Civic Intelligence

True Sky Federal Credit Union

990 • Fiscal year 2017 • EIN 73-0564572

Jan 01, 2017 to Dec 31, 2017 • Filed on Sep 24, 2018

Organization ProfileWWW.TRUESKYCU.ORG

View Organization Page

PO Box 26406Oklahoma City, OK 73126-0406

(405) 682-1990

Siviq Scores

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

Liabilities / Assets

80th percentile

0.91x

Higher debt load relative to assets than 80% of similar nonprofits.

2017 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2017

Liabilities / Revenue

77th percentile

20.87x

Higher debt load relative to revenue than 77% of similar nonprofits.

2017 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2017

Net Margin

13th percentile

5.3%

Higher net margin than 13% of similar nonprofits.

2017 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2017

Top Officer Pay

20th percentile

$285,016

Higher top officer pay than 20% of similar nonprofits.

Top officer pay equals 1.1% of source-year revenue.

2017 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2017

Asset Growth

10th percentile

0.8%

Faster asset growth than 10% of similar nonprofits.

2017 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2016 to 2017

Revenue Growth

5th percentile

-2.4%

Faster revenue growth than 5% of similar nonprofits.

2017 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets80th percentile

Assets

Up

$579,249,355

Up $4,618,194 (+0.8%) from 2016

Net Assets

Up

$51,432,213

Up $941,915 (+1.9%) from 2016

Liabilities

Up

$527,817,142

Up $3,676,279 (+0.7%) from 2016

Revenue And Expenses
Liabilities / Revenue77th percentileNet Margin13th percentile

Revenue

Down

$25,292,695

Down $634,826 (-2.4%) from 2016

Expenses

Down

$23,952,358

Down $782,371 (-3.2%) from 2016

Net Income

Up

$1,340,337

Up $147,545 (+12%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth10th percentile

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

2017

Assets$579,249,355
Liabilities$527,817,142
Net Assets$51,432,213
Open 2017 Filing

Operations Trend

Revenue Growth5th percentile

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

2017

Revenue$25,292,695
Expenses$23,952,358
Net Income$1,340,337
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Sep 24, 2018
Return Version
2017v2.3
Gross Receipts
$25,292,695
Mission and Program Overview

Mission

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

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$339,363,467$346,700,815▲ $7,337,348
Investments in Publicly Traded Securities$168,304,362$175,268,232▲ $6,963,870
Rtn Earn Endowment Incm Other Fnds$50,490,298$51,432,213▲ $941,915
Land, Buildings, and Equipment, Net$14,433,380$16,341,952▲ $1,908,572
Savings and Temporary Cash Investments$27,230,965$15,420,159▼ $11,810,806
Cash and Non-Interest-Bearing Accounts$2,624,021$2,828,016▲ $203,995
Investments Other Securities$1,119,400$1,126,000▲ $6,600
Prepaid Expenses and Deferred Charges$864,479$789,952▼ $74,527
Accounts Receivable$694,590$762,400▲ $67,810
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$574,631,161$579,249,355▲ $4,618,194
Other Assets Total$19,996,497$20,011,829▲ $15,332
Liabilities
Other Liabilities$516,264,761$518,563,650▲ $2,298,889
Accounts Payable and Accrued Expenses$5,975,357$7,222,168▲ $1,246,811
Escrow Account Liability$1,900,745$2,031,324▲ $130,579
Total Liabilities$524,140,863$527,817,142▲ $3,676,279
Net Assets / Fund Balance
Total Net Assets Fund Balance$50,490,298$51,432,213▲ $941,915
Total Liabilities and Net Assets / Fund Balance$574,631,161$579,249,355▲ $4,618,194

