2025-11-06T18:46:59-06:00 2024-12-31 994260840 DOEREN MAYHEW 8785 SW 165TH AVENUE SUITE 303 MIAMI FL 33193 990 2024-01-01 361163912 GREAT LAKES CREDIT UNION GREA 8475787000 2111 WAUKEGAN ROAD BANNOCKBURN IL 60015 TIMOTHY LUKOMSKI CHIEF FIANANCIAL OFFICER 8475787000 2025-11-06 0 AUBREY CLEGG P01076395 3052328272 2025-10-29 2024 2025-03-06 01:10:19Z STEVEN BUGG 2111 WAUKEGAN ROAD BANNOCKBURN IL 60015 111684751 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 9 290 10 354558 15206 534675 346088 56889514 65112284 7293005 15154059 43378 53586 64760572 80666017 24000 53568 0 0 21891886 23513782 0 0 0 40137079 60246692 62052965 83814042 2707607 -3148025 1313509604 1481537874 1221676485 1385759569 91833119 95778305 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 1 1 0 0 0 0 1 0 1 0 0 0 1 1 0 1 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 30640 0 1 290 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 1 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 DIRECTOR 7.00 X 0 0 0 PATRICE PRICE BOARD CHAIR 7.00 X 0 0 0 JAMES A FABRIE DIRECTOR 5.00 X 0 0 0 JIM MARCH EMERITUS DIRECTOR 5.00 X 0 0 0 R LEE PIEKARZ BOARD TREASURER 5.00 X 0 0 0 KEVIN LEMAN BOARD VICE CHAIR 5.00 X 0 0 0 DAVID GOLES DIRECTOR 5.00 X 0 0 0 CATHY CORBI BOARD SECRETARY 5.00 X 0 0 0 SARAH MARSHALL DIRECTOR 5.00 X 0 0 0 WILLIAM HARLAN DIRECTOR 5.00 X 0 0 0 STEVEN BUGG PRESIDENT/CEO 40.00 X 685247 0 50455 TIMOTHY LUKOMSKI CHIEF FINANCIAL OFFICER 40.00 X 313735 0 50172 MICHAEL HERSH CHIEF ADMINISTRATIVE OFFICER 40.00 X 276900 0 46171 ELIZABETH OSBORNE CHIEF OPERATIONS OFFICER 40.00 X 259885 0 40428 FRED CAMPOBASSO CHIEF LENDING OFFICER 40.00 X 272089 0 31795 PATRICK BASLER CHIEF EXPERIENCE OFFICER 40.00 X 260853 0 50395 MICHAEL ABRAHAM CHIEF STRATEGY OFFICER 40.00 X 130812 0 9685 DIANA BYERS SVP ENTERPRISE RISK MANAGE 40.00 X 210981 0 19127 DION ROSECRANS MANAGER IT 40.00 X 146577 0 21843 DONNA WIOREK SENIOR VICE PRESIDENT - AC 40.00 X 233645 0 11734 PREDRAG GRMUSA VP OF HUMAN RESOURCES & OR 40.00 X 153202 0 43621 BRIAN GAWIN VP COMMERCIAL LENDING 40.00 X 196712 0 33885 3140638 0 409311 38 0 1 0 JACK HENRY & ASSOC INC PO BOX 609 MONETT MO 65708 SOFTWARE/LICENSE FEES FOR ENSENTA (ATM), 1132419 ACCESS SOFTEK INC 727 ALLSTON SUITE C BERKELY CA 94710 MULTIPLE SERVICES FEE FOR OUR ONLINE/MOB 1004995 VELOCITY PARENT CORPORATION PO BOX 460939 FORT LAUDERDALE FL 33346 ICS REFERRALS RESPONSES, ARS LICENSING/P 802044 NEWGROUND INTERNATIONAL PO BOX 6228 CAROL STREAM IL 60197 CONTRACTOR- DESIGN AND BUILDOUT OF NEW B 781846 SIGNAL 88 LLC PO BOX 8246 OMAHA NE 68144 SECURITY SERVICE FOR BRANCH LOCATIONS 589006 40 330188 15900 346088 INTEREST ON LOANS 522100 53059829 53059829 FEES & CHARGES 522100 11265474 11265474 MORTGAGE LOAN INCOME 522100 425033 425033 FINANCE AND INSURANCE 520000 361948 361948 65112284 14603636 14603636 31569157 31018734 550423 550423 550423 OTHER INCOME 522100 60976 60976 ENERGY (PARTNERSHIP INCOME) 220000 42 42 HR SERVICES (PARTNERSHIP INCOME) 560000 -7432 -7432 53586 80666017 65361735 354558 14603636 X 36068 17500 2478622 