Great Lakes Credit Union
501(c)(14)
Strong reserves Growing revenue
Great Lakes Credit Union is a 501(c)(14) organization based in Bannockburn, Illinois, registered in 1944, with $80,666,017 in FY2024 revenue.
2111 Waukegan Rd, Bannockburn, IL, 60015 EIN 36-1163912 Since 1944
Revenue (FY2024)
$80.7M
▲ 24.6% vs prior year
Expenses (FY2024)
$83.8M
Net assets
$95.8M
Employees
290
CharityIndex rating
One independent A+ to F grade from four published criteria, each scored separately from IRS filings and combined by weight.
A
—Program efficiency40% of the ratingNo expense breakdown in filings
Measures how much of every dollar spent actually reaches programs, plus what it costs to raise $100 of donations. The worse of the two measures sets the letter (85%+ to programs is an A; under $15 to raise $100 is an A), averaged over the three most recent filings. Not scored for Great Lakes Credit Union— this filing type doesn't report it, and the rating simply skips it (never counts it against the organization). See the exact thresholds →
B+Financial health25% of the rating14 mo reserves · -4% margin
Measures whether the organization is built to last: how many months its reserves would cover expenses (3+ months earns an A-range score, but hoarding 5+ years of budget is capped) and whether it runs a surplus or a deficit. For Great Lakes Credit Union: 14 mo reserves · -4% margin earns a B+ on this criterion. See the exact thresholds →
A+Governance25% of the rating6 of 6 checks met
Checks how the organization is run, from its own Form 990: an independent board majority, a board of five or more, conflict-of-interest, whistleblower and document-retention policies, and independently audited financials. The share of disclosed checks that pass sets the letter. For Great Lakes Credit Union: 6 of 6 checks met earns a A+ on this criterion. See the exact thresholds →
A+Transparency10% of the rating5 of 5 disclosure signals
Counts five disclosure signals: a recent filing, a mission statement, program descriptions, a listed website, and the full expense breakdown. More disclosure, better letter. For Great Lakes Credit Union: 5 of 5 disclosure signals earns a A+ on this criterion. See the exact thresholds →
Show this grade on your website
A live seal — it updates automatically when the grade changes and links donors to this verified profile.
Mission
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.
What they do
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.
Contact & location
- Address
- 2111 Waukegan Rd, Bannockburn, IL, 60015
- City
- Bannockburn
- State
- Illinois
- Category
- —
- Subcategory
- —
- Phone
- …
- Website
- …
Financial trends
Revenue grew from $31.9M (FY2013) to $80.7M (FY2024) across 12 reported years.
Financial snapshot
Financial health & position (FY2024)
Liabilities $1.4BNet assets $95.8M
Operating margin
-3.9%
Spent more than it raised in the latest fiscal year.
Total assets
$1.5B
Total liabilities
$1.4B
Net assets
$95.8M
Salaries & benefits
$23.5M
28% of expenses
Board members
9
9 independent
Financials by year
| Fiscal year | Revenue | Expenses | Net assets | Total assets | Form |
|---|---|---|---|---|---|
| 2024 | $80,666,017▲24.6% | $83,814,042▲35.1% | $95,778,305▲4.3% | $1,481,537,874▲12.8% | 990 |
| 2023 | $64,760,572▲19.8% | $62,052,965▲38.3% | $91,833,119▼4.3% | $1,313,509,604▼2.1% | 990 |
| 2022 | $54,056,794▲6.0% | $44,878,605▲31.3% | $95,915,706▼5.0% | $1,341,546,042▲28.3% | 990 |
| 2021 | $50,981,092▲3.9% | $34,186,973▼20.8% | $100,954,218▲14.1% | $1,045,676,236▲1.8% | 990 |
| 2020 | $49,088,626▲2.6% | $43,178,553▼1.3% | $88,468,189▲11.2% | $1,027,627,838▲16.3% | 990 |
| 2019 | $47,845,545▲10.3% | $43,742,192▲2.4% | $79,582,567▲8.8% | $883,772,298▲2.7% | 990 |
| 2018 | $43,394,934▲3.3% | $42,703,211▲7.2% | $73,159,400▲0.7% | $860,514,440▲8.0% | 990 |
| 2017 | $42,027,485▲9.0% | $39,842,140▲8.1% | $72,646,609▲2.4% | $796,724,477▲3.8% | 990 |
| 2016 | $38,542,487▲16.5% | $36,864,902▲15.9% | $70,933,662▲2.2% | $767,316,538▲6.6% | 990 |
| 2015 | $33,087,410▲2.9% | $31,803,691▲4.1% | $69,382,107▲11.1% | $719,627,155▲12.5% | 990 |
| 2014 | $32,168,105▲0.9% | $30,553,476▼2.1% | $62,474,669▲4.3% | $639,824,290▼0.6% | 990 |
| 2013 | $31,895,335 | $31,197,102▲12.9% | $59,916,697▲4.7% | $643,753,161▲22.4% | 990 |
| 2012 | — | $27,628,717▼2.3% | $57,248,862 | $525,732,943▼3.4% | 990 |
| 2011 | — | $28,268,206▼4.7% | $57,273,851▲7.5% | $544,186,190▲4.3% | 990 |
| 2010 | — | $29,663,739 | $53,285,989 | $521,560,830 | 990 |
Original Form 990 PDFs (the Form column) are served by ProPublica Nonprofit Explorer, as filed with the IRS. Create a free account to download the CSV report.
