2015-11-13T07:52:48-06:00 2014-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2014-01-01 380495567 DOW CHEMICAL EMPLOYEES' CREDIT UNION DOWC 9898357794 600 E LYON RD MIDLAND MI 48640 DENNIS HANSON PRESIDENT/CEO 9898357794 2015-11-11 1 ROBIN D HOAG CPA P00360662 2482443000 2014 2016-04-25 22:37:26Z DENNIS HANSON 600 E LYON RD MIDLAND MI 48640 279742788 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 8 171 15 945279 -94729 0 0 21274294 20012030 13127870 11355693 926548 945279 35328712 32313002 0 0 0 0 9594295 9979321 0 0 0 22169230 20461411 31763525 30440732 3565187 1872270 1402048467 1423188398 1237697448 1254496438 164351019 168691960 WE ARE 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 57,000 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 1 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 30331 0 1 171 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 LISA MCKENNEY DIRECTOR 4.00 X 0 0 0 PERRY HOLMON DIRECTOR 4.00 X 0 0 0 DUNCAN STUART CHAIRMAN OF THE BOARD 4.00 X X 0 0 0 MARK FENSKE DIRECTOR 4.00 X 0 0 0 BILL WEIDEMAN DIRECTOR 4.00 X 0 0 0 MICHAEL KAPP SECRETARY/TREASURER 4.00 X X 0 0 0 ROBERT KASPRZYK DIRECTOR 4.00 X 0 0 0 GARY MCGUIRE VICE CHAIRMAN OF THE BOARD 4.00 X X 0 0 0 DENNIS HANSON PRESIDENT/CEO 40.00 X 317223 0 50785 BARBARA JUNGA VICE PRESIDENT OF FINANCE 40.00 X 227575 0 44037 KEN ROZNOWSKI VICE PRESIDENT OF LENDING 40.00 X 205377 0 38376 ARTHUR PETERS VICE PRESIDENT OF INFO TEC 40.00 X 222884 0 30310 SHEILA WRIGHT DIRECTOR OF HUMAN RESOURCE 40.00 X 127788 0 34593 SUSAN VALLEY OPERATIONS MGR - ESERVICES 40.00 X 118821 0 23973 LISA GRAY DIRECTOR OF RISK MGT/COMPL 40.00 X 122491 0 34345 ALISON TAYLOR CONTROLLER 40.00 X 109739 0 32561 BARBARA OSTROSKI-ENOS DIRECTOR OF MARKETING 40.00 X 103663 0 28392 1555561 0 317372 10 0 1 0 DIEBOLD INC PO BOX 643543 PITTSBURGH PA 152643543 MAINTENANCE & MONITORING 651326 JACK HENRY & ASSOCIATES PO BOX 609 MONETT MO 65708 SOFTWARE LICENSES & MAINTENANCE 577288 JWAALA LLC 1717 WEST 6TH ST STE 112 AUSTIN TX 78703 SOFTWARE LICENSES & MAINTENANCE 393886 WEBER MARKETING GROUP 225 TERRY AVE N SUITE 400 SEATTLE WA 98109 MARMARKETING CONSULTATION 354389 BUSINESS DATA INC PO BOX 6081 INGLEWOOD CA 903126081 MEMBER STATEMENTS & NOTICES 351412 17 INCOME ON MEMBER LOANS 522100 13742819 13742819 FEES AND CHARGES 522100 6269211 6269211 20012030 11066876 11066876 246966865 751738 246567312 862474 399553 -110736 288817 288817 NON-MEMBER ATM FEES 525990 430557 430557 INVESTMENT FEES 525990 287510 287510 INSURANCE 524298 227212 227212 945279 32313002 20012030 945279 11355693 1441742 6037019 1124451 799866 576243 68798 156710 36225 924362 286790 873458 516411 8920086 1259085 61294 DEBIT/CREDIT CARD 3091695 EQUIPMENT RENTAL AND MA 1087224 LOAN EXPENSE 729209 ATM EXPENSE 655729 1794335 30440732 55585151 69328025 550903965 623928594 772477 646541 22879974 12369378 10066048 10510596 755627789 686551902 29093037 32222740 1402048467 1423188398 22409806 25310020 34000000 29000000 1181287642 1200186418 1237697448 1254496438 X 0 0 0 0 164351019 168691960 164351019 168691960 1402048467 1423188398 X 1872270 3471127 -1002456 X X 0 1 X 1 0 314161 314161 11428599 4772515 6656084 11137214 7596863 3540351 10510596 FHLB STOCK 6402600 F INVESTMENT SECURITIES AVAILABLE FOR SALE 680149302 F 686551902 OTHER SHARE ACCOUNTS 1012664221 CD 187244241 HSA 277956 1200186418 X 32421964 108962 108962 32313002 0 32313002 30549694 108962 108962 30440732 0 30440732 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, 2010. PART XI, LINE 2D - OTHER ADJUSTMENTS: LOSS ON SALE OF ASSETS PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON SALE OF ASSETS X X X X 0 1 0 DENNIS HANSON PRESIDENT/CEO 267764 0 49459 0 0 0 23590 0 27195 0 368008 0 0 0 BARBARA JUNGA VICE PRESIDENT OF FINANCE 198985 0 28590 0 0 0 18295 0 25742 0 271612 0 0 0 KEN ROZNOWSKI VICE PRESIDENT OF LENDING 176652 0 28725 0 0 0 15459 0 22917 0 243753 0 0 0 ARTHUR PETERS VICE PRESIDENT OF INFO TEC 178620 0 44264 0 0 0 16931 0 13379 0 253194 0 0 0 SHEILA WRIGHT DIRECTOR OF HUMAN RESOURCE 118327 0 9461 0 0 0 10516 0 24077 0 162381 0 0 0 LISA GRAY DIRECTOR OF RISK MGT/COMPL 115553 0 6938 0 0 0 10351 0 23994 0 156836 0 0 0 PART I, LINE 4B PART I, LINE 4B: PARTICIPANTS IN A SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN (SECTION 457(F)): DENNIS HANSON - $9,892 CONTRIBUTION BARBARA JUNGA - $5,718 CONTRIBUTION KEN ROZNOWSKI - $5,745 CONTRIBUTION THE TERMS OF THE 457(F) PLANS CALLS FOR DISTRIBUTIONS EVERY 5 YEARS. 2013 WAS THE LAST DISTRIBUTION YEAR. 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 WAS REVIEWED BY THE V.P. OF FINANCE BEFORE IT WAS 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 OR APPROPRIATE ACTION. THE BOARD AND COMMITTEE VOLUNTEERS ARE ALSO ASKED TO REVIEW THE POLICY ON AN ANNUAL BASIS AND TO SIGN THE DISCLOSURE STATEMENT. FORM 990, PART VI, SECTION B, LINE 15 THE PAYROLL INFORMATION WAS OBTAINED FROM STAFF WITHIN THE HUMAN RESOURCES DEPT. AND VERIFIED FOR ACCURACY BY THE HUMAN RESOURCES DIRECTOR. FOUR COMPENSATION BEST PRACTICES FROM FORM 990, SCHEDULE J, PART 1, LINE 3 ARE EMPLOYED FOR OFFICERS OF DCECU. 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 -1,002,456. 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.