Civic Intelligence

True Sky Federal Credit Union

990 • Fiscal year 2013 • EIN 73-0564572

Jan 01, 2013 to Dec 31, 2013 • Filed on Nov 14, 2014

PO Box 26406Oklahoma City, OK 73126

(405) 682-1990

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

90th percentile

0.92x

Higher debt load relative to assets than 90% of similar nonprofits.

2013 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2013

Liabilities / Revenue

73rd percentile

20.84x

Higher debt load relative to revenue than 73% of similar nonprofits.

2013 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2013

Net Margin

75th percentile

20%

Higher net margin than 75% of similar nonprofits.

2013 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2013

Top Officer Pay

50th percentile

$363,774

Higher top officer pay than 50% of similar nonprofits.

Top officer pay equals 1.5% of source-year revenue.

2013 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2013

Asset Growth

43rd percentile

3.5%

Faster asset growth than 43% of similar nonprofits.

2013 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2012 to 2013

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2013

Assets

Up

$551,799,710

Up $18,485,494 (+3.5%) from 2012

Net Assets

Up

$43,787,438

Up $1,154,302 (+2.7%) from 2012

Liabilities

Up

$508,012,272

Up $17,331,192 (+3.5%) from 2012

Revenue

$24,372,462

No earlier filing loaded for comparison.

Expenses

Down

$19,465,659

Down $3,182,099 (-14%) from 2012

Net Income

$4,906,803

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$1.0B$500M$0Assets 2010: $472,108,814Liabilities 2010: $433,681,993Net Assets 2010: $38,426,8212010Assets 2011: $511,357,728Liabilities 2011: $472,563,108Net Assets 2011: $38,794,6202011Assets 2012: $533,314,216Liabilities 2012: $490,681,080Net Assets 2012: $42,633,1362012Assets 2013: $551,799,710Liabilities 2013: $508,012,272Net Assets 2013: $43,787,4382013Assets 2014: $553,873,896Liabilities 2014: $504,486,566Net Assets 2014: $49,387,3302014Assets 2015: $571,602,791Liabilities 2015: $520,787,333Net Assets 2015: $50,815,4582015Assets 2016: $574,631,161Liabilities 2016: $524,140,863Net Assets 2016: $50,490,2982016Assets 2017: $579,249,355Liabilities 2017: $527,817,142Net Assets 2017: $51,432,2132017Assets 2018: $587,534,365Liabilities 2018: $535,739,133Net Assets 2018: $51,795,2322018Assets 2019: $645,797,421Liabilities 2019: $587,876,722Net Assets 2019: $57,920,6992019Assets 2020: $766,194,191Liabilities 2020: $704,291,754Net Assets 2020: $61,902,4372020Assets 2021: $831,301,668Liabilities 2021: $769,628,186Net Assets 2021: $61,673,4822021

Highlighted filing

2013

Assets$551,799,710
Liabilities$508,012,272
Net Assets$43,787,438

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$60M$40M$20M$0Expenses 2010: $24,819,1372010Expenses 2011: $26,683,4992011Expenses 2012: $22,647,7582012Revenue 2013: $24,372,462Expenses 2013: $19,465,659Net Income 2013: $4,906,8032013Revenue 2014: $23,923,576Expenses 2014: $20,333,329Net Income 2014: $3,590,2472014Revenue 2015: $24,138,676Expenses 2015: $21,861,045Net Income 2015: $2,277,6312015Revenue 2016: $25,927,521Expenses 2016: $24,734,729Net Income 2016: $1,192,7922016Revenue 2017: $25,292,695Expenses 2017: $23,952,358Net Income 2017: $1,340,3372017Revenue 2018: $26,902,591Expenses 2018: $25,099,761Net Income 2018: $1,802,8302018Revenue 2019: $31,459,192Expenses 2019: $29,132,616Net Income 2019: $2,326,5762019Revenue 2020: $34,205,550Expenses 2020: $32,973,759Net Income 2020: $1,231,7912020Revenue 2021: $47,281,663Expenses 2021: $43,146,836Net Income 2021: $4,134,8272021

Highlighted filing

2013

Revenue$24,372,462
Expenses$19,465,659
Net Income$4,906,803
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Dec 31, 2013
Signed
Nov 14, 2014
Return Version
2013v3.1
Gross Receipts
$68,773,210
Mission and Program Overview

Mission

Providing high quality service to empower our members and enrich their lives.

