2024-05-13T17:46:09-05:00 2023-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2023-01-01 361163912 GREAT LAKES CREDIT UNION GREA 8475787000 2111 WAUKEGAN ROAD BANNOCKBURN IL 60015 TIMOTHY LUKOMSKI CHIEF FIANANCIAL OFFICER 8475787000 2024-05-13 TIMOTHY LUKOMSKI XXX-XX-XXXX 0 BRANDON M WILSON P02447970 2482443000 0 AAL1 IAL1 2023 2023-04-26 12:10:37Z STEVEN BUGG 2111 WAUKEGAN ROAD BANNOCKBURN IL 60015 118126569 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 MEMBERS. 9 9 315 9 336580 47401 281781 534675 50491977 56889514 3283036 7293005 0 43378 54056794 64760572 69530 24000 0 0 20733923 21891886 0 0 0 24075152 40137079 44878605 62052965 9178189 2707607 1341546042 1313509604 1245630336 1221676485 95915706 91833119 TO OFFER PRODUCTS AND SERVICES FOR OUR MEMBERS TO ACHIEVE THEIR FINANCIAL GOALS. WE WILL BUILD VALUED RELATIONSHIPS, ONE MEMBER AT A TIME. 0 0 LOANS ARE GRANTED TO INDIVIDUALS WHO ARE MEMBERS IN GOOD STANDING WITH THE CREDIT UNION AND WHO QUALIFY FOR SUCH LOANS. GLCU PROVIDES THE FOLLOWING TYPES OF LOANS, MORTGAGES, HELOC'S, AUTO, RV, UNSECURED, BOAT AND COMMERCIAL. ATM DEBIT 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 1 1 1 0 1 0 0 0 0 0 0 0 0 1 1 1 1 0 1 24179 0 1 315 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X STEVEN BUGG 8475787000 2111 WAUKEGAN ROAD BANNOCKBURN IL 60015 STEPHEN M PARK BOARD CHAIR 7.00 X 0 0 0 PATRICE PRICE BOARD VICE CHAIR 7.00 X 0 0 0 JAMES A FABRIE BOARD TREASURER 5.00 X 0 0 0 JIM MARCH BOARD SECRETARY 5.00 X 0 0 0 R LEE PIEKARZ DIRECTOR 5.00 X 0 0 0 KEVIN LEMAN DIRECTOR 5.00 X 0 0 0 DAVID GOLES DIRECTOR 5.00 X 0 0 0 CATHY CORBI DIRECTOR 5.00 X 0 0 0 SARAH MARSHALL DIRECTOR 5.00 X 0 0 0 STEVEN BUGG PRESIDENT/CEO 40.00 X 570574 0 42241 TIMOTHY LUKOMSKI CHIEF FINANCIAL OFFICER 40.00 X 291495 0 44302 MICHAEL HERSH CHIEF ADMINISTRATIVE OFFICER 40.00 X 264560 0 37062 ELIZABETH OSBORNE CHIEF OPERATIONS OFFICER 40.00 X 245567 0 45664 FRED CAMPOBASSO CHIEF LENDING OFFICER 40.00 X 247900 0 20488 PATRICK BASLER CHIEF EXPERIENCE OFFICER 40.00 X 235026 0 34415 DIANA BYERS SVP ENTERPRISE RISK MANAGEMENT 40.00 X 196820 0 18751 DION ROSECRANS MANAGER IT 40.00 X 140621 0 6948 DONNA WIOREK SENIOR VICE PRESIDENT - ACCOUNTING AND FINANCE 40.00 X 216693 0 15225 PREDRAG GRMUSA VP OF HUMAN RESOURCES & ORGANIZATIONAL DEVELOPMENT 40.00 X 147369 0 28274 2556625 0 293370 32 0 1 0 ACCESS SOFTEK INC 727 ALLSTON SUITE C BERKELY CA 94710 MULTIPLE SERVICES FEE FOR OUR ONLINE/MOB 843251 JACK HENRY & ASSOC INC PO BOX 609 MONETT MO 65708 SOFTWARE/LICENSE FEES FOR ENSENTA (ATM), 738423 VELOCITY PARENT CORPORATION PO BOX 460939 FORT LAUDERDALE FL 33346 ICS REFERRALS RESPONSES, ARS LICENSING/P 514593 DOXIM 747 E WHITCOMB AVENUE MADISON HEIGHTS MI 48071 MONTHLY MEMBER'S ACCOUNT STATEMENT BILLI 443078 AUDACY OPERATIONS INC PO BOX 77093 CLEAVELAND OH 44194 USED FOR ADVERTISING IN OTHER LOCATIONS 324301 29 524675 10000 534675 INTEREST ON LOANS 522100 46036336 46036336 FEES & CHARGES 522100 10092060 10092060 MORTGAGE LOAN INCOME 522100 424538 424538 FINANCE AND INSURANCE 520000 336580 336580 56889514 7459046 7459046 53178956 21000 53350019 15978 -171063 5022 -166041 -166041 OTHER INCOME 522100 43378 43378 43378 64760572 56596312 336580 