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Nonprofiteer
← GREAT LAKES CREDIT UNION

Form 990 for tax year 2024

Filed by GREAT LAKES CREDIT UNION.

Totals

Total revenue
$80,666,017
Total expenses
$83,814,042
Contributions and grants received
$346,088
Grants paid
$53,568
Program service revenue
$65,112,284
Investment income
$15,154,059
Other revenue
$53,586
Total assets, end of year
$1,481,537,874
Total liabilities, end of year
$1,385,759,569
Net assets or fund balances, end of year
$95,778,305
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Listed in Part VII

  • STEPHEN M PARK

    DIRECTOR

    Total calculated
    $0
    Hours/week
    7

  • PATRICE PRICE

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    7

  • JAMES A FABRIE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • JIM MARCH

    EMERITUS DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • R LEE PIEKARZ

    BOARD TREASURER

    Total calculated
    $0
    Hours/week
    5

  • KEVIN LEMAN

    BOARD VICE CHAIR

    Total calculated
    $0
    Hours/week
    5

  • DAVID GOLES

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • CATHY CORBI

    BOARD SECRETARY

    Total calculated
    $0
    Hours/week
    5

  • SARAH MARSHALL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • WILLIAM HARLAN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • STEVEN BUGG

    PRESIDENT/CEO

    Total calculated
    $735,702
    From this org
    $685,247
    From related orgs
    $0
    Other
    $50,455
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $518,197
    Bonus
    $162,000
    Other
    $5,050
    Deferred
    $29,846
    Nontaxable benefits
    $20,609
    Filer's total
    $735,702

  • TIMOTHY LUKOMSKI

    CHIEF FINANCIAL OFFICER

    Total calculated
    $363,907
    From this org
    $313,735
    From related orgs
    $0
    Other
    $50,172
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $280,009
    Bonus
    $20,900
    Other
    $12,826
    Deferred
    $23,000
    Nontaxable benefits
    $27,172
    Filer's total
    $363,907

  • MICHAEL HERSH

    CHIEF ADMINISTRATIVE OFFICER

    Total calculated
    $323,071
    From this org
    $276,900
    From related orgs
    $0
    Other
    $46,171
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $252,057
    Bonus
    $18,677
    Other
    $6,166
    Deferred
    $23,000
    Nontaxable benefits
    $23,171
    Filer's total
    $323,071

  • ELIZABETH OSBORNE

    CHIEF OPERATIONS OFFICER

    Total calculated
    $300,313
    From this org
    $259,885
    From related orgs
    $0
    Other
    $40,428
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $235,998
    Bonus
    $17,926
    Other
    $5,961
    Deferred
    $13,256
    Nontaxable benefits
    $27,172
    Filer's total
    $300,313

  • FRED CAMPOBASSO

    CHIEF LENDING OFFICER

    Total calculated
    $303,884
    From this org
    $272,089
    From related orgs
    $0
    Other
    $31,795
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $247,663
    Bonus
    $17,696
    Other
    $6,730
    Deferred
    $23,000
    Nontaxable benefits
    $8,795
    Filer's total
    $303,884

  • PATRICK BASLER

    CHIEF EXPERIENCE OFFICER

    Total calculated
    $311,248
    From this org
    $260,853
    From related orgs
    $0
    Other
    $50,395
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $237,657
    Bonus
    $17,562
    Other
    $5,634
    Deferred
    $23,000
    Nontaxable benefits
    $27,395
    Filer's total
    $311,248

  • MICHAEL ABRAHAM

    CHIEF STRATEGY OFFICER

    Total calculated
    $140,497
    From this org
    $130,812
    From related orgs
    $0
    Other
    $9,685
    Hours/week
    40

  • DIANA BYERS

    SVP ENTERPRISE RISK MANAGE

    Total calculated
    $230,108
    From this org
    $210,981
    From related orgs
    $0
    Other
    $19,127
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $193,301
    Bonus
    $15,636
    Other
    $2,044
    Deferred
    $10,332
    Nontaxable benefits
    $8,795
    Filer's total
    $230,108

  • DION ROSECRANS

    MANAGER IT

    Total calculated
    $168,420
    From this org
    $146,577
    From related orgs
    $0
    Other
    $21,843
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $135,676
    Bonus
    $9,389
    Other
    $1,512
    Deferred
    $21,843
    Nontaxable benefits
    $0
    Filer's total
    $168,420

  • DONNA WIOREK

    SENIOR VICE PRESIDENT - AC

    Total calculated
    $245,379
    From this org
    $233,645
    From related orgs
    $0
    Other
    $11,734
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $214,723
    Bonus
    $17,173
    Other
    $1,749
    Deferred
    $2,939
    Nontaxable benefits
    $8,795
    Filer's total
    $245,379

  • PREDRAG GRMUSA

    VP OF HUMAN RESOURCES & OR

    Total calculated
    $196,823
    From this org
    $153,202
    From related orgs
    $0
    Other
    $43,621
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $139,041
    Bonus
    $13,119
    Other
    $1,042
    Deferred
    $16,226
    Nontaxable benefits
    $27,395
    Filer's total
    $196,823

  • BRIAN GAWIN

    VP COMMERCIAL LENDING

    Total calculated
    $230,597
    From this org
    $196,712
    From related orgs
    $0
    Other
    $33,885
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $179,430
    Bonus
    $15,670
    Other
    $1,612
    Deferred
    $21,854
    Nontaxable benefits
    $12,031
    Filer's total
    $230,597

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. ADDITIONALLY, THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO ITS PRESIDENT/CEO, STEVEN BUGG AND CHIEF STRATEGY OFFICER, MICHAEL ABRAHAM, 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

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.

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 $981,718 · assets $16,898,410

    Directly controlled by GREAT LAKES CREDIT UNION

  • MORTGAGE FORWARD LLC

    MORTGAGE ORIGINATION · IL · income $950,275 · assets $16,445,318

    Directly controlled by GLCU HOLDINGS LLC

  • GLCU INSURANCE SERVICES LLC

    INSURANCE SERVICES · IL · income $31,438 · assets $471,677

    Directly controlled by GLCU HOLDINGS LLC

Provenance

Return type
form_990
Tax year
2024
Filed
6 November 2025
IRS schema version
2024v5.2
Source object
202503109349304805

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