2024-11-15T09:43:24-06:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2023-01-01 390230585 SUMMIT CREDIT UNION SUMM 6082435000 PO BOX 8046 MADISON WI 537088046 KEITH PETERSON CFO 6082435000 2024-11-13 1 0 TANYA MEDGAARDEN P01717240 5074347000 2024-11-13 2023 2024-10-15 13:58:12Z KIM SPONEM PO BOX 8046 MADISON WI 537088046 583116236 0 X WWW.SUMMITCREDITUNION.COM X CU 1935 WI A COOPERATIVE, NONPROFIT CORPORATION, INCORPORATED UNDER WISCONSIN STATE LAW TO ENCOURAGE THRIFT AMONG ITS MEMBERS, CREATE A SOURCE OF CREDIT AT A FAIR AND REASONABLE COST, AND PROVIDE AN OPPORTUNITY FOR ITS MEMBERS TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS. 11 11 1137 14 127866 0 0 0 211554475 319159275 19169470 25398039 367748 18360 231091693 344575674 936656 648432 17583444 83841302 70565634 84292025 0 0 0 90649921 124664847 179735655 293446606 51356038 51129068 6224510320 6945113848 5676758326 6333434715 547751994 611679133 A COOPERATIVE, NONPROFIT CORPORATION, INCORPORATED UNDER WISCONSIN STATE LAW TO ENCOURAGE THRIFT AMONG ITS MEMBERS, CREATE A SOURCE OF CREDIT AT A FAIR AND REASONABLE COST, AND PROVIDE AN OPPORTUNITY FOR ITS MEMBERS TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS. 0 0 SUMMIT SERVED OVER 257,000 MEMBERS IN 2023. THE CREDIT UNION CONTINUED TO OFFER ATTRACTIVE RATES ON VARIOUS SAVING AND LENDING PRODUCTS TO HELP MEMBERS IMPROVE THEIR FINANCIAL POSITION. LOANS AND DEPOSITS EACH GREW 13% DURING 2023. SUMMIT OPERATES BRANCHES IN FOUR HIGH SCHOOLS TO SERVE STUDENTS. WE OFFER ADDITIONAL FINANCIAL EDUCATION SESSIONS IN THE COMMUNITIES WE SERVE. WE SUPPORT NUMEROUS COMMUNITY ORGANIZATIONS, INCLUDING UNITED WAY, GOODMAN COMMUNITY CENTER, URBAN LEAGUE AND NATIONAL CREDIT UNION FOUNDATION. 0 0 0 0 0 0 0 1 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 1 0 1 0 0 0 0 0 0 0 0 1 291722 0 1137 1 1 1 0 0 0 0 0 0 0 1 0 X 11 11 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X X KEITH PETERSON 6082435000 PO BOX 8046 MADISON WI 53708 MARY TURKE CHAIR (PART YEAR) 4.00 X X 24000 0 0 MIKE SCHENK TREASURER 4.00 X X 18000 0 0 DANIEL KAISER CHAIR 4.00 X X 18000 0 0 BOB LINDNER VICE CHAIR 4.00 X X 18000 0 0 STEFANIE NORVAISAS SECRETARY 4.00 X X 18000 0 0 DAVID RESZEL DIRECTOR 2.00 X 18000 0 0 DENNIS SAUEY DIRECTOR 2.00 X 18000 0 0 JOHN LITSCHER DIRECTOR 2.00 X 18000 0 0 MIKE O'BRIEN DIRECTOR 2.00 X 18000 0 0 ABIGAIL RODRIGUEZ DIRECTOR 2.00 X 18000 0 0 SAMIRA SALEM DIRECTOR 2.00 X 0 0 0 KIM SPONEM CEO/PRESIDENT 50.00 X 2355714 0 88748 KEITH PETERSON CFO 50.00 X 433051 0 237099 CHRISTOPHER HEFTER CIO 50.00 X 440546 0 177978 REBECCA GEROTHANAS COO 50.00 X 455983 0 131357 CHRISTOPHER SCHELL CMO 50.00 X 310843 0 186096 KELLY ERBACH VP - BUSINESS TECH SOLUTIO 40.00 X 256537 0 178111 KEVIN PIETTE CHIEF COMMERCIAL BUS SERV OFFICER 50.00 X 364150 0 61308 ERIC MATHIAS SVP - SALES & LENDING OPS 40.00 X 344710 0 70795 JEREMY EPPLER VP - RISK MANAGEMENT 40.00 X 195320 0 20767 ANN KNUTSON SVP - HR & ORG DEVELOPMENT 40.00 X 152807 0 24874 THOMAS HOPP VP OF SALES - BUSINESS SERVICES 40.00 X 334862 0 56101 JAMES HOLDEN VP - BLO MARKET MANAGER 40.00 X 215203 0 77641 JOHN JONES VP - BUSINESS & COMMERCIAL CREDIT RISK & OPERATION 40.00 X 229428 0 56903 JONATHAN WILLEMS VP - BLOW MARKET MANAGER - BUSINESS SERVICES 40.00 X 222656 0 36504 LUKE HAGEL VP - BLO MARKET MANAGER - BUSINESS SERVICES 40.00 X 218330 0 29996 JAMES CORBETT SVP - HR & OD 50.00 X 100713 0 12609 6816853 0 1446887 114 0 1 0 HIEBING GROUP INC 315 WISCONSIN AVE MADISON WI 53703 MARKETING 7229034 J H FINDORFF & SON INC 300 S BEDFORD ST MADISON WI 53703 CONSTRUCTION 3258079 PARAGON DEVELOPMENT SYSTEMS PO BOX 772990 DETROIT MI 482770990 HARDWARE SUPPLIER 1973792 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 INFORMATION TECHNOLOGY 1910522 EDGE ONE 161 BUSINESS PARK CIRCLE STOUGHTON WI 53589 KIOSK SERVICES 1742634 130 LOAN INTEREST 522100 263796593 263796593 OTHER OPERATING INCOME 522100 36007321 36007321 FEES & SERVICE CHGS 522100 19355361 19227495 127866 319159275 21347074 21347074 242591527 238540562 4050965 4050965 4050965 OTHER NON-INTEREST INCOME 522100 18360 18360 18360 344575674 319049769 127866 25398039 648432 83841302 6672794 60154497 5001973 7548978 4913783 3443541 82128 10527129 33329888 4331834 1259098 26457292 9333600 PROVISION FOR CREDIT LO 18494536 LOAN SERVICING EXPENSE 12272832 MISC. OPERATING EXPENSE 4826208 OPERATING FEES 306761 293446606 59269845 59300715 223143126 362653272 4021223 928147 13607124 18972929 4977668060 5603055215 6224087 6657852 217466413 76016977 140855042 141449436 552213483 490030557 34490737 36491746 133094030 127665853 79923563 97908126 6224510320 6945113848 72311513 74203756 17414630 12858766 805406744 836550000 4781625439 5409822193 5676758326 6333434715 X 0 0 0 0 547751994 611679133 547751994 611679133 6224510320 6945113848 X 51129068 16155892 -3357821 X X 0 1 X 1 0 0 1 X 25499060 25499060 134741283 38613879 96127404 7362626 3336411 4026215 45214980 34066687 11148293 4648464 4648464 141449436 AVAILABLE FOR SALE INVESTMENTS 487705998 F EQUITY SECURITIES 2324559 F 490030557 MEMBER SHARES AND DEPOSITS 5329454693 NONMEMBER DEPOSITS 79067500 OFF BALANCE SHEET CREDIT EXPOSURE 1300000 5409822193 X 344655000 0 344655000 -79326 -79326 344575674 293526000 0 293526000 -79394 -79394 293446606 PART IV, LINE 2B: THE CREDIT UNION ACTS AS A CUSTODIAN FOR AMOUNTS IN ESCROW FOR LOANS TO MEMBERS. PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER INTERNAL REVENUE CODE 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES IT HAS DEEMED TAXABLE. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES, AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN WAS FILED. