 E 41ST STREET TULSA OK 74146 452804883 501(C)(3) 40000 0 FOUNDATION SUPPORT 1 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, INC. AND HELPS TO GUIDE AND MONITOR THE USE OF THE FUNDS. X X X X 0 1 0 EUGENIA WILSON CHIEF EXECUTIVE OFFICER 1967890 0 68438 0 1188 0 150285 0 22036 0 2209837 0 1604464 0 SHELLI SCHROEDER EVP CHIEF OPERATING OFFICER 176987 0 30611 0 179 0 5285 0 26045 0 239107 0 0 0 WILLIAM JOLIN CHIEF FINANCIAL OFFICER 146949 0 20635 0 414 0 6481 0 2183 0 176662 0 0 0 KATRINA MORTON VP OF LENDING 127622 0 3400 0 774 0 5121 0 15042 0 151959 0 0 0 PART I, LINE 4B EUGENIA WILSON, CHIEF EXECUTIVE OFFICER, PARTICIPATED IN A NON-QUALIFIED 457(F) RETIREMENT PLAN IN 2022. THE TOTAL 2022 EMPLOYER CONTRIBUTIONS INTO THE PLAN ON BEHALF OF THE INDIVIDUAL IN THE AMOUNT OF $139,270 IS REPORTED AS DEFERRED COMPENSATION ON FORM 990, PART VII AND SCHEDULE J, PART II. THERE WAS ONE DISTRIBUTION IN FEBRUARY 2022 IN THE AMOUNT OF $1,604,464. THIS INFORMATION WAS INCLUDED IN DEFERRED COMPENSATION ON THE PRIOR YEARS' FORM 990, PART VII AND SCHEDULE J, PART II. THE INDIVIDUAL REACHED A SPECIFIED LEVEL OF VESTING IN 2022, SO THE DOLLAR AMOUNT IS NOW INCLUDED IN REPORTABLE COMPENSATION ON THE CURRENT YEAR FORM 990, PART VII, AND SCHEDULE J, PART II. FORM 990, PART I, LINE 6: OKLAHOMA CENTRAL CREDIT UNION HAS 7 DIRECTORS AND 2 SUPERVISORY COMMITTEE MEMBERS, ALL OF WHOM ARE VOLUNTEERS. 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 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 SENDING OUT A BAS ANNUALLY TO ALL BOARD OF DIRECTORS MEMBERS. MEMBERS OF THE OFFICIAL FAMILY ARE EXPECTED TO AVOID ANY ACTIVITY THAT MAY LEAD, OR HAVE THE APPEARANCE OF LEADING, TO A CONFLICT OF INTEREST BETWEEN THE OFFICIAL FAMILY MEMBER AND HIS/HER RESPONSIBILITY TO THE CREDIT UNION. CONFLICTS OF INTEREST GENERALLY OCCUR WITHIN THE AREAS OF PERSONAL INVESTMENTS, AFFILIATIONS, BUSINESS GIFTS AND CONFIDENTIAL INFORMATION. IN THE EVENT AN OFFICIAL FAMILY MEMBER BELIEVES THAT THERE MAY BE A CONFLICT OF INTEREST, THE PERSON SHOULD REPORT THE MATTER IN WRITING TO THE CHIEF EXECUTIVE OFFICER, MAKING A FULL DISCLOSURE OF PERTINENT CIRCUMSTANCES. ALL POTENTIAL CONFLICTS OF INTEREST MUST BE DISCLOSED, INCLUDING THOSE THAT HAVE INADVERTENTLY ARISEN DUE TO BUSINESS OR PERSONAL RELATIONSHIPS WITH CUSTOMERS, SUPPLIERS, BUSINESS ASSOCIATES OR COMPETITORS. EACH CASE MAY INVOLVE SPECIAL CIRCUMSTANCES AND WILL BE JUDGED ON ITS OWN MERITS CONSIDERING THE DUTIES OF THE OFFICIAL FAMILY MEMBER AND THE SIGNIFICANCE OF FACTORS INVOLVED. 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 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 LAST OCCURRED IN APRIL 2023. 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 SECTION 6104. THE CREDIT UNION DOES NOT HAVE A SEPARATE CONFLICT OF INTEREST POLICY. FORM 990, PART XI, LINE 9: RECLASSIFICATION ADJUSTMENT FOR NET INVESTMENT LOSSES 240,144. FORM 990, PART XII, LINE 2C: THE OVERSIGHT AND SELECTION PROCESS HAS NOT CHANGED FROM THE PRIOR TAX YEAR.