2012-04-13T13:47:45-07:00 2011-12-31 990 2011-01-01 941417215 DOW GREAT WESTERN CREDIT UNION DOW GREAT WESTERN CREDIT UNION DOWG 9253311010 4041 Lone Tree Way Suite 100 PO Box 2059 Antioch CA 94531 Phylliss Rosas 9253311010 2012-04-16 2011 2016-02-24 21:20:13Z X Phylliss Rosas PO Box 2059 4041 Lone Tree Way Suite 100 Antioch CA 94531 1728541 0 X www.dowcu.org X 1938 CA Provides Thrift Savings & Borrowing for member owned financial institution. The credit union provides one overall activity; that being a financial cooperative providing thrift savings, borrowing and other financial services to our members/owners. The number of members/owners at 12/31/11 was 2295 with 764 loans totaling a net $25,177,875 and with 4348 share deposit accounts totaling $33,879,381. 9 9 12 15 6154 -5680 0 0 1674236 1531449 176386 197092 0 0 1850622 1728541 0 0 0 0 728624 812086 0 0 0 1406490 1181742 2135114 1993828 -284492 -265287 37007881 38439453 33076756 34522011 3931125 3917442 The credit union provides thrift savings, borrowing and financial services to members of a member owned cooperative financial institution. The credit union provides overall activity; that being financial cooperative providing thrift savings, borrowing and other financial services to our members/owners. Number of member/owners at 12/31/11 was 2306 with 776 loans totaling a net $25.496,066 and with 4,348 share deposit accounts totaling $34,412,040. 0 0 946815 0 360951 Regarding members and the member deposit side of the balance sheet, members grew from 2276 to 2306. And member deposit accounts increased from 4287 and $32,901,822 to 4348 and $34,412, 040. Dividend interest paid on these accounts for the year was $157,970. Checking accounts increased from 878 to 946. Debit Cards and transactions continued to grow, along with transactions on the credit union's atm. Depositing and check cashing services at the teller counter continued to grow. 1047013 0 1367590 Loan services with 490 loans made for $5,179,941, as well as other services around loans, such as offerring mechanical and breakdown insurance coverage on auto loans. And offerring insurance coverage for members' if they are disabled and unable to make their payments. Various types of loans, including home loans were made, including 1st trust deed and 2nd trust deed and fixed and variable rate loans and home equity lines of credit. 0 0 0 1993828 0 0 0 0 0 0 0 0 0 1 0 1 1 1 1 0 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 0 1 1017 0 1 12 1 1 1 0 0 0 0 0 X 9 9 0 0 0 0 1 1 0 1 1 0 0 0 1 1 1 0 1 1 1 1 1 X Dow Great Western Credit Union 9253311010 4041 Lone Tree Way Suite 100 Antioch CA 94531 John Jacobson 4 X 0 0 0 Curtis Tong 3.00 X 0 0 0 Karen Harvey 3 X 0 0 0 Bonni Bergstrom 50 X X X X 200294 0 0 Steven McAdams 2 X 0 0 0 Dennis Smith 2 X 0 0 0 Art Solis 2.00 X 0 0 0 Marshal Zimmerman 2 X 0 0 0 Sally Siemak 3 X 0 0 0 Jeff Noyer 2 X 0 0 0 Ken Graves 50 X 68957 0 41995 Phylliss Rosas 50 X 68969 0 43292 338220 0 85287 1 0 1 0 FISERV 255 FISERV Drive Brookfield WI 53045 Information Systems 157715 Bluerock Partners LLC 1200 Concord Avenue Suite 200 Concord CA 94520 Leased Office Space 437936 2 0 0 0 0 0 0 0 0 Member Loan Interest 522100 1367590 1367590 0 0 163859 157705 6154 0 1531449 197092 197092 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1728541 1722387 6154 0 0 0 0 0 338221 0 269379 111537 48129 44820 0 0 0 0 0 0 37495 48319 73533 201362 341733 3688 0 6070 157970 0 49300 23387 Association Membership Dues 16835 Provision For Loan Losses 165925 Gain on Deferred Comp Plan -30461 NCUSIF Corporate Stablization Expense 86586 1993828 0 0 0 233099 337961 28309 25625 26427045 24895190 90231 61228 1291785 529223 847911 762562 7397512 9462426 1983774 2894461 37007881 38439453 108185 48174 10613 20309 32957958 34453528 33076756 34522011 X 0 0 0 0 3931125 3917442 3931125 3917442 37007881 38439453 X -265287 251604 X 0 1 1 X 0 0 0 0 0 0 0 0 0 851416 234066 617350 0 440369 295157 145212 0 0 0 0 762562 Credit Union and Bank Certificates of Deposits 9441805 C Investment In Credit Union Service Organization 20621 C 9462426 Accrued Loan Interest and Investment Interest 63155 National Credit Union Administration Share Insurance Fund Deposit 326939 Defined Benefit Plan Retirement Plan Assets 409427 MoneyGram Check Clearing Deposit 72322 Pre-Funded Employee Benefits 2022618 2894461 Federal Withholding Payable to IRS 2382 Other Withholding 959 General Ledger Clearing Accounts 38146 Member Share Deposits 34412041 34453528 SchD_P10_S00_L02 Schedule D, Part X, Line 2 