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$9,898,663$4,588,827$14,487,490
Equipment$2,308,327$7,040,489$9,348,816
Land$3,778,563-$3,778,563
Leasehold Improvements$342,511$848,274$1,190,785
Other Land Buildings$13,888$206,023$219,911
Compensation and Service Providers
Top Officer Pay20th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Steve RasmussenPresident/CEOFT$253,601$31,415$285,016
Jef FialkowskiSr VP of ItFT$152,977$34,997$187,974
Glen FieldsSR VP OF FIN'L SERVICESFT$132,998$24,068$157,066
Julie GamblinVP of HrFT$121,145$34,518$155,663
Natalia ValenzuelaCFOFT$125,472$20,221$145,693

Board Members and Trustees

NameTitle
Linda LindseyChairperson
Jessie McmullenVice Chairperson
Greg HillDirector
Tanya R ChildressDirector
Terry DavidsonDirector
Virginia HicksSecretary
Judy RicheyTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Caston Construction CoConstruction/design Development/architec6701 N CLASSEN BLVD, Oklahoma City, OK 73116$2,102,602
Staplegun Design INCMarketing/advertising/rebranding204 N ROBINSON STE 2000, Oklahoma City, OK 73102$536,458
Pinnacle Business SystemsData Processing3824 S BOULEVARD SUITE 200, Edmond, OK 73013$420,558
Federal Protection INCBanking Equipments/mainenance Service2500 N AIRPORT COMMERCE DRIVE, Springfield, MO 65803$371,010
At&t CorporationTelecommunicationsPO BOX 660688, Dallas, TX 75266$367,679
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$16,213,047
Investment Income
$3,417,505
Other Revenue
$5,662,143
Change in Net Assets
$1,340,337

Audited Revenue Reconciliation

Revenue per Audited Statements
$25,292,695
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$25,292,695
Total Revenue per Form 990
$25,292,695
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$14,034,641
Salaries, Compensation, and Employee Benefits$9,917,717
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$6,292,720
Interest---$2,717,381
Fees for Services Other---$2,115,666
Office Expenses---$1,930,914
Other Employee Benefits---$1,883,448
Depreciation Depletion---$851,432
Advertising---$827,023
Pension Plan Contributions---$768,764
Occupancy---$581,953
Payroll Taxes---$542,076
Current Officers, Directors, Trustees, and Key Employees---$430,709
Insurance---$218,466
Fees for Services Management---$215,679
Other Expenses---$201,611
All Other Expenses---$195,513
Conferences and Meetings---$124,184
Fees for Services Accounting---$99,676
Fees for Services Legal---$31,606
Total Functional Expenses$0$0$0$23,952,358

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$23,952,358
Total Expenses per Audited Statements$23,952,358
Total Expenses per Form 990$23,952,358
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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$2,500
Total Exempt Function Spending$2,500

Section 527 Organizations

OrganizationLocationAmount
73-1281199Tulsa, OK$1,500
75-0603700Dallas, TX$1,000
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Regular Shares$144,052,859
Certificates of Deposit$125,775,742
Share Draft$116,704,096
Money Market$75,920,677
Ira Certificates$27,160,969
Sub Share Accounts$13,530,096
Ira Shares$11,711,119
Business Shares$3,609,205
Other Shares$98,887
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 union's members have the right to elect the members of the governing body. The credit union's members also receive a share of the organization's 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 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 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 B, Line 11B

“True sky cu provides their financial information to doeren mayhew and relies on their expertise to complete form 990. Upon doeren mayhew's completion of form 990, true sky 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 12C

“True sky cu requires all employees to sign the annual code of ethics declaration, which requires employees to disclose possible conflicts of interest. Any potential violations are pursued by internal audits and management.”

Form 990, Part VI, Section B, Line 15

“True sky cu uses the compease structured system through hrn performance solution. Each position has a pay range with low, median, and high positions within the range. The ranges are adjusted by hrn performance solution 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.”

