2018-09-28T15:56:34-05:00 2017-12-31 382492570 DOEREN MAYHEW 12060 S W 129TH COURT STE 201 MIAMI FL 331864582 990 2017-01-01 380495567 DOW CHEMICAL EMPLOYEES' CREDIT UNION DOWC 9898357794 600 E LYON RD MIDLAND MI 48640 DENNIS HANSON PRESIDENT/CEO 9898357794 2018-08-12 1 DOUGLAS J ORTH P01076394 3052328272 174.228.138.66 2018-08-12 22:18:53 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 A7DB26C3BB201601930FCFA0C4651552B54C26A2 2017 2018-06-14 16:35:46Z DENNIS HANSON 600 E LYON RD MIDLAND MI 48640 230702677 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 1000662 -82508 0 0 22685172 25419612 10698923 12104462 983797 1000662 34367892 38524736 0 0 0 0 11147784 11480682 0 0 0 22654245 25730388 33802029 37211070 565863 1313666 1528730587 1638260455 1364412308 1467766188 164318279 170494267 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 61,000 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 33078 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 1 1 1 1 1 1 1 1 0 X MICHAEL GOAD CHIEF FINANCIAL OFFICER 9898357794 600 E LYON ROAD MIDLAND MI 48640 GARY MCGUIRE CHAIRMAN OF THE BOARD 4.00 X 0 0 0 MARK FENSKE VICE CHAIRMAN OF THE BOARD 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 DIRECTOR 4.00 X 0 0 0 ROBERT KASPRZYK DIRECTOR 4.00 X 0 0 0 JEFFREY TATE DIRECTOR 4.00 X 0 0 0 MARK BACHMAN DIRECTOR 4.00 X 0 0 0 DENNIS HANSON PRESIDENT/CEO 40.00 X 503289 0 38470 ARTHUR PETERS COO 40.00 X 314869 0 25144 BARBARA JUNGA VP OF FINANCE 40.00 X 255658 0 41611 KENNETH ROZNOWSKI VP OF LENDING 40.00 X 232615 0 30916 SHEILA WRIGHT SR. DIRECTOR OF HUMAN RESO 40.00 X 181763 0 30674 NORMAN M ZUREICH DIRECTOR OF INFORMATION 40.00 X 145247 0 17892 LISA GRAY DIRECTOR OF COMPLIANCE 40.00 X 143770 0 15172 SUSAN VALLEY DIRECTOR OF REMOTE SERVICE 40.00 X 135688 0 17387 ALISON TAYLOR CONTROLLER 40.00 X 125020 0 26138 JOHN COSTELLO DIRECTOR OF LENDING 40.00 X 141778 0 21480 2179697 0 264884 13 0 1 0 JACK HENRY & ASSOCIATES PO BOX 609 MONETT MO 65708 SOFTWARE LICENSES & MAINTENANCE 845403 SENTINEL TECHNOLOGIES INC PO BOX 85080 CHICAGO IL 606800851 TELECOM AND DATA MANAGEMENT 635809 AGP & ASSOCIATES INC 3562 RIDGECREST DR MIDLAND MI 48642 MARKETING AND ADVERTISING 535200 PCM SARCOM FILE 55327 LOS ANGELES CA 900745327 IT NETWORK AND SYSTEMS HARDWARE AND SOFT 406908 BUSINESS DATA INC PO BOX 6081 INGLEWOOD CA 903126081 MEMBER STATEMENTS & NOTICES 376874 13 INCOME ON MEMBER LOANS 522100 18123860 18123860 FEES AND CHARGES 522100 7295752 7295752 25419612 12398715 12398715 191674542 209146 191972267 205674 -297725 3472 -294253 -294253 INVESTMENT/INSURANCE FEES 525990 509003 509003 NON-MEMBER ATM FEES 525990 491659 491659 1000662 38524736 25125359 1000662 12398715 X 1655009 6518173 697573 1955499 654428 629345 51093 141882 58233 1028804 1073230 623483 549044 4388 11190826 104933 1583400 112965 LOAN EXPENSE 2767985 VISA/DEBIT/CREDIT 1874871 EQUIPMENT RENTAL AND MA 