Form 990 for tax year 2022
Filed by DOW GREAT WESTERN CREDIT UNION.
Totals
- Total revenue
- $2,135,824
- Total expenses
- $2,150,717
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $1,758,924
- Investment income
- $237,843
- Other revenue
- $139,057
- Total assets, end of year
- $51,207,764
- Total liabilities, end of year
- $48,069,039
- Net assets or fund balances, end of year
- $3,138,725
- Program services expenses (Part IX)
- $2,150,717
- Management and general expenses
- $0
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $2,150,717
Program services were 100.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
2a · Program service revenue: Member Loan Interest
total $1,111,919 · related or exempt $1,111,919 · unrelated business $0 · excluded $0
-
2f · All other program service revenue
total $647,005 · related or exempt $634,454 · unrelated business $12,551 · excluded $0
-
3 · Investment income
total $237,843 · related or exempt $237,843 · unrelated business $0 · excluded $0
-
4 · Income from investment of tax-exempt bond proceeds
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
5 · Royalties
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
6a · Gross rents
real property $139,057 · personal property $0
-
6b · Less rental expenses
real property $0 · personal property $0
-
6c · Rental income or loss
real property $139,057 · personal property $0
-
6d · Net rental income or loss
total $139,057 · related or exempt $139,057 · unrelated business $0 · excluded $0
-
7c · Gain or loss
securities $0 · other assets $0
-
11e · Other revenue, total
$0
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $229,615 · program services $229,615
-
7 · Other salaries and wages
total $293,370 · program services $293,370
-
8 · Pension plan contributions
total $29,919 · program services $29,919
-
9 · Other employee benefits
total $103,139 · program services $103,139
-
10 · Payroll taxes
total $38,251 · program services $38,251
-
11a · Fees: management
total $0 · program services $0
-
11b · Fees: legal
total $0 · program services $0
-
11c · Fees: accounting
total $0 · program services $0
-
11d · Fees: lobbying
total $0 · program services $0
-
11e · Fees: professional fundraising services
total $0 · fundraising $0
-
11f · Fees: investment management
total $0 · program services $0
-
11g · Fees: other
total $70,532 · program services $70,532
-
12 · Advertising and promotion
total $66,021 · program services $66,021
-
13 · Office expenses
total $226,566 · program services $226,566
-
14 · Information technology
total $260,506 · program services $260,506
-
15 · Royalties
total $0 · program services $0
-
16 · Occupancy
total $518,484 · program services $518,484
-
17 · Travel
total $3,439 · program services $3,439
-
19 · Conferences, conventions and meetings
total $9,235 · program services $9,235
-
20 · Interest
total $115,203 · program services $115,203
-
22 · Depreciation, depletion and amortization
total $106,210 · program services $106,210
-
23 · Insurance
total $21,116 · program services $21,116
-
24a · Other expenses: Association Membership Dues
total $16,135 · program services $16,135 · management and general $0 · fundraising $0
-
24b · Other expenses: Provision for Loan Losses
total $22,535 · program services $22,535 · management and general $0 · fundraising $0
-
24c · Other expenses: Realized Loss on Investments
total $20,441 · program services $20,441 · management and general $0 · fundraising $0
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $284,208 · end of year $232,228
-
4 · Accounts receivable
beginning of year $39,629 · end of year $41,106
-
5 · Loans and receivables from officers and key people
beginning of year $0 · end of year $0
-
6 · Loans and receivables from disqualified persons
beginning of year $0 · end of year $0
-
7 · Other notes and loans receivable
beginning of year $21,182,840 · end of year $26,909,090
-
8 · Inventories for sale or use
beginning of year $0 · end of year $0
-
9 · Prepaid expenses and deferred charges
beginning of year $101,280 · end of year $96,975
-
10a · Land, buildings and equipment: cost or other basis
$4,158,009
-
10b · Land, buildings and equipment: accumulated depreciation
$490,668
-
10c · Land, buildings and equipment, net
beginning of year $4,102,130 · end of year $3,667,341
-
12 · Investments: other securities
beginning of year $11,315,057 · end of year $8,893,903
-
13 · Investments: program-related
beginning of year $18,449,143 · end of year $10,570,280
-
15 · Other assets
beginning of year $630,638 · end of year $796,841
-
17 · Accounts payable and accrued expenses
beginning of year $342,375 · end of year $1,455,902
-
18 · Grants payable
beginning of year $0 · end of year $0
-
19 · Deferred revenue
beginning of year $0 · end of year $0
-
20 · Tax-exempt bond liabilities
beginning of year $0 · end of year $0
-
21 · Escrow or custodial account liability
beginning of year $0 · end of year $0
-
22 · Loans and payables to officers and key people
beginning of year $0 · end of year $0
-
23 · Secured mortgages and notes payable
beginning of year $0 · end of year $0
-
24 · Unsecured notes and loans payable
beginning of year $0 · end of year $0
-
25 · Other liabilities
beginning of year $51,063,005 · end of year $46,613,137
-
29 · Capital stock, trust principal or current funds
beginning of year $0 · end of year $0
-
30 · Paid-in or capital surplus, or land, building or equipment fund
beginning of year $0 · end of year $0
-
31 · Retained earnings, endowment or other funds
beginning of year $4,699,545 · end of year $3,138,725
Mission and programs · 2022
Mission
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 12/31/22 was 2248 with 3249 loans totaling $27,037,422 and with 4216 share deposit accounts totaling $46,399,289.
Activities or mission (Part I)
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 12/31/22 was 2248 with 3249 loans totaling $27,037,422 and with 4216 share deposit accounts totaling $46,399,289.
-
Regarding members and the member deposit side of the balance sheet, members gain from 2221 to 2248. And member deposit accounts decreased from 4216 decreased amount to $46,399,288. Dividend Interest paid on these accounts for the year was $115,202. Checking accounts increased from 1299 to 1312. 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.
Expenses $2,150,717 · Revenue $2,135,824
-
Loan services with 3268 loans made for $12,995,598 as well as other services around loans, such as offering mechanical breakdown insurance coverage on auto loans. And offering insurance coverage for members if they are disabled and unable to make their payments. Various types of loans, including home loans were offered, including 1st trust and 2nd trust deed and fixed and variable rate loans, home equity lines of credit and credit card loans.
As filed on the 2022 return.
Listed in Part VII
-
Paul Kramer
CEO
- Total calculated
- $276,142
- From this org
- $229,615
- From related orgs
- $0
- Other
- $46,527
- Hours/week
- 80
Schedule J breakdown matched by us
- Base
- $204,615
- Bonus
- $25,000
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $46,527
- Filer's total
- $276,142
-
Steven McAdams
Director
- Total calculated
- $0
- Hours/week
- 1
-
Art Solis
Director
- Total calculated
- $0
- Hours/week
- 2
-
John Jacobson
Director
- Total calculated
- $0
- Hours/week
- 1
-
Curtis Tong
Director
- Total calculated
- $0
- Hours/week
- 2
-
Sally Siemak
Director
- Total calculated
- $0
- Hours/week
- 1
-
Jeff Noyer
Chairperson
- Total calculated
- $0
- Hours/week
- 4
-
David Parks
Secretary
- Total calculated
- $0
- Hours/week
- 4
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
- 3 · Compensation committee
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
The filer's explanations (Part III)
- Schedule J, Part I, Line 3
- The Salary Committee approved the top management compensation review every end of the year.
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 15 May 2023
- IRS schema version
- 2022v5.0
- Source object
- 202341369349301839
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