Filing and Contact Details

Filer

Filer Name
True Sky Credit Union
EIN
73-0564572
Phone
4056821990
Address
PO BOX 26406, OKLAHOMA CITY, OK 73126-0406

Signing Officer

Name
Natalia Valenzuela
Title
CFO
Phone
4056821990
Signed
2018-09-24
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Steve Rasmussen
Formed
1946
Legal Domicile
Ok
Voting Board Members
7
Independent Board Members
7
Employees
230
Volunteers
11

Preparer

Firm
Doeren Mayhew
Address
12060 S W 129TH COURT STE 201, MIAMI, FL 33186-4582
Preparer
Douglas J Orth
Phone
3052328272
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Other professional and outside services 2,115,666.”

Financial Statement Notes

PART IV, LINE 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.”

PART X, LINE 2:

“The credit union is exempt, by statute, from federal income taxes. The credit union is a state-chartered credit union described in internal revenue code ("irc") section 501(c)(14). As such, the credit union is exempt from federal taxation of income derived from the performance of activities that are in furtherance of its exempt purposes. However, irc section 511 imposes a tax on the unrelated business income (as defined in section 512) derived by state-chartered credit unions. Many states have similar laws. The specific application of section 512 to the various activities conducted by state-chartered credit unions has been an issue for many years. In 2007, the internal revenue service ("irs") issued a series of technical advice memoranda ("tam") to a number of state-chartered credit unions located throughout the country. In these tams, the irs ruled certain products and services to be subject to taxation as unrelated business income. In light of the tams, the credit union has assessed its activities and any potential federal or state income tax liability. In the opinion of management, any liability arising from federal or state taxation of activities deemed to be unrelated to its exempt purpose is not expected to have a material effect on the credit union's financial condition or results of operations.”

