2020-11-13T17:31:31-06:00 2019-12-31 350921680 CROWE LLP 9600 Brownsboro Road Suite 400 Louisville KY 402411122 990 2019-01-01 361163912 Great Lakes Credit Union GREA 8475787000 2111 Waukegan Road Bannockburn IL 60015 Steven Bugg PRESIDENT/CEO 2020-11-13 true Kim Scifres P01316095 5023263996 2019 2021-04-22 16:20:28Z Steven Bugg 2111 Waukegan Road Bannockburn IL 60015 61586462 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 84,211 MEMBERS. 9 9 291 9 127031 16217 0 61244 40194365 44170734 3170569 3611067 30000 2500 43394934 47845545 6000 6000 0 0 16709275 16148490 0 0 0 25987936 27587702 42703211 43742192 691723 4103353 860514440 883772298 787355040 804189731 73159400 79582567 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 84,211 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 2019, GLCU PROVIDED THE FOLLOWING LOANS --326 MORTGAGES TOTALING $105,805,038 VEHICLE LOANS TOTALING $78,186,134; CONSUMER LOANS TOTALING $60,076,864 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 true 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 28099 0 true 291 true true true false false false false false false false X 9 9 true false true 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 252965 0 25546 KAMIL SAKICI EVP - CHIEF FINANCIAL OFFICER 40.0 X 312755 0 29665 Steven Bugg President/CEO 40.0 X 447159 0 24848 Chris Visocnik Vice President Information Technology 40.0 X 165183 0 17205 ERIC VESSELE VP, COMMERCIAL LENDING 40.0 X 204490 0 26781 Frederick Campobasso Chief Lending Officer 40.0 X 204912 0 10246 Jim Buerer Senior Architect 40.0 X 141324 0 18567 Maria Michalak Loan Operations Senior Manager 40.0 X 147184 0 23873 1875972 0 176731 11 false true false JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 SOFTWARE 933520 Meridian IT Inc 9 Pkwy Suite 500 Deerfield IL 60015 IT Services 487640 Efraim Carlson and Son Inc 14052 Petronella Drive Libertyville IL 600489512 Contractor Services 415280 Doxim 747 E Whitcomb Avenue Madison Heights MI 48071 Software 330041 Lending Solutions Inc 2220 Point Blvd Elgin IL 60123 Loan Services 253307 20 61244 61244 INTEREST ON LOANS 522100 31444471 31444471 SERVICE FEE INCOME 522100 4939855 4936485 3370 ATM/CREDIT CARD SERVICES 522100 4135056 4011395 123661 FEE/OTHER MISC INCOME 522100 2402752 2402752 Mortgage Loan Income 522100 1248600 1248600 0 0 0 0 44170734 3506585 3506585 2500 0 2500 0 2500 2500 10997740 2847659 10997886 2743031 -146 104628 104482 104482 0 0 0 0 0 47845545 44043703 127031 3613567 0 6000 0 0 1092938 0 0 0 0 12245145 410667 1339848 1059892 0 238989 272963 0 0 23367 3910108 0 0 0 850534 1276263 1204063 0 1484033 0 0 344109 7632870 0 2456429 174530 PROVISION FOR LOAN LOSS 4804847 ATM NETWORK FEES 316733 Shared Branching Expenses 257069 ATM Machine Rental 81441 2259354 0 0 0 43742192 0 0 0 35559118 63272729 13745097 17861510 2320802 7360681 0 0 642682971 654270140 1041579 1063994 46110192 24152455 25430702 21957737 108080609 86185747 5902452 7122082 0 847238 614952 24903872 24062726 860514440 883772298 4331658 4709587 4788484 4865406 0 0 111125818 106954205 667109080 687660533 787355040 804189731 X 73159400 79582567 73159400 79582567 860514440 883772298 X 4103353 2230158 89656 X false true X true false RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2824 0 0 2824 2824 true CREDIT UNION POLITICAL ACTION COMMITTEE 1807 W DIEHL ROAD 3107 NAPERVILLE IL 60566 363092340 2824 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 20457401 9985878 10471523 0 0 0 15970510 13671714 2298796 1633022 494863 1138159 21957737 MEMBERS' SHARES 687660533 687660533 X 49946586 2230158 146 2230304 47716282 129263 129263 47845545 43742192 0 0 43742192 0 0 43742192 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 2019 or 2018. 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 adjustment of losses included in net income - 146 Schedule D, Part XI, Line 4(b) Other revenues in form 990 not in audited financial statements Reclassification adjustment for amortization of prior service cost and net gain in net income - 129263 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 true true X X X X X false true false Steven Bugg President/CEO 369797 0 70000 0 7362 0 13750 0 11098 0 472007 0 0 0 KAMIL SAKICI EVP - CHIEF FINANCIAL OFFICER 309088 0 25 0 3642 0 13750 0 15915 0 342420 0 0 0 ERICKA GORMAN CHIEF OPERATIONS OFFICER 219778 0 29401 0 3786 0 9631 0 15915 0 278511 0 0 0 ERIC VESSELE VP, COMMERCIAL LENDING 186402 0 17719 0 369 0 10866 0 15915 0 231271 0 0 0 Frederick Campobasso Chief Lending Officer 188854 0 15717 0 341 0 10246 0 0 0 215158 0 0 0 Chris Visocnik Vice President Information Technology 158363 0 6686 0 134 0 0 0 17205 0 182388 0 0 0 Maria Michalak Loan Operations Senior Manager 141390 0 5675 0 119 0 7958 0 15915 0 171057 0 0 0 Jim Buerer Senior Architect 133731 0 5950 0 1643 0 7469 0 11098 0 159891 0 0 0 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 2376189 false true true Steven Bugg President/CEO SPLIT DOLLAR PLAN PREMIUM X 3800000 3882935 false true true Patrice Price Vice Chair Personal Loan X 98871 72627 false true true Bertine A Nixon Secretary Personal Loan X 7500 7348 false true true R Lee Piekarz Director Personal Loan X 355397 249036 false true true Kamil Sakici EVP - CFO Personal Loan X 20363 94 false true true Stephan Park Chair Personal Loan X 318400 308866 false true true Jim March Director Personal Loan X 199119 72671 false true true James Buerer Senior Architect Personal Loan X 46494 40038 false true James Fabrie Treasurer Personal Loan X 135000 77977 false true true Ericka Gorman COO Personal Loan X 328700 272900 false true true 7360681 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 4 Significant changes to organizational documents In 2019, Great Lakes Credit Union made updates to its bylaws as follows: A member may be expelled by a majority vote of a quorum of directors if the board has adopted a policy providing for expulsion for any of the acts found in 205 ILCS 305/15(4). The policy may delegate the expulsion authority to the senior management officials of the credit union. If a member is expelled by a senior management official of the credit union, the member may, within 30 days after the expulsion, seek reinstatement by appealing the action in writing to the board of directors of the credit union. The board may affirm, disaffirm, or modify the action, and the board's decision is final. 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 2019, 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 2019, 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 - -129263; Reclassification adjustment of losses included in net income - 146; Equity acquired in merger - North Side - 218773;