2016-07-15T10:24:32-05:00 2015-12-31 382492570 DOEREN MAYHEW 12060 S W 129TH COURT STE 201 MIAMI FL 331864582 990 2015-01-01 380495567 DOW CHEMICAL EMPLOYEES' CREDIT UNION DOWC 9898357794 600 E LYON RD MIDLAND MI 48640 DENNIS HANSON PRESIDENT/CEO 9898357794 2016-07-15 1 DOUGLAS J ORTH P01076394 3052328272 2015 2016-09-27 15:27:22Z DENNIS HANSON 600 E LYON RD MIDLAND MI 48640 123788063 0 1359 X WWW.DCECU.ORG X 1937 MI DOW CHEMICAL EMPLOYEES' 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 8 173 15 922837 -245023 0 0 20012030 21053304 11355693 10310301 945279 1180786 32313002 32544391 0 0 0 0 9979321 10398669 0 0 0 20461411 21472803 30440732 31871472 1872270 672919 1423188398 1465106905 1254496438 1300872175 168691960 164234730 DOW CHEMICAL EMPLOYEES' 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 CHEMICAL EMPLOYEES' CREDIT UNION IS A MICHIGAN STATE CHARTERED CREDIT UNION PROVIDING APPROXIMATELY 58,000 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 75 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 30826 0 1 173 1 1 1 0 0 0 0 0 X 8 8 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X BARBARA JUNGA VP OF FINANCE 9898357794 600 E LYON ROAD MIDLAND MI 48640 GARY MCGUIRE CHAIRMAND OF THE BOARD 4.00 4.00 X 0 0 0 MARK FENSKE VICE CHAIRMAN OF THE BOARD 4.00 4.00 X 0 0 0 MICHEAL KAPP SECRETARY/TREASURER 4.00 4.00 X 0 0 0 DUNCAN STUART DIRECTOR 4.00 4.00 X 0 0 0 LISA MCKENNEY DIRECTOR 4.00 4.00 X 0 0 0 PERRY HOLMON DIRECTOR 4.00 4.00 X 0 0 0 ROBERT KASPRZYK DIRECTOR 4.00 4.00 X 0 0 0 WILLIAM WEIDEMAN DIRECTOR 4.00 4.00 X 0 0 0 DENNIS HANSON PRESIDENT/CEO 40.00 40.00 X 384503 0 50820 ARTHUR PETERS CFO 40.00 40.00 X 267047 0 22069 BARBARA JUNGA VP OF FINANCE 40.00 40.00 X 245450 0 42166 KENNETH ROZNOWSKI VP OF LENDING 40.00 40.00 X 278307 0 38035 SHEILA WRIGHT SR. DIRECTOR OF HUMAN RESOURCES 40.00 40.00 X 134521 0 27172 NORMAN M ZUREICH DIRECTOR OF INFORMATION 40.00 40.00 X 130595 0 16936 LISA GRAY DIRECTOR OF COMPLIANCE 40.00 40.00 X 125335 0 26238 SUSAN VALLEY DIRECTOR OF REMOTE SERVICES 40.00 40.00 X 126604 0 15799 ALISON TAYLOR CONTROLLER 40.00 40.00 X 110861 0 24795 BARB OSTROSKI-ENOS DIRECTOR OF MARKETING 40.00 40.00 X 107992 0 19755 1911215 0 283785 12 0 1 0 JACK HENRY & ASSOCIATES PO BOX 609 MONETT MO 65708 SOFTWARE LICENSES & MAINTENANCE 850819 DIEBOLD INC PO BOX 643543 PITTSBURGH PA 152643543 MAINTENANCE & MONITORING 551037 JWAALA LLC 1717 WEST 6TH ST STE 112 AUSTIN TX 78703 SOFTWARE LICENSES & MAINTENANCE 377171 BUSINESS DATA INC PO BOX 6081 INGLEWOOD CA 903126081 MEMBER STATEMENTS & NOTICES 342615 CDW DIRECT LLC 200 N MILWAUKEE AVENUE VERNON HILLS IL 60061 HARDWARE 302165 14 INCOME ON MEMBER LOANS 522100 14849821 14849821 FEES AND CHARGES 522100 6203483 6203483 21053304 9927576 9927576 91626397 91243672 382725 