2013-08-12T14:00:25-05:00 2012-12-31 CROWE HORWATH LLP 70 West Madison Street Suite 700 Chicago IL 606024903 990 2012-01-01 361163912 GREAT LAKES CREDIT UNION GREA 8475787000 2525 Green Bay Road North Chicago IL 60064 KAMIL SAKICI 2013-07-08 true P01254056 3128997000 2012 2016-02-24 21:20:13Z VIKKI KAISER 2525 GREEN BAY ROAD North Chicago IL 60064 74630035 false X WWW.GLCU.ORG X 1938 IL THE PRIMARY EXEMPT PURPOSE OF GREAT LAKES CREDIT UNION IS TO PROVIDE LOANS, SAVINGS ACCOUNTS, AND OTHER FINANCIAL SERVICES THAT PROMOTE THE FINANCIAL PROSPERITY OF OUR 41,035 MEMBERS. 9 9 173 9 0 0 0 0 25309268 24406416 3453570 3784693 488452 30261 29251290 28221370 0 0 0 0 9232869 10050583 0 0 0 19035337 17578134 28268206 27628717 983084 592653 544186190 525732943 486912339 468484081 57273851 57248862 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 41,035 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 2012, GLCU PROVIDED THE FOLLOWING LOANS: - 342 MORTGAGES TOTALING $77,770,690 - 1,496 VEHICLE LOANS TOTALING $27,594,243 - 13,366 CONSUMER LOANS TOTALING $27,933,210 ATM/DEBIT CARDS AND CHECKCARDS ARE AVAILABLE TO MEMBERS WHO APPLY FOR ELECTRONIC ACCESS TO THEIR ACCOUNTS FOR DEPOSIT AND WITHDRAWAL OF FUNDS AND ACCOUNT INFORMATION. CHECKING ACCOUNTS ARE OFFERED TO MEMBERS, SOME WITH NO MONTHLY SERVICE FEE. VARIOUS INSURANCE PRODUCTS ARE OFFERED TO MEMBERS FOR SALE. TYPES OF PRODUCTS OFFERED INCLUDE CREDIT LIFE, CREDIT DISABILITY, MECHANICAL BREAKDOWN PROTECTION (MPB) AND FINANCIAL GAP PROTECTION. false false true false false false false true false true false false false true true false true false false false false false false false false false false false true false false false false false false false false false false true false false false false true 12843 0 true 173 true false false false false false false X 9 9 false false false false true true false true true false false true true true true true true false false false X KAMIL SAKICI 8475787000 2525 GREEN BAY ROAD North Chicago IL 60064 BERTINE A NIXON 5.00 X X 0 0 0 DANIEL M DOYLE 5.00 X X 0 0 0 JAMES FABRIE 5.00 X X 0 0 0 R LEE PIEKARZ 5.00 X X 0 0 0 SHIRLEY M SOLBERG 5.00 X X 0 0 0 STEPHEN PARK 5.00 X X 0 0 0 JAMES A RHOADES 5.00 X 0 0 0 JAMES E MARCH 5.00 X 0 0 0 ROBERT GREEN 5.00 X 0 0 0 KAMIL SAKICI 40.00 X 224106 0 30223 LORRAINE KOST 40.00 X 162044 0 18562 VIKKI KAISER 40.00 X 501618 0 21765 KEVIN BOGAC 40.00 X 169510 0 1133 RICH EDWARDS 40.00 X 165528 0 5678 YVONNE BAILEY 40.00 X 129104 0 4574 1351910 0 81935 6 false true false JACK HENRY & ASSOCIATES INC P O BOX 609 MONETT MO 65708 SOFTWARE 558703 EFRAIM CARLSON AND SON INC 14052 PETRONELLA DR SUITE 105 LIBERTYVILLE IL 600489512 GENERAL CONTRACTOR/CONSTRUCTION 214283 ARCATECH SYSTEMS P O BOX 533176 CHARLOTTE NC 28290 CASH RECYCLER VENDOR AND MAINT 176025 THILLENS INC 4242 N ELSTON AVENUE CHICAGO IL 60618 ATM/ARMORED CAR 174300 MERIDIAN IT INC P O BOX 33950 CHICAGO IL 60694 NETWORK SUPPORT 119230 5 0 INTEREST ON MEMBER LOANS 522100 18024927 18024927 SERVICE FEE INCOME 522100 3292027 3292027 ATM/CREDIT CARD SERVICES 522100 2473989 2473989 INSURANCE PRODUCT SALES 522100 170018 170018 FINANCIAL