GREAT LAKES CREDIT UNION

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1938

Legal Domicile

Principal Officer

STEVEN BUGG

Phone

8475787000

Tax Period

2024-01-01 to 2024-12-31

GREAT LAKES CREDIT UNION, founded in 1938, is a mid-sized nonprofit that reported $80.7M in total revenue in fiscal year 2024. Revenue surged 25% from the prior year, signaling strong growth momentum.

Mission

TO OFFER PRODUCTS AND SERVICES FOR OUR MEMBERS TO ACHIEVE THEIR FINANCIAL GOALS. WE WILL BUILD VALUED RELATIONSHIPS, ONE MEMBER AT A TIME.

Program Service Accomplishments

Program 1

LOANS ARE GRANTED TO INDIVIDUALS WHO ARE MEMBERS IN GOOD STANDING WITH THE CREDIT UNION AND WHO QUALIFY FOR SUCH LOANS. GLCU PROVIDES THE FOLLOWING TYPES OF LOANS: MORTGAGES, HELOC'S, AUTO, RV...

LOANS ARE GRANTED TO INDIVIDUALS WHO ARE MEMBERS IN GOOD STANDING WITH THE CREDIT UNION AND WHO QUALIFY FOR SUCH LOANS. GLCU PROVIDES THE FOLLOWING TYPES OF LOANS: MORTGAGES, HELOC'S, AUTO, RV, UNSECURED, BOAT AND COMMERCIAL.

Program 2

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...

Program 3

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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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $346,088

Program Service Revenue $65,112,284

Investment Income $15,154,059

Other Revenue $53,586

TOTAL REVENUE $80,666,017

Expense Breakdown

Grants Paid $53,568

Salaries & Benefits $23,513,782

Fundraising Expenses $0

Other Expenses $60,246,692

TOTAL EXPENSES $83,814,042

Year-over-Year Comparison

	2024	2023	Change
Revenue	$80,666,017	$64,760,572	+0.2%
Expenses	$83,814,042	$62,052,965	+0.4%
Net Income	$-3,148,025	$2,707,607	-2.2%

Key Indicators

✓ Grants to Organizations ✓ Grants to Individuals ✗ Lobbying ✓ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

290

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$2,478,622

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
STEPHEN M PARK	DIRECTOR	7.00	Director	$0	$0	$0
PATRICE PRICE	BOARD CHAIR	7.00	Director	$0	$0	$0
JAMES A FABRIE	DIRECTOR	5.00	Director	$0	$0	$0
JIM MARCH	EMERITUS DIRECTOR	5.00	Director	$0	$0	$0
R LEE PIEKARZ	BOARD TREASURER	5.00	Director	$0	$0	$0
KEVIN LEMAN	BOARD VICE CHAIR	5.00	Director	$0	$0	$0
DAVID GOLES	DIRECTOR	5.00	Director	$0	$0	$0
CATHY CORBI	BOARD SECRETARY	5.00	Director	$0	$0	$0
SARAH MARSHALL	DIRECTOR	5.00	Director	$0	$0	$0
WILLIAM HARLAN	DIRECTOR	5.00	Director	$0	$0	$0
STEVEN BUGG	PRESIDENT/CEO	40.00	Officer	$685,247	$50,455	$735,702
TIMOTHY LUKOMSKI	CHIEF FINANCIAL OFFICER	40.00	Officer	$313,735	$50,172	$363,907
MICHAEL HERSH	CHIEF ADMINISTRATIVE OFFICER	40.00	Officer	$276,900	$46,171	$323,071
ELIZABETH OSBORNE	CHIEF OPERATIONS OFFICER	40.00	Officer	$259,885	$40,428	$300,313
FRED CAMPOBASSO	CHIEF LENDING OFFICER	40.00	Officer	$272,089	$31,795	$303,884
PATRICK BASLER	CHIEF EXPERIENCE OFFICER	40.00	Officer	$260,853	$50,395	$311,248
MICHAEL ABRAHAM	CHIEF STRATEGY OFFICER	40.00	Officer	$130,812	$9,685	$140,497
DIANA BYERS	SVP ENTERPRISE RISK MANAGE	40.00	Highest	$210,981	$19,127	$230,108
DION ROSECRANS	MANAGER IT	40.00	Highest	$146,577	$21,843	$168,420
DONNA WIOREK	SENIOR VICE PRESIDENT - AC	40.00	Highest	$233,645	$11,734	$245,379
PREDRAG GRMUSA	VP OF HUMAN RESOURCES & OR	40.00	Highest	$153,202	$43,621	$196,823
BRIAN GAWIN	VP COMMERCIAL LENDING	40.00	Highest	$196,712	$33,885	$230,597

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	$80,666,017	$83,814,042	$1,481,537,874	$-3,148,025
2023	$64,760,572	$62,052,965	$1,313,509,604	$2,707,607
2022	$54,056,794	$44,878,605	$1,341,546,042	$9,178,189
2021	$50,981,092	$34,186,973	$1,045,676,236	$16,794,119
2020	$49,088,626	$43,178,553	$1,027,627,838	$5,910,073
2019	$47,845,545	$43,742,192	$883,772,298	$4,103,353
2018	$43,394,934	$42,703,211	$860,514,440	$691,723