2024-09-23T09:25:47-05:00 2023-12-31 381357951 PLANTE & MORAN PLLC 750 TRADE CENTRE WAY STE 300 PORTAGE MI 49002 990 2023-01-01 380495567 DOW CREDIT UNION DOWC 9898357794 600 E LYON RD MIDLAND MI 48640 SANJAY AHLUWALIA CHIEF FINANCIAL OFFICER 9898357794 2024-09-19 1 1 JOSHUA NITZ CPA P01946955 2695674500 2024-09-19 2023 2024-08-08 14:25:15Z MICHAEL G GOAD 600 E LYON RD MIDLAND MI 48640 167620963 0 1359 X WWW.DOWCREDITUNION.ORG X 1937 MI DOW CREDIT UNION IS A PRINCIPLES-BASED FINANCIAL COOPERATIVE COMMITTED TO EXCEPTIONAL SERVICE, CONVENIENCE, VALUE AND SECURITY OPERATING IN ACCORDANCE WITH THE MICHIGAN CREDIT UNION ACT. 8 8 210 8 568883 0 0 0 46413772 56860299 18529871 32568898 0 0 64943643 89429197 0 0 0 0 16136470 16790396 0 0 0 36440427 71774853 52576897 88565249 12366746 863948 2121264280 2201196958 1970508155 2025165068 150756125 176031890 DOW CREDIT UNION IS A PRINCIPLES-BASED FINANCIAL COOPERATIVE COMMITTED TO EXCEPTIONAL SERVICE, CONVENIENCE, VALUE AND SECURITY OPERATING IN ACCORDANCE WITH THE MICHIGAN CREDIT UNION ACT. 0 0 DOW CREDIT UNION IS A MICHIGAN STATE-CHARTERED CREDIT UNION PROVIDING APPROXIMATELY 80,993 MEMBERS WITH AFFORDABLE LOAN ACCOUNT SERVICES, SAVINGS, CHECKING ACCOUNTS, AND VARIOUS ELECTRONIC BASED SERVICES INCLUDING ATM ACCESS AND ONLINE BANKING. AS A COOPERATIVE FINANCIAL INSTITUTION, WE STRIVE TO PROVIDE OUTSTANDING MEMBER VALUE AND ARE COMMITTED TO PROVIDING SERVICES AND SOLUTIONS THAT WILL IMPROVE OUR MEMBERS' FINANCIAL LIFE. WE OFFER LOWER RATES ON LOANS, HIGHER RATES ON DEPOSITS AND CHARGE VERY FEW/LOW SERVICE FEES. WE HAVE SERVED OUR MEMBERS FOR OVER 80 YEARS. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 39628 0 1 210 1 1 1 0 0 0 0 0 0 0 X 8 8 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X SANJAY AHLUWALIA CHIEF FINANCIAL OFFICER 9898357794 600 E LYON ROAD MIDLAND MI 48640 PERRY HOLMON BOARD CHAIRMAN 4.00 0.00 X X 0 0 0 LISA MCKENNEY BOARD VICE CHAIRMAN 4.00 0.00 X X 0 0 0 SHANDELL MASSEY SECRETARY/TREASURER 4.00 0.00 X X 0 0 0 MARK BACHMAN BOARD MEMBER 4.00 0.00 X 0 0 0 LISA BRYANT BOARD MEMBER 4.00 0.00 X 0 0 0 MARK FENSKE BOARD MEMBER 4.00 0.00 X 0 0 0 MIKE KAPP BOARD MEMBER 4.00 0.00 X 0 0 0 GARY MCGUIRE BOARD MEMBER 4.00 0.00 X 0 0 0 MICHAEL GOAD CHIEF EXECUTIVE OFFICER 40.00 0.00 X 701683 0 50632 SANJAY AHLUWALIA CHIEF FINANCIAL OFFICER 40.00 0.00 X 302681 0 42142 ARTHUR PETERS CHIEF OPERATING OFFICER 40.00 0.00 X 439036 0 20342 ELTON BROOKS VP OF RETAIL 40.00 0.00 X 290918 0 29685 SHEILA WRIGHT VP OF HUMAN RESOURCES 40.00 0.00 X 288370 0 37092 JOHN COSTELLO VP OF LENDING 40.00 0.00 X 233215 0 17966 MARK GANDY VP RISK/COMPLIANCE 40.00 0.00 X 338324 0 29815 NORMAN M ZUREICH DIRECTOR OF IT 40.00 0.00 X 168518 0 21356 LISA GRAY DIRECTOR OF RISK & REGULATORY AFFAIRS 40.00 0.00 X 168700 0 29167 ALISON TAYLOR CONTROLLER 40.00 0.00 X 155214 0 32222 LASHANTA GREEN DIRECTOR OF MARKETING AND COMMUNITY RELATIONS 40.00 0.00 X 150963 0 18945 ANGIE HILLIER MORTGAGE OPERATIONS MANAGE 40.00 0.00 X 131281 0 29632 ROBERT SAMBORN IT