2015-08-07T15:50:45-05:00 2014-12-31 420714325 MCGLADREY LLP 801 NICOLLET MALL SUITE 1100 MINNEAPOLIS MN 55402 990 2014-01-01 361163912 GREAT LAKES CREDIT UNION GREA 8475787000 2111 WAUKEGAN ROAD BANNOCKBURN IL 60015 VIKKI KAISER SVP/CFO 8475787000 2015-08-06 1 GERALD B KISSELL P00092658 6123324300 2014 2016-02-25 16:41:14Z X VIKKI KAISER 2111 WAUKEGAN ROAD BANNOCKBURN IL 60015 59819887 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 58,205 MEMBERS. 7 7 265 9 207324 -2448 0 0 27785793 28126350 3847540 4000164 262002 41591 31895335 32168105 0 0 2799346 2345423 13335024 14628424 0 0 0 15062732 13579629 31197102 30553476 698233 1614629 643753161 639824290 583836464 577349621 59916697 62474669 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 58,205 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 2014, GLCU PROVIDED THE FOLLOWING LOANS - 391 MORTGAGES TOTALING $93,202,438; 2,601 VEHICLE LOANS TOTALING $44,916,071; 11,318 CONSUMER LOANS TOTALING $41,596,360. 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 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 17008 0 1 265 1 1 1 0 0 0 0 0 X 7 7 0 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 STEPHEN PARK TREASURER 5.00 X X 0 0 0 DANIEL M DOYLE DIRECTOR 5.00 X 0 0 0 JAMES E MARCH DIRECTOR 5.00 X 0 0 0 PATRICE PRICE DIRECTOR 5.00 X 0 0 0 JAMES A RHOADES DIRECTOR 5.00 X 0 0 0 SHIRLEY M SOLBERG DIRECTOR 5.00 X 0 0 0 VIKKI KAISER PRESIDENT/CEO 40.00 X 440996 0 29923 KAMIL SAKICI EVP-CFO 40.00 X 257676 0 34123 LORRAINE KOST SVP-CAO 40.00 X 193471 0 28326 KEVIN BOGAC SVP-CIO 40.00 X 195699 0 0 RICH EDWARDS SVP-CLO 40.00 X 217561 0 6458 YVONNE BAILEY SVP-COO 40.00 X 156858 0 35779 BRIAN BOCKHOLDT SALES MANAGER 40.00 X 113793 0 7773 PHILIP LAGIGLIA DIRECTOR OF MORTGAGE SERVICES 40.00 X 228544 0 30062 JOSEPH LAGIGLIA WHOLESALE SALES MANAGER 40.00 X 102737 0 18584 MICHAEL WALKER MORTGAGE TRAINING SALES MANAGER 40.00 X 100118 0 15225 2007453 0 206253 10 0 1 0 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 SOFTWARE 836063 MERIDIAN IT INC PO BOX 33950 CHICAGO IL 60694 NETWORK SUPPORT 444742 EFRAIM CARLSON AND SON INC 14052 PENTRONELLA DR STE 105 LIBERTYVILLE IL 60048 GENERAL CONTRACTOR 271359 EDGE ONE INC-SERVICE ONE SOL 161 BUSINESS PARK CIRCLE SOUGHTON WI 53589 ATM MAINTENANCE 260297 AAA AUTO CLUB SOUTH INC 1515 N WESTSHORE BLVD TAMPA FL 33607 DEALER RELATIONSHIP 202113 20 INTEREST ON LOANS 522100 20244426 20244426 SERVICE FEE INCOME 522100 3801514 3698545 102969 ATM/CREDIT CARD SERVICES 522100 3156090 3051735 104355 FEE/OTHER MISC INCOME 522100 924320 924320 28126350 1802909 1802909 92327 50736 41591 41591 41591 29798301 27601046 2197255 2197255 2197255 32168105 27919026 207324 4041755 2345423 1404233 10419246 264545 1627667 912733 243828 237030 16429 478988 1230429 840482 1278486 270258 244121 1762358 411543 PROVISION FOR LOAN LOSS 2701995 LOAN SERVICING 2334857 ATM NETWORK FEES 284666 1244159 30553476 47775251 58819489 28580614 4959188 403150390 405844410 528559 948176 40199248 14079866 21801162 26119382 115028357 119566755 4063684 3528644 1399196 1170452 21425948 18867794 643753161 639824290 5060113 4703724 2442759 2953117 8600000 20100000 567733592 549592780 583836464 577349621 