2019-11-14T10:45:21-06:00 2018-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2018-01-01 390230585 SUMMIT CREDIT UNION SUMM 6082435000 PO BOX 8046 MADISON WI 537088046 KEITH PETERSON CFO 6082435000 2019-11-13 1 TANYA MEDGAARDEN P01717240 5074347000 2019-11-12 67.137.57.251 2019-11-13 09:04:31 CS P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 BDA8042A4A1B5EFC7B6B23756E4A8DE2138A36D7 2018 2020-03-31 21:24:44Z KIM SPONEM PO BOX 8046 MADISON WI 537088046 154409342 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 9 705 12 131618 0 0 0 128650693 147326393 6350520 6286585 -32555 2540 134968658 153615518 244512 251324 9914316 11097255 39352014 42546019 0 0 0 47654931 60590670 97165773 114485268 37802885 39130250 2900501513 3224170223 2560601385 2845874600 339900128 378295623 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 180,000 MEMBERS IN 2018. THE CREDIT UNION CONTINUED TO OFFER ATTRACTIVE RATES ON VARIOUS SAVING AND LENDING PRODUCTS TO HELP MEMBERS IMPROVE THEIR FINANCIAL POSITION. LOANS GREW 16% DURING 2018. SUMMIT CREATED AND SUPPORTS THE STAR CREDIT UNION, SERVING MEMBERS OF THE MADISON BOYS AND GIRLS CLUB WITH FINANCIAL EDUCATION AND SERVICES, AND WE OPERATE BRANCHES IN THREE 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 0 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 93829 0 1 705 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 0 0 0 DAVID RESZEL VICE CHAIR 4.00 X X 0 0 0 MARY TURKE SECRETARY 4.00 X X 0 0 0 DAN KAISER TREASURER 4.00 X X 0 0 0 DENNIS SAUEY DIRECTOR 2.00 X 0 0 0 MIKE O'BRIEN DIRECTOR 2.00 X 0 0 0 JOHN LITSCHER DIRECTOR 2.00 X 0 0 0 STEFANIE NORVAISAS DIRECTOR 2.00 X 0 0 0 BOB LINDNER DIRECTOR 2.00 X 0 0 0 KIM SPONEM CEO/PRESIDENT 50.00 X 993897 0 55726 KEITH PETERSON CFO 50.00 X 336918 0 188854 REBECCA GEROTHANAS SVP OPERATIONS 50.00 X 305188 0 93882 MARK KENNEDY CHIEF LENDING OFFICER 50.00 X 245296 0 56940 NANCY KASTEN SVP HR & ORG DEVELOP. 50.00 X 239951 0 101968 CHRISTOPHER SCHELL CHIEF MARKETING OFFICER 50.00 X 235726 0 113896 CHRISTOPHER HEFTER CHIEF INFORMATION OFFICER 50.00 X 235669 0 42434 JEREMY EPPLER VP RISK MANAGEMENT 50.00 X 177464 0 19017 ERIC MATHIAS VP RETAIL DEVELOPMENT 50.00 X 174114 0 35141 DONALD LICKEL VP MORTGAGE LENDING 50.00 X 152176 0 42297 ADAM PELLETTER MORTGAGE LOAN OFFICER 40.00 X 219501 0 37809 TIMOTHY GREENE MORTGAGE LOAN OFFICER 40.00 X 176273 0 17600 MARY BYRD MORTGAGE LOAN OFFICER 47.00 X 168059 0 57363 JAMES HOLDEN VP - BUSINESS SERVICES SR 40.00 X 160921 0 47469 DANIEL POLLY AVP- IT 40.00 X 171093 0 35645 3992246 0 946041 16 0 1 0 JH FINDORFF & SON INC 330 S BEDFORD ST MADISON WI 53703 CONSTRUCTION CONTRACTOR 34519715 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 DATA PROCESSING SYSTEM 2976138 HIEBING GROUP INC 315 WISCONSIN AVE MADISON WI 53703 MARKETING 2293625 STRANG INC 6411 MINERAL POINT RD MADISON WI 53705 ARCHITECTURAL FIRM 2110388 PARAGON DEVELOPMENT SYSTEMS PO BOX 775677 CHICAGO IL 60677 DATA PROCESSING SYSTEM 1925070 77 LOAN INTEREST 900099 104965835 104965835 OTHER OPERATING INCOME 900099 30503670 30503670 FEES & SERVICE CHGS 522100 11856888 11714771 142117 147326393 6164236 -10499 6174735 13807 902366 0 793824 13807 108542 122349 122349 NON-OPERATING INCOME/EXPENSE 900099 2540 2540 2540 153615518 147186816 131618 6297084 251324 11097255 4006756 29635606 2495151 4221897 2186609 1277135 336545 4909049 15379692 2321798 749078 8617405 5128988 PROVISION FOR LOAN LOSS 10576000 LOAN SERVICING EXPENSE 8002494 MISC. OPERATING EXPENSE 1758083 PROFESSIONAL & OUTSIDE 1093477 440926 114485268 9851568 12643445 69919282 95353328 1777067 2263422 5177986 5497396 2370751242 2757256944 2604309 3417303 149606261 44898219 61858074 104708042 273992965 153191665 