Raw XML AppendixShowing 400 of 601 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Desc0AT THE CORE OF TRUE SKY CREDIT UNION, IS THE MEMBERSHIP SHARE PROGRAMS. TRUE SKY CU MEMBERS ENJOY A WIDE VARIETY OF SAVINGS PROGRAMS INCLUDING TRADITIONAL SAVINGS ACCOUNTS, SHARE CERTIFICATES (CD'S)-CONSISTING OF FLEXIBLE TERMS THAT MEET THEIR INDIVIDUAL SAVINGS LIFESTYLE; RANGING FROM 3 TO 60 MONTHS, IRAS (TRADITIONAL, ROTH, SEP) CONSISTS OF CERTIFICATES AS WELL AS INDIVIDUAL SHARES, MONEY MARKET SHARE ACCOUNTS THAT PAY A HIGHER INTEREST RATE FOR HIGHER BALANCES AND A REWARDS CHECKING (OPTIMUM CHECKING ACCOUNT) THAT PAYS A HIGHLY COMPETITIVE RATE ON BALANCES UP TO $40,000 IF CERTAIN REQUIREMENTS ARE MET. EACH MEMBER INVESTS $25 IN TRUE SKY CREDIT UNION WITH THEIR MEMBERSHIP SHARE. THIS $25 MEMBERSHIP SHARE GUARANTEES THAT EACH MEMBER HAS THE SAME VOICE IN THE LEADERSHIP OF THE CREDIT UNION BY ONE MEMBER - ONE VOTE.
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IRS990/Form990PartVIISectionAGrp/PersonNm3LINDA LINDSEY
IRS990/Form990PartVIISectionAGrp/PersonNm4JESSIE MCMULLEN
IRS990/Form990PartVIISectionAGrp/PersonNm5VIRGINIA HICKS
IRS990/Form990PartVIISectionAGrp/PersonNm6GREG HILL
IRS990/Form990PartVIISectionAGrp/PersonNm7STEVE RASMUSSEN
IRS990/Form990PartVIISectionAGrp/PersonNm8NATALIA VALENZUELA
IRS990/Form990PartVIISectionAGrp/PersonNm9JEF FIALKOWSKI
IRS990/Form990PartVIISectionAGrp/PersonNm10GLEN FIELDS
IRS990/Form990PartVIISectionAGrp/PersonNm11JULIE GAMBLIN
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IRS990/Form990PartVIISectionAGrp/TitleTxt0DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt1TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt3CHAIRPERSON
IRS990/Form990PartVIISectionAGrp/TitleTxt4VICE CHAIRPERSON
IRS990/Form990PartVIISectionAGrp/TitleTxt5SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7PRESIDENT/CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt8CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt9SR VP OF IT
IRS990/Form990PartVIISectionAGrp/TitleTxt10SR VP OF FIN'L SERVICES
IRS990/Form990PartVIISectionAGrp/TitleTxt11VP OF HR
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IRS990/Form990TFiledInd01
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IRS990/LocalChaptersInd00
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IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
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IRS990/MissionDesc0PROVIDING HIGH QUALITY SERVICE TO EMPOWER OUR MEMBERS AND ENRICH THEIR LIVES.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
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IRS990/OtherAssetsTotalGrp/BOYAmt019996497
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IRS990/OtherExpensesGrp/Desc1PROVISION FOR LOAN LOSS
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IRS990/OtherExpensesGrp/TotalAmt11728423
IRS990/OtherExpensesGrp/TotalAmt2387289
IRS990/OtherExpensesGrp/TotalAmt3201611
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IRS990/OtherRevenueMiscGrp/Desc0MISCELLANEOUS INCOME
IRS990/OtherRevenueMiscGrp/Desc1OTHER NON-OPERATING INCOME
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IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt1200000
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IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt1200000
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IRS990/OthNotesLoansReceivableNetGrp/BOYAmt0339363467
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt0346700815
IRS990/PartialLiquidationInd00
IRS990/PayrollTaxesGrp/TotalAmt0542076
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt00
IRS990/PensionPlanContributionsGrp/TotalAmt0768764
IRS990/PoliticalCampaignActyInd01
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0864479
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0789952
IRS990/PrincipalOfficerNm0STEVE RASMUSSEN
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0522100
IRS990/ProgramServiceRevenueGrp/BusinessCd1522100
IRS990/ProgramServiceRevenueGrp/BusinessCd2900099
IRS990/ProgramServiceRevenueGrp/Desc0INCOME ON LOANS
IRS990/ProgramServiceRevenueGrp/Desc1FEES/CHARGES/OTHER
IRS990/ProgramServiceRevenueGrp/Desc2UNRELATED BUSINESS INCOME
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt014127259
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt11937762