17141304 810236 1639801 1443819 361828 214428 23084 9194646 1070390 3780717 2689891 1932125 413174 30528120 1954658 201073 LOAN SERVICING 3905657 RECAPTURE OF CREDIT LOS 3090478 MISCELLANEOUS EXPENSES 886423 83814042 62582980 60448552 15768288 14659300 3612027 4439415 1049778933 1159606723 1338668 2538328 48202444 23949286 17571387 24253158 111372309 129421381 9684253 7964723 53749 12589878 41747010 65616416 1313509604 1481537874 22454111 25218982 4269688 6567858 190914183 127560316 14405254 1004038503 1212007159 1221676485 1385759569 X 0 0 0 0 91833119 95778305 91833119 95778305 1313509604 1481537874 X -3148025 1073659 6019552 X X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 7680 7680 7680 1 CREDIT UNION POLITICAL ACTION COUNCIL 1807 WEST DIEHL ROAD NAPERVILLE IL 60563 363092340 7680 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 8666583 8666583 26739368 14595767 12143601 1923146 992618 930528 9914289 7843963 2070326 959058 516938 442120 24253158 SHARES 1212007159 1212007159 X 80666017 0 80666017 0 80666017 83814042 0 83814042 0 83814042 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. 1 GLCU FOUNDATION FOR FINANCIAL EMPOWERMENT 2111 WAUKEGAN ROAD BANNOCKBURN IL 60015 470970671 501(C)(3) 36068 0 COMMITMENT TO BUILDING FINANCIAL WELL-BEING FOR MEMBERS, EMPLOYEES, AND COMMUNITIES. 1 0 COLLEGE SCHOLARSHIPS 7 17500 SCHEDULE I, PART I, LINE 2 CONTRIBUTIONS TO ORGANIZATIONS ARE NOT CHARITABLE CONTRIBUTIONS AND ARE NOT MONITORED BY THE CREDIT UNION SUBSEQUENT TO DISBURSEMENT. HOWEVER, TWO OF THE CREDIT UNION'S BOARD MEMBERS ARE ALSO MEMBERS OF THE FOUNDATION'S BOARD. THE FUNCTION OF THE BOARD IS TO PROVIDE OVERSIGHT AND TO ENSURE THE FUNDS DISBURSED BY THE FOUNDATION ALIGN WITH THE FOUNDATION'S EXEMPT PURPOSE AND MISSION. SEVEN $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 518197 0 162000 0 5050 0 29846 0 20609 0 735702 0 0 0 TIMOTHY LUKOMSKI CHIEF FINANCIAL OFFICER 280009 0 20900 0 12826 0 23000 0 27172 0 363907 0 0 0 MICHAEL HERSH CHIEF ADMINISTRATIVE OFFICER 252057 0 18677 0 6166 0 23000 0 23171 0 323071 0 0 0 PATRICK BASLER CHIEF EXPERIENCE OFFICER 237657 0 17562 0 5634 0 23000 0 27395 0 311248 0 0 0 FRED CAMPOBASSO CHIEF LENDING OFFICER 247663 0 17696 0 6730 0 23000 0 8795 0 303884 0 0 0 ELIZABETH OSBORNE CHIEF OPERATIONS OFFICER 235998 0 17926 0 5961 0 13256 0 27172 0 300313 0 0 0 DONNA WIOREK SENIOR VICE PRESIDENT - AC 214723 0 17173 0 1749 0 2939 0 8795 0 245379 0 0 0 BRIAN GAWIN VP COMMERCIAL LENDING 179430 0 15670 0 1612 0 21854 0 12031 0 230597 0 0 0 DIANA BYERS SVP ENTERPRISE RISK MANAGE 193301 0 15636 0 2044 0 10332 0 8795 0 230108 0 0 0 PREDRAG GRMUSA VP OF HUMAN RESOURCES & OR 139041 0 13119 0 1042 0 16226 0 27395 0 196823 0 0 0 DION ROSECRANS MANAGER IT 135676 0 9389 0 1512 0 21843 0 0 0 168420 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. 