Nonprofit · EIN 38-0495567
CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN
Also known as DOW CREDIT UNION
Tax-exempt · MIDLAND, MI 48640
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $117,116,968 | $110,668,603 | $6,448,365 | $2,387,960,968 | $2,197,364,883 | $190,596,085 |
| December 31, 2023 | 990 | $89,429,197 | $88,565,249 | $863,948 | $2,201,196,958 | $2,025,165,068 | $176,031,890 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $74,345,531
- Investment income
- $42,771,437
- Net gain from sales of assets
- -$776,144
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $3,136,685
- Other salaries and wages
- $12,301,642
- Salaries, compensation and benefits (total)
- $19,255,669
- Professional fundraising fees
- $0
- Legal fees
- $137,731
- Accounting fees
- $264,762
- Occupancy
- $494,049
- Depreciation
- $941,531
Balance sheet and other
- Total assets, start of year
- $2,201,196,958
- Total assets, end of year
- $2,387,960,968
- Total liabilities, end of year
- $2,197,364,883
- Net assets, end of year
- $190,596,085
- Land, buildings and equipment
- $8,183,983
- Publicly traded securities
- $970,738,902
- Gross unrelated business income
- $645,024
- Gross receipts
- $178,842,838
- Employees
- 218
- Volunteers
- 8
- Year formed
- 1937
- State of legal domicile
- MI
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| MICHAEL GOAD | CHIEF EXECUTIVE OFFICER Officer | 40 | $734,463 | $657,080 |
| MARK GANDY | CHIEF INFORMATION OFFICER Officer | 40 | $360,291 | $105,372 |
| SANJAY AHLUWALIA | CHIEF FINANCIAL OFFICER Officer | 40 | $344,350 | $117,868 |
| ELTON BROOKS | VP OF RETAIL AND LENDING Key employee | 40 | $315,423 | $100,903 |
| SHEILA WRIGHT | VP OF HUMAN RESOURCES Key employee | 40 | $295,848 | $105,087 |
| JEFFREY EHRLICH | DIRECTOR OF LENDING Highest-paid employee | 40 | $191,699 | $22,821 |
| LISA GRAY | DIRECTOR OF SERVICES GOVERNANCE Highest-paid employee | 40 | $180,062 | $32,386 |
| ALISON TAYLOR | CONTROLLER Highest-paid employee | 40 | $170,307 | $35,206 |
| NORMAN M ZUREICH | DIRECTOR OF IT - PART YEAR Highest-paid employee | 40 | $178,186 | $14,686 |
| ROBERT SAMBORN | IT INFRASTRUCTURE MANAGER Highest-paid employee | 40 | $147,856 | $34,010 |
| DENNIS HANSON | FORMER CEO Former | 40 | $138,272 | $0 |
| LISA MCKENNEY | BOARD CHAIRMAN Trustee or director, Officer | 4 | $0 | $0 |
| SHANDELL MASSEY | BOARD VICE CHAIRMAN Trustee or director, Officer | 4 | $0 | $0 |
| PERRY HOLMOM | SECRETARY/TREASURER Trustee or director, Officer | 4 | $0 | $0 |
| MARK BACHMAN | BOARD MEMBER Trustee or director | 4 | $0 | $0 |
4 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| LISA BRYANT | BOARD MEMBER Trustee or director | 4 | $0 |
| JEREMY PRESTON | BOARD MEMBER Trustee or director | 4 | $0 |
| MIKE KAPP | BOARD MEMBER Trustee or director | 4 | $0 |
| GARY MCGUIRE | BOARD MEMBER Trustee or director | 4 | $0 |
990 for the year ended December 31, 2023: 24 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| MICHAEL GOAD | CHIEF EXECUTIVE OFFICER Officer | 40 | $701,683 | $50,632 |
| ARTHUR PETERS | CHIEF OPERATING OFFICER Officer | 40 | $439,036 | $20,342 |
| MARK GANDY | VP RISK/COMPLIANCE Key employee | 40 | $338,324 | $29,815 |
| SANJAY AHLUWALIA | CHIEF FINANCIAL OFFICER Officer | 40 | $302,681 | $42,142 |
| SHEILA WRIGHT | VP OF HUMAN RESOURCES Key employee | 40 | $288,370 | $37,092 |
| ELTON BROOKS | VP OF RETAIL Key employee | 40 | $290,918 | $29,685 |
| JOHN COSTELLO | VP OF LENDING Key employee | 40 | $233,215 | $17,966 |
| LISA GRAY | DIRECTOR OF RISK & REGULATORY AFFAIRS Key employee | 40 | $168,700 | $29,167 |
| NORMAN M ZUREICH | DIRECTOR OF IT Key employee | 40 | $168,518 | $21,356 |
| ALISON TAYLOR | CONTROLLER Key employee | 40 | $155,214 | $32,222 |