INFRASTRUCTURE MANAGER 40.00 0.00 X 125567 0 22527 KRISTINA BROZZO MORTGAGE SALES MANAGER 40.00 0.00 X 127675 0 25015 ROBERT LINDESMITH IT NETWORK ENGINEER 40.00 0.00 X 123244 0 26217 SUSAN PHILLIPS SR EXECUTIVE ASST TO CEO 40.00 0.00 X 121395 0 27229 3866784 0 459984 29 0 1 0 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 CORE OPERATING SYSTEM PROVIDER 1982633 AMPLIFI LOYALTY SOLUTIONS 1620 BOND ST NAPERVILLE IL 60563 CREDIT CARD REWARDS PROGRAM 1199795 SALESFORCE COM INC PO BOX 203141 DALLAS TX 753203140 SOFTWARE PROVIDER 640333 INSIGHT DIRECT USA INC PO BOX 731069 DALLAS TX 753731069 TECH HARDWARE & SOFTWARE 490017 EMPLOYER MANAGEMENT SOLUTIONS 7650 W COURTNEY CAMPBELL CSWY TAMPA FL 33607 SOFTWARE PROFESSIONAL SVCS 436650 23 INCOME ON MEMBER LOANS 522100 45206853 45206853 FEES AND CHARGES 522100 11084563 11084563 FINANCE AND INSURANCE 522100 568883 568883 56860299 33665939 33665939 60111057 16983668 61520891 16670875 -1409834 312793 -1097041 -1097041 89429197 88860314 568883 0 3811106 9785817 962231 1267137 964105 458508 119524 222719 87979 1492472 722444 3546476 556629 17107 50179189 1006674 171149 LOAN EXPENSE 3311827 PROVISION FOR LOAN LOSS 3262398 VISA/DEBIT/CREDIT 3229493 EQUIPMENT RENTAL & MAIN 2285175 1105090 88565249 10709513 10010520 60363107 41571364 1148304243 1227287461 3550404 3905316 24221801 15702767 8454496 8519034 854845930 870689020 5709800 5709800 29326787 33504443 2121264280 2201196958 33163534 42989428 40000000 5000000 1897344621 1977175640 1970508155 2025165068 X 0 0 0 0 150756125 176031890 150756125 176031890 2121264280 2201196958 X 863948 26516371 -2104554 X X 0 1 X 1 0 464161 464161 14395116 7674568 6720548 9362524 8028199 1334325 8519034 SHARE ACCOUNTS 357322711 SHARE DRAFT ACCOUNTS 240861766 HEALTH SAVINGS ACCOUNTS 4296680 HI YIELD DEPOSIT ACCOUNTS 685831996 CERTIFICATES OF DEPOSIT 688862487 1977175640 X 115916606 26487409 26487409 89429197 0 89429197 88565249 0 88565249 0 88565249 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES. HOWEVER, THE CREDIT UNION MAY BE SUBJECT TO UNRELATED BUSINESS INCOME TAX. THE NET UNRELATED BUSINESS INCOME TAX IS IMMATERIAL TO THE FINANCIAL STATEMENTS AS A WHOLE. ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE CREDIT UNION AND RECOGNIZE A TAX LIABILITY IF THE CREDIT UNION HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE INTERNAL REVENUE SERVICE (IRS) OR OTHER APPLICABLE TAXING AUTHORITIES. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE CREDIT UNION AND HAS CONCLUDED THAT, AS OF DECEMBER 31, 2023 AND 2022, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE CREDIT UNION IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. X X X X 1 1 0 MICHAEL GOAD CHIEF EXECUTIVE OFFICER 535655 0 164222 0 1806 0 33000 0 17632 0 752315 0 0 0 ARTHUR PETERS CHIEF OPERATING OFFICER 93734 0 101286 0 244016 0 9512 0 10830 0 459378 0 0 0 MARK GANDY VP RISK/COMPLIANCE 271000 0 64318 0 3006 0 26529 0 3286 0 368139 0 0 0 SANJAY AHLUWALIA CHIEF FINANCIAL OFFICER 247396 0 54907 0 378 0 25461 0 16681 0 344823 