7293005 9000 15000 2079294 16071508 682530 1762717 1295837 98629 197853 23111 5157590 1144820 3806922 2077051 680340 373186 21351715 1239361 172904 LOAN SERVICING 2420496 MISCELLANEOUS EXPENSES 1699830 RECAPTURE OF CREDIT LOS -306729 62052965 58118359 62582980 14620292 15768288 4231634 3612027 1087568673 1049778933 1965622 1338668 36553893 18982506 18475100 17571387 112433329 111372309 14328107 9684253 159166 53749 29645760 41747010 1341546042 1313509604 16379616 22454111 7679461 4269688 269229378 190914183 952341881 1004038503 1245630336 1221676485 X 0 0 0 0 95915706 91833119 95915706 91833119 1341546042 1313509604 X 2707607 2605336 -9395530 X X 0 1 X 1 0 6000 6000 6000 1 CREDIT UNION POLITICAL ACTION COUNCIL 1807 WEST DIEHL ROAD NAPERVILLE IL 60563 363092340 6000 SCHEDULE C, PART I-A, LINE 1 THE CREDIT UNION MAKES POLITICAL EXPENDITURES TO THE CREDIT UNION POLITICAL ACTION COUNCIL FOR THE PURPOSE OF SUPPORTING THE CREDIT UNION INDUSTRY. 0 1 X 7621566 7621566 20774243 12411153 8363090 629055 452687 176368 6552256 5647266 904990 976773 471400 505373 17571387 SHARES 1004038503 1004038503 X 64760572 0 64760572 0 64760572 62052965 0 62052965 0 62052965 PART IV, LINE 2B: THE CREDIT UNION COLLECTS (ON A MONTHLY BASIS) PAYMENT FROM THEIR MEMBERS WITH MORTGAGE LOANS OUTSTANDING. AS STIPULATED BY THE AGREEMENT SIGNED BY BOTH PARTIES, THE MONTHLY PAYMENT FOR EACH MEMBER INLCUDES PRINCIPAL, INTEREST, AND ESCROWS. ESCROWS ARE USED TO PAY TAXES AND INSURANCE ON THE PROPERTY. PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE (INTERNAL REVENUE CODE SECTION 501(C)(14)), FROM FEDERAL INCOME TAX. 0 WAUKEGAN PUBLIC LIBRARY 128 NORTH COUNTY STREET WAUKEGAN IL 60085 366006139 501(C)(3) 9000 0 GENERAL SUPPORT 1 0 COLLEGE SCHOLARSHIPS 6 15000 SCHEDULE I, PART I, LINE 2 CONTRIBUTIONS TO ORGANIZATIONS ARE NOT GRANTS AND ARE NOT MONITORED SUBSEQUENT TO DISBURSEMENT. SIX $2,500 SCHOLARSHIPS WERE AWARDED TO STUDENTS PLANNING TO ATTEND OR CURRENTLY ATTENDING AN ACCREDITED POST-SECONDARY INSTITUTION OR VOCATIONAL/TRADE SCHOOL. APPLICANTS MUST HAVE A MINIMUM OF A 2.50 CUMULATIVE GPA ON A 4.00 SCALE AND MUST BE A MEMBER OF GREAT LAKES CREDIT UNION. X X 1 1 X X X X X 0 1 0 STEVEN BUGG PRESIDENT/CEO 472746 0 90000 0 7828 0 12500 0 29741 0 612815 0 0 0 TIMOTHY LUKOMSKI CHIEF FINANCIAL OFFICER 272826 0 6300 0 12369 0 13780 0 30522 0 335797 0 0 0 MICHAEL HERSH CHIEF ADMINISTRATIVE OFFICER 246818 0 12045 0 5697 0 12710 0 24352 0 301622 0 0 0 ELIZABETH OSBORNE CHIEF OPERATIONS OFFICER 228747 0 11592 0 5228 0 12158 0 33506 0 291231 0 0 0 PATRICK BASLER CHIEF EXPERIENCE OFFICER 229493 0 448 0 5085 0 6931 0 27484 0 269441 0 0 0 FRED CAMPOBASSO CHIEF LENDING OFFICER 239792 0 2585 0 5523 0 12226 0 8262 0 268388 0 0 0 DONNA WIOREK SENIOR VICE PRESIDENT - ACCOUNTING A 205805 0 9617 0 1271 0 1946 0 13279 0 231918 0 0 0 DIANA BYERS SVP ENTERPRISE RISK MANAGEMENT 186414 0 8861 0 1545 0 10332 0 8419 0 215571 0 0 0 PREDRAG GRMUSA VP OF HUMAN RESOURCES & ORGANIZATION 138068 0 8691 0 610 0 7689 0 20585 0 175643 0 0 0 PART I, LINE 1A GREAT LAKES CREDIT UNION ALLOWS FIRST CLASS TRAVEL FOR THE CEO AND DIRECTORS FOR BUSINESS TRAVEL. ADDITIONALLY, THE CREDIT UNION ALLOWS A COMPANION TO JOIN EACH DIRECTOR