Civic Intelligence

Great Lakes Credit Union Inc

990 • Fiscal year 2016 • EIN 34-6523886

Jan 01, 2016 to Dec 31, 2016 • Filed on May 09, 2017

6600 Sylanvia Avenue Suite 6DSylvania, OH 43560

(419) 246-5900

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

86th percentile

0.92x

Higher debt load relative to assets than 86% of similar nonprofits.

2016 filings • 501(c)14 • $25M-$50M nonprofits • Source year 2016

Liabilities / Revenue

26th percentile

16.94x

Higher debt load relative to revenue than 26% of similar nonprofits.

2016 filings • 501(c)14 • $25M-$50M nonprofits • Source year 2016

Net Margin

14th percentile

0.3%

Higher net margin than 14% of similar nonprofits.

2016 filings • 501(c)14 • $25M-$50M nonprofits • Source year 2016

Top Officer Pay

70th percentile

$110,420

Higher top officer pay than 70% of similar nonprofits.

Top officer pay equals 7.4% of source-year revenue.

2016 filings • 501(c)14 • $25M-$50M nonprofits • Source year 2016

Asset Growth

88th percentile

8.2%

Faster asset growth than 88% of similar nonprofits.

2016 filings • 501(c)14 • $25M-$50M nonprofits • Annualized from 2015 to 2016

Revenue Growth

5th percentile

-8.0%

Faster revenue growth than 5% of similar nonprofits.

2016 filings • 501(c)14 • $25M-$50M nonprofits • Annualized from 2015 to 2016

Assets

Up

$27,609,935

Up $2,103,253 (+8.2%) from 2015

Net Assets

Down

$2,343,088

Down $83,771 (-3.5%) from 2015

Liabilities

Up

$25,266,847

Up $2,187,024 (+9.5%) from 2015

Revenue

Down

$1,491,274

Down $130,326 (-8.0%) from 2015

Expenses

Down

$1,486,641

Down $716,044 (-33%) from 2015

Net Income

Up

$4,633

Up $585,718 (+101%) from 2015

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$30M$20M$10M$0Assets 2010: $27,239,478Liabilities 2010: $24,450,367Net Assets 2010: $2,789,1112010Assets 2011: $26,236,200Liabilities 2011: $23,199,746Net Assets 2011: $3,036,4542011Assets 2012: $27,243,387Liabilities 2012: $24,088,814Net Assets 2012: $3,154,5732012Assets 2013: $25,543,168Liabilities 2013: $22,719,431Net Assets 2013: $2,823,7372013Assets 2014: $27,043,184Liabilities 2014: $24,043,017Net Assets 2014: $3,000,1672014Assets 2015: $25,506,682Liabilities 2015: $23,079,823Net Assets 2015: $2,426,8592015Assets 2016: $27,609,935Liabilities 2016: $25,266,847Net Assets 2016: $2,343,0882016Assets 2017: $28,313,202Liabilities 2017: $26,259,872Net Assets 2017: $2,053,3302017Assets 2018: $22,588,393Liabilities 2018: $20,985,424Net Assets 2018: $1,602,9692018Assets 2019: $0Liabilities 2019: $0Net Assets 2019: $02019

Highlighted filing

2016

Assets$27,609,935
Liabilities$25,266,847
Net Assets$2,343,088

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$3.0M$2.0M$1.0M$0-$1.0MExpenses 2010: $1,812,7842010Expenses 2011: $1,626,2742011Expenses 2012: $1,558,9942012Revenue 2013: $1,639,827Expenses 2013: $1,562,529Net Income 2013: $77,2982013Revenue 2014: $1,587,566Expenses 2014: $1,554,228Net Income 2014: $33,3382014Revenue 2015: $1,621,600Expenses 2015: $2,202,685Net Income 2015: -$581,0852015Revenue 2016: $1,491,274Expenses 2016: $1,486,641Net Income 2016: $4,6332016Revenue 2017: $1,477,133Expenses 2017: $1,821,407Net Income 2017: -$344,2742017Revenue 2018: $1,197,511Expenses 2018: $1,588,178Net Income 2018: -$390,6672018Revenue 2019: $67,933Expenses 2019: $119,097Net Income 2019: -$51,1642019

