2017-11-13T12:32:30-06:00 2016-12-31 420714325 RSM US LLP 801 NICOLLET MALL SUITE 1100 MINNEAPOLIS MN 55402 990 2016-01-01 361163912 GREAT LAKES CREDIT UNION GREA 8475787000 2111 WAUKEGAN ROAD BANNOCKBURN IL 60015 KAMIL SAKICI EVP/CFO 8475787000 2017-11-10 1 GERALD B KISSELL P00092658 6123324300 108.171.131.187 2017-11-10 09:04:13 CS P 5AB5DFEC54AF030231DDAA57F2AFD57D98013E0B 5AB5DFEC54AF030231DDAA57F2AFD57D98013E0B 2016 2017-02-10 21:41:12Z VIKKI KAISER 2111 WAUKEGAN ROAD BANNOCKBURN IL 60015 56649212 0 X WWW.GLCU.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 83,219 MEMBERS. 9 9 322 9 318453 -32230 0 0 29857668 34275704 3106582 4235133 123160 31650 33087410 38542487 5092 6000 2095991 2675894 15375291 16883195 0 0 0 14327317 17299813 31803691 36864902 1283719 1677585 719627155 767316538 650245048 696382876 69382107 70933662 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 83,219 MEMBERS. 0 0 LOANS ARE GRANTED TO INDIVIDUALS WHO ARE MEMBERS IN GOOD STANDING WITH THE CREDIT UNION AND WHO QUALIFY FOR SUCH LOANS. FOR 2016, GLCU PROVIDED THE FOLLOWING LOANS - 541 MORTGAGES TOTALING $147,142,255; VEHICLE LOANS TOTALING $138,800,697; CONSUMER LOANS TOTALING $46,513,747. 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 0 1 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 20090 0 1 322 1 1 1 0 0 0 0 0 X 9 9 1 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X KAMIL SAKICI 8475787000 2111 WAUKEGAN ROAD BANNOCKBURN IL 60015 JAMES A FABRIE CHAIR 5.00 X X 0 0 0 R LEE PIEKARZ VICE CHAIR 5.00 X X 0 0 0 BERTINE A NIXON SECRETARY 5.00 X X 0 0 0 PATRICE PRICE TREASURER 5.00 X X 0 0 0 RICH DURANTE DIRECTOR 5.00 X 0 0 0 KEVIN LEMAN DIRECTOR 5.00 X 0 0 0 JIM E MARCH DIRECTOR 5.00 X 0 0 0 SHIRLEY M SOLBERG DIRECTOR 5.00 X 0 0 0 STEPHEN M PARK DIRECTOR 5.00 X 0 0 0 VIKKI KAISER PRESIDENT/CEO 40.00 X 482010 0 27442 KAMIL SAKICI EVP-CFO 40.00 X 284604 0 32797 RICH EDWARDS SVP-CLO 40.00 X 184675 0 7627 KEVIN BOGAC SVP-CIO 40.00 X 237688 0 0 YVONNE BAILEY SVP-COO 40.00 X 230546 0 30731 BRIAN BOCKHOLDT SALES MANAGER 40.00 X 174118 0 19149 LORRAINE KOST VP OF HR & STAFF DEVELOPMENT/SVP-CAO 40.00 X 163458 0 22228 LYNN ESP GENERAL COUNSEL 40.00 X 140536 0 22415 ERICKA GORMAN SVP, CHIEF LENDING OFFICER 40.00 X 127799 0 6122 MICHAEL WALKER MORTGAGE TRAINING SALES MANAGER 40.00 X 127226 0 12980 2152660 0 181491 14 0 1 0 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 SOFTWARE 739659 CARDTRONICS USA INC 3250 BRIARPARK DRIVE SUITE 400 HOUSTON TX 77042 ATM SERVICE 349655 MERIDIAN IT INC PO BOX 33950 CHICAGO IL 60694 NETWORK SUPPORT 299132 MICRODYNAMICS CORPORATION 8580 SOLUTION CENTER CHICAGO IL 60677 STATEMENT SERVICE 254432 CONVERGINT TECHNOLOGIES 35257 EAGLE WAY CHICAGO IL 60678 BUILDING MAINT SERVICE 245997 13 INTEREST ON LOANS 522100 24453144 24453144 SERVICE FEE INCOME 522100 4871093 4723454 147639 ATM/CREDIT CARD SERVICES 522100 3719167 3582600 136567 FEE/OTHER MISC INCOME 522100 1232300 1232300 34275704 1579373 34247 1545126 31650 0 31650 31650 31650 17711098 3051387 17291300 815425 419798 2235962 2655760 2655760 38542487 33991498 318453 4232536 6000 2675894 1526359 12316670 485481 1440795 1113890 220953 237939 46519 3064560 417307 1484406 1023196 1645550 295225 488551 2235372 228934 PROVISION FOR LOAN