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES POTENTIALLY DEEMED TO BE UNRELATED TO THE CREDIT UNION'S EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. AS A RESULT, THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2023 AND 2022. THE CREDIT UNION'S 2020 THROUGH SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 4B - OTHER ADJUSTMENTS: EXP INCLUDED IN REV FOR 990 -79,326. PART XII, LINE 4B - OTHER ADJUSTMENTS: EXP INCLUDED IN REV FOR 990 -79,326. ROUNDING -68. 1 UNITED WAY OF DANE COUNTY PO BOX 7548 MADISON WI 53707 390817532 501(C)(3) 84896 0 COMMUNITY SUPPORT BOYS & GIRLS CLUB OF DANE COUNTY 1818 W BELTLINE HWY MADISON WI 53713 391925617 501(C)(3) 50000 0 GENERAL SUPPORT & FINANCIAL EDUCATION WORLDWISE FOUNDATION FOR CREDIT UNIONS 5710 MINERAL POINT RD MADISON WI 537054493 396093210 501(C)(3) 40870 0 GENERAL SUPPORT MADISON COLLEGE FOUNDATION 1701 WRIGHT STREET MADISON WI 53704 237265867 501(C)(3) 40206 0 GENERAL SUPPORT THE RIVER FOOD PANTRY 2201 DARWIN RD MADISON WI 53704 204179749 501(C)(3) 17668 0 GENERAL SUPPORT URBAN LEAGUE OF GREATER MADISON 2222 S PARK ST STE 200 MADISON WI 53713 391098146 501(C)(3) 16000 0 GENERAL SUPPORT CENTRO HISPANO OF DANE CO 810 W BADGER RD MADISON WI 53713 930844812 501(C)(3) 15500 0 GENERAL SUPPORT FOUNDATION FOR BLACK WOMENS WELLNESS PO BOX 259831 MADISON WI 53725 460832901 501(C)(3) 15000 0 SPONSORSHIP OF BLACK WOMEN'S WELLNESS DAY MADISON PUBLIC MARKET FOUNDATION INC PO BOX 260026 MADISON WI 53726 822666213 501(C)(3) 15000 0 GENERAL SUPPORT BAYVIEW FOUNDATION INC 601 BAY VIEW MADISON WI 53715 396092644 501(C)(3) 15000 0 GENERAL SUPPORT BLACK MEN COALITION OF DANE COUNTY 5 N PINCKNEY ST MADISON WI 53703 881460639 501(C)(3) 14600 0 GENERAL SUPPORT SUN PRAIRIE PUBLIC LIBRARY FOUNDATION 1350 LINNERUD DRIVE SUN PRAIRIE WI 53590 391988151 501(C)(3) 12500 0 GENERAL SUPPORT CEOS OF TOMORROW 2702 INTERNATIONAL LANE MADISON WI 53704 300941154 501(C)(3) 10500 0 GENERAL SUPPORT WISCONSIN HISTORICAL FOUNDATION INC PO BOX 260050 816 STATE STREET MADISON WI 53726 390921093 501(C)(3) 10000 0 GENERAL SUPPORT CLIMB 6666 ODANA RD 221 MADISON WI 53719 861598626 501(C)(3) 10000 0 GENERAL SUPPORT RISE WISCONSIN INC 2120 FORDEM AVE MADISON WI 53704 912064768 501(C)(3) 10000 0 GENERAL SUPPORT UNITED WAY OF DANE COUNTY WOMEN UNITED PO BOX 7548 MADISON WI 53707 390817532 501(C)(3) 9500 0 GENERAL SUPPORT GOODMAN COMMUNITY CENTER 214 WAUBESA ST MADISON WI 53704 391919172 501(C)(3) 8500 0 GENERAL SUPPORT NATIONAL CREDIT UNION FOUNDATION PO BOX 78880 MILWAUKEE WI 532780880 391383650 501(C)(3) 8400 0 NCUF BRONZE SPONSORSHIP WAUNAKEE AREA EDUCATION FOUNDATION 905 BETHEL CIRCLE WAUNAKEE WI 53597 391617660 501(C)(3) 7500 0 GENERAL SUPPORT KETTLE MORAINE YMCA 1111 W WASHINGTON ST WEST BEND WI 53095 391175559 501(C)(3) 6000 0 GENERAL SUPPORT MADISON PUBLIC