2018-11-14T10:02:20-06:00 2017-12-31 350921680 CROWE LLP 225 West Wacker Drive Suite 2600 Chicago IL 606061224 990 2017-01-01 361163912 Great Lakes Credit Union GREA 8475787000 2111 Waukegan Road Bannockburn IL 60015 Kamil Sakici EVP/CFO 2018-11-14 true Nicole Bencik P00756195 3128997000 2017 2019-02-21 02:37:17Z Vikki Kaiser 2111 Waukegan Road Bannockburn IL 60015 55046485 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 86,023 MEMBERS. 9 9 310 10 154598 -1110 0 0 34275704 38814957 4235133 3182528 31650 30000 38542487 42027485 6000 6000 2675894 0 16883195 17400250 0 0 0 17299813 22435890 36864902 39842140 1677585 2185345 767316538 796724477 696382876 724077868 70933662 72646609 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 86,023 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 2017, GLCU PROVIDED THE FOLLOWING LOANS --307 MORTGAGES TOTALING $58,208,323 VEHICLE LOANS TOTALING $101,898,289; CONSUMER LOANS TOTALING $48,110,664. 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 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 23040 0 true 310 true true true 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 false false false IL X KAMIL SAKICI 8475787000 2111 WAUKEGAN ROAD BANOCKBURN IL 60015 JAMES A FABRIE CHAIR 5.0 X X 0 0 0 R LEE PIEKARZ VICE CHAIR 5.0 X X 0 0 0 PATRICE PRICE TREASURER 5.0 X X 0 0 0 BERTINE A NIXON SECRETARY 5.0 X X 0 0 0 RICH DURANTE DIRECTOR 5.0 X 0 0 0 KEVIN LEMAN DIRECTOR 5.0 X 0 0 0 JIM E MARCH DIRECTOR 5.0 X 0 0 0 SHIRLEY M SOLBERG DIRECTOR 5.0 X 0 0 0 STEPHEN M PARK DIRECTOR 5.0 X 0 0 0 ERICKA GORMAN CHIEF LENDING & OPERATIONS OFFICER 40.0 X 248280 0 23921 KEVIN BOGAC CHIEF TECHNOLOGY & MEMBER SERVICE OFFICER 40.0 X 283508 0 9713 VIKKI KAISER PRESIDENT/CEO 40.0 X 581603 0 21425 KAMIL SAKICI EVP - CHIEF FINANCIAL OFFICER 40.0 X 400349 0 28297 YVONNE BAILEY VP, GROWTH AND DEVELOPMENT 40.0 X 198505 0 23764 ERIC VESSELE VP, COMMERCIAL LENDING 40.0 X 182227 0 28297 LORRAINE KOST VP, HUMAN RESOURCES AND ORGANIZATIONAL DEVELOPMENT 40.0 X 168679 0 17854 MICHAEL WALKER MANAGER, MORTGAGE DEPARTMENT TRAINING 40.0 X 147721 0 11138 LYNN ESP GENERAL COUNSEL 40.0 X 147202 0 22610 2358074 0 187019 19 false true false JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 SOFTWARE 698862 CARDTRONICS USA INC 3250 BRIARPARK DRIVE HOUSTON TX 77042 ATM SERVICE 387156 MERIDIAN IT INC PO BOX 33950 CHICAGO IL 60694 NETWORK SUPPORT 381334 ACCOUNTTEMPS - ROBERT HALF CO 12400 COLLECTIONS CENTER DR CHICAGO IL 60693 TEMP AGENCY SERVICES 243035 MICRODYNAMICS CORPORATION 8580 SOLUTION CENTER CHICAGO IL 60677 STATEMENT SERVICE 195131 17 0 0 0 0 0 0 0 0 INTEREST ON LOANS 522100 26080190 26080190 SERVICE FEE INCOME 522100 5334094 5329329 4765 ATM/CREDIT CARD SERVICES 522100 3797576 3647743 149833 FEE/OTHER MISC INCOME 522100 1870559 1870559 Mortgage Loan Income 522100 1732538 1732538 0 0 0 0 38814957 1959864 1959864 30000 30000 0 30000 30000 13680133 561531 12500001 518999 1180132 42532 1222664 1222664 0 0 0 0 0 42027485 38660359 154598 3212528 0 6000 0 1597096 0 0 0 12675609 494547 1508908 1124090 244350 324833 37673 3264127 0 0 0 375115 1453210 1008766 1576207 349599 3859664 2328152 183544 PROVISION FOR LOAN LOSS 5165572 ATM NETWORK FEES 268542 CK & PMT PROCESSING FEE 66491 ARMORED CAR SERVICE 58391 1871654 0 0 0 39842140 0 0 0 25370368 39522612 18058385 11611979 0 0 0 2265416 0 590966030 593798197 833162 832283 48054859 20539990 28554320 27514869 74276752 90380242 4349000 3436023 0 1510095 1178667 23398426 26184189 767316538 796724477 4870342 4479242 4154766 4545129 0 43927910 63636068 643429858 651417429 696382876 724077868 X 70933662 72646609 70933662 