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. STEVEN BUGG PRESIDENT/CEO SPLIT DOLLAR PLAN PREMIUM X 3800000 3796651 0 1 1 MICHAEL ABRAHAM CHIEF STRATEGY OFFICER SPLIT DOLLAR PLAN PREMIUM X 725000 642764 0 1 1 4439415 FORM 990, PART VI, SECTION A, LINE 4 AS A RESULT OF THE MERGERS WITH ENCURAGE FINANCIAL NETWORK CREDIT UNION EFFECTIVE JUNE 1, 2024 AND CHICAGO MUNICIPAL EMPLOYEES CREDIT UNION EFFECTIVE DECEMBER 31, 2024, THE CREDIT UNION'S BYLAWS WERE AMENDED TO EXPAND ITS MEMBERSHIP TO ALSO INCLUDE THE FOLLOWING: ANYONE LIVING OR WORKING IN THE FOLLOWING GEOGRAPHICAL BOUNDARIES IN COOK COUNTY: NORTHERN BOUNDARY - CENTRAL STREET (EVANSTON, IL) GOING WEST FOLLOWING CENTRAL ROAD, EAST BOUNDARY - LAKE MICHIGAN, FOLLOWING THE INDIANA BORDER TO COOK COUNTY LINE, SOUTHERN BOUNDARY - COOK COUNTY BORDER, WEST BOUNDARY, COUNTY/WILL COUNTY/DUPAGE COUNTY INTERSECTION, THEN FOLLOWING THE COOK COUNTY BORDER STRAIGHT NORTH, INTERSECTING WITH CENTRAL ROAD ON THE NORTH; THE FORMER CHICAGO MUNICIPAL EMPLOYEES CREDIT UNION; ANY EMPLOYEE OF THE CITY OF CHICAGO, INCLUDING THE CHICAGO BOARD OF EDUCATION NON-TEACHING PERSONNEL; ANY EMPLOYEE OF THE CHICAGO MUNICIPAL EMPLOYEES CREDIT UNION; THE CHICAGO PARK DISTRICT, CHICAGO, IL; THE PUBLIC BUILDINGS COMMISSION; THE MUNICIPAL EMPLOYEES' ANNUITY AND BENEFIT PENSION FUND; THE CHICAGO HOUSING AUTHORITY, CHICAGO, IL; CITY COLLEGES OF CHICAGO; ANY EMPLOYEE OF THE CHICAGO PUBLIC SCHOOLS (CPS) TEACHER HOUSING RESOURCE CENTER (THRC), INCLUDING TEACHERS AND NON-TEACHING EMPLOYEES; G4S SOLUTIONS (USA), INC., WESTCHESTER, IL; CHICAGO TRANSIT AUTHORITY (CTA), CHICAGO, IL; GROSSINGER CITY AUTOPLEX, CHICAGO, IL; METRA, CHICAGO, IL; GOLUB REALTY SERVICES LLC, CHICAGO, IL; ANY STUDENT OR EMPLOYEE OF COLUMBIA COLLEGE; ANY ACTIVE SERGEANT, LIEUTENANT OR CAPTAIN OF THE CHICAGO POLICE DEPARTMENT; OR ANY EMPLOYEE OR RETIREE OF: BLUE CROSS ASSOCIATION OR BLUE SHIELD ASSOCIATION WHO WORK IN CHICAGO, IL, NEW YORK, NY, DALLAS, TX, ATLANTA, GA OR WASHINGTON, D.C.; BCS LIFE INSURANCE GROUP, A WHOLLY OWNED SUBSIDIARY OF BLUE CROSS AND BLUE SHIELD ASSOCIATION, WHO WORK IN CHICAGO, IL; BUSINESS SYSTEMS CORPORATION OF AMERICA WHO WORK IN CHICAGO, IL; THE JOINT COMMISSION ON ACCREDITATION OF HOSPITALS WHO WORK IN CHICAGO, IL; OR THE FORMER HEALTH CARE ASSOCIATIONS FEDERAL CREDIT UNION; ANY OWNER, VENDOR, EMPLOYEE, VENDOR EMPLOYEE OR FAMILY MEMBER OF AN OWNER, VENDOR, EMPLOYEE OR VENDOR EMPLOYEE OF GAGE BUILDING CONDO ASSOCIATION. 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 2024, 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 2024, 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 IX, LINE 11G OTHER PROFESSIONAL SERVICES 9,194,646. FORM 990, PART XI, LINE 9: OTHER COMPREHENSIVE INCOME/(LOSS) - POST-RETIREMENT HEALTHCARE PLAN -95,358. EQUITY ACQUIRED IN MERGER 6,114,910. 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 981718 16898410 GREAT LAKES CREDIT UNION MORTGAGE FORWARD LLC 2111 WAUKEGAN RD BANNOCKBURN IL 60015 933414089 MORTGAGE ORIGINATION IL 950275 16445318 GLCU HOLDINGS LLC GLCU INSURANCE SERVICES LLC 2111 WAUKEGAN RD BANNOCKBURN IL 60015 933438070 INSURANCE SERVICES IL 31438 471677 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 FOUNDATION FOR FINANCIAL EMPOWERMENT B 36068 ACTUAL