2021-11-09T13:56:42-06:00 2020-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2020-01-01 390230585 SUMMIT CREDIT UNION SUMM 6082435000 PO BOX 8046 MADISON WI 537088046 KEITH PETERSON CFO 6082435000 2021-11-08 1 KEITH PETERSON 999009999 TANYA MEDGAARDEN P01717240 5074347000 2021-11-08 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z KIM SPONEM PO BOX 8046 MADISON WI 537088046 220178403 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. 9 9 759 14 94016 0 0 0 174791657 212489672 8356341 6198506 0 0 183147998 218688178 161893 196375 20367196 23703057 48650482 57378956 0 0 0 70267061 78354736 139446632 159633124 43701366 59055054 3689604395 4326305460 3265770166 3835950797 423834229 490354663 X 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. 1 0 SUMMIT SERVED OVER 208,000 MEMBERS IN 2020. THE CREDIT UNION CONTINUED TO OFFER ATTRACTIVE RATES ON VARIOUS SAVING AND LENDING PRODUCTS TO HELP MEMBERS IMPROVE THEIR FINANCIAL POSITION. LOANS GREW 7% DEPOSITS GREW 24% DURING 2020. 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 107298 0 1 759 1 1 1 0 0 0 0 0 0 0 X 9 9 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 537088046 MIKE SCHENK CHAIR 4.00 X X 8250 0 0 MIKE O'BRIEN DIRECTOR 2.00 X 6200 0 0 DAVID RESZEL VICE CHAIR 4.00 X X 6200 0 0 STEFANIE NORVAISAS DIRECTOR 2.00 X 6200 0 0 DENNIS SAUEY DIRECTOR 2.00 X 6200 0 0 JOHN LITSCHER DIRECTOR 2.00 X 6100 0 0 MARY TURKE SECRETARY 4.00 X X 6100 0 0 BOB LINDNER DIRECTOR 2.00 X 6100 0 0 DANIEL KAISER TREASURER 4.00 X X 6000 0 0 KIM SPONEM CEO/PRESIDENT 50.00 X 1319377 0 67086 KEITH PETERSON CFO 50.00 X 401974 0 201350 REBECCA GEROTHANAS COO 50.00 X 369697 0 99664 NANCY KASTEN SVP HR & LOD 50.00 X 286000 0 172501 CHRISTOPHER SCHELL CMO 50.00 X 280003 0 160331 CHRISTOPHER HEFTER CIO 50.00 X 327522 0 71206 KELLY ERBACH VP - BUSINESS TECH SOLUTIO 40.00 X 194435 0 83899 ERIC MATHIAS VP SALES DEVELOPMENT 50.00 X 206321 0 38503 JEREMY EPPLER VP RISK MANAGEMENT 50.00 X 185589 0 19754 ADAM PELLETTER MORTGAGE LOAN OFFICER 40.00 X 313904 0 42288 STEVE HANSEN MORTGAGE LOAN OFFICER 40.00 X 304112 0 51591 MARY BYRD MORTGAGE LOAN OFFICER 40.00 X 250591 0 90665 BRYCE KINGSLEY MORTGAGE LOAN OFFICER 40.00 X 224588 0 35588 TIMOTHY GREENE MORTGAGE LOAN OFFICER 40.00 X 233834 0 22614 4955297 0 1157040 92 0 1 0 JH FINDORFF & SON INC 330 S BEDFORD ST MADISON WI 53703 GENERAL CONTRACTOR 7634023 HIEBING GROUP INC 315 WISCONSIN AVE MADISON WI 53703 MARKETING 4027367 DART APPRAISAL 2600 W BIG BEAVER RD TROY MI 48084 MORTGAGE APPRAISAL 2791722 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 DATA PROCESSING SYSTEM 2470755 ROCK COUNTY TREASURER 51 SOUTH MAIN ST JANESVILLE WI 53545 RE TAX LOANS SERVICED BY SUMMIT 2094983 83 LOAN INTEREST 900099 127175463 127175463 OTHER OPERATING INCOME 900099 74048644 74048644 FEES & SERVICE CHGS 522100 11265565 11170064 95501 212489672 7654097 -1485 7655582 34634 0 1490225 34634 -1490225 -1455591 -1455591 218688178 212394171 94016 6199991 196375 23703057 4542562 41395413 3447700 2877792 5115489 1976194 949056 5192913 19497317 3353568 355836 12165415 7979956 PROVISION FOR LOAN LOSS 14342500 LOAN SERVICING EXPENSE 9873854 MISC. OPERATING EXPENSE 2080905 OPERATING FEES 287930 299292 159633124 13365728 31337866 392035994 424518698 1932278 2450707 5823155 12852660 2917577836 3114804939 3256985 4258769 187405619 54548593 120340150 132857026 139100062 489148916 31087500 31862373 65084707 82213506 3689604395 4326305460 43027339 51849471 2873862 2089616 481578599 389659757 2738290366 3392351953 3265770166 3835950797 X 0 0 0 0 423834229 490354663 423834229 490354663 3689604395 4326305460 X 59055054 7190553 274827 X X 0 1 X 1 0 0 1 X 20566916 20566916 120111038 28177056 91933982 3688421 2054639 1633782 39045788 24316898 14728890 3993456 3993456 132857026 AVAILABLE FOR SALE INVESTMENTS 487554713 