Highlighted filing

2016

Revenue$1,491,274
Expenses$1,486,641
Net Income$4,633
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
May 9, 2017
Return Version
2016v3.0
Gross Receipts
$1,491,274
Mission and Program Overview

Mission

Great Lakes Credit Union's mission is to serve the member owners in a competitive and convenient manner, with cutting edge products and services, while maintaining concern for the financial well being of the membership.

Great Lakes Credit Union, Inc. is a financial institution cooperative organized to provide loan and deposit products and services for its member owners.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$12,293,077$13,586,526▲ $1,293,449
Investments Program Related$10,190,942$10,365,883▲ $174,941
Savings and Temporary Cash Investments$1,726,652$2,352,110▲ $625,458
Rtn Earn Endowment Incm Other Fnds$2,426,859$2,343,088▼ $83,771
Cash and Non-Interest-Bearing Accounts$403,538$374,010▼ $29,528
Prepaid Expenses and Deferred Charges$240,442$274,981▲ $34,539
Accounts Receivable$70,604$117,429▲ $46,825
Land, Buildings, and Equipment, Net$158,567$104,380▼ $54,187
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$25,506,682$27,609,935▲ $2,103,253
Other Assets Total$422,860$434,616▲ $11,756
Liabilities
Other Liabilities$23,020,581$25,215,560▲ $2,194,979
Accounts Payable and Accrued Expenses$59,242$51,287▼ $7,955
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$23,079,823$25,266,847▲ $2,187,024
Net Assets / Fund Balance
Total Net Assets Fund Balance$2,426,859$2,343,088▼ $83,771
Total Liabilities and Net Assets / Fund Balance$25,506,682$27,609,935▲ $2,103,253

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$52,723$271,228$323,951
Leasehold Improvements$51,657$89,338$140,995
Investment Program Related Org$255,172--
Buildings$0$0$0
Other Land Buildings$0$0$0
Land$0-$0
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
David SeegerSecretary of Board, Chief Executive OfficerFT$104,070$6,350$110,420

Board Members and Trustees

NameTitle
Robert FriarChairperson of Board
Frank BrahierVice Chairperson of Board
Harley KingDirector
Robert LarchTreasurer of Board
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,242,287
Investment Income
$248,987
Other Revenue
$0
Change in Net Assets
$4,633

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,491,274
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$1,491,274
Total Revenue per Form 990
$1,491,274
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$822,344
Salaries, Compensation, and Employee Benefits$664,297
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$382,942$71,239$0$454,181
Information Technology$210,708$0$0$210,708
Office Expenses$132,159$14,684$0$146,843
Other Expenses$111,391$0$0$111,391
Current Officers, Directors, Trustees, and Key Employees$0$104,070$0$104,070
Occupancy$103,032$0$0$103,032
Depreciation Depletion$50,621$5,158$0$55,779
Payroll Taxes$37,907$13,411$0$51,318
Other Employee Benefits$24,290$13,735$0$38,025
Fees for Services Accounting$0$37,940$0$37,940
All Other Expenses$26,175$5,865$0$32,040
Fees for Services Management$27,718$0$0$27,718
Insurance$21,581$0$0$21,581
Interest$20,225$0$0$20,225
Fees for Services Other$18,286$0$0$18,286
Pension Plan Contributions$9,691$7,012$0$16,703
Advertising$13,769$0$0$13,769
Conferences and Meetings$2,539$2,231$0$4,770
Total Functional Expenses$1,211,296$275,345$0$1,486,641

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,486,641
Total Expenses per Audited Statements$1,486,641
Total Expenses per Form 990$1,486,641
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Other Expense Adjustments$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Members share savings$13,817,377
Members draft checking$6,856,272
Nonmember deposits$1,446,020
Members money market savings$1,423,494
Members IRA certificates$701,899
Members share certificates$698,154
Members IRA savings$272,344
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

All credit unions by charter are member owned.

