2025-10-31T13:31:30-05:00 2024-12-31 331498605 PLANTE & MORAN PLLC 750 TRADE CENTRE WAY STE 300 PORTAGE MI 49002 990 2024-01-01 380495567 DOW CREDIT UNION DOWC 9898357794 600 E LYON RD MIDLAND MI 48640 SANJAY AHLUWALIA CHIEF FINANCIAL OFFICER 9898357794 2025-10-29 1 1 JOSHUA NITZ CPA P01946955 2695674500 2025-10-24 2024 2025-03-06 01:10:19Z MICHAEL G GOAD 600 E LYON RD MIDLAND MI 48640 178842838 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 8 218 8 645024 0 0 0 56860299 74345531 32568898 42771437 0 0 89429197 117116968 0 0 0 0 16790396 19255669 0 0 0 71774853 91412934 88565249 110668603 863948 6448365 2201196958 2387960968 2025165068 2197364883 176031890 190596085 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 82,706 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 40324 0 1 218 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 LISA MCKENNEY BOARD CHAIRMAN 4.00 0.00 X X 0 0 0 SHANDELL MASSEY BOARD VICE CHAIRMAN 4.00 0.00 X X 0 0 0 PERRY HOLMOM 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 JEREMY PRESTON 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 734463 0 657080 SANJAY AHLUWALIA CHIEF FINANCIAL OFFICER 40.00 0.00 X 344350 0 117868 MARK GANDY CHIEF INFORMATION OFFICER 40.00 0.00 X 360291 0 105372 ELTON BROOKS VP OF RETAIL AND LENDING 40.00 0.00 X 315423 0 100903 SHEILA WRIGHT VP OF HUMAN RESOURCES 40.00 0.00 X 295848 0 105087 LISA GRAY DIRECTOR OF SERVICES GOVERNANCE 40.00 0.00 X 180062 0 32386 JEFFREY EHRLICH DIRECTOR OF LENDING 40.00 0.00 X 191699 0 22821 ALISON TAYLOR CONTROLLER 40.00 0.00 X 170307 0 35206 NORMAN M ZUREICH DIRECTOR OF IT - PART YEAR 40.00 0.00 X 178186 0 14686 ROBERT SAMBORN IT INFRASTRUCTURE MANAGER 40.00 0.00 X 147856 0 34010 DENNIS HANSON FORMER CEO 40.00 0.00 X 138272 0 0 3056757 0 1225419 35 1 1 0 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 CORE OPERATING SYSTEM PROVIDER 1846551 AMPLIFI LOYALTY SOLUTIONS 124 E DIEHL RD SUITE 400 NAPERVILLE IL 60563 CREDIT CARD REWARDS PROGRAM 931348 SALESFORCE COM INC PO BOX 203141 DALLAS TX 753203140 SOFTWARE PROVIDER 641604 INSIGHT DIRECT USA INC PO BOX 731069 DALLAS TX 753731069 TECH HARDWARE & SOFTWARE 490417 DIEBOLD NIXDORF INCORPORATED PO BOX 643543 PITTSBURG PA 152643543 ATM MACHINES, SUPPLIES AND REPAIRS 475473 20 INCOME ON MEMBER LOANS 522100 63345492 63345492 FEES AND CHARGES 522100 10355015 10355015 FINANCE AND INSURANCE 522100 645024 645024 74345531 43547581 43547581 41448709 19501017 42630793 19095077 -1182084 405940 -776144 -776144 117116968 116471944 645024 0 3136685 12301642 1071499 1682749 1063094 654386 137731 264762 76315 1471102 597011 3490858 494049 6515 66791348 941531 177580 PROVISION FOR LOAN LOSS 6456473 LOAN EXPENSE 3567188 VISA/DEBIT/CREDIT 2874711 EQUIPMENT RENTAL & MAIN 2231894 1179480 110668603 10010520 10282407 41571364 76652922 1227287461 1273267467 3905316 5505041 24802875 16618892 8519034 8183983 870689020 970738902 5709800 5709800 33504443 37620446 2201196958 2387960968 42989428 40641982 5000000 1977175640 2156722901 2025165068 2197364883 X 0 0 0 0 176031890 190596085 176031890 190596085 2201196958 2387960968 X 6448365 9020332 -904502 X X 0 1 X 1 0 464161 464161 14854389 8136211 6718178 9484325 8482681 1001644 8183983 SHARE ACCOUNTS 338996365 SHARE DRAFT ACCOUNTS 235737408 HEALTH SAVINGS ACCOUNTS 4436199 HI YIELD DEPOSIT ACCOUNTS 714666355 CERTIFICATES OF DEPOSIT 862886574 2156722901 X 126137300 9020332 9020332 117116968 0 117116968 110668603 0 110668603 0 110668603 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, 2024 AND 2023, 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 561274 0 170417 0 2772 0 638209 0 18871 0 1391543 0 0 0 MARK GANDY CHIEF INFORMATION OFFICER 292934 0 64351 0 3006 0 103230 0 2142 0 465663 0 0 0 SANJAY AHLUWALIA CHIEF FINANCIAL OFFICER 283881 0 60049 0 420 0 98321 0 19547 0 462218 0 0 0 ELTON BROOKS VP OF RETAIL AND LENDING 256330 0 58673 0 420 0 93402 0 7501 0 416326 0 0 0 SHEILA WRIGHT VP OF HUMAN RESOURCES 238619 0 56263 0 966 0 88235 0 16852 0 400935 0 0 0 JEFFREY EHRLICH DIRECTOR OF LENDING 166317 0 23834 0 1548 0 6462 0 16359 0 214520 0 0 0 LISA GRAY DIRECTOR OF SERVICES GOVERNANCE 157805 0 20804 0 1453 0 15605 0 16781 0 212448 0 0 0 ALISON TAYLOR CONTROLLER 147922 0 21658 0 727 0 15656 0 19550 0 205513 0 0 0 NORMAN M ZUREICH DIRECTOR OF IT - PART YEAR 102996 0 13904 0 61286 0 10475 0 4211 0 192872 0 0 0 ROBERT SAMBORN IT INFRASTRUCTURE MANAGER 129377 0 18207 0 272 0 13502 0 20508 0 181866 0 0 0 DENNIS HANSON FORMER CEO 0 0 0 0 138272 0 0 0 0 0 138272 0 0 0 PART I, LINE 4A: DURING 2024 THE FOLLOWING RECEIVED A SEVERANCE UPON THEIR DEPARTURE: NORMAN ZUREICH - $58,807 PART I, LINE 4B: PARTICIPANTS IN A SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN (SECTION 457(F)): MICHAEL GOAD DURING 2024, THE CREDIT UNION RECORDED ACCRUED BENEFIT EXPENSES TO A 457(F) PLAN AS FOLLOWS: MICHAEL GOAD: $580,709 - ACCRUED SANJAY AHLUWALIA : $69,296 - ACCRUED ELTON BROOKS : $67,579 - ACCRUED MARK GANDY : $73,904 - ACCRUED SHEILA WRIGHT : $63,850 - 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) -904,502.