2023-11-02T03:00:09+00:00 2022-12-31 350921680 CROWE LLP 575 Market Street Suite 3300 San Francisco CA 941055829 990 2022-01-01 361163912 Great Lakes Credit Union GREA 8475787000 2111 Waukegan Road Bannockburn IL 60015 Steven Bugg PRESIDENT/CEO 2023-11-02 true Steven Bugg 999009999 Diane Kirmaci P01578407 4155761100 2022 2023-04-26 12:10:37Z Steven Bugg 2111 Waukegan Road Bannockburn IL 60015 54464412 false X www.GCLU.org X 1938 IL THE PRIMARY EXEMPT PURPOSE OF GREAT LAKES CREDIT UNION (GLCU) IS TO PROVIDE LOANS, SAVINGS ACCOUNTS, AND OTHER FINANCIAL SERVICES THAT PROMOTE THE FINANCIAL PROSPERITY OF OUR 79,204 MEMBERS. 9 9 343 11 313818 99444 367053 281781 47295638 50491977 3318401 3283036 0 50981092 54056794 5853 69530 0 16479401 20733923 0 0 17701719 24075152 34186973 44878605 16794119 9178189 1045676236 1341546042 944722018 1245630336 100954218 95915706 THE PRIMARY EXEMPT PURPOSE OF GREAT LAKES CREDIT UNION (GLCU) IS TO PROVIDE LOANS, SAVINGS ACCOUNTS, AND OTHER FINANCIAL SERVICES THAT PROMOTE THE FINANCIAL PROSPERITY OF OUR 79,204 MEMBERS. false false LOANS ARE GRANTED TO INDIVIDUALS WHO ARE MEMBERS IN GOOD STANDING WITH THE CREDIT UNION AND WHO QUALIFY FOR SUCH LOANS. FOR 2022, GLCU PROVIDED THE FOLLOWING LOANS --598 MORTGAGES TOTALING $312,991,728; 2,273 VEHICLE LOANS TOTALING $70,679,543; 9,539 CONSUMER LOANS TOTALING $92,301,810. ATM/DEBIT CARDS AND CHECK CARDS ARE AVAILABLE TO MEMBERS WHO APPLY FOR ELECTRONIC ACCESS TO THEIR ACCOUNTS FOR DEPOSIT AND WITHDRAWAL OF FUNDS AND ACCOUNT INFORMATION. VARIOUS TYPES OF CHECKING ACCOUNTS ARE OFFERED TO MEMBERS, SOME WITH NO MONTHLY SERVICE FEE. VARIOUS INSURANCE PRODUCTS ARE OFFERED TO MEMBERS. TYPES OF PRODUCTS OFFERED INCLUDE CREDIT LIFE, CREDIT DISABILITY, MECHANICAL BREAKDOWN PROTECTION (MBP), AND FINANCIAL GAP PROTECTION. 0 false false true false false false true false true false false false true true true false false false false false false false false false false true true true false true false false false false false false false false false false false false true 19421 0 true 343 true true true false false false false false false false X 9 9 false false false false true true true true true false true true true true true true true true true true false IL X STEVEN BUGG 8475787000 2111 WAUKEGAN ROAD BANOCKBURN IL 60015 JAMES A FABRIE Treasurer 5.0 X X 0 0 0 JIM E MARCH Secretary 5.0 X X 0 0 0 PATRICE PRICE Vice Chair 5.0 X X 0 0 0 STEPHEN M PARK Chair 5.0 X X 0 0 0 Cathy Corbi Director 5.0 X 0 0 0 David Goles Director 5.0 X 0 0 0 KEVIN LEMAN Director 5.0 X 0 0 0 Krystal Topps Director 5.0 X 0 0 0 R LEE PIEKARZ Director 5.0 X 0 0 0 Elizabeth Osborne Chief Operating Officer 40.0 X 228235 0 55213 Fred Campobasso Chief Lending Officer (started 9/30/22) 40.0 X 70035 0 4953 Michael Hersh Chief Administrative Officer 40.0 X 254494 0 55901 Michelle Shelton Chief Experience Officer (until 8/19/22) 40.0 X 177815 0 43603 Steven Bugg President/CEO 40.0 X 539409 0 76842 Timothy Lukomski Chief