SCHOOLS FOUNDATION 2005 W BELTLINE HIGHWAY STE 203 MADISON WI 53713 392043104 501(C)(3) 5500 0 GENERAL SUPPORT COMMUNITY SHARES OF WI 931 E MAIN STREET MADISON WI 53703 391172378 501(C)(3) 5159 0 GENERAL SUPPORT 23 PART I, LINE 2: THE CU DOES MAINTAIN RECORDS TO SUBSTANTIATE THE AMOUNTS, THE GRANTEES' ELIGIBILITY, AND THE SELECTION CRITERIA. THE GRANTS ARE NOT CONTINGENT ON THE FUNDS BEING USED FOR A PARTICULAR PROJECT OR THEY MUST BE RETURNED, SO THE CU DOES NOT MONITOR HOW A PARTICULAR DONATION WAS USED. RECIPIENTS ARE TYPICALLY 501(C)(3) ORGANIZATIONS. X X 1 1 X X X X 0 1 0 KIM SPONEM CEO/PRESIDENT 1607075 0 716454 0 32185 0 86097 0 2651 0 2444462 0 0 0 KEITH PETERSON CFO 353087 0 76400 0 3564 0 215362 0 21737 0 670150 0 0 0 CHRISTOPHER HEFTER CIO 348573 0 84078 0 7895 0 155171 0 22807 0 618524 0 0 0 REBECCA GEROTHANAS COO 338294 0 95352 0 22337 0 108000 0 23357 0 587340 0 0 0 CHRISTOPHER SCHELL CMO 246772 0 60507 0 3564 0 168209 0 17887 0 496939 0 0 0 KELLY ERBACH VP - BUSINESS TECH SOLUTIO 203424 0 49549 0 3564 0 163427 0 14684 0 434648 0 0 0 KEVIN PIETTE CHIEF COMMERCIAL BUS SERV OFFICER 285954 0 75328 0 2868 0 44585 0 16723 0 425458 0 0 0 ERIC MATHIAS SVP - SALES & LENDING OPS 278184 0 62886 0 3640 0 50488 0 20307 0 415505 0 0 0 THOMAS HOPP VP OF SALES - BUSINESS SERVICES 225250 0 105448 0 4164 0 35431 0 20670 0 390963 0 0 0 JAMES HOLDEN VP - BLO MARKET MANAGER 185419 0 23618 0 6166 0 56373 0 21268 0 292844 0 0 0 JOHN JONES VP - BUSINESS & COMMERCIAL CREDIT RI 197318 0 24652 0 7458 0 40766 0 16137 0 286331 0 0 0 JONATHAN WILLEMS VP - BLOW MARKET MANAGER - BUSINESS 155305 0 66334 0 1017 0 16197 0 20307 0 259160 0 0 0 LUKE HAGEL VP - BLO MARKET MANAGER - BUSINESS S 151051 0 66278 0 1001 0 15657 0 14339 0 248326 0 0 0 JEREMY EPPLER VP - RISK MANAGEMENT 168362 0 22391 0 4567 0 19156 0 1611 0 216087 0 0 0 ANN KNUTSON SVP - HR & ORG DEVELOPMENT 100096 0 51683 0 1028 0 15413 0 9461 0 177681 0 0 0 PART I, LINE 1A KIM SPONEM - HEALTH CLUB $1,032 KIM SPONEM - PERSONAL SERVICES $2,262 PART I, LINE 4B KEITH PETERSON-PARTICIPATED IN 457(F) NON-QUALIFIED PLAN - NO DISTRIBUTIONS IN 2023 REBECCA GEROTHANAS-PARTICIPATED IN 457(F) NON-QUALIFIED PLAN - NO DISTRIBUTIONS IN 2023 CHRIS SCHELL-PARTICIPATED IN 457(F) NON-QUALIFIED PLAN - NO DISTRIBUTIONS IN 2023 CHRIS HEFTER-PARTICIPATED IN 457(F) NON-QUALIFIED PLAN - NO DISTRIBUTIONS IN 2023 KIM SPONEM CEO/PRESIDENT SPLIT-DOLLAR LIFE INSURANCE X 12852659 13754733 0 1 1 REBECCA GEROTHANAS CHIEF OPERATIONS OFFICER SPLIT-DOLLAR LIFE INSURANCE X 4591500 4620196 0 1 1 CHRIS HEFTER CHIEF INFORMATION OFFICER SPLIT-DOLLAR LIFE INSURANCE X 598000 598000 0 1 1 18972929 TURKE & STRAUSS LLP SUMMIT BOARD MEMBER MARY TURKE 1059881 LEGAL SERVICES 0 CU DIRECT CORPORATION - ORIGENCE SUMMIT CEO IS ON BOARD OF CU DIRECT 131164 INDIRECT LENDING SERVICES 0 