F EQUITY SECURITIES 1594203 F 489148916 MEMBER SHARES AND DEPOSITS 3392351953 3392351953 X 220178403 1102542 1102542 219075861 -387683 -387683 218688178 161123349 387683 387683 160735666 -1102542 -1102542 159633124 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, 2020 AND 2019. THE CREDIT UNION'S 2017 THROUGH SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: OTHER NON-OPERATING INCOME 1,102,542. PART XI, LINE 4B - OTHER ADJUSTMENTS: LOSS SALE OF ASSETS -387,683. PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON SALE OF ASSETS 387,683. PART XII, LINE 4B - OTHER ADJUSTMENTS: OTHER NON-OPERATING INCOME -1,102,542. 1 URBAN LEAGUE OF GREATER MADISON 2222 SOUTH PARK STREET SUITE 200 MADISON WI 53713 391098146 501(C)(3) 25000 GENERAL SUPPORT MADISON COLLEGE FOUNDATION 1701 WRIGHT STREET MADISON WI 53704 237265867 501(C)(3) 20000 STUDENT ACHIEVEMENT WI HISTORICAL FOUNDATION PO BOX 260050 816 STATE STREET MADISON WI 53726 390921093 501(C)(3) 10000 GENERAL SUPPORT WAUNAKEE AREA EDUCATION FOUNDATION 905 BETHEL CIRCLE WAUNAKEE WI 53597 391617660 501(C)(3) 7500 WK SOCCER SCOREBOARD NATIONAL CREDIT UNION FOUNDATION PO BOX 78880 MILWAUKEE WI 532780880 391383650 501(C)(3) 6000 NCUF BRONZE SPONSORSHIP FOUNDATION FOR BLACK WOMEN'S WELLNESS PO BOX 259831 MADISON WI 53725 460832901 10000 SPONSORSHIP OF BLACK WOMEN'S WELLNESS DAY 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 X 1 1 X X X X X 0 1 0 KIM SPONEM CEO/PRESIDENT 966158 0 325005 0 28214 0 63628 0 3458 0 1386463 0 0 0 KEITH PETERSON CFO 313369 0 74840 0 13765 0 182097 0 19253 0 603324 0 0 0 REBECCA GEROTHANAS COO 291991 0 72651 0 5055 0 78711 0 20953 0 469361 0 0 0 NANCY KASTEN SVP HR & LOD 224261 0 58038 0 3701 0 156502 0 15999 0 458501 0 0 0 CHRISTOPHER SCHELL CMO 223711 0 53881 0 2411 0 144382 0 15949 0 440334 0 0 0 CHRISTOPHER HEFTER CIO 264563 0 62118 0 841 0 50453 0 20753 0 398728 0 0 0 ADAM PELLETTER MORTGAGE LOAN OFFICER 41174 0 271787 0 943 0 24035 0 18253 0 356192 0 0 0 STEVE HANSEN MORTGAGE LOAN OFFICER 42887 0 256616 0 4609 0 33338 0 18253 0 355703 0 0 0 MARY BYRD MORTGAGE LOAN OFFICER 51907 0 196662 0 2022 0 74666 0 15999 0 341256 0 0 0 KELLY ERBACH VP - BUSINESS TECH SOLUTIO 168844 0 23627 0 1964 0 68747 0 15152 0 278334 0 0 0 BRYCE KINGSLEY MORTGAGE LOAN OFFICER 50520 0 173851 0 217 0 22436 0 13152 0 260176 0 0 0 TIMOTHY GREENE MORTGAGE LOAN OFFICER 47246 0 185692 0 896 0 22614 0 0 0 256448 0 0 0 ERIC MATHIAS VP SALES DEVELOPMENT 176120 0 25463 0 4738 0 20250 0 18253 0 244824 0 0 0 JEREMY EPPLER VP RISK MANAGEMENT 163104 0 21867 0 618 0 18143 0 1611 0 205343 0 0 0 PART I, LINE 1A KIM SPONEM - HEALTH CLUB $621 KIM SPONEM - PERSONAL SERVICES $2,880 KIM SPONEM - TRAVEL FOR COMPANIONS $463 PART I, LINE 4B KEITH PETERSON-PARTICIPATED IN 457(F) AND 457(B) NON-QUALIFIED PLANS - NO DISTRIBUTIONS IN 2020 REBECCA GEROTHANAS-PARTICIPATED IN 457(F) NON-QUALIFIED PLAN - NO DISTRIBUTIONS IN 2020 KIM SPONEM-PARTICIPATED IN 457(B) NON-QUALIFIED PLAN - NO DISTRIBUTIONS IN 2020 NANCY KASTEN-PARTICIPATED IN 457(F) AND 457(B) NON-QUALIFIED PLANS - NO DISTRIBUTIONS IN 2020 CHRIS SCHELL-PARTICIPATED IN 457(F) AND 457(B) NON-QUALIFIED PLANS - NO DISTRIBUTIONS IN 2020 KIM SPONEM CEO/PRESIDENT SPLIT-DOLLAR LIFE INSURANCE X 9877874 12852660 0 1 1 12852660 TURKE & STRAUSS LLP SUMMIT BOARD MEMBER MARY TURKE 704090 LEGAL SERVICES 0 FORM 990, PART III, LINE 2 NEW BRANCHES IN MOUNT HOREB, MOUNT PLEASANT, MIDDLETON, PEWAUKEE, AND SUN PRAIRIE. EXPANDED REMOTE SERVICES FOR MEMBERS, AND "WORK FROM HOME" CAPABILITIES FOR EMPLOYEES, SIGNIFICANTLY IN RESPONSE TO COVID 19. 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. 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: NET CHANGE IN DEFINED BENEFIT OBLIGATIONS 274,827. EQUITY ACQUIRED IN ACQUISITION ROUNDING FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.