DOW CREDIT UNION

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1937

Legal Domicile

Principal Officer

MICHAEL G GOAD

Phone

9898357794

Tax Period

2024-01-01 to 2024-12-31

DOW CREDIT UNION, founded in 1937, is a major nonprofit that reported $117.1M in total revenue in fiscal year 2024. Revenue surged 31% from the prior year, signaling strong growth momentum. Expenses of $110.7M left a modest 6% surplus.

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 Service Accomplishments

Program 1

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...

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.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $74,345,531

Investment Income $42,771,437

Other Revenue $0

TOTAL REVENUE $117,116,968

Expense Breakdown

Grants Paid $0

Salaries & Benefits $19,255,669

Fundraising Expenses $0

Other Expenses $91,412,934

TOTAL EXPENSES $110,668,603

Year-over-Year Comparison

	2024	2023	Change
Revenue	$117,116,968	$89,429,197	+0.3%
Expenses	$110,668,603	$88,565,249	+0.2%
Net Income	$6,448,365	$863,948	+6.5%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

218

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$2,319,424

Total Directors

Key Employees

$817,261

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
LISA MCKENNEY	BOARD CHAIRMAN	4.00	Officer Director	$0	$0	$0
SHANDELL MASSEY	BOARD VICE CHAIRMAN	4.00	Officer Director	$0	$0	$0
PERRY HOLMOM	SECRETARY/TREASURER	4.00	Officer Director	$0	$0	$0
MARK BACHMAN	BOARD MEMBER	4.00	Director	$0	$0	$0
LISA BRYANT	BOARD MEMBER	4.00	Director	$0	$0	$0
JEREMY PRESTON	BOARD MEMBER	4.00	Director	$0	$0	$0
MIKE KAPP	BOARD MEMBER	4.00	Director	$0	$0	$0
GARY MCGUIRE	BOARD MEMBER	4.00	Director	$0	$0	$0
MICHAEL GOAD	CHIEF EXECUTIVE OFFICER	40.00	Officer	$734,463	$657,080	$1,391,543
SANJAY AHLUWALIA	CHIEF FINANCIAL OFFICER	40.00	Officer	$344,350	$117,868	$462,218
MARK GANDY	CHIEF INFORMATION OFFICER	40.00	Officer	$360,291	$105,372	$465,663
ELTON BROOKS	VP OF RETAIL AND LENDING	40.00	Key Emp	$315,423	$100,903	$416,326
SHEILA WRIGHT	VP OF HUMAN RESOURCES	40.00	Key Emp	$295,848	$105,087	$400,935
LISA GRAY	DIRECTOR OF SERVICES GOVERNANCE	40.00	Highest	$180,062	$32,386	$212,448
JEFFREY EHRLICH	DIRECTOR OF LENDING	40.00	Highest	$191,699	$22,821	$214,520
ALISON TAYLOR	CONTROLLER	40.00	Highest	$170,307	$35,206	$205,513
NORMAN M ZUREICH	DIRECTOR OF IT - PART YEAR	40.00	Highest	$178,186	$14,686	$192,872
ROBERT SAMBORN	IT INFRASTRUCTURE MANAGER	40.00	Highest	$147,856	$34,010	$181,866
DENNIS HANSON	FORMER CEO	40.00		$138,272	$0	$138,272

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	$117,116,968	$110,668,603	$2,387,960,968	$6,448,365
2023	$89,429,197	$88,565,249	$2,201,196,958	$863,948
2022	$64,943,643	$52,576,897	$2,121,264,280	$12,366,746
2021	$56,115,396	$42,689,928	$2,159,950,542	$13,425,468
2020	$59,900,559	$53,004,907	$2,002,899,481	$6,895,652
2019	$61,566,808	$52,893,869	$1,766,989,635	$8,672,939
2018	$50,585,364	$44,534,393	$1,628,363,918	$6,050,971