2021-05-14T17:31:38-05:00 2020-12-31 350921680 CROWE LLP 9600 Brownsboro Road Suite 400 Louisville KY 402411122 990 2020-01-01 361163912 Great Lakes Credit Union GREA 8475787000 2111 Waukegan Road Bannockburn IL 60015 Steven Bugg PRESIDENT/CEO 2021-05-14 true Steven Bugg 999009999 Kim Scifres P01316095 5023263996 2020 2022-09-23 18:48:47Z Steven Bugg 2111 Waukegan Road Bannockburn IL 60015 65429970 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 81,456 MEMBERS. 9 9 280 9 119980 21599 61244 323104 44170734 44122309 3611067 4643213 2500 0 47845545 49088626 6000 6000 0 16148490 17687613 0 0 27587702 25484940 43742192 43178553 4103353 5910073 883772298 1027627838 804189731 939159649 79582567 88468189 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 81,456 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 2020, GLCU PROVIDED THE FOLLOWING LOANS --722 MORTGAGES TOTALING $265,457,745 VEHICLE LOANS TOTALING $56,685,658; CONSUMER LOANS TOTALING $68,127,738. 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 false true true false true false false false false false false false false false false false false true 20512 0 true 280 true true true false false false false false false false X 9 9 true 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 BERTINE A NIXON SECRETARY 5.0 X X 0 0 0 JAMES A FABRIE Treasurer 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 JIM E MARCH DIRECTOR 5.0 X 0 0 0 KEVIN LEMAN Director 5.0 X 0 0 0 R LEE PIEKARZ Director 5.0 X 0 0 0 ERICKA GORMAN CHIEF OPERATIONS OFFICER 40.0 X 245815 0 33032 KAMIL SAKICI EVP - CHIEF FINANCIAL OFFICER 40.0 X 299962 0 39398 Steven Bugg President/CEO 40.0 X 445459 0 21869 Frederick Campobasso Chief Lending Officer 40.0 X 208017 0 10401 Michael Hersh Chief HR and Organizational Development Officer 40.0 X 175848 0 25356 BONITA FONTENOT MORTGAGE LOAN OFFICER 40.0 X 488560 0 13750 Chris Visocnik Vice President Information Technology 40.0 X 175010 0 16989 ERIC VESSELE VP, COMMERCIAL LENDING 40.0 X 191201 0 22708 Maria Michalak Loan Operations Senior Manager 40.0 X 152012 0 21051 Mark Pokora Senior Manager, Residential Sales 40.0 X 304038 0 11189 2685922 0 215743 18 false true false JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 SOFTWARE 713751 Doxim 747 E Whitcomb Avenue Madison Heights MI 48071 Software 477981 Lending Solutions Inc 2220 Point Blvd Elgin IL 60123 Loan Services 344039 ACCESS SOFTEKINC 727 Allstone Way Suite C Berkeley CA 947102229 IT Services 165723 Meridian IT Inc 9 Pkwy Suite 500 Deerfield IL 60015 IT Services 141708 13 323104 323104 INTEREST ON LOANS 522100 30891926 30891926 SERVICE FEE INCOME 522100 4114023 4111183 2840 ATM/CREDIT CARD SERVICES 522100 4122248 4005106 117142 Mortgage Loan Income 522100 3018960 3018960 Fee/Other Misc Income 522100 1975152 1975152 0 0 0 0 44122309 3913238 -2 3913240 0 0 0 16999393 71926 16269418 71926 729975 0 729975 729975 0 0 0 0 0 49088626 44002327 119980 4643215 6000 1075997 13647122 498207 1470252 996035 1661455 251500 26400 3306123 636367 1460224 1308767 1229122 50412 6418650 1793278 190404 PROVISION FOR LOAN LOSS 4441618 ATM NETWORK FEES 317097 Shared Branching Expenses 186237 ATM Machine Rental 87499 2119787 43178553 63272729 57585131 17861510 18984138 7360681 6987563 0 0 654270140 708712144 1063994 1270244 46471141 25945621 21957737 20525520 86185747 181457248 7122082 8259894 0 614952 415713 24062726 23430243 883772298 1027627838 4709587 7426682 4865406 5505197 0 0 106954205 144748295 687660533 781479475 804189731 939159649 X 79582567 88468189 79582567 88468189 883772298 1027627838 X 5910073 3655694 -680145 X false true X true false 1000 0 0 1000 1000 true CREDIT UNION POLITICAL ACTION COMMITTEE 1807 W DIEHL ROAD 3107 NAPERVILLE IL 60566 363092340 1000 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 8049259 8049259 20649422 10605595 10043827 392552 143926 248626 16362399 14792712 1569687 1017509 403388 614121 20525520 MEMBERS' SHARES 781479475 781479475 X 52064175 3655694 -557013 3098681 48965494 123132 123132 49088626 43178553 0 0 43178553 0 0 43178553 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 2020 or 2019. 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. Schedule D, Part XI, Line 2(d) Other revenues in audited financial statements not in form 990 Reclassification of adj of gains included in net income - -557013 Schedule D, Part XI, Line 4(b) Other revenues in form 990 not in audited financial statements Reclass adj for amort of prior service - 123132 false COLLEGE SCHOLARSHIPS 6 6000 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. X X true true X X X X X false true false Steven Bugg President/CEO 368689 0 69250 0 7520 0 13750 0 8119 0 467328 0 0 0 KAMIL SAKICI EVP - CHIEF FINANCIAL OFFICER 295928 0 688 0 3346 0 27304 0 12094 0 339360 0 0 0 ERICKA GORMAN CHIEF OPERATIONS OFFICER 217202 0 24818 0 3795 0 19939 0 13093 0 278847 0 0 0 Frederick Campobasso Chief Lending Officer 197150 0 10471 0 396 0 10401 0 0 0 218418 0 0 0 Michael Hersh Chief HR and Organizational Development Officer 167843 0 8005 0 0 0 9029 0 16327 0 201204 0 0 0 BONITA FONTENOT MORTGAGE LOAN OFFICER 38404 0 450156 0 0 0 13750 0 0 0 502310 0 0 0 Mark Pokora Senior Manager, Residential Sales 94420 0 209618 0 0 0 8039 0 3150 0 315227 0 0 0 ERIC VESSELE VP, COMMERCIAL LENDING 180007 0 10809 0 385 0 9615 0 13093 0 213909 0 0 0 Chris Visocnik Vice President Information Technology 165358 0 9510 0 142 0 0 0 16989 0 191999 0 0 0 Maria Michalak Loan Operations Senior Manager 140229 0 11664 0 119 0 7958 0 13093 0 173063 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. Kamil Sakici CFO SPLIT DOLLAR PLAN PREMIUM X 2146753 2431575 false true true Steven Bugg President/CEO SPLIT DOLLAR PLAN PREMIUM X 3800000 3993515 false true true Patrice Price Vice Chair Personal Loan X 98871 64284 false true true Bertine A Nixon Secretary Personal Loan X 7500 7146 false true true R Lee Piekarz Director Personal Loan X 355397 162352 false true true Stephan Park Chair Personal Loan X 318400 303347 false true true Michael Hersh Chief Human Resercoures Officer Personal X 26604 25344 false true true 6987563 Schedule L, Part II Personal Loans The personal loans reported on Schedule L, Part II include mortgages and consumer loans made to interested persons in the normal course of business of the credit union. Form 990, Part VI, Line 2 Family/business relationships amongst interested persons KAMIL SAKICI and Ericka Gorman - Business relationship 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 EVP-CFO 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 2020, 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 2020, 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 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 - -123132; Reclassification adjustment of losses/gains included in net income - -557013;