| LASHANTA GREEN | DIRECTOR OF MARKETING AND COMMUNITY RELATIONS Key employee | 40 | $150,963 | $18,945 |
| ANGIE HILLIER | MORTGAGE OPERATIONS MANAGE Highest-paid employee | 40 | $131,281 | $29,632 |
| KRISTINA BROZZO | MORTGAGE SALES MANAGER Highest-paid employee | 40 | $127,675 | $25,015 |
| ROBERT LINDESMITH | IT NETWORK ENGINEER Highest-paid employee | 40 | $123,244 | $26,217 |
| SUSAN PHILLIPS | SR EXECUTIVE ASST TO CEO Highest-paid employee | 40 | $121,395 | $27,229 |
| ROBERT SAMBORN | IT INFRASTRUCTURE MANAGER Highest-paid employee | 40 | $125,567 | $22,527 |
| PERRY HOLMON | BOARD CHAIRMAN Trustee or director, Officer | 4 | $0 | $0 |
| LISA MCKENNEY | BOARD VICE CHAIRMAN Trustee or director, Officer | 4 | $0 | $0 |
| SHANDELL MASSEY | SECRETARY/TREASURER Trustee or director, Officer | 4 | $0 | $0 |
| MARK BACHMAN | BOARD MEMBER Trustee or director | 4 | $0 | $0 |
| LISA BRYANT | BOARD MEMBER Trustee or director | 4 | $0 | $0 |
| MARK FENSKE | BOARD MEMBER Trustee or director | 4 | $0 | $0 |
| MIKE KAPP | BOARD MEMBER Trustee or director | 4 | $0 | $0 |
| GARY MCGUIRE | BOARD MEMBER Trustee or director | 4 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 600 E LYON RD, MIDLAND, MI 48640-5396
- Principal officer (990 for 2024)
- MICHAEL G GOAD, 600 E LYON RD, MIDLAND, MI 48640
- Signed the 990
- SANJAY AHLUWALIA, CHIEF FINANCIAL OFFICER
- Phone
- (989) 835-7794
- Website
- WWW.DOWCREDITUNION.ORG
- Return prepared by
- PLANTE & MORAN PLLC
Mission
DOW 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.
Program accomplishments
- DOW CREDIT UNION IS A MICHIGAN STATE-CHARTERED CREDIT UNION PROVIDING APPROXIMATELY 82,706 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.
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Check at the IRS |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 38-0495567
- Tax-exempt status
- 501(c)(14): State-chartered credit union
- Donations deductible
- No
- Exempt since
- 1956
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Group exemption
- 1359: CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN
- Assets (IRS master file)
- $2,545,057,282
- Income (IRS master file)
- $177,724,714
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $117,116,968 | $110,668,603 | $2,387,960,968 | XML |
| 990 | December 2023 | $89,429,197 | $88,565,249 | $2,201,196,958 | XML |
| 990 | December 2022 | $64,943,643 | $52,576,897 | $2,121,264,280 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 38-0495567).
Questions about CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN
- What is the EIN of CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN?
- The employer identification number (EIN) of CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN is 38-0495567.
- Is CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(14) since 1956.
- Are donations to CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN tax-deductible?
- No. The IRS master file says contributions to it are not deductible.
- Which annual return does CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN due?
- The return for tax year 2026 (the year ending December 31, 2026) is due May 17, 2027. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN?
- The 990 for the year ended December 31, 2024 names MICHAEL G GOAD.
- Who are the officers and directors of CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN?
- The 990 for the year ended December 31, 2024 lists 19 people; 11 received compensation from the organization, the highest $734,463 (MICHAEL GOAD, CHIEF EXECUTIVE OFFICER).
- How much revenue does CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $117,116,968, expenses of $110,668,603 and total assets of $2,387,960,968 at year end.
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