Loans, deposits, and other financial services for the benefit of the members of the credit union.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$294,640,630$284,735,906▼ $9,904,724
Investments in Publicly Traded Securities$201,960,842$215,798,987▲ $13,838,145
Rtn Earn Endowment Incm Other Fnds$42,633,136$43,787,438▲ $1,154,302
Savings and Temporary Cash Investments$7,780,129$24,735,898▲ $16,955,769
Land, Buildings, and Equipment, Net$11,057,146$10,843,634▼ $213,512
Accounts Receivable$3,401,717$2,865,829▼ $535,888
Cash and Non-Interest-Bearing Accounts$3,235,008$2,414,948▼ $820,060
Investments Other Securities$1,601,800$1,604,200▲ $2,400
Prepaid Expenses and Deferred Charges$572,497$672,453▲ $99,956
Total Assets$533,314,216$551,799,710▲ $18,485,494
Other Assets Total$9,064,447$8,127,855▼ $936,592
Liabilities
Other Liabilities$483,992,097$501,133,860▲ $17,141,763
Accounts Payable and Accrued Expenses$4,797,054$5,102,778▲ $305,724
Escrow Account Liability$1,891,929$1,775,634▼ $116,295
Total Liabilities$490,681,080$508,012,272▲ $17,331,192
Net Assets / Fund Balance
Total Net Assets Fund Balance$42,633,136$43,787,438▲ $1,154,302
Total Liabilities and Net Assets / Fund Balance$533,314,216$551,799,710▲ $18,485,494

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$6,273,158$3,455,159$9,728,317
Equipment$1,041,788$6,772,842$7,814,630
Land$3,381,813-$3,381,813
Leasehold Improvements$124,102$620,622$744,724
Other Land Buildings$22,773$15,815$38,588
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Steve RasmussenPresident/CEOFT$234,340$129,434$363,774
Jef FialkowskiSr VP of ItFT$131,517$44,260$175,777
Glen FieldsSr VP of OperationsFT$136,086$10,965$147,051
Julie GamblinVP of HrFT$118,500$19,734$138,234
Natalia ValenzuelaCFOFT$105,609$19,668$125,277
Alison WolfVP of MarketingFT$96,940$14,115$111,055

Board Members and Trustees

NameTitle
Judy RicheyChair
Terry DavidsonVice-chair
Tanya ChildressAssociate Director
Linda LindseyDirector
Phyllis HowardDirector
Ray BradfordDirector
Virginia HicksSecretary
Jessie McmullenTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
At&t CorporationTelecommunications-$334,926
WorkflowonePrinting/mailing Processor-$288,012
Pinnacle Business Systems INCSystem Hardware/software, Data Processing-$262,526
Harland Financial SolutionsSystem/data Processing/maintenance Svc.-$211,932
Cubus Solutions INCSystem/data Processing/maintenance Serv-$183,337
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$15,239,117
Investment Income
$3,473,603
Other Revenue
$5,659,742
Change in Net Assets
$4,906,803

Audited Revenue Reconciliation

Revenue per Audited Statements
$24,372,462
Revenue Not Reported on Form 990
$-43,061
Total Revenue per Audited Statements
$24,329,401
Total Revenue per Form 990
$24,372,462
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$11,477,103
Salaries, Compensation, and Employee Benefits$7,988,556
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$5,335,880--$5,335,880
Interest$3,196,934--$3,196,934
Other Expenses$2,961,844--$2,961,844
Fees for Services Other$1,439,167--$1,439,167
Office Expenses$1,356,720--$1,356,720
Other Employee Benefits$1,187,676--$1,187,676
Depreciation Depletion$807,646--$807,646
Advertising$639,000--$639,000
Payroll Taxes$492,621--$492,621
Current Officers, Directors, Trustees, and Key Employees$489,051--$489,051
Pension Plan Contributions$483,328--$483,328
Occupancy$471,953--$471,953
Insurance$213,959--$213,959
Conferences and Meetings$150,944--$150,944
Fees for Services Management$123,887--$123,887
Fees for Services Accounting$114,058--$114,058
Fees for Services Legal$991--$991
Total Functional Expenses$19,465,659$0$0$19,465,659

