2016-08-15T10:20:25-05:00 2015-12-31 420714325 RSM US LLP 801 NICOLLET MALL SUITE 1100 MINNEAPOLIS MN 55402 990 2015-01-01 361163912 GREAT LAKES CREDIT UNION GREA 8475787000 2111 WAUKEGAN ROAD BANNOCKBURN IL 60015 KAMIL SAKICI EVP/CFO 8475787000 2016-08-15 1 GERALD B KISSELL P00092658 6123324300 2015 2016-12-15 16:53:06Z VIKKI KAISER 2111 WAUKEGAN ROAD BANNOCKBURN IL 60015 63959827 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 71,902 MEMBERS. 9 9 318 10 249272 -23193 0 0 28126350 29857668 4000164 3106582 41591 123160 32168105 33087410 0 5092 2345423 2095991 14628424 15375291 0 0 0 13579629 14327317 30553476 31803691 1614629 1283719 639824290 719627155 577349621 650245048 62474669 69382107 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 71,902 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 2015, GLCU PROVIDED THE FOLLOWING LOANS - 418 MORTGAGES TOTALING $89,050,356; 5,419 VEHICLE LOANS TOTALING $100,620,909; 11,064 CONSUMER LOANS TOTALING $40,129,831. 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 17155 0 1 318 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 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 477699 0 22821 KAMIL SAKICI EVP-CFO 40.00 X 279444 0 27933 LORRAINE KOST SVP-CAO 40.00 X 158799 0 18632 RICH EDWARDS SVP-CLO 40.00 X 225495 0 8925 KEVIN BOGAC SVP-CIO 40.00 X 214920 0 0 YVONNE BAILEY SVP-COO 40.00 X 180440 0 23941 BRIAN BOCKHOLDT SALES MANAGER 40.00 X 185196 0 16486 MICHAEL WALKER MORTGAGE TRAINING SALES MA 40.00 X 130604 0 10987 JIM P BUERER DIRECTOR OF INFORMATION SYSTEMS 40.00 X 111618 0 16899 DION K ROSECRANS IT SOLUTIONS ENGINEER 40.00 X 106373 0 4252 ELENA PALOUMPIS MORTGAGE LOAN ORIGINATOR 40.00 X 102584 0 5483 2173172 0 156359 12 0 1 0 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 SOFTWARE 763829 EFRAIM CARLSON AND SON INC 14052 PETRONELLA DR STE 105 LIBERTYVILLE IL 60048 GENERAL CONTRACTOR 733803 MERIDIAN IT INC PO BOX 33950 CHICAGO IL 60694 NETWORK SUPPORT 512850 DAKOTA SECURITY SYSTEMS INC 2201 E 54TH ST N SIOUX FALLS SD 57104 SECURITY 338816 KELSO-BURNETT CO 5200 NEWPORT DRIVE ROLLING MEADOWS IL 60008 ELECTRICAL SERVICES 210268 12 INTEREST ON LOANS 522100 21012768 21012768 SERVICE FEE INCOME 522100 3990237 3870059 120178 ATM/CREDIT CARD SERVICES 522100 3411731 3290411 121320 FEE/OTHER MISC INCOME 522100 1442932 1442932 29857668 1629257 7774 1621483 62025 52335 9690 9690 9690 31045776 1251631 30820082 0 225694 1251631 1477325 1477325 GAIN FROM MERGER 523000 113470 113470 113470 33087410 29729640 249272 3108498 5092 2095991 1649124 11146828 361529 1181038 1036772 247209 168540 1572 2363934 412537 1380031 1419817 376520 288789 2228240 298290 PROVISION FOR LOAN LOSS 1779130 EQUIPMENT MAINT 855852 ATM NETWORK FEES 218722 CK & PMT PROCESSING FEE 77621 2210513 31803691 58819489 61874193 4959188 17037208 405844410 487504263 948176 1078801 45416898 16156866 26119382 29260032 119566755 94039606 3528644 4187249 1170452 1895189 18867794 22750614 639824290 719627155 4703724 4756638 2953117 3507214 20100000 9500000 549592780 632481196 577349621 650245048 X 0 0 0 0 62474669 69382107 62474669 69382107 639824290 719627155 X 1283719 108991 5514728 X 0 1 X 1 0 2550 2550 2550 1 CREDIT UNION POLITICAL ACTION COMMITTEE 1807 W DIEHL ROAD 3107 NAPERVILLE IL 60566 363092340 2550 PART I-A, LINE 1: THE ORGANIZATION MAKES POLITICAL EXPENDITURES FOR THE PURPOSE OF SUPPORTING THE CREDIT UNION POLITICAL ACTION COMMITTEE. 0 1 X 554923 9973544 10528467 20507244 7562960 12944284 167874 2047 165827 10805162 7261052 3544110 3408151 1330807 2077344 29260032 MEMBERS' SHARES 626481196 INVESTMENTS TRADED BUT NOT SETTLED 6000000 632481196 X 33139745 0 33139745 -52335 -52335 33087410 31856026 52335 52335 31803691 0 31803691 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 2015 AND 2014. 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. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED AS REVENUE -52,335. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED AS REVENUE 52,335. 0 COLLEGE SCHOLARSHIPS 6 5092 X 1 1 X X 0 1 0 VIKKI KAISER PRESIDENT/CEO 351221 0 3000 0 123478 0 10600 0 14671 0 502970 0 0 0 KAMIL SAKICI EVP-CFO 203274 0 45000 0 31170 0 10316 0 19549 0 309309 0 0 0 LORRAINE KOST SVP-CAO 107696 0 23000 0 28103 0 6410 0 13753 0 178962 0 0 0 RICH EDWARDS SVP-CLO 168173 0 26000 0 31322 0 8925 0 1631 0 236051 0 0 0 KEVIN BOGAC SVP-CIO 157418 0 30000 0 27502 0 0 0 1246 0 216166 0 0 0 YVONNE BAILEY SVP-COO 119303 0 32000 0 29137 0 6325 0 18902 0 205667 0 0 0 BRIAN BOCKHOLDT SALES MANAGER 59534 0 1000 0 124662 0 5519 0 11773 0 202488 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, LINE 4B 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 VICKI KAISER & KAMIL SAKICI, BUSINESS RELATIONSHIP 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 11 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: EQUITY ACQUIRED IN MERGER 5,514,728. GREAT LAKES CREDIT SERVICE ORGANIZATION 2525 GREEN BAY ROAD NORTH CHICAGO IL 60064 363429771 CREDIT UNION IL 0 97 GLCU