2021-11-08T15:19:53-06:00 2020-12-31 382492570 DOEREN MAYHEW 12060 S W 129TH COURT STE 201 MIAMI FL 331864582 990 2020-01-01 380495567 DOW CHEMICAL EMPLOYEES' CREDIT UNION DOWC 9898357794 600 E LYON RD MIDLAND MI 48640 SANJAY AHLUWALIA CHIEF FINANCIAL OFFICER 9898357794 2021-11-08 1 SANJAY AHLUWALIA 999009999 DOUGLAS J ORTH P01076394 3052328272 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z MICHAEL G GOAD 600 E LYON RD MIDLAND MI 48640 171053230 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 730028 0 0 0 45018812 42576071 15762229 17324488 785767 0 61566808 59900559 0 0 0 0 13045608 14172178 0 0 0 39848261 38832729 52893869 53004907 8672939 6895652 1766989635 2002899481 1574373552 1782599587 192616083 220299894 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 71,000 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 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 38139 0 1 171 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 GARY MCGUIRE DIRECTOR 4.00 X 0 0 0 MARK FENSKE DIRECTOR 4.00 X 0 0 0 MICHEAL KAPP SECRETARY/TREASURER 4.00 X 0 0 0 DUNCAN STUART DIRECTOR 4.00 X 0 0 0 LISA MCKENNEY DIRECTOR 4.00 X 0 0 0 PERRY HOLMON VICE CHAIR 4.00 X 0 0 0 BOB KASPRZYK DIRECTOR 4.00 X 0 0 0 MARK BACHMAN CHAIR 4.00 X 0 0 0 SHANDELL MASSEY DIRECTOR 4.00 X 0 0 0 SEBASTIAN SORIA DIRECTOR 4.00 X 0 0 0 LISA BRYANT DIRECTOR 4.00 X 0 0 0 DENNIS HANSON PRESIDENT/CEO EMERITUS 40.00 X 1015116 0 41382 ARTHUR PETERS COO 40.00 X 366563 0 34254 MICHAEL GOAD PRESIDENT/CEO 40.00 X 478096 0 43632 KENNETH ROZNOWSKI VP OF LENDING 40.00 X 940376 0 33863 SHEILA WRIGHT SR. DIRECTOR OF HUMAN RESO 40.00 X 238397 0 32806 SUSAN VALLEY SR DIRECTOR OF REMOTE SERVICE 40.00 X 175919 0 21530 JOHN COSTELLO SR DIRECTOR OF LENDING 40.00 X 213973 0 28366 MARK GANDY SR DIRECTOR OF RISK/COMPLIANCE 40.00 X 227362 0 33870 ROBERT SAMBORN IT INFRASTRUCTURE MANAGER 40.00 X 118897 0 26024 NORMAN M ZUREICH DIRECTOR OF INFORMATION 40.00 X 161147 0 19594 LISA GRAY DIRECTOR OF RISK & REGULATORY AFFAIRS 40.00 X 162017 0 27364 ALISON TAYLOR CONTROLLER 40.00 X 153611 0 29154 KRISTINA BROZZO MORTGAGE SALES MANAGER 40.00 X 122564 0 26844 4374038 0 398683 21 0 1 0 JACK HENRY & ASSOCIATES PO BOX 609 MONETT MO 65708 CORE BANKING SERVICES 1747204 DIEBOLD NIXDORF INCORPORATED 5995 MAYFAIR RD PO BOX 3077 NORTH CANTON OH 44720 ATM SERVICES 1446380 AGP & ASSOCIATES INC 3562 RIDGECREST DR MIDLAND MI 48642 MARKETING AND ADVERTISING 564948 BUSINESS DATA INC PO BOX 6081 INGLEWOOD CA 903126081 MAILING, PRINTING, ELECTRONIC DELIVERY 375817 SENTINEL TECHNOLOGIES INC 2550 WARRENVILLE RD DOWNERS GROVE IL 48640 INCIDENCE RESPONSE DISASTER RECOVERY 314718 23 INCOME ON MEMBER LOANS 522100 33081718 33081718 FEES AND CHARGES 522100 8764325 8764325 FINANCE AND INSURANCE 520000 730028 730028 42576071 15256418 15256418 87808230 25412511 85937768 25214903 1870462 197608 2068070 2068070 59900559 59170531 730028 0 X 3925505 6725093 932442 1770586 818552 688891 113304 196027 259206 1553960 1896031 1117454 671570 915 18718519 162544 