Totals
- Total revenue
- $64,760,572
- Total expenses
- $62,052,965
- Contributions and grants received
- $534,675
- Grants paid
- $24,000
- Program service revenue
- $56,889,514
- Investment income
- $7,293,005
- Other revenue
- $43,378
- Total assets, end of year
- $1,313,509,604
- Total liabilities, end of year
- $1,221,676,485
- Net assets or fund balances, end of year
- $91,833,119
- Program services expenses (Part IX)
- not reported
- Management and general expenses
- not reported
- Fundraising expenses
- not reported
- Program service expenses (Part III)
- not reported
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)
$524,675
-
1f · All other contributions, gifts and grants
$10,000
-
2a · Program service revenue: INTEREST ON LOANS
total $46,036,336 · related or exempt $46,036,336
-
2b · Program service revenue: FEES & CHARGES
total $10,092,060 · related or exempt $10,092,060
-
2c · Program service revenue: MORTGAGE LOAN INCOME
total $424,538 · related or exempt $424,538
-
2d · Program service revenue: FINANCE AND INSURANCE
total $336,580 · unrelated business $336,580
-
3 · Investment income
total $7,459,046 · excluded $7,459,046
-
7a · Gross sales of assets other than inventory
securities $53,178,956 · other assets $21,000
-
7b · Less cost or other basis and sales expenses
securities $53,350,019 · other assets $15,978
-
7c · Gain or loss
securities -$171,063 · other assets $5,022
-
7d · Net gain or loss
total -$166,041 · excluded -$166,041
-
11a · Other revenue: OTHER INCOME
total $43,378 · related or exempt $43,378
-
11e · Other revenue, total
$43,378
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $9,000
-
2 · Grants to domestic individuals
total $15,000
-
5 · Compensation of officers, directors and key employees
total $2,079,294
-
7 · Other salaries and wages
total $16,071,508
-
8 · Pension plan contributions
total $682,530
-
9 · Other employee benefits
total $1,762,717
-
10 · Payroll taxes
total $1,295,837
-
11b · Fees: legal
total $98,629
-
11c · Fees: accounting
total $197,853
-
11f · Fees: investment management
total $23,111
-
11g · Fees: other
total $5,157,590
-
12 · Advertising and promotion
total $1,144,820
-
13 · Office expenses
total $3,806,922
-
14 · Information technology
total $2,077,051
-
16 · Occupancy
total $680,340
-
19 · Conferences, conventions and meetings
total $373,186
-
20 · Interest
total $21,351,715
-
22 · Depreciation, depletion and amortization
total $1,239,361
-
23 · Insurance
total $172,904
-
24a · Other expenses: LOAN SERVICING
total $2,420,496
-
24b · Other expenses: MISCELLANEOUS EXPENSES
total $1,699,830
-
24c · Other expenses: RECAPTURE OF CREDIT LOS
total -$306,729
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $58,118,359 · end of year $62,582,980
-
2 · Savings and temporary cash investments
beginning of year $14,620,292 · end of year $15,768,288
-
5 · Loans and receivables from officers and key people
beginning of year $4,231,634 · end of year $3,612,027
-
7 · Other notes and loans receivable
beginning of year $1,087,568,673 · end of year $1,049,778,933
-
9 · Prepaid expenses and deferred charges
beginning of year $1,965,622 · end of year $1,338,668
-
10a · Land, buildings and equipment: cost or other basis
$36,553,893
-
10b · Land, buildings and equipment: accumulated depreciation
$18,982,506
-
10c · Land, buildings and equipment, net
beginning of year $18,475,100 · end of year $17,571,387
-
11 · Investments: publicly traded securities
beginning of year $112,433,329 · end of year $111,372,309
-
12 · Investments: other securities
beginning of year $14,328,107 · end of year $9,684,253
-
14 · Intangible assets
beginning of year $159,166 · end of year $53,749
-
15 · Other assets
beginning of year $29,645,760 · end of year $41,747,010
-
17 · Accounts payable and accrued expenses
beginning of year $16,379,616 · end of year $22,454,111
-
21 · Escrow or custodial account liability
beginning of year $7,679,461 · end of year $4,269,688
-
23 · Secured mortgages and notes payable
beginning of year $269,229,378 · end of year $190,914,183
-
25 · Other liabilities
beginning of year $952,341,881 · end of year $1,004,038,503
-
29 · Capital stock, trust principal or current funds
beginning of year $0 · end of year $0
-
30 · Paid-in or capital surplus, or land, building or equipment fund
beginning of year $0 · end of year $0
-
31 · Retained earnings, endowment or other funds
beginning of year $95,915,706 · end of year $91,833,119
Mission and programs · 2023
Mission
TO OFFER PRODUCTS AND SERVICES FOR OUR MEMBERS TO ACHIEVE THEIR FINANCIAL GOALS. WE WILL BUILD VALUED RELATIONSHIPS, ONE MEMBER AT A TIME.
Activities or mission (Part I)
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.
-
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.
As filed on the 2023 return.