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt014127259
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt11937762
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt2148026
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt0148026
IRS990/ProgSrvcAccomActy2Grp/Desc0IN ADDITION TO OFFERING A WIDE VARIETY OF MEMBER SAVING PRODUCTS, TRUE SKY CREDIT UNION HAS DEVELOPED VENDOR RELATIONSHIPS THAT ASSIST US IN THE DAY TO DAY OPERATIONS OF THE CREDIT UNION. THIS SUPPORT IS VITAL TO TRUE SKY CU WHICH ALLOWS US TO OFFER 24 HOUR BANKING (INTERNET AND MOBILE BANKING), CREDIT UNION SHARED SERVICE CENTER ACCESS VIA THE COOP NETWORK PLATFORM AND SWITCH FEES, DEBIT CARD PROCESSING (VISA FEES, TRANSACTION FEES, CARD STOCK, ATM FEES) AND DATA PROCESSING FEES (CORE SYSTEM MAINTENANCE-CONNECTIVITY FEES, INCLUDING APIS, INTERFACES, ETC.), LEGAL COUNSEL-COMPLIANCE, AND VARIOUS OTHER VENDOR FEES. THE EXPERTISE OF THE SERVICES PROVIDED BY THESE VENDORS ALLOW TRUE SKY CREDIT UNION TO CONDUCT OUR MEMBER TRANSACTIONS SEAMLESSLY AND EFFICIENTLY.
IRS990/ProgSrvcAccomActy3Grp/Desc0TRUE SKY CREDIT UNION OFFERS A PLETHORA OF LOAN PRODUCTS THAT ARE DESIGNED TO MEET THE INDIVIDUAL NEEDS OF ITS MEMBERSHIP. WHETHER IT BE THE "DREAM HOME", CLASSIC MUSCLE CAR, STORM SHELTER OR USING A CREDIT CARD TO TAKE THE FAMILY TO DISNEYWORLD, TRUE SKY CREDIT UNION IS THEIR FINANCIAL DREAM PROVIDER. SO THAT TRUE SKY CU CAN FINANCE OUR MEMBER'S DREAMS, THERE ARE COSTS ASSOCIATED WITH THESE LOAN PRODUCTS. TRUE SKY CU IS A PROUD PROVIDER OF VISA PRODUCTS AND WITH THIS RELATIONSHIP THERE ARE FRAUD EXPENSES. COMPROMISED CARDS OCCUR ALMOST DAILY. DATA BREACHES PLAGUE THE NEWS HEADLINES AND UNFORTUNATELY THE INSTITUTIONS BEAR THIS FINANCIAL BURDEN. THERE ARE ALSO FEES ASSOCIATED WITH VISA, AS WELL AS TRANSACTION COST, CARD STOCK AND NETWORK COSTS. TO BE COMPETITIVE, TRUE SKY CREDIT UNION DOES OFFER REWARD CREDIT CARDS THAT PAY SCORECARD POINTS THAT CAN BE REDEEMED FOR PRIZES OR CASH. THIS IS A DIRECT COST IN OFFERING A REWARDS CREDIT CARD. THERE ARE EXPENSES RELATED TO THAT DREAM HOME IN THE FORM OF NMLS LICENSING FEES, MORTGAGE FILINGS AND RELEASES, MORTGAGE SOFTWARE LICENSING AND FEES, COMPLIANCE COSTS AND CERTAIN VERIFICATION COSTS (EMPLOYMENT AND LOAN REVIEW). TRUE SKY CREDIT UNION STRIVES TO BE OUR MEMBERS' FIRST CHOICE WHEN IT COMES TO BORROWING.
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt03282294
IRS990/PYOtherExpensesAmt015615896
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt022645227
IRS990/PYRevenuesLessExpensesAmt01192792
IRS990/PYSalariesCompEmpBnftPaidAmt09118833
IRS990/PYTotalExpensesAmt024734729
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt025927521
IRS990/ReconcilationRevenueExpnssAmt01340337
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt050490298
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt051432213
IRS990/SavingsAndTempCashInvstGrp/BOYAmt027230965
IRS990/SavingsAndTempCashInvstGrp/EOYAmt015420159
IRS990/ScheduleBRequiredInd00
IRS990ScheduleC/Form1120POLFiledInd01
IRS990ScheduleC/InternalFundsContributedAmt02500
IRS990ScheduleC/PoliticalExpendituresAmt02500
IRS990ScheduleC/Section527PoliticalOrgGrp/EIN0731281199
IRS990ScheduleC/Section527PoliticalOrgGrp/EIN1750603700
IRS990ScheduleC/Section527PoliticalOrgGrp/OrganizationBusinessName/BusinessNameLine1Txt0OKLAHOMA CREDIT UNION POLITICAL ACTION COMMITTEE (OCUPAC)
IRS990ScheduleC/Section527PoliticalOrgGrp/OrganizationBusinessName/BusinessNameLine1Txt1CORNERSTONE CU LEAGUE OCUPAC- OPEN GOVERNOR SPONSOR
IRS990ScheduleC/Section527PoliticalOrgGrp/PaidInternalFundsAmt01500
IRS990ScheduleC/Section527PoliticalOrgGrp/PaidInternalFundsAmt11000
IRS990ScheduleC/Section527PoliticalOrgGrp/USAddress/AddressLine1Txt0PO BOX 702297
IRS990ScheduleC/Section527PoliticalOrgGrp/USAddress/AddressLine1Txt1PO BOX 655147
IRS990ScheduleC/Section527PoliticalOrgGrp/USAddress/CityNm0TULSA
IRS990ScheduleC/Section527PoliticalOrgGrp/USAddress/CityNm1DALLAS
IRS990ScheduleC/Section527PoliticalOrgGrp/USAddress/StateAbbreviationCd0OK
IRS990ScheduleC/Section527PoliticalOrgGrp/USAddress/StateAbbreviationCd1TX
IRS990ScheduleC/Section527PoliticalOrgGrp/USAddress/ZIPCd074170
IRS990ScheduleC/Section527PoliticalOrgGrp/USAddress/ZIPCd1752655147
IRS990ScheduleC/TotalExemptFunctionExpendAmt02500