1186609 136379 PROVISION FOR LOAN LOSS 4175000 LOAN EXPENSE 2854347 VISA/DEBIT/CREDIT 2342500 EQUIPMENT RENTAL AND MA 1916189 843284 53004907 6590596 8684936 80207972 94800949 995241541 998711829 765598 1295840 15101096 7202447 8306777 7898649 629777494 858239961 20316249 7006867 25783408 26260450 1766989635 2002899481 51341544 30060825 1523032008 1752538762 1574373552 1782599587 X 0 0 0 0 192616083 220299894 192616083 220299894 1766989635 2002899481 X 6895652 20943176 -155017 X X 0 1 X 1 0 314161 314161 11038799 5213093 5825706 3748136 1989354 1758782 7898649 SHARE ACCOUNTS 378383101 HI YIELD DEPOSIT ACCOUNTS 749782402 SHARE DRAFT ACCOUNTS 229744083 HEALTH SAVINGS ACCOUNTS 3652732 CERTIFICATES OF DEPOSIT 390976444 1752538762 X 64986517 5085958 5085958 59900559 0 59900559 53004907 0 53004907 0 53004907 PART X, LINE 2: THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE AND LOCAL INCOME TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE (IRC) AND STATE TAX LAWS. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME DERIVED BY STATE-CHARTERED CREDIT UNIONS. GENERALLY, THESE TAXES ARE INSIGNIFICANT TO THE CREDIT UNION. X X X X 0 1 0 DENNIS HANSON PRESIDENT/CEO EMERITUS 510946 0 125000 0 379170 0 28500 0 12882 0 1056498 0 0 0 KENNETH ROZNOWSKI VP OF LENDING 210208 0 41057 0 689111 0 20981 0 12882 0 974239 0 0 0 MICHAEL GOAD PRESIDENT/CEO 401317 0 74904 0 1875 0 28418 0 15214 0 521728 0 0 0 ARTHUR PETERS COO 288614 0 75070 0 2879 0 28500 0 5754 0 400817 0 0 0 SHEILA WRIGHT SR. DIRECTOR OF HUMAN RESO 182677 0 55143 0 577 0 18815 0 13991 0 271203 0 0 0 MARK GANDY SR DIRECTOR OF RISK/COMPLIANCE 189367 0 37065 0 930 0 18609 0 15261 0 261232 0 0 0 JOHN COSTELLO SR DIRECTOR OF LENDING 176293 0 33011 0 4669 0 16128 0 12238 0 242339 0 0 0 SUSAN VALLEY SR DIRECTOR OF REMOTE SERVICE 157149 0 16668 0 2102 0 15769 0 5761 0 197449 0 0 0 LISA GRAY DIRECTOR OF RISK & REGULATORY AFFAIR 142996 0 18352 0 669 0 14593 0 12771 0 189381 0 0 0 ALISON TAYLOR CONTROLLER 129852 0 23372 0 387 0 13352 0 15802 0 182765 0 0 0 NORMAN M ZUREICH DIRECTOR OF INFORMATION 142119 0 17159 0 1869 0 13861 0 5733 0 180741 0 0 0 PART I, LINE 4B PARTICIPANTS IN A SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN (SECTION 457(F)): DENNIS HANSON, ARTHUR PETERS MICHAEL GOAD, AND KENNETH ROZOWSKI. DURING 2020, THE CREDIT UNION RECORDED ACCRUED BENEFIT EXPENSES AS FOLLOWS: DENNIS HANSON: $248,881 ACCRUED ARTHUR PETERS: $$91,033 ACCRUED MICHAEL GOAD: $232,013 ACCRUED KENNETH ROZOWSKI: $152,803 ACCRUED ADDTIONALLY, KEN ROZNOWSKI AND DENNIS HANSON RECEIVED A NON-QUALIFIED BENEFIT PAYOUT OF $686,552 AND $377,295, RESPECTIVELY, DURING 2020. 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 IX, LINE 11G OTHER PROFESSIONAL SERVICES 259,206. FORM 990, PART IX, LINE 24E ATM EXPENSE 604,502. MISC. EXP 133,120. TRAINING/DEVELOPMENT/EDUCATION 81,458. SHARE DRAFT/BILL PAY EXPENSE 24,204. FORM 990, PART XI, LINE 9: NET CHANGE IN ACTUARIAL GAINS/(LOSSES) -155,017. 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.