2014-10-30T18:35:38-07:00 2013-12-31 990 2013-01-01 941417215 DOW GREAT WESTERN CREDIT UNION DOWG 9253311010 4041 Lone Tree Way Suite 100 PO Box 2059 Antioch CA 94531 Phylliss Rosas CEO 9253311010 2014-10-28 2013 2015-11-30 17:44:51Z Phylliss Rosas 4041 Lone Tree Way Suite 100 Antioch CA 94531 1444199 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 12/31/13 was 2358 with 668 loans totaling $21,530,346 and with 4376 share deposit accounts totaling $34,844,446. 9 9 8 13 5955 -5622 0 0 1380476 1215708 223382 228491 0 0 1603858 1444199 0 0 0 0 508073 508495 0 0 0 992891 821761 1500964 1330256 102894 113943 39020853 38962990 35172996 34981605 3847857 3981385 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 12/31/13 was 2358 with 668 loans totaling $21,530,346 and with 4376 share deposit accounts totaling $34,844,446. 0 0 1330256 1444199 Regarding members and the member deposit side of the balance sheet, members loss from 2359 to 2358. And member deposit accounts decreased from 4391 and $35,064,412 to 4376 and $34,844,446. Dividend Interest paid on these accounts for the year was $69,681. Checking accounts increased from 1010 to 1058. 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. Loan services with 466 loans made for $3,434,487, 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 1330256 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 1054 0 1 8 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 0 X Dow Great Western Credit Union 9253311010 4041 Lone Tree Way Suite 100 Antioch CA 94531 John Jacobson Director 3 X 0 0 0 Curtis Tong Chairperson 4 X 0 0 0 Karen Harvey Secretary 3 X 0 0 0 Steven McAdams Director 2 X 0 0 0 Dennis Smith Director 2 X 0 0 0 Art Solis Director 3 X 0 0 0 Marshal Zimmerman Director 2 X 0 0 0 Sally Siemak Director 3 X 0 0 0 Jeff Noyer Vice Chairperson 4 X 0 0 0 Ken Graves Chief Financial Officer 50 X 67601 0 -1726 Phylliss Rosas CEO 50 X X 90215 0 -10066 157816 0 -11792 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 1055663 1055663 0 0 160045 154090 5955 0 1215708 228491 228491 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1444199 1438244 5955 0 157816 252072 18421 44374 35812 44989 21667 56304 218029 356132 2853 3072 69681 42645 21063 Association Membership Dues 13598 Provision For Loan Losses -56279 NCUSIF/Corporate Stabilization Fund 28007 1330256 0 0 0 281138 240030 26849 34291 24132263 21486448 52328 37589 1295815 702016 677937 593799 13114673 15798953 735665 771880 39020853 38962990 72044 107645 0 35100952 34873960 35172996 34981605 X 0 0 0 0 3847857 3981385 3847857 3981385 39020853 38962990 X 113943 0 0 0 0 19585 X 0 1 X 1 0 0 0 0 0 0 0 0 0 851416 322222 529194 0 444399 379794 64605 0 0 0 0 593799 Credit Union and Bank Certificate Deposits 13374029 C Corporate Credit Union Deposits 141471 C Investment in Corporate Credit Unions 68479 C Investment to Pre-Fund Employee Benefits 2183844 C Other 31130 C 15798953 IRA Backup Withholding 2993 Other Withholding 480 GL Clearing Accounts 26041 Member Share Deposits 34844446 34873960 X Schedule D, Part X, Line 2 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 threhold would be recorded as a tax expense and liability in the currect year. For year ended June 30, 2013, 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. 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. 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. 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. Form 990, Part VI, Section B, Line 12c The credit union has a Conflict of Interest Policy and 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. 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. 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 to case basis. 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 form 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 $289,184 and the ending balance was $269,599 for a net change of $19,585. Our CFO who had been with our organization for 10 years was let go on April 24,2014. It was part of his job to file our returns during his tenure here. Until we received your recent notice of non-filing, we had no knowledge that he had failed to file prior to the deadline. Now that we are aware that he did not complete and file the return, we are preparing it now and will file it prior to the deadline given to us in your notice which is November 19,2014. Our Board of Directors has chosen not to replace him and we have hired a CPA firm to ensure a future timely filing of the forms 990.