72646609 767316538 796724477 X 2185345 -584448 112050 X false true X true false 2750 0 2750 2750 true CREDIT UNION POLITICAL ACTION COMMITTEE 1807 W DIEHL ROAD 3107 NAPERVILLE IL 60566 363092340 2750 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 554823 9911483 10466306 22224192 9320396 12903796 14125685 10899403 3226282 1238676 320191 918485 27514869 MEMBERS' SHARES 651417429 651417429 X 41327033 -584448 0 -584448 41911481 116004 116004 42027485 39842140 0 0 39842140 0 0 39842140 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 2017. 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% 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 4(b) Other revenues in form 990 not in audited financial statements Reclassification of adjustment of gains included in net income - 1977 Reclassification adjustment for amortization of prior service cost and net gain in net income - 114027 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 true true false ERICKA GORMAN CHIEF LENDING & OPERATIONS OFFICER 203099 0 42500 0 2681 0 9124 0 14797 0 272201 0 0 0 KEVIN BOGAC CHIEF TECHNOLOGY & MEMBER SERVICE OFFICER 228453 0 53500 0 1555 0 9713 0 0 0 293221 0 0 0 VIKKI KAISER PRESIDENT/CEO 424348 0 500 0 156755 0 13500 0 7925 0 603028 0 0 0 KAMIL SAKICI EVP - CHIEF FINANCIAL OFFICER 295407 0 102500 0 2442 0 13500 0 14797 0 428646 0 0 0 YVONNE BAILEY VP, GROWTH AND DEVELOPMENT 179239 0 17250 0 2016 0 8967 0 14797 0 222269 0 0 0 ERIC VESSELE VP, COMMERCIAL LENDING 155060 0 26850 0 317 0 13500 0 14797 0 210524 0 0 0 LORRAINE KOST VP, HUMAN RESOURCES AND ORGANIZATIONAL DEVELOPMENT 157236 0 8275 0 3168 0 8488 0 9366 0 186533 0 0 0 MICHAEL WALKER MANAGER, MORTGAGE DEPARTMENT TRAINING 99818 0 40202 0 7701 0 5668 0 5470 0 158859 0 0 0 LYNN ESP GENERAL COUNSEL 134663 0 9775 0 2764 0 7813 0 14797 0 169812 0 0 0 Schedule J, Part I, Line 1a Travel for companions GREAT LAKES CREDIT UNION ALLOWS A COMPANION TO JOIN EACH DIRECTOR OR SENIOR MANAGEMENT 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 4a Severance or change-of-control payment Vikki Kaiser, PRESIDENT/CEO, RECEIVED SEVERANCE PAYMENTS OF $178,841. Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan THE ORGANIZATION HAS A 457(F) PLAN FOR ITS CEO. THERE WAS ONE DISTRIBUTION APPROVED TO BE PAID IN JANUARY OF 2018: VIkKI KAISER - $36,448 CERTAIN EXECUTIVES PARTICIPATE IN A SPLIT-DOLLAR LIFE INSURANCE PLAN. PREMIUMS PAID ON BEHALF OF THE EXECUTIVES ARE TREATED AS LOANS. LISTED BELOW ARE THE EXECUTIVES WHO PARTICIPATE IN THE PLAN AND THE OUTSTANDING LOAN BALANCE AS OF 12/31/17: KAMIL SAKICI - $2,265,416 Kamil Sakici CFO SPLIT DOLLAR PLAN PREMIUM X 2146753 2265416 false true true 2265416 Form 990, Part VI, Line 15a PROCESS TO ESTABLISH COMPENSATION OF TOP MANAGEMENT OFFICIAL BUILDING ON THE PROCESS GLCU BEGAN IN 2011 WITH CARDWELL ASSOCIATES, AND USING EXTERNAL SALARY DATA FROM CUES, THE BOARD REVIEWS PRESIDENT/CEO DATA FOR DETERMINING COMPENSATION AND PRESIDENT/CEO EXECUTIVE SALARY SURVEY DATA FOR EXECUTIVE SALARY DETERMINATION. THIS PROCESS IS DOCUMENTED BY 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 COMPARABLE SURVEY INFORMATION AND INDEPENDENT CONSULTANT DATA. THIS PROCESS IS DOCUMENTED BY BOARD MINUTES. Form 990, Part VI, Line 2 Family/business relationships amongst interested persons VIKKI KAISER & KAMIL SAKICI - 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 NINE 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 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 of Gains included in net income - -1977; Reclassification adjustment for amortization of prior service cost and net gain included in net income - 114027;