382725 382725 INVESTMENT/INSURANCE FEES 525990 482860 482860 NON-MEMBER ATM FEES 525990 439977 439977 MORTGAGE SERVICING RIGHTS 522100 87066 87066 170883 170883 1180786 32544391 21693978 922837 9927576 1490090 6010735 1040576 1312932 544336 544634 49989 151200 16033 39312 680409 245474 644540 547098 122616 2109 8969065 95056 1036191 127373 DEBIT/CREDIT CARD 4008573 EQUIPMENT RENTAL AND MA 1188603 PROVISION FOR LOAN LOSS 799109 LOAN EXPENSE 794114 1411305 31871472 7727965 7741459 66670060 67542196 623928594 730195916 646541 876128 23549183 13629248 10510596 9919935 689864950 625380363 6491415 5273361 17348277 18177547 1423188398 1465106905 25310020 28716720 29000000 19500000 1200186418 1252655455 1254496438 1300872175 X 0 0 0 0 168691960 164234730 168691960 164234730 1423188398 1465106905 X 672919 -4321434 -808715 X X 0 1 X 1 0 314161 314161 11604192 5179743 6424449 11630830 8449505 3181325 9919935 SHARE ACCOUNTS 248407649 HI YIELD DEPOSIT ACCOUNTS 666404861 SHARE DRAFT ACCOUNTS 141817792 HEALTH SAVINGS ACCOUNTS 1827587 CERTIFICATES OF DEPOSIT 194197566 1252655455 X 32544391 0 32544391 0 32544391 31871472 0 31871472 0 31871472 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE (IRC SECTION 501(C)(14)), FROM FEDERAL INCOME TAXES AND MICHIGAN BUSINESS TAX. 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 OPERATION. THE CREDIT UNION REMAINS SUBJECT TO EXAMINATION FOR INCOME TAX RETURNS FOR YEARS ENDING AFTER DECEMBER 31, 2011. X X X X 0 1 0 DENNIS HANSON PRESIDENT/CEO 328294 0 56209 0 0 0 37834 0 12986 0 435323 0 0 0 ARTHUR PETERS CFO 207997 0 58609 0 441 0 20800 0 1269 0 289116 0 0 0 BARBARA JUNGA VP OF FINANCE 203995 0 41455 0 0 0 28068 0 14098 0 287616 0 0 0 KENNETH ROZNOWSKI VP OF LENDING 182383 0 95924 0 0 0 25351 0 12684 0 316342 0 0 0 SHEILA WRIGHT SR. DIRECTOR OF HUMAN RESOURCES 126849 0 7672 0 0 0 13516 0 13656 0 161693 0 0 0 LISA GRAY DIRECTOR OF COMPLIANCE 117223 0 8112 0 0 0 12611 0 13627 0 151573 0 0 0 PART I, LINE 4B PART I, LINE 4B: PARTICIPANTS IN A SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN (SECTION 457(F)): DENNIS HANSON - $11,242 CONTRIBUTION BARBARA JUNGA - $8,283 CONTRIBUTION KEN ROZNOWSKI - $7,813 CONTRIBUTION KEN ROZNOWSKI RECEIVED A FULL DISTRIBUTION OF THE PLAN ASSETS IN THE FALL WHEN HE TURNED 55 YEARS OF AGE IN THE AMOUNT OF $56,824. 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 11 A COPY OF THE 990 IS REVIEWED WITH THE SUPERVISORY COMMITTEE CHAIRMAN BEFORE IT IS FILED. 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 UNREALIZED LOSSES ON POSTRETIREMENT BENEFIT OBLIGATIONS -808,715. FORM 990, PART XI, LINE 2C THE PROCESS THAT THE COMMITTEE GOES THROUGH FOR ASSUMING RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF THE FINANCIAL STATEMENTS HAS NOT CHANGED FROM THE PRIOR YEAR.