Credit Unions Chartered In the State of Michigan
501(c)(14)
Only null% goes to programs Strong reserves Growing revenue
Credit Unions Chartered In the State of Michigan is a 501(c)(14) organization based in Midland, Michigan, registered in 1956, with $117,116,968 in FY2024 revenue. CharityIndex grades it A.
Po Box 1649, Midland, MI, 48641 EIN 38-0495567 Since 1956
Revenue (FY2024)
$117.1M
▲ 31.0% vs prior year
Expenses (FY2024)
$110.7M
Net assets
$190.6M
Employees
218
CharityIndex rating
One independent A+ to F grade from four published criteria, each scored separately from IRS filings and combined by weight.
A
—Program efficiency40% of the ratingNo expense breakdown in filings
Measures how much of every dollar spent actually reaches programs, plus what it costs to raise $100 of donations. The worse of the two measures sets the letter (85%+ to programs is an A; under $15 to raise $100 is an A), averaged over the three most recent filings. Not scored for Credit Unions Chartered In the State of Michigan— this filing type doesn't report it, and the rating simply skips it (never counts it against the organization). See the exact thresholds →
AFinancial health25% of the rating21 mo reserves · +6% margin
Measures whether the organization is built to last: how many months its reserves would cover expenses (3+ months earns an A-range score, but hoarding 5+ years of budget is capped) and whether it runs a surplus or a deficit. For Credit Unions Chartered In the State of Michigan: 21 mo reserves · +6% margin earns a A on this criterion. See the exact thresholds →
A+Governance25% of the rating6 of 6 checks met
Checks how the organization is run, from its own Form 990: an independent board majority, a board of five or more, conflict-of-interest, whistleblower and document-retention policies, and independently audited financials. The share of disclosed checks that pass sets the letter. For Credit Unions Chartered In the State of Michigan: 6 of 6 checks met earns a A+ on this criterion. See the exact thresholds →
BTransparency10% of the rating3 of 5 disclosure signals
Counts five disclosure signals: a recent filing, a mission statement, program descriptions, a listed website, and the full expense breakdown. More disclosure, better letter. For Credit Unions Chartered In the State of Michigan: 3 of 5 disclosure signals earns a B on this criterion. See the exact thresholds →
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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.
Contact & location
Financial trends
Revenue grew from $35.3M (FY2013) to $117.1M (FY2024) across 12 reported years.
Financial snapshot
Financial health & position (FY2024)
Liabilities $2.2BNet assets $190.6M
Operating margin
5.5%
Revenue exceeded expenses in the latest fiscal year.
Total assets
$2.4B
Total liabilities
$2.2B
Net assets
$190.6M
Salaries & benefits
$19.3M
17% of expenses
Board members
8
8 independent
Financials by year
| Fiscal year | Revenue | Expenses | Net assets | Total assets | Form |
|---|---|---|---|---|---|
| 2024 | $117,116,968▲31.0% | $110,668,603▲25.0% | $190,596,085▲8.3% | $2,387,960,968▲8.5% | 990 |
| 2023 | $89,429,197▲37.7% | $88,565,249▲68.4% | $176,031,890▲16.8% | $2,201,196,958▲3.8% | 990 |
| 2022 | $64,943,643▲15.7% | $52,576,897▲23.2% | $150,756,125▼31.6% | $2,121,264,280▼1.8% | 990 |
| 2021 | $56,115,396▼6.3% | $42,689,928▼19.5% | $220,296,928 | $2,159,950,542▲7.8% | 990 |
| 2020 | $59,900,559▼2.7% | $53,004,907▲0.2% | $220,299,894▲14.4% | $2,002,899,481▲13.4% | 990 |
| 2019 | $61,566,808▲21.7% | $52,893,869▲18.8% | $192,616,083▲13.0% | $1,766,989,635▲8.5% | 990 |
| 2018 | $50,585,364▲31.3% | $44,534,393▲19.7% | $170,436,408 | $1,628,363,918▼0.6% | 990 |
| 2017 | $38,524,736▲12.1% | $37,211,070▲10.1% | $170,494,267▲3.8% | $1,638,260,455▲7.2% | 990 |
| 2016 | $34,367,892▲5.6% | $33,802,029▲6.1% | $164,318,279▲0.1% | $1,528,730,587▲4.3% | 990 |
| 2015 | $32,544,391▲0.7% | $31,871,472▲4.7% | $164,234,730▼2.6% | $1,465,106,905▲2.9% | 990 |
| 2014 | $32,313,002▼8.5% | $30,440,732▼4.2% | $168,691,960▲2.6% | $1,423,188,398▲1.5% | 990 |
| 2013 | $35,328,712 | $31,763,525▼5.7% | $164,351,019▼3.8% | $1,402,048,467▼2.3% | 990 |
| 2012 | — | $33,680,932▼7.4% | $170,846,402▲2.8% | $1,435,107,960▲2.6% | 990 |
| 2011 | — | $36,364,635▼9.3% | $166,271,123▲6.9% | $1,398,438,374▲3.5% | 990 |
| 2010 | — | $40,094,765 | $155,507,842 | $1,351,563,655 | 990 |
Original Form 990 PDFs (the Form column) are served by ProPublica Nonprofit Explorer, as filed with the IRS. Create a free account to download the CSV report.