PLANNING SERVICES 522100 97329 97329 348126 348126 0 0 24406416 2334663 2334663 0 0 40783 10522 30261 0 30261 30261 47340968 507205 46398142 942826 507205 1450030 1450030 0 0 0 0 0 0 0 0 0 0 0 28221370 24406416 0 3814954 1400167 6372400 381224 1299924 596867 313411 223000 7872 1518231 399304 848354 616656 781487 182133 4452587 1604596 912198 PROVISION FOR LOAN LOSS 3425203 INSURANCE PREM ASSESSMENT 423848 ARMORED CAR SERVICE 116951 ATM NETWORK FEES 222467 1529836 27628717 0 0 0 50722135 36637750 11991519 6919427 0 0 331278893 332081331 545657 534553 29535987 13180660 16897650 16355327 120912573 119385016 1774500 2288851 0 0 903987 804594 9159276 10726094 544186190 525732943 4341620 4604186 0 33650000 17650000 448920719 446229895 486912339 468484081 X 57273851 57248862 57273851 57248862 544186190 525732943 X 592653 177223 -373579 -421286 X false true true false 1500 0 0 1500 1500 true CREDIT UNION POLITICAL ACTION COMMITTEE 1807 W DIEHL RD 3107 NAPERVILLE IL 60566 363092340 1500 Description of political campaign activities Schedule C, Part I-A, Line 1 THE ORGANIZATION MAKES POLITICAL EXPENDITURES FOR THE PURPOSE OF SUPPORTING THE CREDIT UNION POLITICAL ACTION COMMITTEE. true 1278482 36820668 36450350 1648799 false 554823 4814768 5369591 13950391 5380288 8570103 63759 40841 22918 7356958 5312171 2044787 2795288 2447360 347928 16355327 0 MEMBERS' SHARES 446229895 446229895 X 27836423 177223 -562170 -384947 28221370 0 0 28221370 27639239 10522 10522 27628717 0 0 27628717 X true true X X X false true false KEVIN BOGAC 143004 0 11000 0 15506 0 0 0 1133 0 170643 0 0 0 RICH EDWARDS 135490 0 12000 0 18038 0 4093 0 1585 0 171206 0 0 0 LORRAINE KOST 129805 0 13500 0 18739 0 4139 0 14423 0 180606 0 0 0 KAMIL SAKICI 181142 0 21500 0 21464 0 5821 0 24402 0 254329 0 0 0 VIKKI KAISER 403617 0 67500 0 30501 0 6250 0 15515 0 523383 0 0 0 Travel for companions Schedule J, 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. Supplemental nonqualified retirement plan Schedule J, Part I, Line 4b THE ORGANIZATION HAS A 457(F) PLAN FOR ITS CEO, VIKKI KAISER. THERE WAS NO AMOUNT PAID OUT TO THE CEO DURING THE YEAR. Classes of members or stockholders 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. Members or stockholders electing members of governing body Form 990, Part VI, Section A, Line 7a GREAT LAKES CREDIT UNION IS A MEMBER OWNED COOPERATIVE BUSINESS ORGANIZATION, GOVERNED BY AN 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. Review of form 990 by governing body 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. Conflict of interest policy Form 990, Part VI, Section B, Line 12c THE ORGANIZATION'S OFFICERS, DIRECTORS, TRUSTEES & KEY EMPLOYEES ARE REQUIRED TO ANNUALLY DISCLOSE ANY ACTUAL OR POTENTIAL CONFLICTS OF INTERESTS THEY MAY HAVE WITH THE ORGANIZATION. THE 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. PROCESS FOR DETERMINING COMPENSATION FOR THE TOP MANAGEMENT OFFICIAL FORM 990, PART VI, LINE 15A ALTHOUGH THE BOARD OF DIRECTORS REVIEW THE CEO'S COMPENSATION ANNUALLY. ONLY ON A PERIODIC BASIS IS AN INDEPENDENT OUTSIDE FIRM (LAST TIME IN 2011) OBTAINED TO PROVIDE INDUSTRY COMPARISONS. THIS