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS COMPRISED OF A SINGLE CLASS OF MORE THAN 200,000 MEMBER-OWNERS, EACH OF WHICH HAS EQUAL RIGHTS IN OWNERSHIP, GOVERNANCE AND VOTING RIGHTS AT THE ANNUAL MEETINGS, WITH THE EXCEPTION OF THE MEMBER-OWNERS WHO ARE ELECTED TO THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBER-OWNERS OF THE CREDIT UNION HAVE THE AUTHORITY TO ELECT THE MEMBERS OF THE BOARD OF DIRECTORS FOR THREE-YEAR TERMS ON A ROTATING BASIS. CANDIDATES ARE ELECTED BY A SIMPLE PLURALITY VOTE. FORM 990, PART VI, SECTION A, LINE 7B THE BY-LAWS MAY BE AMENDED, ALTERED OR REPEALED IN ANY MANNER NOT INCONSISTENT WITH APPLICABLE LAW BY A MAJORITY VOTE OF THE BOARD AT ANY DULY CONVENED MEETING OF THE BOARD. THESE BY-LAWS MAY BE AMENDED BY THREE-FOURTHS MAJORITY VOTE OF THE MEMBERS PRESENT AT ANY ANNUAL OR SPECIAL MEETING OF THE MEMBERS, IF ALL NOTICE AND OTHER REQUIREMENTS APPLICABLE TO AMENDMENT OF THESE BY-LAWS ARE SATISFIED. NO AMENDMENT, ALTERATION, OR REPEAL OF THESE BYLAWS SHALL BECOME EFFECTIVE UNTIL FILED WITH AND APPROVAL BY THE OFFICE OF CREDIT UNIONS. MEMBERS ALSO VOTE ON APPROVAL OF A NAME CHANGE. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY THE VP-RISK MANAGEMENT AND CFO PRIOR TO FILING. IF THERE IS UNCERTAINTY ABOUT A RESPONSE, THEY WILL CONSULT WITH THE APPROPRIATE SUBJECT MATTER EXPERT. FORM 990, PART VI, SECTION B, LINE 12C ALL EMPLOYEES AND VOLUNTEERS ARE COVERED BY THE CONFLICT OF INTEREST POLICY, WHICH PROHIBITS ENGAGING IN TRANSACTIONS WITH PARTIES WHERE A CONFLICT EXISTS. ALL STAFF RECEIVE ANNUAL TRAINING ON CONFLICT OF INTEREST AND ARE REQUIRED TO RE-READ THE DOCUMENT ANNUALLY. THE CORE SYSTEM ALSO PROHIBITS EMPLOYEES FROM COMPLETING TRANSACTIONS ON ACCOUNTS THAT CONTAIN THEIR SOCIAL SECURITY NUMBER OR ADDRESS. VARIOUS MONTHLY FRAUD MONITORING REPORTS ARE REVIEWED BY RISK MANAGEMENT. POTENTIAL CONFLICTS ARE DISCUSSED WITH THE VP RISK MANAGEMENT AND FACILITIES, AND ESCALATED TO THE SVP HR AND ORGANIZATIONAL DEVELOPMENT, CFO, AND CEO/PRESIDENT AS NEEDED. FORM 990, PART VI, SECTION B, LINE 15 ALL POSITIONS ARE CLASSIFIED WITHIN SALARY BANDS. EACH YEAR, ALL SALARY BANDS ARE REVIEWED AND MAY BE ADJUSTED TO REFLECT JOB MARKET CHANGES TO ENSURE THAT POSITIONS ARE CLASSIFIED APPROPRIATELY. EVERY TWO TO THREE YEARS ALL POSITIONS ARE RE-EVALUATED USING MULTIPLE EXTERNAL RESOURCES IN THIS PROCESS. THE CEO'S COMPENSATION IS REVIEWED BY THE BOARD EACH YEAR AND MULTIPLE SOURCES ARE USED. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2023. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS ARE PROVIDED TO MEMBERS UPON REQUEST. FINANCIAL STATEMENTS ARE PRESENTED IN THE ANNUAL REPORT AND AVAILABLE FOR DOWNLOAD FROM NCUA. FORM 990, PART XI, LINE 9: CHANGE IN OCI -4,310,185. CECL ADJUSTMENT 952,364. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.