OR MEMBER OF THE EXECUTIVE MANAGEMENT TEAM ON ONE BUSINESS TRIP PER YEAR. THE TRAVEL COMPANIONS ARE EXPECTED TO PARTICIPATE IN ANY NETWORKING EVENTS AND REPRESENT THE CREDIT UNION. PART I, LINE 4B THE PRESIDENT/CEO, STEVEN BUGG, PARTICIPATES IN A 457(F) PLAN AND RECEIVED A BENEFIT PAYOUT IN THE AMOUNT OF $20,962 DURING 2023. ADDITIONALLY, THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO ITS PRESIDENT/CEO, STEVEN BUGG, THROUGH A LOAN REGIME ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." AS PER THE CONTRACTUAL AGREEMENT, THE PARTICIPANTS MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE UNDERLYING LIFE INSURANCE POLICY TO SUPPLEMENT RETIREMENT INCOME. THESE DRAWS ARE TAX FREE FOR THE PARTICIPANTS UP TO THE PREMIUMS PAID INTO THE POLICIES. UPON THE PARTICIPANT'S DEATH THE CREDIT UNION RECOVERS THE EXECUTIVE'S LOAN BALANCE WHICH INCLUDES INTEREST, PLUS KEY-PERSON INSURANCE PROCEEDS. SEE SCHEDULE L. STEVEN BUGG PRESIDENT/CEO SPLIT DOLLAR PLAN PREMIUM X 3800000 3612027 0 1 1 3612027 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION HAS MEMBERS. 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 TEN 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 CEO 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 FORM 990, PART VI, LINE 15A GREAT LAKES CREDIT UNION USED EXTERNAL SALARY DATA FROM CUES, COMPEASE, AND PEER GROUP FORUMS TO PROVIDE TO THE BOARD. THE BOARD REVIEWS PRESIDENT/CEO DATA FOR DETERMINING COMPENSATION AND PRESIDENT/CEO EXECUTIVE SURVEY DATA FOR EXECUTIVE SALARY DETERMINATION. THE PROCESS WAS LAST UNDERGONE IN 2023, AND WAS DOCUMENTED IN THE BOARD MINUTES. FORM 990, PART VI, LINE 15B TO DETERMINE THE COMPENSATION FOR ORGANIZATIONAL OFFICERS AND OTHER KEY EMPLOYEES, GREAT LAKES CREDIT UNION USES COMPEASE FOR JOB LEVELING AND SALARY SURVEYS FOR COMPARABLE POSITIONS AT SIMILAR ORGANIZATIONS. IN ADDITION, GREAT LAKES CREDIT UNION REFERENCES SALARY SURVEYS TO VALIDATE INFORMATION FROM COMPEASE. THE BOARD REVIEWS THE DATA FOR SALARY DETERMINATION. THIS PROCESS WAS LAST UNDERGONE IN 2023, AND WAS DOCUMENTED IN THE BOARD MINUTES. 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). FINANCIAL STATEMENTS ARE ALSO AVAILABLE FOR VIEWING ON NCUA.GOV VIA THE QUARTERLY CALL REPORT. FORM 990, PART XI, LINE 9: CUMULATIVE EFFECT FROM CHANGE IN ACCOUNTING PRINCIPLE -9,460,345. OTHER COMPREHENSIVE INCOME - POST-RETIREMENT HEALTHCARE PLAN 64,815. FORM 990, PART XII, LINE 2C THERE WERE NO CHANGES IN THE PROCESS OF THE COMMITTEE THAT ASSUMES RESPONSIBILITY OF THE OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT AUDITOR. GLCU HOLDINGS LLC 2111 WAUKEGAN RD BANNOCKBURN IL 60015 933339026 HOLDING COMPANY IL -615 999386 GREAT LAKES CREDIT UNION MORTGAGE FORWARD LLC 2111 WAUKEGAN RD BANNOCKBURN IL 60015 933414089 MORTGAGE ORIGINATION IL 0 500001 GLCU HOLDINGS LLC GLCU INSURANCE SERVICES LLC 2111 WAUKEGAN RD BANNOCKBURN IL 60015 933438070 INSURANCE SERVICES IL -615 499385 GLCU HOLDINGS LLC GLCU FOUNDATION FOR FINANCIAL EMPOWERMENT 2111 WAUKEGAN ROAD BANNOCKBURN IL 60015 470970671 CHARITABLE FOUNDATION IL 501(C)(3) LINE 10 GREAT LAKES CREDIT UNION 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 GLCU HOLDINGS LLC B 1000001 ACTUAL