Form 990, Part VI, Section A, Line 7A

All of the governing body is elected by the membership.

Form 990, Part VI, Section B, Line 11B

The 990 is reviewed by management and the Board of Directors prior to submission.

Form 990, Part VI, Section B, Line 12C

The conflict of interest policy is reviewed by the employees and the Board of Directors annually.

Form 990, Part VI, Section B, Line 15

Compensation of key employees is approved by the Board of Directors. Independent compensation surveys are utilized as a tool in setting compensation levels.

Form 990, Part VI, Section C, Line 19

The governing documents, conflict of interest policy, and financial statements are made available upon request.

Filing and Contact Details

Filer

Filer Name
Great Lakes Credit Union Inc
EIN
34-6523886
Phone
4192465900
Address
6600 Sylanvia Avenue Suite 6D, Sylvania, OH 43560

Signing Officer

Name
David Seeger
Title
Chief Executive Officer
Phone
4192465900
Signed
2017-05-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
David Seeger
Formed
1997
Legal Domicile
Oh
Voting Board Members
5
Independent Board Members
4
Employees
23
Volunteers
4

Preparer

Firm
Schmidt & Associates
Address
P O Box 2588, Columbus, OH 43216
Preparer
Melissa Schmidt
Phone
6145291640
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IRS990/Form990PartVIISectionAGrp/TitleTxt4Secretary of Board, Chief Executive Officer
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IRS990/LoanOutstandingInd01
IRS990/LoansFromOfficersDirectorsGrp/BOYAmt00
IRS990/LoansFromOfficersDirectorsGrp/EOYAmt00
IRS990/LocalChaptersInd01
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd01
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0Great Lakes Credit Union's mission is to serve the member owners in a competitive and convenient manner, with cutting edge products and services, while maintaining concern for the financial well being of the membership.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/MortgNotesPyblScrdInvstPropGrp/BOYAmt00
IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt00
IRS990/NetAssetsOrFundBalancesBOYAmt02426859
IRS990/NetAssetsOrFundBalancesEOYAmt02343088
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NetUnrlzdGainsLossesInvstAmt0-88404
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/FundraisingAmt00
IRS990/OccupancyGrp/ManagementAndGeneralAmt00
IRS990/OccupancyGrp/ProgramServicesAmt0103032
IRS990/OccupancyGrp/TotalAmt0103032
IRS990/OfficeExpensesGrp/FundraisingAmt00
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt014684
IRS990/OfficeExpensesGrp/ProgramServicesAmt0132159
IRS990/OfficeExpensesGrp/TotalAmt0146843
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt0422860
IRS990/OtherAssetsTotalGrp/EOYAmt0434616
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherEmployeeBenefitsGrp/FundraisingAmt00
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt013735
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt024290
IRS990/OtherEmployeeBenefitsGrp/TotalAmt038025
IRS990/OtherExpensesGrp/Desc0Loan servicing (dealer, mortgage, collection)
IRS990/OtherExpensesGrp/Desc1Share servicing (ATM, debit, draft)
IRS990/OtherExpensesGrp/FundraisingAmt00
IRS990/OtherExpensesGrp/FundraisingAmt10
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt00
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt10
IRS990/OtherExpensesGrp/ProgramServicesAmt018262
IRS990/OtherExpensesGrp/ProgramServicesAmt1111391
IRS990/OtherExpensesGrp/TotalAmt018262
IRS990/OtherExpensesGrp/TotalAmt1111391
IRS990/OtherLiabilitiesGrp/BOYAmt023020581
IRS990/OtherLiabilitiesGrp/EOYAmt025215560
IRS990/OtherRevenueTotalAmt00
IRS990/OtherSalariesAndWagesGrp/FundraisingAmt00
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt071239
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0382942
IRS990/OtherSalariesAndWagesGrp/TotalAmt0454181
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt012293077
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt013586526
IRS990/PartialLiquidationInd00
IRS990/PaymentsToAffiliatesGrp/FundraisingAmt00
IRS990/PaymentsToAffiliatesGrp/ManagementAndGeneralAmt00
IRS990/PaymentsToAffiliatesGrp/ProgramServicesAmt00
