Great Lakes Credit Union
- Assets
- $1.3b
- Revenue
- $54.1m
- Investments
- $14.3m
- Employees
- 343
- Location
- Bannockburn, IL
- Founding
- 10/1944
- Data as of
- 12/2022
- EIN
- 36-1163912
Organization Overview
Great Lakes Credit Union is located in Bannockburn, IL. The organization was established in 1944. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2022, Great Lakes Credit Union employed 343 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Great Lakes Credit Union 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 12/2022, Great Lakes Credit Union generated $54.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.3% each year. All expenses for the organization totaled $44.9m during the year ending 12/2022. While expenses have increased by 4.4% per year over the past 8 years. They've been increasing with an increasing level of total revenue. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
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.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Treasurer | OfficerTrustee | 5 | $0 |
Name Not Listed Secretary | OfficerTrustee | 5 | $0 |
Name Not Listed Vice Chair | OfficerTrustee | 5 | $0 |
Name Not Listed Chair | OfficerTrustee | 5 | $0 |
Name Not Listed Director | Trustee | 5 | $0 |
Name Not Listed Director | Trustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jack Henry & Associates Inc Software | 12/30/22 | $687,499 |
Access Softekinc It Services | 12/30/22 | $634,588 |
Velocity Merchant Services Core Processing & Interchange Services | 12/30/22 | $452,068 |
Doxim Software | 12/30/22 | $408,729 |
Synergi Partners Inc Consulting | 12/30/22 | $355,807 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $281,781 |
| 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 | $281,781 |
| Total Program Service Revenue | $50,491,977 |
| Investment income | $3,690,654 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$407,618 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $54,056,794 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $49,530 |
| Grants and other assistance to domestic individuals. | $20,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,645,611 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $15,793,424 |
| Pension plan accruals and contributions | $442,591 |
| Other employee benefits | $1,590,963 |
| Payroll taxes | $1,261,334 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $53,990 |
| Fees for services: Accounting | $360,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $26,400 |
| Fees for services: Other | $5,347,598 |
| Advertising and promotion | $1,398,547 |
| Office expenses | $1,358,049 |
| Information technology | $1,265,378 |
| Royalties | $0 |
| Occupancy | $1,413,288 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $308,590 |
| Interest | $7,937,910 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,269,515 |
| Insurance | $157,004 |
| All other expenses | $2,954,275 |
| Total functional expenses | $44,878,605 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $58,118,359 |
| Savings and temporary cash investments | $14,620,292 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $4,231,634 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,087,568,673 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,965,622 |
| Net Land, buildings, and equipment | $18,475,100 |
| Investments—publicly traded securities | $112,433,329 |
| Investments—other securities | $14,328,107 |
| Investments—program-related | $0 |
| Intangible assets | $159,166 |
| Other assets | $29,645,760 |
| Total assets | $1,341,546,042 |
| Accounts payable and accrued expenses | $16,379,616 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $7,679,461 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $269,229,378 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $952,341,881 |
| Total liabilities | $1,245,630,336 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $95,915,706 |
| Total liabilities and net assets/fund balances | $1,341,546,042 |
Grants Awarded
Over the last fiscal year, Great Lakes Credit Union has awarded $49,530 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
ALLIANCE FOR THE GREAT LAKES PURPOSE: General Support | $39,530 |
SELFRELIANCE FOUNDATION PURPOSE: Ukraine Relief efforts | $10,000 |