Leadership & compensation (FY2024)
Highest-paid: Steven Bugg — $685,247 (0.82% of total expenses)
| Name | Title | Hours/week | Compensation |
|---|---|---|---|
| Steven Bugg | President/ceo | 40 | $685,247 |
| Timothy Lukomski | Chief Financial Officer | 40 | $313,735 |
| Michael Hersh | Chief Administrative Officer | 40 | $276,900 |
| Fred Campobasso | Chief Lending Officer | 40 | $272,089 |
| Patrick Basler | Chief Experience Officer | 40 | $260,853 |
| Elizabeth Osborne | Chief Operations Officer | 40 | $259,885 |
| Donna Wiorek | Senior Vice President - Ac | 40 | $233,645 |
| Diana Byers | Svp Enterprise Risk Manage | 40 | $210,981 |
| Brian Gawin | Vp Commercial Lending | 40 | $196,712 |
| Predrag Grmusa | Vp of Human Resources & Or | 40 | $153,202 |
| Dion Rosecrans | Manager It | 40 | $146,577 |
| Michael Abraham | Chief Strategy Officer | 40 | $130,812 |
| Cathy Corbi | Board Secretary | 5 | — |
| David Goles | Director | 5 | — |
| James A Fabrie | Director | 5 | — |
| Jim March | Emeritus Director | 5 | — |
| Kevin Leman | Board Vice Chair | 5 | — |
| Patrice Price | Board Chair | 7 | — |
| R Lee Piekarz | Board Treasurer | 5 | — |
| Sarah Marshall | Director | 5 | — |
Top vendors & contractors (FY2024)
| Contractor | Services | Paid |
|---|---|---|
| Jack Henry & Assoc Inc | Software/license Fees For Ensenta (atm), | $1,132,419 |
| Access Softek Inc | Multiple Services Fee For Our Online/mob | $1,004,995 |
| Velocity Parent Corporation | Ics Referrals Responses, Ars Licensing/p | $802,044 |
| Newground International | Contractor- Design and Buildout of New B | $781,846 |
| Signal 88 LLC | Security Service For Branch Locations | $589,006 |
Grants made · $36K in FY2024
1 grant totaling $36K in FY2024. All grants made by Great Lakes Credit Union →
| Recipient | Purpose | Amount |
|---|---|---|
| Glcu Foundation For Financial | Commitment to building financial well-being for members, employees, and communities. | $36,068 |
Frequently asked questions
- Is Great Lakes Credit Union a legitimate nonprofit?
- Yes. Great Lakes Credit Union is a 501(c)(14) organization registered with the U.S. Internal Revenue Service under EIN 36-1163912, based in Bannockburn, Illinois.
- What is Great Lakes Credit Union's EIN?
- Great Lakes Credit Union's Employer Identification Number (EIN) is 36-1163912.
- How much revenue does Great Lakes Credit Union report?
- Great Lakes Credit Union reported $80,666,017 in total revenue on its fiscal year 2024 IRS Form 990 filing.
- How much does Great Lakes Credit Union's highest-paid employee make?
- The highest reported compensation on Great Lakes Credit Union's latest Form 990 is $685,247, paid to Steven Bugg (President/ceo).
More nonprofits in Bannockburn
Explore more
Data for Great Lakes Credit Union (EIN 36-1163912) comes from the IRS Business Master File and e-filed Form 990 returns, via CharityIndex. Figures reflect what the organization reported to the IRS for each fiscal year.