FASB ASC 740-10-65, Income Taxes, provides guidance for how uncertain tax positions should be recognized, measured, disclosed and presented in the financial statements. This requires the evaluation of tax postions taken or expected to be taken in the course of preparing the credit union's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained "when challenged" or "when examined" by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense and liability in the current year. For the year ended June 30, 2011, management has determined that there are no material uncertain tax positions, and accordingly, has not recorded a liability for the payment of interest or penalties. State taxes, if applicable, are paid on income earned by the credit union in California. The credit union is subject to and pays all state and city taxes on gooods and services purchased by the the credit union. X X X 1 1 0 Bonni Bergstrom 49335 0 0 0 150959 0 0 0 0 0 200294 0 0 SchJ_P01_S00_L04 Schedule J, Part I, Line 4 Bonni Bergstrom: Received $64552 for current value of Nonqualified Retirement Plan(457f); Received a Severence Payment of $79177 F990_P04_S00_L12a Form 990, Part IV, Line 12a The credit union received an unqalified GAAP Certified Opinion Audit for the 12 months ended 6/30/11. Minor audit adjustments were posted within the fiscal year 1/1/11 through 12/31/11, so that credit union financials agreed with audited financials. F990_P04_S00_L26 Form 990, Part IV, Line 26 Per instructions to Schedule L Part II loans to interested persons(s) are not reported because they are loans made from the credit union on the same terms as offerred to other members of the credit union F990_P06_S0A_L06 Form 990, Part VI, Section A, Line 6 Form 990, Part VI, Section A, Line 6 - The credit union is a California Not-For-Profit Corporation that has member/owners that elect the governing body (Board of Directors) with each member having 1 vote. F990_P06_S0A_L07a Form 990, Part VI, Section A, Line 7a Form 990, Part VI, Section A, Line 6 - The credit union is a California Not-For-Profit Corporation that has member/owners that elect the governing body (Board of Directors) with each member having 1 vote. F990_P06_S0B_L11b Form 990, Part VI, Section B, Line 11b The form is prepared by the CFO and reviewed by the CEO. The credit union's regulator reviewed the prior form during credit union's most recent examination. F990_P06_S0B_L12c Form 990, Part VI, Section B, Line 12c The credit union has a conflict of interest policy, is audited by an outside audit firm and examined by a state regulator that review Board of Directors accounts for any improper activity. The Board of Directors are required to disclose any conflicts of interest at monthly Board of Directors meetings. Additionally, the credit union has an appointed Supervisory Committee that performs various independent internal audit procedures. F990_P06_S0B_L15 Form 990, Part VI, Section B, Line 15 The Board of Directors has approved an Employee Handbook covering compensation policy and has approved a salary scale by employee position, including management. The Board of Directors has appointed a President/CEO salary review committee to review and make compensation recommendations to the Board of Directors. Other management including the CFO and his salary review, along with other employees, is performed by the CEO. The current Interim CEO was appointed during 2011 and went through the Board review process. Due economic condition other management and staff have have not had salary reviews for a few years. F990_P06_S0C_L19 Form 990, Part VI, Section C, Line 19 The credit union makes it's Form 990 and any other documents required by regulation available upon request. It's most recent Financial Statements are posted monthly in the Credit Union. Other governing documents are made available on a case by case as determined by the Board of Directors and CEO. F990_P11_S00_L05 Form 990, Part XI, Line 5 Form 990, Part XI, Line 5 - This account is Other Accumulated Comprehensive Income. Change to this account results from the annual valuation of the Defined Benefit Plan. This annual adjustment (then with monthly amortization of the adjustment) relates to the long term estimate of the financial obligation for future Defined Benefit Plan retirement payments, is adjusted annually, can increase or decrease net worth and is not part of current income(loss). The beginning balance for this account was $368,309 and the ending balance was $116,705 for a net change of ($251,606).