LOSS 3418306 ATM NETWORK FEES 258967 CK & PMT PROCESSING FEE 69919 ARMORED CAR SERVICE 59575 2104534 36864902 61874193 25370368 17037208 18058385 487504263 590966030 1078801 833162 47034262 18479942 29260032 28554320 94039606 74276752 4187249 4349000 1895189 1510095 22750614 23398426 719627155 767316538 4756638 4870342 3507214 4154766 9500000 43927910 632481196 643429858 650245048 696382876 X 0 0 0 0 69382107 70933662 69382107 70933662 719627155 767316538 X 1677585 72114 -198144 X 0 1 X 1 0 2806 2806 2806 1 CREDIT UNION POLITICAL ACTION COMMITTEE 1807 W DIEHL ROAD 3107 NAPERVILLE IL 60566 363092340 2806 PART I-A, LINE 1: THE ORGANIZATION MAKES POLITICAL EXPENDITURES FOR THE PURPOSE OF SUPPORTING THE CREDIT UNION POLITICAL ACTION COMMITTEE. 0 1 X 554823 9973544 10528367 21847643 8459287 13388356 167874 26614 141260 13298163 9740776 3557387 1192215 253265 938950 28554320 MEMBERS' SHARES 643429858 643429858 X 38542487 0 38542487 0 38542487 36864902 0 36864902 0 36864902 PART IV, LINE 2B: ESCROW ACCOUNTS ARE HELD TEMPORARILY FOR CURRENT CUSTOMERS ENGAGED IN LOAN ACTIVITY. PART X, LINE 2: 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 2016 AND 2015. 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. 0 COLLEGE SCHOLARSHIPS 6 6000 X 1 1 X X 1 1 0 VIKKI KAISER PRESIDENT/CEO 364720 0 2500 0 114790 0 13250 0 16641 0 511901 0 0 0 KAMIL SAKICI EVP-CFO 223834 0 37500 0 23270 0 12874 0 21932 0 319410 0 0 0 RICH EDWARDS SVP-CLO 150535 0 0 0 34140 0 7627 0 1129 0 193431 0 0 0 KEVIN BOGAC SVP-CIO 173451 0 42500 0 21737 0 0 0 1339 0 239027 0 0 0 YVONNE BAILEY SVP-COO 133339 0 72500 0 24707 0 10807 0 21237 0 262590 0 0 0 BRIAN BOCKHOLDT SALES MANAGER 73343 0 0 0 100775 0 7088 0 12867 0 194073 0 0 0 LORRAINE KOST VP OF HR & STAFF DEVELOPMENT/SVP-CAO 129291 0 11625 0 22542 0 8036 0 15683 0 187177 0 0 0 LYNN ESP GENERAL COUNSEL 126588 0 12455 0 1493 0 4296 0 18905 0 163737 0 0 0 PART I, LINE 1A 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 CURRENTLY NOT TREATED AS TAXABLE COMPENSATION. PART I, LINES 4A-B RICH EDWARDS RECEIVED A $30,000 SEVERANCE PAYMENT IN 2016. THE ORGANIZATION HAS A 457(F) PLAN FOR ITS CEO, VIKKI KAISER. THERE WERE NO DISTRIBUTIONS TO THE CEO DURING THE YEAR. FORM 990, PART VI, SECTION A, LINE 2 VIKKI KAISER & KAMIL SAKICI, BUSINESS RELATIONSHIP - AS PART OF THEIR DUTIES AS OFFICERS OF GLCU, VIKKI AND KAMIL SERVE AS DIRECTORS OF A CREDIT UNION SERVICE ORGANIZATION IN WHICH GLCU IS PART OWNER. FORM 990, PART VI, SECTION A, LINE 6 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, SECTION A, LINE 7A 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, SECTION A, LINE 7B 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, SECTION B, LINE 11B 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, SECTION B, LINE 12C 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, SECTION B, LINE 15 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. FORM 990, PART VI, SECTION C, LINE 19 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: RECLASS ADJ OF GAINS INCLUDED IN NET INCOME -419,798. RECLASS ADJ FOR AMORTIZATION OF PRIOR SERVICE COSTS/NET GAIN IN NET INCOME 221,654. GREAT LAKES CREDIT SERVICE ORGANIZATION 2525 GREEN BAY ROAD NORTH CHICAGO IL 60064 363429771 CREDIT UNION IL 0 97 GLCU