Form 990 for tax year 2023

Filed by DOW GREAT WESTERN CREDIT UNION.

Totals

Total revenue: $1,994,835
Total expenses: $2,023,565
Contributions and grants received: $0
Grants paid: $0
Program service revenue: $1,701,187
Investment income: $234,292
Other revenue: $59,356
Total assets, end of year: $47,413,211
Total liabilities, end of year: $44,112,905
Net assets or fund balances, end of year: $3,300,306
Program services expenses (Part IX): $0
Management and general expenses: $0
Fundraising expenses: $0
Program service expenses (Part III): $0

Program services were 0.0% 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.

1a · Federated campaigns

$0
1b · Membership dues

$0
1c · Fundraising events

$0
1d · Related organizations

$0
1e · Government grants (contributions)

$0
1f · All other contributions, gifts and grants

$0
1g · Noncash contributions included above

$0
2a · Program service revenue: Member Loan Interest

total $1,340,858 · related or exempt $1,340,858 · unrelated business $0 · excluded $0
2f · All other program service revenue

total $360,329 · related or exempt $347,778 · unrelated business $12,551 · excluded $0
3 · Investment income

total $234,292 · related or exempt $234,292 · 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 $59,356 · personal property $0
6b · Less rental expenses

real property $0 · personal property $0
6c · Rental income or loss

real property $59,356 · personal property $0
6d · Net rental income or loss

total $59,356 · related or exempt $59,356 · unrelated business $0 · excluded $0
7c · Gain or loss

securities $0 · other assets $0
8a · Fundraising events: contributions included on line 1c

$0
11e · Other revenue, total

$0

Functional expenses

Part IX, the statement of functional expenses.

1 · Grants to domestic organizations and governments

total $0
2 · Grants to domestic individuals

total $0
3 · Grants to foreign organizations and individuals

total $0
4 · Benefits paid to or for members

total $0
5 · Compensation of officers, directors and key employees

total $229,615
7 · Other salaries and wages

total $367,697
8 · Pension plan contributions

total $32,658
9 · Other employee benefits

total $92,471
10 · Payroll taxes

total $43,601
11g · Fees: other

total $93,322
12 · Advertising and promotion

total $61,875
13 · Office expenses

total $231,140
14 · Information technology

total $186,174
16 · Occupancy

total $103,167
17 · Travel

total $3,347
19 · Conferences, conventions and meetings

total $11,617
20 · Interest

total $297,141
22 · Depreciation, depletion and amortization

total $106,706
23 · Insurance

total $20,814
24a · Other expenses: Association Membership Dues

total $16,896
24b · Other expenses: Provision for Loan Losses

total $125,324

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $232,228 · end of year $410,688
4 · Accounts receivable

beginning of year $41,106 · end of year $14,649
5 · Loans and receivables from officers and key people

beginning of year $0
6 · Loans and receivables from disqualified persons

beginning of year $0
7 · Other notes and loans receivable

beginning of year $26,909,090 · end of year $25,694,657
8 · Inventories for sale or use

beginning of year $0
9 · Prepaid expenses and deferred charges

beginning of year $96,975 · end of year $131,037
10a · Land, buildings and equipment: cost or other basis

$4,158,323
10b · Land, buildings and equipment: accumulated depreciation

$573,429
10c · Land, buildings and equipment, net

beginning of year $3,667,341 · end of year $3,584,894
12 · Investments: other securities

beginning of year $8,893,903 · end of year $8,453,751
13 · Investments: program-related

beginning of year $10,570,280 · end of year $8,372,724
15 · Other assets

beginning of year $796,841 · end of year $750,811
17 · Accounts payable and accrued expenses

beginning of year $1,455,902 · end of year $262,889
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 $46,613,137 · end of year $43,850,016
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 $3,138,725 · end of year $3,300,306

Mission and programs · 2023

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 12/31/23 was 2,027 with 2,766 loans totaling $25,790,039 and with 4,070 share deposit accounts totaling $43,702,349.

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.

Regarding members and the member deposit side of the balance sheet, members decreased from 2,125 to 2,027. And member deposit accounts decreased to 4,070 decreased amounts to $43,702,349. Dividend Interest paid on these accounts for the year was $297,141. Checking accounts increased from 1312 to 2646. 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.

Revenue $1,701,187
Loan services with 2,766 loans made for $25,790,039 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.

Revenue $234,292
Rental income

Revenue $59,356

As filed on the 2023 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

40

Schedule J breakdown matched by us

Base

$204,615

Bonus

$25,000

Other

$0

Deferred

$0

Nontaxable benefits

$0 + $46,527 related

Filer's total

$229,615 + $46,527 related
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 at the end of the year every 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: 2023
Filed: 15 November 2024
IRS schema version: 2023v5.0
Source object: 202403269349300035

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