Listed in Part VII
-
Stephen M ParkSTEPHEN M PARK
BOARD CHAIR
- Total calculated
- $0
- Hours/week
- 7
-
Patrice PricePATRICE PRICE
BOARD VICE CHAIR
- Total calculated
- $0
- Hours/week
- 7
-
James A FabrieJAMES A FABRIE
BOARD TREASURER
- Total calculated
- $0
- Hours/week
- 5
-
Jim MarchJIM MARCH
BOARD SECRETARY
- Total calculated
- $0
- Hours/week
- 5
-
R Lee PiekarzR LEE PIEKARZ
DIRECTOR
- Total calculated
- $0
- Hours/week
- 5
-
Kevin LemanKEVIN LEMAN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 5
-
David GolesDAVID GOLES
DIRECTOR
- Total calculated
- $0
- Hours/week
- 5
-
Cathy CorbiCATHY CORBI
DIRECTOR
- Total calculated
- $0
- Hours/week
- 5
-
Sarah MarshallSARAH MARSHALL
DIRECTOR
- Total calculated
- $0
- Hours/week
- 5
-
Steven BuggSTEVEN BUGG
PRESIDENT/CEO
- Total calculated
- $612,815
- From this org
- $570,574
- From related orgs
- $0
- Other
- $42,241
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $472,746
- Bonus
- $90,000
- Other
- $7,828
- Deferred
- $12,500
- Nontaxable benefits
- $29,741
- Filer's total
- $612,815
-
Timothy LukomskiTIMOTHY LUKOMSKI
CHIEF FINANCIAL OFFICER
- Total calculated
- $335,797
- From this org
- $291,495
- From related orgs
- $0
- Other
- $44,302
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $272,826
- Bonus
- $6,300
- Other
- $12,369
- Deferred
- $13,780
- Nontaxable benefits
- $30,522
- Filer's total
- $335,797
-
Michael HershMICHAEL HERSH
CHIEF ADMINISTRATIVE OFFICER
- Total calculated
- $301,622
- From this org
- $264,560
- From related orgs
- $0
- Other
- $37,062
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $246,818
- Bonus
- $12,045
- Other
- $5,697
- Deferred
- $12,710
- Nontaxable benefits
- $24,352
- Filer's total
- $301,622
-
Elizabeth OsborneELIZABETH OSBORNE
CHIEF OPERATIONS OFFICER
- Total calculated
- $291,231
- From this org
- $245,567
- From related orgs
- $0
- Other
- $45,664
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $228,747
- Bonus
- $11,592
- Other
- $5,228
- Deferred
- $12,158
- Nontaxable benefits
- $33,506
- Filer's total
- $291,231
-
Fred CampobassoFRED CAMPOBASSO
CHIEF LENDING OFFICER
- Total calculated
- $268,388
- From this org
- $247,900
- From related orgs
- $0
- Other
- $20,488
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $239,792
- Bonus
- $2,585
- Other
- $5,523
- Deferred
- $12,226
- Nontaxable benefits
- $8,262
- Filer's total
- $268,388
-
Patrick BaslerPATRICK BASLER
CHIEF EXPERIENCE OFFICER
- Total calculated
- $269,441
- From this org
- $235,026
- From related orgs
- $0
- Other
- $34,415
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $229,493
- Bonus
- $448
- Other
- $5,085
- Deferred
- $6,931
- Nontaxable benefits
- $27,484
- Filer's total
- $269,441
-
Diana ByersDIANA BYERS
SVP ENTERPRISE RISK MANAGEMENT
- Total calculated
- $215,571
- From this org
- $196,820
- From related orgs
- $0
- Other
- $18,751
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $186,414
- Bonus
- $8,861
- Other
- $1,545
- Deferred
- $10,332
- Nontaxable benefits
- $8,419
- Filer's total
- $215,571
-
Dion RosecransDION ROSECRANS
MANAGER IT
- Total calculated
- $147,569
- From this org
- $140,621
- From related orgs
- $0
- Other
- $6,948
- Hours/week
- 40
-
Donna WiorekDONNA WIOREK
SENIOR VICE PRESIDENT - ACCOUNTING AND FINANCE
- Total calculated
- $231,918
- From this org
- $216,693
- From related orgs
- $0
- Other
- $15,225
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $205,805
- Bonus
- $9,617
- Other
- $1,271
- Deferred
- $1,946
- Nontaxable benefits
- $13,279
- Filer's total
- $231,918
-
Predrag GrmusaPREDRAG GRMUSA
VP OF HUMAN RESOURCES & ORGANIZATIONAL DEVELOPMENT
- Total calculated
- $175,643
- From this org
- $147,369
- From related orgs
- $0
- Other
- $28,274
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $138,068
- Bonus
- $8,691
- Other
- $610
- Deferred
- $7,689
- Nontaxable benefits
- $20,585
- Filer's total
- $175,643
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)
- 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.
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
-
WAUKEGAN PUBLIC LIBRARY
$9,000
GENERAL SUPPORT
Related organizations on this return
Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.
-
GLCU FOUNDATION FOR FINANCIAL EMPOWERMENT
501(C)(3) · CHARITABLE FOUNDATION · IL · controlled entity
Directly controlled by GREAT LAKES CREDIT UNION
Taxable family on this return
Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.
Disregarded entities
Part I: entities that legally are the filer and file no return of their own.
-
GLCU HOLDINGS LLC
HOLDING COMPANY · IL · income -$615 · assets $999,386
Directly controlled by GREAT LAKES CREDIT UNION
-
MORTGAGE FORWARD LLC
MORTGAGE ORIGINATION · IL · income $0 · assets $500,001
Directly controlled by GLCU HOLDINGS LLC
-
GLCU INSURANCE SERVICES LLC
INSURANCE SERVICES · IL · income -$615 · assets $499,385
Directly controlled by GLCU HOLDINGS LLC
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 13 May 2024
- IRS schema version
- 2023v5.0
- Source object
- 202421349349308737
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