IS THE REASON THIS QUESTION IS ANSWERED 'NO' FOR THE CURRENT YEAR. PROCESS USED TO ESTABLISH COMPENSATION FOR OTHER OFFICERS/KEY EMPLOYEES FORM 990, PART VI, LINE 15B THE ORGANIZATION USES THE LATEST CUES EMPLOYEE SALARY SURVEY TO PROVIDE A GENERAL SALARY RANGE FOR COMPENSATION FOR ITS OTHER OFFICERS. ADDITIONALLY, THE ORGANIZATION TAKES INTO CONSIDERATION THE OTHER OFFICERS' OVERALL EXPERIENCE, INDUSTRY EXPERIENCE, RELEVANT EDUCATION AND SPECIFIC JOB RESPONSIBILITIES. BONUSES FOR THE ORGANIZATION'S OTHER OFFICERS ARE BASED ON REACHING CERTAIN OVERALL CREDIT UNION PERFORMANCE CRITERIA. THE ORGANIZATION'S HR DEPARTMENT UTILIZES ITS SALARY RANGE, WHICH IS BASED ON INDUSTRY-SPECIFIC AND LOCAL EMPLOYER SALARY SURVEY DATA, TO DETERMINE COMPENSATION FOR ITS KEY EMPLOYEES. THE INDIVIDUAL'S RELEVANT EDUCATION, OVERALL WORK EXPERIENCE, INDUSTRY EXPERIENCE AND SPECIFIC JOB RESPONSIBILITIES ARE ALSO TAKEN INTO CONSIDERATION, AS WELL AS THEIR CURRENT RATE OF PAY AND INTERNAL EQUITY CONSIDERATIONS. KEY EMPLOYEES' INCENTIVES ARE DISCRETIONARY BASED ON PERFORMANCE AND MUST BE APPROVED BY THE CEO GROUP. COMPENSATION OF THE ORGANIZATION'S OTHER OFFICERS IS REVIEWED AND APPROVED BY THE PRESIDENT/CEO. ALL SALARY DETERMINATIONS FOR THE ORGANIZATION'S KEY EMPLOYEES ARE REVIEWED AND APPROVED BY THE SVP-ADMINISTRATION. THE PROCESS LAST TOOK PLACE IN 2012. Governing documents, conflict of interest policy and financial statements available to the public Form 990, Part VI, Section C, Line 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. Other changes in net assets or fund balances Form 990 , Part XI, Line 9 RECLASSIFICATION ADJUSTMENT ON DEFINED BENEFIT PENSION PLAN - 370134; RECLASSIFICATION ADJUSTMENT FOR LOSSES (GAINS) INCLUDED - -942826; CHANGE IN EQUITY ACQUIRED FROM MERGERS - 151406; PRIOR PERIOD ADJUSTMENT FORM 990, PART XI, LINE 8 SEVERAL YEARS AGO, THE CREDIT UNION INVESTED $1,000,000 IN A CREDIT UNION SERVICE ORGANIZATION (CUSO) FOR A 2% INTEREST. THE CUSO WAS A LIMITED LIABILITY COMPANY. ACCORDINGLY, THE CREDIT UNION ACCOUNTED FOR THE INVESTMENT UNDER THE COST METHOD. ANNUALLY, THE CUSO PAID DISTRIBUTIONS TO ITS OWNERS, PARTIALLY BASED ON PERCENTAGE OF OWNERSHIP AND PARTIALLY BASED ON TRANSACTION ACTIVITY EACH OWNER CONDUCTED WITH THE CUSO. IN NOVEMBER 2012, THE CREDIT UNION PURCHASED AN ADDITIONAL 23.3% OF THE CUSO FOR $1,240,000 RESULTING IN AN OVERALL OWNERSHIP PERCENTAGE OF 25.3%. AT THIS LEVEL OF OWNERSHIP, THE ACCOUNTING GUIDANCE REQUIRES THE USE OF THE EQUITY METHOD OF ACCOUNTING AND REQUIRES A RETROACTIVE ADJUSTMENT TO PRIOR PERIODS TO REFLECT AS IF THE EQUITY METHOD OF ACCOUNTING HAD ALWAYS BEEN FOLLOWED. AS A RESULT OF THE ABOVE, THE BEGINNING UNDIVIDED EARNINGS AND THE INVESTMENT IN CUSO WERE DECREASED BY $338,669 AS OF JANUARY 1, 2011. FOR 2011, THE INVESTMENT IN CUSO AND NET INCOME WERE REDUCED BY $34,910. FOR 2012, THE INVESTMENT IN CUSO HAS BEEN REPORTED ON THE EQUITY METHOD OF ACCOUNTING. AT DECEMBER 31, 2012, THE CARRYING VALUE OF THE INVESTMENT IN CUSO IS $1,772,000. GREAT LAKES CREDIT SERVICE ORGANIZATION 2525 GREEN BAY ROAD NORTH CHICAGO IL 60064 363429771 CREDIT UNION IL 0 97 GLCU