Leadership & compensation (FY2024)
Highest-paid: Michael Goad — $734,463 (0.66% of total expenses)
| Name | Title | Hours/week | Compensation |
|---|---|---|---|
| Michael Goad | Chief Executive Officer | 40 | $734,463 |
| Mark Gandy | Chief Information Officer | 40 | $360,291 |
| Sanjay Ahluwalia | Chief Financial Officer | 40 | $344,350 |
| Elton Brooks | Vp of Retail and Lending | 40 | $315,423 |
| Sheila Wright | Vp of Human Resources | 40 | $295,848 |
| Jeffrey Ehrlich | Director of Lending | 40 | $191,699 |
| Lisa Gray | Director of Services Governance | 40 | $180,062 |
| Norman M Zureich | Director of It - Part Year | 40 | $178,186 |
| Alison Taylor | Controller | 40 | $170,307 |
| Robert Samborn | It Infrastructure Manager | 40 | $147,856 |
| Dennis Hanson | Former Ceo | 40 | $138,272 |
| Gary Mcguire | Board Member | 4 | — |
| Jeremy Preston | Board Member | 4 | — |
| Lisa Bryant | Board Member | 4 | — |
| Lisa Mckenney | Board Chairman | 4 | — |
| Mark Bachman | Board Member | 4 | — |
| Mike Kapp | Board Member | 4 | — |
| Perry Holmom | Secretary/treasurer | 4 | — |
| Shandell Massey | Board Vice Chairman | 4 | — |
Top vendors & contractors (FY2024)
| Contractor | Services | Paid |
|---|---|---|
| Jack Henry & Associates Inc | Core Operating System Provider | $1,846,551 |
| Amplifi Loyalty Solutions | Credit Card Rewards Program | $931,348 |
| Salesforce Com Inc | Software Provider | $641,604 |
| Insight Direct USA Inc | Tech Hardware & Software | $490,417 |
| Diebold Nixdorf Incorporated | Atm Machines, Supplies and Repairs | $475,473 |
Frequently asked questions
- Is Credit Unions Chartered In the State of Michigan a legitimate nonprofit?
- Yes. Credit Unions Chartered In the State of Michigan is a 501(c)(14) organization registered with the U.S. Internal Revenue Service under EIN 38-0495567, based in Midland, Michigan.
- What is Credit Unions Chartered In the State of Michigan's EIN?
- Credit Unions Chartered In the State of Michigan's Employer Identification Number (EIN) is 38-0495567.
- How much revenue does Credit Unions Chartered In the State of Michigan report?
- Credit Unions Chartered In the State of Michigan reported $117,116,968 in total revenue on its fiscal year 2024 IRS Form 990 filing.
- What financial grade does Credit Unions Chartered In the State of Michigan have?
- CharityIndex grades Credit Unions Chartered In the State of Michigan A, based on financial health (reserves and operating margin).
- How much does Credit Unions Chartered In the State of Michigan's highest-paid employee make?
- The highest reported compensation on Credit Unions Chartered In the State of Michigan's latest Form 990 is $734,463, paid to Michael Goad (Chief Executive Officer).
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Data for Credit Unions Chartered In the State of Michigan (EIN 38-0495567) comes from the IRS Business Master File and e-filed Form 990 returns, via CharityIndex. Figures reflect what the organization reported to the IRS for each fiscal year.