X 0 0 0 0 59916697 62474669 59916697 62474669 643753161 639824290 X 1614629 507627 435716 X 0 1 X 1 0 1581 1581 1581 1 CREDIT UNION POLITICAL ACTION COMMITTEE 1807 W DIEHL ROAD 3107 NAPERVILLE IL 60566 363092340 1581 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 9408077 9962900 19150065 6721911 12428154 8714339 6027148 2687191 2371944 1330807 1041137 26119382 MEMBERS' SHARES 547592780 INVESTMENTS TRADED BUT NOT SETTLED 2000000 549592780 X 32218841 0 32218841 -50736 -50736 32168105 30604212 50736 50736 30553476 0 30553476 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 CUSO IS SUBJECT TO FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION DID NOT INCUR ANY UNRELATED BUSINESS INCOME TAX IN 2014 AND 2013. THE INTERNAL REVENUE SERVICE ("IRS") AND CERTAIN STATE TAXING AUTHORITIES ARE REVISITING WHAT, IF ANY, PRODUCTS AND SERVICES PROVIDED BY STATE CHARTERED CREDIT UNIONS OR THEIR CREDIT UNION SERVICE ORGANIZATIONS ARE SUBJECT TO UNRELATED BUSINESS INCOME TAX ("UBIT"). THERE IS CURRENTLY VERY LITTLE GUIDANCE IN THE IRS CODE ON WHAT ACTIVITIES SHOULD BE SUBJECT TO UBIT. THE IRS HAS ISSUED CERTAIN TECHNICAL ADVICE MEMORANDUMS IDENTIFYING CERTAIN ACTIVITIES AS BEING SUBJECT TO UBIT. AS A RESULT, AT THIS TIME THERE IS UNCERTAINTY REGARDING WHETHER STATE CHARTERED CREDIT UNIONS SHOULD PAY INCOME TAX ON CERTAIN TYPES OF NET TAXABLE INCOME FROM ACTIVITIES THAT MAY BE CONSIDERED BY TAXING AUTHORITIES AS UNRELATED TO THE PURPOSE FOR WHICH CREDIT UNIONS WERE GRANTED NON-TAXABLE STATUS. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES DEEMED UNRELATED TO THE CREDIT UNION'S NON-TAXABLE STATUS IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON FINANCIAL POSITION OR RESULTS OF OPERATIONS. 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. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED AS REVENUE -50,736. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED AS REVENUE 50,736. X 1 1 X X 0 1 0 VIKKI KAISER PRESIDENT/CEO 329015 0 77500 0 34481 0 7800 0 22123 0 470919 0 0 0 KAMIL SAKICI EVP-CFO 200872 0 33000 0 23804 0 7726 0 26397 0 291799 0 0 0 LORRAINE KOST SVP-CAO 145329 0 22000 0 26142 0 5153 0 23173 0 221797 0 0 0 KEVIN BOGAC SVP-CIO 151739 0 22200 0 21760 0 0 0 0 0 195699 0 0 0 RICH EDWARDS SVP-CLO 170781 0 23000 0 23780 0 6458 0 0 0 224019 0 0 0 YVONNE BAILEY SVP-COO 115847 0 19000 0 22011 0 4332 0 31447 0 192637 0 0 0 PHILIP LAGIGLIA DIRECTOR OF MORTGAGE SERVICES 151131 0 77247 0 166 0 7080 0 22982 0 258606 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 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 BOARD OF DIRECTORS OF UP TO NINE MEMBERS. THE BOARD IS COMPRISED OF ACTIVE MEMBERS OF THE CREDIT UNION WHO ARE SELECTED BY THE MEMRERSHIP 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 GLCU USED EXTERNAL SALARY SURVEY FROM CUES AND PRESENTS THE SALARY DATA TO THE BOARD OF DIRECTORS. THE BOARD DETERMINES THE COMPENSATION FOR THE PRESIDENT/CEO, AND IN TURN THE PRESIDENT/CEO USES THE DATA TO DETERMINE SR. MANAGEMENT SALARIES. 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 435,716. GREAT LAKES CREDIT SERVICE ORGANIZATION 2525 GREEN BAY ROAD NORTH CHICAGO IL 60064 363429771 CREDIT UNION IL 0 97 GLCU