IRS990ScheduleD/AgentTrusteeEtcInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt09898663
IRS990ScheduleD/BuildingsGrp/DepreciationAmt04588827
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt014487490
IRS990ScheduleD/EquipmentGrp/BookValueAmt02308327
IRS990ScheduleD/EquipmentGrp/DepreciationAmt07040489
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt09348816
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
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IRS990ScheduleD/FootnoteTextInd0X
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IRS990ScheduleD/LandGrp/BookValueAmt03778563
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt03778563
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt0342511
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IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt0206023
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0219911
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0144052859
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1116704096
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt2125775742
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt375920677
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt427160969
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt511711119
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt613530096
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt73609205
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt898887
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0REGULAR SHARES
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1SHARE DRAFT
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2CERTIFICATES OF DEPOSIT
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3MONEY MARKET
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc4IRA CERTIFICATES
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc5IRA SHARES
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc6SUB SHARE ACCOUNTS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc7BUSINESS SHARES
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc8OTHER SHARES
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IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE 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.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL INCOME TAXES. THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION DESCRIBED IN INTERNAL REVENUE CODE ("IRC") SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES THAT ARE IN FURTHERANCE OF ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (AS DEFINED IN SECTION 512) DERIVED BY STATE-CHARTERED CREDIT UNIONS. MANY STATES HAVE SIMILAR LAWS. THE SPECIFIC APPLICATION OF SECTION 512 TO THE VARIOUS ACTIVITIES CONDUCTED BY STATE-CHARTERED CREDIT UNIONS HAS BEEN AN ISSUE FOR MANY YEARS. IN 2007, THE INTERNAL REVENUE SERVICE ("IRS") ISSUED A SERIES OF TECHNICAL ADVICE MEMORANDA ("TAM") TO A NUMBER OF STATE-CHARTERED CREDIT UNIONS LOCATED THROUGHOUT THE COUNTRY. IN THESE TAMS, THE IRS RULED CERTAIN PRODUCTS AND SERVICES TO BE SUBJECT TO TAXATION AS UNRELATED BUSINESS INCOME. IN LIGHT OF THE TAMS, THE CREDIT UNION HAS ASSESSED ITS ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY. IN THE OPINION OF MANAGEMENT, ANY LIABILITY ARISING FROM FEDERAL OR STATE TAXATION OF ACTIVITIES DEEMED TO BE UNRELATED TO ITS EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL CONDITION OR RESULTS OF OPERATIONS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART IV, LINE 2B:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART X, LINE 2:
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IRS990ScheduleD/TotalExpensesPerForm990Amt023952358
IRS990ScheduleD/TotalLiabilityAmt0518563650
IRS990ScheduleD/TotalRevenuePerForm990Amt025292695
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IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt023952358
IRS990ScheduleJ/BoardOrCommitteeApprovalInd0X
IRS990ScheduleJ/CompensationCommitteeInd0X

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$579,249,355
Liabilities
$527,817,142
Net assets
$51,432,213
Revenue
$25,292,695
Expenses
$23,952,358
Net income
$1,340,337
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
2017Detailed filing. Detailed filing data is available for this year.$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