2013-12-30T20:04:27-07:00 2012-12-31 990 2012-01-01 941417215 DOW GREAT WESTERN CREDIT UNION DOWG 9253311010 4041 Lone Tree Way Suite 100 PO Box 2059 Antioch CA 94531 Phylliss Rosas 9253311010 2013-12-30 2012 2016-02-25 16:41:14Z X Phylliss Rosas 4041 Lone Tree Way Suite 100 PO Box 2059 Antioch CA 94531 1603858 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 12/31/12 was 2359 with 719 loans totaling $24,765,920 and with 4391 share deposit accounts totaling $35,064,412. 9 9 9 13 5194 -6590 0 0 1531449 1380476 197092 223382 0 0 1728541 1603858 0 0 0 0 812086 508073 0 0 0 1181742 992891 1993828 1500964 -265287 102894 38439453 39020853 34522011 35172996 3917442 3847857 The credit union provide 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 members/owners at 12/31/12 was 2359 with 778 loans totaling $24,765,920 and with 4391 share deposit accounts totaling $35,064,412. 0 0 1500964 0 1603858 Regarding members and the member deposit side of the balance sheet, members grew from 2306 to 2359. And member deposit accounts increased from 4348 and $34,412,040 to 4391 and $35,064,412. Dividend Interest paid on these accounts for the year was $93,694. Checking accounts increased from 946 to 1010. Debit cards and transactions continued to grow, along with transactions on the credit union's atm. Depositing and check cashing services at the member services counter continued to grow. 0 0 0 Loan services with 490 loans made for $5,179,941, as well as other services around loans, such as offerring mechanical breakdown insurance coverage on auto loans. And offerring insurance coverage for members if they are disabled and unable to make their payments. Various tpes of loans, including home loans were offerred, including 1st trust and 2nd trust deed and fixed and variable rate loans and home equity lines of credit. 0 0 0 1500964 0 0 0 0 0 0 0 0 0 1 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 9 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 0 X 0 0 0 Curtis Tong 4 0 X 0 0 0 Karen Harvey 3 0 X 0 0 0 Steven McAdams 3 0 X 0 0 0 Dennis Smith 2 0 X 0 0 0 Art Solis 3 0 X 0 0 0 Marshal Zimmerman 2 0 X 0 0 0 Sally Siemak 3 0 X 0 0 0 Jeff Noyer 2 0 X 0 0 0 Ken Graves 50 0 X 72910 0 33445 Phylliss Rosas 50 0 X X 95462 0 44911 168372 0 78356 0 0 0 0 FISERV 255 FISERV Drive Brookfield WI 53045 Information Systems 154737 Bluerock Partners LLC 1200 Concord Avenue Suite 200 Concord CA 94520 Leased Office Space 310376 2 0 Member Loan Interest 522130 1213392 1213392 0 0 167084 161890 5194 0 1380476 223382 223382 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1603858 1598664 5194 0 0 0 0 0 338221 0 94107 40087 35658 31325 16152 63590 212629 345196 2635 6696 93694 41991 22628 Association Membership Dues 13922 Provision For Loan Losses 108619 NCUSIF/Corporate Stablization Fund 33814 1500964 0 0 0 337961 281138 25625 26849 24895190 24132263 61228 52328 1293869 615932 762562 677937 9462426 13114673 2894461 735665 38439453 39020853 48174 72044 20309 0 34453528 35100952 34522011 35172996 X 0 0 0 0 3917442 3847857 3917442 3847857 38439453 39020853 X 102894 0 0 0 0 -172479 X 0 1 X 1 0 0 0 0 0 0 0 0 0 851416 278783 572633 0 442453 337149 105304 0 0 0 0 677937 Credit Union and Bank Certificate Deposits 10859000 C Corporate Credit Union Deposits 69831 C Investment in Corporate Credit Unions 68479 C Investments to Pre-Fund Employee Benefits 2081597 C Other 35766 C 13114673 IRA Backup Withholding 3424 Other Withholding 1062 GL Clearing Accounts 32514 Deferred Comp Liability -460 Member Share Deposits 35064412 35100952 X 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 positions 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, 2012, 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 goods and services purchased by the credit union. F990_P06_S0A_L06 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 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 and auditor periodically reviewed it. 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 the monthly Board of Directors meetings. Also, 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 and 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. F990_P06_S0C_L19 Form 990, Part VI, Section C, Line 19 The credit union makes its Form 990 and any other documents required by regulation available upon request. Its most recent Financial Statements are posted monthly in the credit union. Other governing documents are made available on a case by case basis. F990_P11_S00_L09 Form 990, Part XI, Line 9 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 accout was $116,705 and the ending balance was $289,184 for a net change of $172,479. We are a small organization with 8 employees. We were originally thrown behind in the 1st and 2nd quarters by the change over to a New Service Provider (Old Service Provider went out of business & we were required to change over in a relatively short timeframe) for our major service processes (Share Draft Processing, Check Deposit Processing, Teller Check Processing, etc.) as well as on line services to members and from Service Provider. We were then thrown further behind into the 3rd quarter from our Audit to accomodate auditor and then into the 4th quarter to receive IT and BSA audits. We were also thrown behind by unplanned Personnel schedule timeoff in the 3rd & 4th that the credit union could not control.