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayrollTaxesGrp/FundraisingAmt00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt013411
IRS990/PayrollTaxesGrp/ProgramServicesAmt037907
IRS990/PayrollTaxesGrp/TotalAmt051318
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt00
IRS990/PensionPlanContributionsGrp/FundraisingAmt00
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt07012
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt09691
IRS990/PensionPlanContributionsGrp/TotalAmt016703
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt00
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliciesReferenceChaptersInd01
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0240442
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0274981
IRS990/PrincipalOfficerNm0David Seeger
IRS990/PriorPeriodAdjustmentsAmt00
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0522130
IRS990/ProgramServiceRevenueGrp/BusinessCd1522130
IRS990/ProgramServiceRevenueGrp/BusinessCd2522130
IRS990/ProgramServiceRevenueGrp/BusinessCd3522130
IRS990/ProgramServiceRevenueGrp/Desc0Interest on loans to members
IRS990/ProgramServiceRevenueGrp/Desc1Fees to members
IRS990/ProgramServiceRevenueGrp/Desc2ATM surcharges to nonmembers
IRS990/ProgramServiceRevenueGrp/Desc3Mortgage fees to nonmembers
IRS990/ProgramServiceRevenueGrp/ExclusionAmt00
IRS990/ProgramServiceRevenueGrp/ExclusionAmt10
IRS990/ProgramServiceRevenueGrp/ExclusionAmt20
IRS990/ProgramServiceRevenueGrp/ExclusionAmt30
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0568186
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1661403
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt20
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt30
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0568186
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1661403
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt21500
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt311198
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt10
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt21500
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt311198
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt0195704
IRS990/PymtTravelEntrtnmntPubOfclGrp/FundraisingAmt00
IRS990/PymtTravelEntrtnmntPubOfclGrp/ManagementAndGeneralAmt00
IRS990/PymtTravelEntrtnmntPubOfclGrp/ProgramServicesAmt00
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt01499703
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt01425896
IRS990/PYRevenuesLessExpensesAmt0-581085
IRS990/PYSalariesCompEmpBnftPaidAmt0702982
IRS990/PYTotalExpensesAmt02202685
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt01621600
IRS990/RcvblFromDisqualifiedPrsnGrp/BOYAmt00
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/ReceivablesFromOfficersEtcGrp/BOYAmt00
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt04633
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/RentalIncomeOrLossGrp/PersonalAmt00
IRS990/RentalIncomeOrLossGrp/RealAmt00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd01
IRS990/RevenueAmt01478576
IRS990/RoyaltiesGrp/FundraisingAmt00
IRS990/RoyaltiesGrp/ManagementAndGeneralAmt00
IRS990/RoyaltiesGrp/ProgramServicesAmt00
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/ExclusionAmt00
IRS990/RoyaltiesRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/RoyaltiesRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt02426859
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt02343088
IRS990/SavingsAndTempCashInvstGrp/BOYAmt01726652
IRS990/SavingsAndTempCashInvstGrp/EOYAmt02352110
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt00
IRS990ScheduleD/BuildingsGrp/DepreciationAmt00
IRS990ScheduleD/BuildingsGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt00
IRS990ScheduleD/DonatedServicesAndUseFcltsAmt00
IRS990ScheduleD/DonatedServicesUseFcltsAmt00
IRS990ScheduleD/EquipmentGrp/BookValueAmt052723
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0271228
IRS990ScheduleD/EquipmentGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0323951
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt01486641
IRS990ScheduleD/FederalIncomeTaxLiabilityAmt00
IRS990ScheduleD/InvestmentExpensesNotIncld2Amt00

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