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Nonprofiteer
← GREAT LAKES CREDIT UNION

Form 990 for tax year 2022

Filed by GREAT LAKES CREDIT UNION.

Totals

Total revenue
$54,056,794
Total expenses
$44,878,605
Contributions and grants received
$281,781
Grants paid
$69,530
Program service revenue
$50,491,977
Investment income
$3,283,036
Other revenue
$0
Total assets, end of year
$1,341,546,042
Total liabilities, end of year
$1,245,630,336
Net assets or fund balances, end of year
$95,915,706
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
$0

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $281,781

  • 2a · Program service revenue: INTEREST ON LOANS

    total $35,552,489 · related or exempt $35,552,489

  • 2b · Program service revenue: SERVICE FEE INCOME

    total $4,425,487 · related or exempt $4,221,034 · unrelated business $204,453

  • 2c · Program service revenue: ATM/CREDIT CARD SERVICES

    total $3,865,495 · related or exempt $3,757,637 · unrelated business $107,858

  • 2d · Program service revenue: Mortgage Loan Income

    total $346,436 · related or exempt $346,436

  • 2e · Program service revenue: Fee/Other Misc Income

    total $6,302,070 · related or exempt $6,302,070

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $3,690,654 · unrelated business $1,507 · excluded $3,689,147

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7b · Less cost or other basis and sales expenses

    securities $407,618

  • 7c · Gain or loss

    securities -$407,618 · other assets $0

  • 7d · Net gain or loss

    total -$407,618 · excluded -$407,618

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $49,530

  • 2 · Grants to domestic individuals

    total $20,000

  • 5 · Compensation of officers, directors and key employees

    total $1,645,611

  • 7 · Other salaries and wages

    total $15,793,424

  • 8 · Pension plan contributions

    total $442,591

  • 9 · Other employee benefits

    total $1,590,963

  • 10 · Payroll taxes

    total $1,261,334

  • 11b · Fees: legal

    total $53,990

  • 11c · Fees: accounting

    total $360,000

  • 11f · Fees: investment management

    total $26,400

  • 11g · Fees: other

    total $5,347,598

  • 12 · Advertising and promotion

    total $1,398,547

  • 13 · Office expenses

    total $1,358,049

  • 14 · Information technology

    total $1,265,378

  • 16 · Occupancy

    total $1,413,288

  • 19 · Conferences, conventions and meetings

    total $308,590

  • 20 · Interest

    total $7,937,910

  • 22 · Depreciation, depletion and amortization

    total $1,269,515

  • 23 · Insurance

    total $157,004

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total -$289,167

  • 24b · Other expenses: ATM NETWORK FEES

    total $355,637

  • 24c · Other expenses: Shared Branching Expenses

    total $110,865

  • 24d · Other expenses: ATM Machine Rental

    total $47,273

  • 24e · All other expenses

    total $2,954,275

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $67,892,255 · end of year $58,118,359

  • 2 · Savings and temporary cash investments

    beginning of year $21,554,967 · end of year $14,620,292

  • 5 · Loans and receivables from officers and key people

    beginning of year $4,812,661 · end of year $4,231,634

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $768,595,863 · end of year $1,087,568,673

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,491,879 · end of year $1,965,622

  • 10a · Land, buildings and equipment: cost or other basis

    $37,452,680

  • 10b · Land, buildings and equipment: accumulated depreciation

    $18,977,580

  • 10c · Land, buildings and equipment, net

    beginning of year $18,871,090 · end of year $18,475,100

  • 11 · Investments: publicly traded securities

    beginning of year $128,727,861 · end of year $112,433,329

  • 12 · Investments: other securities

    beginning of year $7,698,519 · end of year $14,328,107

  • 13 · Investments: program-related

    beginning of year $0

  • 14 · Intangible assets

    beginning of year $264,583 · end of year $159,166

  • 15 · Other assets

    beginning of year $25,766,558 · end of year $29,645,760

  • 17 · Accounts payable and accrued expenses

    beginning of year $17,357,824 · end of year $16,379,616

  • 21 · Escrow or custodial account liability

    beginning of year $5,883,268 · end of year $7,679,461

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $93,507,045 · end of year $269,229,378

  • 25 · Other liabilities

    beginning of year $827,973,881 · end of year $952,341,881

  • 31 · Retained earnings, endowment or other funds

    beginning of year $100,954,218 · end of year $95,915,706

Mission and programs · 2022

Mission

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 79,204 MEMBERS.

  • LOANS ARE GRANTED TO INDIVIDUALS WHO ARE MEMBERS IN GOOD STANDING WITH THE CREDIT UNION AND WHO QUALIFY FOR SUCH LOANS. FOR 2022, GLCU PROVIDED THE FOLLOWING LOANS --598 MORTGAGES TOTALING $312,991,728; 2,273 VEHICLE LOANS TOTALING $70,679,543; 9,539 CONSUMER LOANS TOTALING $92,301,810.

  • 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.

As filed on the 2022 return.

