Great Lakes Credit Union

“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.”

“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.”

“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.”

“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.”

“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.”

“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, 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.”

“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.”

“Other professional services 9,194,646.”

“Other comprehensive income/(loss) - post-retirement healthcare plan -95,358. Equity acquired in merger 6,114,910.”

“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.”