Financial Officer 40.0 X 128661 0 10451 Bonita Fontenot Mortgage Loan Originator 40.0 X 253102 0 11749 Donna Wiorek SVP, Accounting & Finance 40.0 X 232018 0 9815 Fay Shaoul Mortgage Loan Officer 40.0 X 269519 0 3949 Marcos Gonzalez Mortgage loan originator 40.0 X 194442 0 25234 Robert Foss Senior Mortgage Loan Officer 40.0 X 240319 0 8733 2588049 0 306443 15 false true false JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 SOFTWARE 687499 ACCESS SOFTEKINC 727 Allstone Way Suite C Berkeley CA 947102229 IT Services 634588 Velocity Merchant Services 3051 Oak Grove Rd 2nd Floor Downers Grove IL 60515 Core processing & interchange services 452068 Doxim 747 E Whitcomb Avenue Madison Heights MI 48071 Software 408729 Synergi Partners Inc 151 West Evan Street Florence SC 29501 Consulting 355807 32 281781 281781 INTEREST ON LOANS 522100 35552489 35552489 SERVICE FEE INCOME 522100 4425487 4221034 204453 ATM/CREDIT CARD SERVICES 522100 3865495 3757637 107858 Mortgage Loan Income 522100 346436 346436 Fee/Other Misc Income 522100 6302070 6302070 0 0 0 0 50491977 3690654 1507 3689147 0 0 407618 -407618 0 -407618 -407618 0 0 0 0 0 54056794 50179666 313818 3281529 X 49530 20000 1645611 15793424 442591 1590963 1261334 53990 360000 26400 5347598 1398547 1358049 1265378 1413288 308590 7937910 1269515 157004 PROVISION FOR LOAN LOSS -289167 ATM NETWORK FEES 355637 Shared Branching Expenses 110865 ATM Machine Rental 47273 2954275 44878605 67892255 58118359 21554967 14620292 4812661 4231634 0 0 768595863 1087568673 1491879 1965622 37452680 18977580 18871090 18475100 128727861 112433329 7698519 14328107 0 264583 159166 25766558 29645760 1045676236 1341546042 17357824 16379616 5883268 7679461 0 0 93507045 269229378 827973881 952341881 944722018 1245630336 X 100954218 95915706 100954218 95915706 1045676236 1341546042 X 9178189 -14428343 211642 X false true X true false 15908 0 0 15908 15908 true CREDIT UNION POLITICAL ACTION COMMITTEE 1807 W DIEHL ROAD 3107 NAPERVILLE IL 60566 363092340 15908 0 Schedule C, Part I-A, Line 1 Description of Political Activities THE ORGANIZATION MAKES POLITICAL EXPENDITURES FOR THE PURPOSE OF SUPPORTING THE CREDIT UNION POLITICAL ACTION COMMITTEE. false true X 7621566 7621566 20711167 11772523 8938644 629055 328705 300350 7572975 6465111 1107864 917917 411241 506676 18475100 MEMBERS' SHARES AND NONMEMBER SHARES 952341881 952341881 X 54056794 0 0 54056794 0 0 54056794 44878605 0 0 44878605 0 0 44878605 Schedule D, Part IV, Line 2b Explanation of escrow agreement ESCROW ACCOUNTS ARE HELD TEMPORARILY FOR CURRENT CUSTOMERS ENGAGED IN LOAN ACTIVITY. Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote The Credit Union is exempt, by statute, from federal and state income taxes. The Credit Union did not incur any unrelated business income tax in 2022 or 2021. A TAX POSITION WILL BE RECOGNIZED AS A BENEFIT ONLY IF IT IS "MORE LIKELY THAN NOT" THAT THE TAX POSITION WOULD BE SUSTAINED IN A TAX EXAMINATION, WITH A TAX EXAMINATION BEING PRESUMED TO OCCUR. THE AMOUNT RECOGNIZED WILL BE THE LARGEST AMOUNT OF TAX BENEFIT THAT IS GREATER THAN 50 percent LIKELY OF BEING REALIZED ON EXAMINATION. FOR TAX POSITIONS NOT MEETING THE "MORE LIKELY THAN NOT" TEST, NO TAX BENEFIT WILL BE RECORDED. MANAGEMENT EVALUATED THE CREDIT UNION'S TAX POSITIONS AND CONCLUDED THAT THE CREDIT UNION HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS. false Selfreliance Foundation 2332 W Chicago Ave Chicago IL 60622 205423872 501(c)(3) 10000 Ukraine Relief efforts ALLIANCE FOR THE GREAT LAKES 150 N Michigan Ave Suite 700 Chicago IL 60601 237104524 501(c)(3) 39530 General Support 2 0 COLLEGE SCHOLARSHIPS 8 20000 Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds. Scholarship checks are made payable to the University on behalf of the student awarded. GLCU is active in the community it serves and support organizations providing social services, scholarships, and governmental services. Support provided to the selected public charities is typically intended for general support. X X true true X X X X X false true false Steven Bugg President/CEO 431449 0 100858 0 7102 0 47676 0 29166 0 616251 0 0 0 Michael Hersh Chief Administrative Officer 233841 0 18704 0 1949 0 31869 0 24032 0 310395 0 0 0 Elizabeth Osborne Chief Operating Officer 216692 0 9595 0 1948 0 23736 0 31477 0 283448 0 0 0 Michelle Shelton Chief Experience Officer (until 8/19/22) 159359 0 17685 0 771 0 25692 0 17911 0 221418 0 0 0 Fay Shaoul Mortgage Loan Officer 36004 0 233403 0 112 0 3949 0 0 0 273468 0 0 0 Bonita Fontenot Mortgage Loan Originator 36004 0 216986 0 112 0 11749 0 0 0 264851 0 0 0 Robert Foss Senior Mortgage Loan Officer 36473 0 203728 0 118 0 7173 0 1560 0 249052 0 0 0 Donna Wiorek SVP, Accounting & Finance 184065 0 47195 0 758 0 4082 0 5733 0 241833 0 0 0 Marcos Gonzalez Mortgage loan originator 29056 0 165274 0 112 0 7239 0 17995 0 219676 0 0 0 Schedule J, Part I, Line 1a First-class or charter travel GREAT LAKES CREDIT UNION ALLOWS FIRST CLASS OR CHARTER TRAVEL FOR THE CEO AND DIRECTORS FOR BUSINESS TRAVEL DURING THE YEAR. Travel Expenses are treated as deductible business expenses. Schedule J, Part I, Line 1a Travel for companions GREAT LAKES CREDIT UNION ALLOWS A COMPANION TO JOIN EACH DIRECTOR OR EXECUTIVE LEADERSHIP TEAM MEMBER ON ONE BUSINESS TRAVEL A YEAR. THE COMPANIONS ARE EXPECTED TO PARTICIPATE IN THE NETWORKING EVENTS AND REPRESENT GLCU. THE TRAVEL EXPENSES ARE TREATED AS TAXABLE COMPENSATION. Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan CERTAIN EXECUTIVES PARTICIPATE IN A SPLIT-DOLLAR LIFE INSURANCE PLAN. PREMIUMS PAID ON BEHALF OF THE EXECUTIVES ARE TREATED AS LOANS. See Schedule L for more detail on loans. Steven Bugg President/CEO SPLIT DOLLAR PLAN PREMIUM X 3800000 4231634 false true true 4231634 Form 990, Part VI, Line 6 Classes of members or stockholders ALL MEMBERS OF GREAT LAKES CREDIT UNION ARE GIVEN ONE VOTE IN ELECTIONS WITHOUT PREFERENCE TO THE AMOUNT OF FUNDS THEY HAVE ON DEPOSIT WITH THE CREDIT UNION. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body GREAT LAKES CREDIT UNION IS A MEMBER OWNED COOPERATIVE BUSINESS ORGANIZATION, GOVERNED BY A TEN MEMBER BOARD OF DIRECTORS. THE BOARD IS COMPRISED OF ACTIVE MEMBERS OF THE CREDIT UNION WHO ARE SELECTED BY THE MEMBERSHIP THROUGH A DEMOCRATIC ELECTION PROCESS. Form 990, Part VI, Line 7b Decisions requiring approval by members or stockholders MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. Form 990, Part VI, Line 11b Review of form 990 by governing body THE ORGANIZATION'S MANAGEMENT REVIEWS THE FORM 990 IN DETAIL WITH THEIR PAID TAX PREPARERS. SUBSEQUENT TO THIS REVIEW, A FULL COPY OF THE FORM 990 IS PROVIDED TO ALL MEMBERS OF THE GOVERNING BODY DURING THE ORGANIZATION'S BOARD MEETING PRIOR TO FILING WITH THE IRS. ANY BOARD MEMBERS NOT PRESENT AT THIS BOARD MEETING ARE SENT A PAPER OR ELECTRONIC COPY OF THE FORM 990 PRIOR TO FILING WITH THE IRS. Form 990, Part VI, Line 12c Conflict of interest policy THE ORGANIZATION'S OFFICERS, DIRECTORS, TRUSTEES, AND KEY EMPLOYEES ARE REQUIRED TO ANNUALLY DISCLOSE ANY ACTUAL OR POTENTIAL CONFLICTS OF INTEREST THEY MAY HAVE WITH THE ORGANIZATION. THE CEO REVIEWS EACH POLICY STATEMENT SIGNED BY THESE INDIVIDUALS TO DETERMINE IF ANY CONFLICTS EXIST AND NEED TO BE BROUGHT TO THE ATTENTION OF THE BOARD. IF A CONFLICT ARISES, THE RESPECTIVE BOARD MEMBER WILL ABSTAIN FROM ANY RELATED DISCUSSION, VOTE OR SIMILAR ACTION ON THE MATTER. Form 990, Part VI, Line 15a Process to establish compensation of top management official GLCU USED EXTERNAL SALARY DATA FROM CUES, COMPEASE, AND PEER GROUP FORUMS TO PROVIDE TO THE BOARD. THE BOARD REVIEWS PRESIDENT/CEO DATA FOR DETERMINING COMPENSATION AND PRESIDENT/CEO EXECUTIVE SURVEY DATA FOR EXECUTIVE SALARY DETERMINATION. THE PROCESS WAS LAST UNDERGONE IN 2022, AND WAS DOCUMENTED IN BOARD MINUTES. Form 990, Part VI, Line 15b Process to establish compensation of other employees TO DETERMINE THE COMPENSATION FOR ORGANIZATIONAL OFFICERS AND OTHER KEY EMPLOYEES, GLCU USES COMPEASE FOR JOB LEVELING AND SALARY SURVEYS FOR COMPARABLE POSITIONS AT SIMILAR ORGANIZATIONS. IN ADDITION, GLCU REFERENCES SALARY SURVEYS TO VALIDATE INFORMATION FROM COMPEASE. THE BOARD REVIEWS THE DATA FOR SALARY DETERMINATION. THIS PROCESS WAS LAST UNDERGONE IN 2022, AND WAS DOCUMENTED IN BOARD MINUTES. Form 990, Part VI, Line 19 Required documents available to the public FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). Form 990, Part IX, Line 11g Other Fees Loan Servicing Expenses - Total Expense: 1849625, Program Service Expense: , Management and General Expenses: , Fundraising Expenses: ; Misc Prof & Outside Serv - Total Expense: 3497973, Program Service Expense: , Management and General Expenses: , Fundraising Expenses: ; Form 990, Part XI, Line 9 Other changes in net assets or fund balances Reclassification adjustment for amortization of prior service cost and net gain included in net income - 211642;