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$19,465,659
Expenses per Audited Statements$19,422,598
Total Expenses per Audited Statements$19,422,598
Expenses Not Reported on Financial Statements$43,061
Other Expense Adjustments$43,061
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
Yes
Subject to proxy tax
No

Reported Spending and Taxes

Line ItemAmount
Political Expenditures$1,700
Section 527 Activity Spending$1,700
Total Exempt Function Spending$1,700

Section 527 Organizations

OrganizationLocationAmount
73-1281199-$1,700
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Share Draft$130,336,737
Federal income taxes$113,664,196
Regular Shares$108,022,348
Certificate of Deposit$94,040,895
Money Market$29,141,543
Ira Certificates$13,335,088
Ira Shares$10,431,856
Sub Share Accounts$2,159,148
Business Shares$2,049
Other Shares-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

The credit unions members have the right to elect the members of the governing body. The credit unions members also receive a share of the organizations profits in the form of cash dividends.

Form 990, Part VI, Section A, Line 7A

Members of the credit union have the right to approve the governing bodys 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 B, Line 11

Faa cu provides their financial information to ocm and relies on their expertise to complete form 990. Upon ocms completion of form 990, faa cu reviews the return for accuracy prior to filing the return. A copy of the form 990 will be provided to the members of the board upon request.

Form 990, Part VI, Section B, Line 15

Faa cu uses the compease structured system through hrn. Each position has a pay range with low, median, and high positions within the range. The ranges are adjusted by hrn based on labor market specific pay data from our region.

Form 990, Part VI, Section C, Line 19

Financial statements are published quarterly in the call report. Governing documents and conflict of interest policies are made available to our membership upon request, however, copies are not to be made.

Form 990, Part VI, Section B, Line 12C

Faa cu requires all employees to sign a code of ethical conduct annually and any potential violations are pursued by internal audits and management.

Form 990, Part VI, Section A, Line 7B

Members of the credit union have the right to approve the governing bodys 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.

Filing and Contact Details

Filer

EIN
73-0564572
Phone
4056821990

Signing Officer

Name
Natalia Valenzuela
Title
CFO
Signed
2014-11-14
Discuss with paid preparer
Yes

Organization Details

Formed
1946
Legal Domicile
Ok
Voting Board Members
8
Independent Board Members
8
Employees
196
Volunteers
12

Preparer

Preparer
Douglas Orth
Phone
3052328272
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 4D

Program Service Expenses 0, Grants and allocations 0, Revenue 0 FAA CREDIT UNION PROVIDES A VARIETY OF MEMBER FINANCIAL EDUCATIONAL OPPORTUNITIES, INCLUDING CAR BUYER WORKSHOPS AND HOME BUYER WORKSHOPS. ADDITIONALLY, THE CREDIT UNION PROVIDES YOUTH FINANCIAL SEMINARS THROUGHOUT THE COMMUNITY, WHICH COVERS BASIC CHECK WRITING SKILLS, BUDGETING, SAVING, CREDIT REPORTS, AND HOW TO BORROW MONEY RESPONSIBLY. THE CREDIT UNIONS YOUTH FINANCIAL SEMINARS HAVE GAINED NATIONAL INDUSTRY RECOGNITION. STARTING AUGUST OF 2012, THE CREDIT UNION ALSO OFFERS A NEW CREDIT SCORE ANALYSIS PROGRAM. THE GOAL OF THIS PROGRAM IS TO REVIEW OUR MEMBERS CREDIT REPORT AND FIND WAYS TO SAVE MONEY FOR OUR MEMBERS AND ALSO TO IMPROVE THEIR SCORE. THIS PROGRAM HAS BEEN A GREAT ADDITION TO OUR CURRENT SERVICES.

