Great Lakes Credit Union Inc
- Assets
- $22.6m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 17
- Location
- Sylvania, OH
- Founding
- Data as of
- 12/2018
- EIN
- 34-6523886
Organization Overview
Great Lakes Credit Union Inc is located in Sylvania, OH. As of 12/2018, Great Lakes Credit Union Inc employed 17 individuals. Great Lakes Credit Union Inc is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2018, Great Lakes Credit Union Inc generated $1.2m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (7.3%) each year. All expenses for the organization totaled $1.6m during the year ending 12/2018. As we would expect to see with falling revenues, expenses have declined by (7.9%) per year over the past 4 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2018
Describe the Organization's Mission:
Part 3 - Line 1
GREAT LAKES CREDIT UNION, INC. IS A FINANCIAL INSTITUTION COOPERATIVE ORGANIZED TO PROVIDE LOAN AND DEPOSIT PRODUCTS AND SERVICES FOR ITS MEMBER OWNERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION IS A STATE CHARTERED MEMBER OWNED COOPERATIVE CREDIT UNION THAT PROVIDES FINANCIAL PRODUCTS AND SERVICES TO THE MEMBER OWNERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Seeger Secretary Of Board, Chief Executive Officer | OfficerTrustee | 40 | $107,880 |
Frank Brahier Treasurer Of Board | Trustee | 1 | $0 |
John Benya Director | Trustee | 1 | $0 |
Robert Larch Chairperson Of Board | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $1,029,744 |
| Investment income | $167,767 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,197,511 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $107,880 |
| Compensation of current officers, directors, key employees. | $107,880 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $365,026 |
| Pension plan accruals and contributions | $9,489 |
| Other employee benefits | $50,977 |
| Payroll taxes | $37,340 |
| Fees for services: Management | $3,063 |
| Fees for services: Legal | $210 |
| Fees for services: Accounting | $14,400 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $49,332 |
| Advertising and promotion | $14,344 |
| Office expenses | $119,413 |
| Information technology | $174,886 |
| Royalties | $0 |
| Occupancy | $97,716 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,386 |
| Interest | $29,845 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $28,220 |
| Insurance | $26,912 |
| All other expenses | $17,380 |
| Total functional expenses | $1,588,178 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $274,706 |
| Savings and temporary cash investments | $1,743,134 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,340 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $12,458,553 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $108,143 |
| Net Land, buildings, and equipment | $44,834 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $7,564,323 |
| Intangible assets | $0 |
| Other assets | $393,360 |
| Total assets | $22,588,393 |
| Accounts payable and accrued expenses | $83,263 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $20,902,161 |
| Total liabilities | $20,985,424 |
| Unrestricted restricted net Assets | $0 |
| Temporarily restricted net Assets | $0 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $1,602,969 |
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