Listed in Part VII

  • James A Fabrie

    Treasurer

    Total calculated
    $0
    Hours/week
    5

  • Jim E March

    Secretary

    Total calculated
    $0
    Hours/week
    5

  • Patrice Price

    Vice Chair

    Total calculated
    $0
    Hours/week
    5

  • Stephen M Park

    Chair

    Total calculated
    $0
    Hours/week
    5

  • Cathy Corbi

    Director

    Total calculated
    $0
    Hours/week
    5

  • David Goles

    Director

    Total calculated
    $0
    Hours/week
    5

  • Kevin Leman

    Director

    Total calculated
    $0
    Hours/week
    5

  • Krystal Topps

    Director

    Total calculated
    $0
    Hours/week
    5

  • R Lee Piekarz

    Director

    Total calculated
    $0
    Hours/week
    5

  • Elizabeth Osborne

    Chief Operating Officer

    Total calculated
    $283,448
    From this org
    $228,235
    From related orgs
    $0
    Other
    $55,213
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $216,692
    Bonus
    $9,595
    Other
    $1,948
    Deferred
    $23,736
    Nontaxable benefits
    $31,477
    Filer's total
    $283,448

  • Fred Campobasso

    Chief Lending Officer (started 9/30/22)

    Total calculated
    $74,988
    From this org
    $70,035
    From related orgs
    $0
    Other
    $4,953
    Hours/week
    40

  • Michael Hersh

    Chief Administrative Officer

    Total calculated
    $310,395
    From this org
    $254,494
    From related orgs
    $0
    Other
    $55,901
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $233,841
    Bonus
    $18,704
    Other
    $1,949
    Deferred
    $31,869
    Nontaxable benefits
    $24,032
    Filer's total
    $310,395

  • Michelle Shelton

    Chief Experience Officer (until 8/19/22)

    Total calculated
    $221,418
    From this org
    $177,815
    From related orgs
    $0
    Other
    $43,603
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $159,359
    Bonus
    $17,685
    Other
    $771
    Deferred
    $25,692
    Nontaxable benefits
    $17,911
    Filer's total
    $221,418

  • Steven Bugg

    President/CEO

    Total calculated
    $616,251
    From this org
    $539,409
    From related orgs
    $0
    Other
    $76,842
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $431,449
    Bonus
    $100,858
    Other
    $7,102
    Deferred
    $47,676
    Nontaxable benefits
    $29,166
    Filer's total
    $616,251

  • Timothy Lukomski

    Chief Financial Officer

    Total calculated
    $139,112
    From this org
    $128,661
    From related orgs
    $0
    Other
    $10,451
    Hours/week
    40

  • Bonita Fontenot

    Mortgage Loan Originator

    Total calculated
    $264,851
    From this org
    $253,102
    From related orgs
    $0
    Other
    $11,749
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $36,004
    Bonus
    $216,986
    Other
    $112
    Deferred
    $11,749
    Nontaxable benefits
    $0
    Filer's total
    $264,851

  • Donna Wiorek

    SVP, Accounting & Finance

    Total calculated
    $241,833
    From this org
    $232,018
    From related orgs
    $0
    Other
    $9,815
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $184,065
    Bonus
    $47,195
    Other
    $758
    Deferred
    $4,082
    Nontaxable benefits
    $5,733
    Filer's total
    $241,833

  • Fay Shaoul

    Mortgage Loan Officer

    Total calculated
    $273,468
    From this org
    $269,519
    From related orgs
    $0
    Other
    $3,949
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $36,004
    Bonus
    $233,403
    Other
    $112
    Deferred
    $3,949
    Nontaxable benefits
    $0
    Filer's total
    $273,468

  • Marcos Gonzalez

    Mortgage loan originator

    Total calculated
    $219,676
    From this org
    $194,442
    From related orgs
    $0
    Other
    $25,234
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $29,056
    Bonus
    $165,274
    Other
    $112
    Deferred
    $7,239
    Nontaxable benefits
    $17,995
    Filer's total
    $219,676

  • Robert Foss

    Senior Mortgage Loan Officer

    Total calculated
    $249,052
    From this org
    $240,319
    From related orgs
    $0
    Other
    $8,733
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $36,473
    Bonus
    $203,728
    Other
    $118
    Deferred
    $7,173
    Nontaxable benefits
    $1,560
    Filer's total
    $249,052

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · First-class or charter travel
  • 1a · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

Schedule J, Part I, Line 1a First-class or charter travel
GREAT LAKES CREDIT UNION ALLOWS FIRST CLASS OR CHARTER TRAVEL FOR THE CEO AND DIRECTORS FOR BUSINESS TRAVEL DURING THE YEAR. Travel Expenses are treated as deductible business expenses.
Schedule J, Part I, Line 1a Travel for companions
GREAT LAKES CREDIT UNION ALLOWS A COMPANION TO JOIN EACH DIRECTOR OR EXECUTIVE LEADERSHIP TEAM MEMBER ON ONE BUSINESS TRAVEL A YEAR. THE COMPANIONS ARE EXPECTED TO PARTICIPATE IN THE NETWORKING EVENTS AND REPRESENT GLCU. THE TRAVEL EXPENSES ARE TREATED AS TAXABLE COMPENSATION.
Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan
CERTAIN EXECUTIVES PARTICIPATE IN A SPLIT-DOLLAR LIFE INSURANCE PLAN. PREMIUMS PAID ON BEHALF OF THE EXECUTIVES ARE TREATED AS LOANS. See Schedule L for more detail on loans.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Provenance

Return type
form_990
Tax year
2022
Filed
2 November 2023
IRS schema version
2022v5.0
Source object
202303059349303185

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