Financial Statement Notes

X 2

THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL INCOME TAXES ON INCOME RELATED TO THE EXEMPT PURPOSE OF THE CREDIT UNION. THE INCOME TAXES TOPIC OF THE FASB ASC CLARIFIES ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES REPORTED IN THE FINANCIAL STATEMENTS. THE INTERPRETATION PROVIDES CRITERIA FOR ASSESSMENT OF INDIVIDUAL TAX POSITIONS AND A PROCESS FOR RECOGNITION AND MEASUREMENT OF UNCERTAIN TAX POSITIONS. TAX POSITIONS ARE EVALUATED ON WHETHER THEY MEET THE MORE LIKELY THAN NOT STANDARD FOR SUSTAINABILITY UPON EXAMINATION BY TAX AUTHORITIES. THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION AS DEFINED IN INTERNAL REVENUE CODE IRC SECTION 501C14. AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES DIRECTLY RELATED TO ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME UBI DERIVED BY STATE-CHARTERED CREDIT UNIONS. BEGINNING IN MARCH 2008, THE INTERNAL REVENUE SERVICE IRS RELEASED TECHNICAL ADVICE MEMORANDUMS TAMs TO SPECIFIC STATE-CHARTERED CREDIT UNIONS SPECIFYING THE REVENUE SOURCES SUBJECT TO UNRELATED BUSINESS INCOME TAX UBIT. UBI MAY ALSO BE SUBJECT TO TAX IN CERTAIN STATES. AS A RESULT, MANAGEMENT HAS ASSESSED THE CREDIT UNIONS ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY AND DETERMINED THAT THE CREDIT UNION HAS NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. ADDITIONALLY, NO INTEREST AND PENALTIES HAVE BEEN RECORDED IN THE ACCOMPANYING FINANCIAL STATEMENTS RELATED TO UNCERTAIN TAX POSITIONS. CURRENTLY, THE 2012, 2011, AND 2010 FEDERAL INCOME TAX RETURNS ARE OPEN FOR EXAMINATION BY THE IRS. THE FILING YEARS OPEN FOR EXAMNATION BY THE STATE, IF APPLICABLE, MAY BE EQUAL TO, GREATER THAN OR LESS THAN THE YEARS OPEN FOR EXAMINATION BY THE IRS.

IV 2B

The credit union services mortgage loans. That is, funds are collected monthly and remitted annually by the credit union for members insurance premiums and property taxes.

XI 4D

Extraordinary losses reported as a reduction of revenues within the audited financial statements but reported as an expense for form 990 reporting purposes.

XII 2B

Extraordinary losses reported as a reduction of revenues within the audited financial statements but reported as an expense for form 990 reporting purposes.

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IRS990/Desc0FAA CREDIT UNION HAS 47,721 ACTIVE MEMBERS. MEMBERS ENJOY A WIDE VARIETY OF SAVING OPTIONS THAT BEST SUIT THEIR INDIVIDUAL NEEDS. FAA CREDIT UNION OFFERS SAVINGS, SEVERAL CHECKING OPTIONS, MONEY MARKET, SHARE CERTIFICATES CDS AND IRAS WITHOUT ANY MONTHLY MAINTENANCE FEE. CONVENIENCE IS AT THEIR FINGERTIPS, WITH UP TO DATE TECHNOLOGY, WHETHER IT BE ONLINE BANKING OR E-STATEMENTS, IT IS JUST A CLICK AWAY AND BEST OF ALL, FREE TO THE MEMBERSHIP. FAA CREDIT UNION SHARE CERTIFICATE PROGRAM OFFERS MEMBERS THE FLEXIBILITY TO CHOOSE THE MATURITY THAT FITS THEIR LIFESTYLE, RANGING FROM 3 MONTHS TO 60 MONTHS, WE LET MEMBERS DECIDE. IN 2013 FAA CREDIT UNION HAS 5,090 SHARE CERTIFICATES WITH BALANCES OF 130,336,737 AND 1,369 IRA SHARE CERTIFICATES WITH BALANCES OF 29,141,543. THE CREDIT UNION MAY ALSO OFFER WEEKLY SPECIAL RATES THAT APPEAL TO OUR MEMBERSHIP THAT ONLY REQUIRE A 500 OR 1,000 MINIMUM INVESTMENT.
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$831$770$61.7$47.3$43.1$4.13
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$766$704$61.9$34.2$33.0$1.23
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$646$588$57.9$31.5$29.1$2.33
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$588$536$51.8$26.9$25.1$1.80
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$579$528$51.4$25.3$24.0$1.34
2016Summary only. Only limited summary data is available for this year.$575$524$50.5$25.9$24.7$1.19
2015Detailed filing. Detailed filing data is available for this year.$572$521$50.8$24.1$21.9$2.28
2014Detailed filing. Detailed filing data is available for this year.$554$504$49.4$23.9$20.3$3.59
2013Detailed filing. Detailed filing data is available for this year.$552$508$43.8$24.4$19.5$4.91
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$533$491$42.6$22.6
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$511$473$38.8$26.7
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$472$434$38.4$24.8