0 0 0 SHEILA WRIGHT VP OF HUMAN RESOURCES 227789 0 59615 0 966 0 23279 0 13813 0 325462 0 0 0 ELTON BROOKS VP OF RETAIL 230926 0 59572 0 420 0 23267 0 6418 0 320603 0 0 0 JOHN COSTELLO VP OF LENDING 125594 0 64545 0 43076 0 12712 0 5254 0 251181 0 0 0 LISA GRAY DIRECTOR OF RISK & REGULATORY AFFAIR 149521 0 17832 0 1347 0 15312 0 13855 0 197867 0 0 0 NORMAN M ZUREICH DIRECTOR OF IT 150051 0 14559 0 3908 0 14963 0 6393 0 189874 0 0 0 ALISON TAYLOR CONTROLLER 138184 0 16594 0 436 0 14594 0 17628 0 187436 0 0 0 LASHANTA GREEN DIRECTOR OF MARKETING AND COMMUNITY 128943 0 15791 0 6229 0 12658 0 6287 0 169908 0 0 0 ANGIE HILLIER MORTGAGE OPERATIONS MANAGE 116112 0 14822 0 347 0 12146 0 17486 0 160913 0 0 0 KRISTINA BROZZO MORTGAGE SALES MANAGER 113334 0 13374 0 967 0 11635 0 13380 0 152690 0 0 0 PART I, LINE 4B: PARTICIPANTS IN A SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN (SECTION 457(F)): MICHAEL GOAD DURING 2023, THE CREDIT UNION RECORDED ACCRUED BENEFIT EXPENSES TO A 457(F) PLAN AS FOLLOWS: MICHAEL GOAD: $296,222 - ACCRUED FORM 990, PART VI, SECTION A, LINE 6 ANY INDIVIDUAL THAT HAS AN ACCOUNT WITH THE CREDIT UNION IS A MEMBER. FORM 990, PART VI, SECTION A, LINE 7A THE CREDIT UNION IS MEMBER OWNED AND EACH MEMBER IS ABLE TO ELECT THE VOLUNTEER BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B THERE ARE CERTAIN REQUIREMENTS OF THE MICHIGAN CREDIT UNION ACT THAT REQUIRE A VOTE OF THE MEMBERSHIP. NORMAL COURSE OF BUSINESS DOES NOT REQUIRE MEMBER APPROVAL. FORM 990, PART VI, SECTION B, LINE 11B MEMBERS OF SENIOR MANAGEMENT PERFORM THEIR REVIEW OF THE FORM 990 IN ITS DRAFT FORM. ONCE ALL NECESSARY REVISIONS ARE MADE, A COPY OF THE REVISED FORM 990 IS REVIEWED WITH THE SUPERVISORY COMMITTEE CHAIRMAN. ADDITIONALLY, THE VERSION OF THE FORM APPROVED BY MANAGEMENT AND THE SUPERVISORY COMMITTEE CHAIRMAN IS PROVIDED TO EACH MEMBER OF THE BOARD OF DIRECTORS PRIOR TO ELECTRONIC FILING. FORM 990, PART VI, SECTION B, LINE 12C ON AN ANNUAL BASIS, ALL EMPLOYEES RECEIVE TRAINING TO REVIEW THE STANDARDS OF CONDUCT POLICY AND ALL EMPLOYEES ARE ASKED TO SIGN A STATEMENT DISCLOSING ANY POTENTIAL CONFLICTS OF INTEREST. THE SUPERVISORY COMMITTEE CHAIRMAN AND AN OFFICER REVIEW ANY DISCLOSURES AND TAKE APPLICABLE ACTION, AS NEEDED. FORM 990, PART VI, SECTION B, LINE 15 THE CREDIT UNION UTILIZES A COMPENSATION COMMITTEE FOR ALL STAFF MEMBERS' COMPENSATION AND BENEFITS, INCLUDING EXECUTIVE PAY/PROGRAMS. WE UTILIZE AN INDEPENDENT COMPENSATION CONSULTANT TO PROVIDE COMPARABILITY DATA AND FINAL APPROVAL OF COMPENSATION IS GIVEN BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION C, LINE 19 WE POST OUR MONTHLY FINANCIALS IN THE LOBBY AND OUR ANNUAL REPORT IS ON THE WEBSITE. BYLAWS WOULD BE AVAILABLE TO A MEMBER UPON REQUEST. BOARD POLICIES ARE NOT USUALLY MADE AVAILABLE. IF REQUESTED, WE WOULD EXPLAIN THE POLICY VS. MAKING COPIES AVAILABLE. FORM 990, PART XI, LINE 9: NET CHANGE IN ACTUARIAL GAINS/(LOSSES) -820,392. CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE -1,284,162.