1771495 PROVISION FOR LOAN LOSS 1248000 916411 37211070 6765084 6913584 61914211 142193889 831754740 888578363 849550 983800 23749007 14635784 9569711 9113223 593655090 558736086 5403364 5498771 18818837 26242739 1528730587 1638260455 31552107 35935080 7000000 3500000 1325860201 1428331108 1364412308 1467766188 X 0 0 0 0 164318279 170494267 164318279 170494267 1528730587 1638260455 X 1313666 4700024 162298 X X 0 1 X 1 0 314161 314161 11802791 5721263 6081528 11632055 8914521 2717534 9113223 SHARE ACCOUNTS 308325623 HI YIELD DEPOSIT ACCOUNTS 682309652 SHARE DRAFT ACCOUNTS 178355032 HEALTH SAVINGS ACCOUNTS 2670006 CERTIFICATES OF DEPOSIT 256670795 1428331108 X 38524132 0 38524132 604 604 38524736 37210466 -604 -604 37211070 0 37211070 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE (IRC SECTION 501(C)(14)), FROM FEDERAL INCOME TAXES. 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 INCOME TAX LIABILITY. IN THE OPINION OF MANAGEMENT, ANY LIABILITY ARISING FROM FEDERAL 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 OPERATIONS. THE CREDIT UNION REMAINS SUBJECT TO EXAMINATION FOR INCOME TAX RETURNS FOR YEARS ENDED AFTER DECEMBER 31, 2013. PART XI, LINE 4B - OTHER ADJUSTMENTS: GAINS FROM THE SALE OF OREO REPORTED AS PART OF NET NON-INTEREST EXPENSES WITHIN THE AUDITED FINANCIAL STATEMENTS. PART XII, LINE 2D - OTHER ADJUSTMENTS: GAINS FROM THE SALE OF OREO REPORTED AS PART OF NET NON-INTEREST EXPENSES I WITHIN THE AUDITED FINANCIAL STATEMENTS. X X X X 0 1 0 DENNIS HANSON PRESIDENT/CEO 414587 0 88702 0 0 0 26600 0 11870 0 541759 0 0 0 ARTHUR PETERS COO 245944 0 67725 0 1200 0 24594 0 550 0 340013 0 0 0 BARBARA JUNGA VP OF FINANCE 218910 0 36748 0 0 0 29236 0 12375 0 297269 0 0 0 KENNETH ROZNOWSKI VP OF LENDING 196438 0 36177 0 0 0 19046 0 11870 0 263531 0 0 0 SHEILA WRIGHT SR. DIRECTOR OF HUMAN RESO 159615 0 22148 0 0 0 15962 0 14712 0 212437 0 0 0 NORMAN M ZUREICH DIRECTOR OF INFORMATION 131931 0 13316 0 0 0 12684 0 5208 0 163139 0 0 0 LISA GRAY DIRECTOR OF COMPLIANCE 130752 0 13018 0 0 0 12975 0 2197 0 158942 0 0 0 SUSAN VALLEY DIRECTOR OF REMOTE SERVICE 123323 0 12365 0 0 0 12179 0 5208 0 153075 0 0 0 ALISON TAYLOR CONTROLLER 113687 0 11333 0 0 0 11369 0 14769 0 151158 0 0 0 JOHN COSTELLO DIRECTOR OF LENDING 132283 0 9495 0 0 0 9661 0 11819 0 163258 0 0 0 PART I, LINE 4B PARTICIPANTSIN A SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN (SECTION 457(F)): BARBARA JUNGA - $7,943 CONTRIBUTION 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 CERTAIN 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 24E ATM EXPENSE 400,613. MISC. EXP 210,938. TRAINING/DEVELOPMENT/EDUCATION 197,485. SHARE DRAFT/BILL PAY EXPENSE 107,375. FORM 990, PART XI, LINE 9: NET CHANGE IN ACTUARIAL GAINS/(LOSSES) 425,923. RECLASSIFICATION OF UNREALIZED GAINS/(LOSSES) ON THE SALE OF SECURITIES -263,625. 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.