58290893 46876013 129032 0 46149095 42962665 2900501513 3224170223 44324156 37376978 2146352 2671045 272347638 460639314 2241783239 2345187263 2560601385 2845874600 X 0 0 0 0 339900128 378295623 339900128 378295623 2900501513 3224170223 X 39130250 -839088 104332 X X 0 1 X 1 0 0 1 X 14597782 14597782 61572302 22560020 39012282 2852715 1601186 1251529 28564475 20737013 7827462 42018987 42018987 104708042 MEMBER SHARES AND DEPOSITS 2345187263 2345187263 X 153522155 0 153522155 93364 93364 153615519 114391904 -93364 -93364 114485268 0 114485268 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. CERTAIN PRODUCTS AND SERVICES PROVIDED BY SELECT STATE CHARTERED CREDIT UNIONS HAVE BEEN DEEMED BY THE INTERNAL REVENUE SERVICE (IRS), IN TECHNICAL ADVICE MEMORANDUMS (TAMS) RELEASED IN 2007, TO BE UNRELATED TO THE SPECIFIC ENTITY'S EXEMPT PURPOSE. AS PRESENTED IN THE TECHNICAL ADVICE MEMORANDUMS THE NET TAXABLE INCOME FROM THESE PRODUCTS AND SERVICES WOULD BE SUBJECT TO INCOME TAXES. CREDIT UNIONS HAVE LITIGATED AGAINST THE IRS POSITIONS NOTED IN THE TAMS AND HAVE BEEN SUCCESSFUL IN HAVING COURTS DECLARE IN 2009 AND 2010 THAT REVENUE FROM INSURANCE PRODUCTS SOLD TO MEMBERS, HELPING THEM PROTECT THEIR FINANCIAL WELLBEING, QUALIFIES AS EXEMPT PURPOSE INCOME, CONTRARY TO THE IRS POSITION IN THE TAMS. 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, 2018 AND 2017. THE CREDIT UNION'S 2015 THROUGH SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 4B - OTHER ADJUSTMENTS: LOSS ON DISPOSITION OF FIXED/FORECLOSED ASSETS (EXPENSE SHOWN IN REVENUE) 93,364. PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON DISPOSITION OF FIXED ASSETS (EXPENSE SHOWN IN REVENUE) -93,364. 1 UNITED WAY OF DANE COUNTY 2059 ATWOOD AVE PO BOX 7548 MADISON WI 53707 390817532 501(C)(3) 42650 UNITED WAY CORPORATE CONTRIBUTION/LOAN EXEC SPONSOR MADISON COLLEGE FOUNDATION 3591 ANDERSON ST STE 203 A MADISON WI 537042599 237265867 501(C)(3) 15000 ENDOWMENT FUND EDGEWOOD COLLEGE 1000 EDGEWOOD COLLEGE DR MADISON WI 53711 390860620 501(C)(3) 14286 RESIDENCE HALL CAPITAL CAMPAIGN GIRL SCOUTS OF AMERICA 2710 SKI LANE MADISON WI 53713 390806331 501(C)(3) 12750 GIRL SCOUTS CAPITAL CAMPAIGN YEAR 1 OF 2 GOODMAN COMMUNITY CENTER 149 WAUBESA ST MADISON WI 53704 391919172 501(C)(3) 12750 PARTNERSHIP - YEAR 1 WAUNAKEE COMMUNITY FOUNDATION PO BOX 62 WAUNAKEE WI 53597 352232375 501(C)(3) 10000 NEW LIBRARY FUND - 1 OF 2 WISCONSIN HISTORICAL FOUNDATIONS 816 STATE ST MADISON WI 53706 390921093 501(C)(3) 10000 GIFT AGREEMENT PLEDGE SUNSHINE PLACE PO BOX 307 SUN PRAIRIE WI 53590 205398498 501(C)(3) 5750 SUN PRAIRIE DISASTER RELIEF DOYENNE GROUP 821 E WASHINGTON AVE STE 200-D MADISON WI 53703 471297383 501(C)(3) 5000 GENERAL SUPPORT A FUND FOR WOMEN PO BOX 5010 2 SCIENCE COURT MADISON WI 53704 396038248 501(C)(3) 5000 PARTNERSHIP NATIONAL CREDIT UNION FOUNDATION 5710 MINERAL POINT RD MADISON WI 53705 391383650 501(C)(3) 5000 NATIONAL CREDIT UNION FOUNDATION DONATION 11 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 711250 0 254815 0 27832 0 52615 0 3111 0 1049623 0 0 0 KEITH PETERSON CFO 269542 0 59082 0 8294 0 169407 0 19447 0 525772 0 0 0 REBECCA GEROTHANAS SVP OPERATIONS 239437 0 60790 0 4961 0 73735 0 20147 0 399070 0 0 0 MARK KENNEDY CHIEF LENDING OFFICER 197753 0 46403 0 1140 0 37033 0 19907 0 302236 0 0 0 NANCY KASTEN SVP HR & ORG DEVELOP. 188591 0 48193 0 3167 0 86636 0 15332 0 341919 0 0 0 CHRISTOPHER SCHELL CHIEF MARKETING OFFICER 185472 0 48219 0 2035 0 96529 0 17367 0 349622 0 0 0 CHRISTOPHER HEFTER CHIEF INFORMATION OFFICER 203466 0 31707 0 496 0 22437 0 19997 0 278103 0 0 0 JEREMY EPPLER VP RISK MANAGEMENT 150685 0 26432 0 347 0 17406 0 1611 0 196481 0 0 0 ERIC MATHIAS VP RETAIL DEVELOPMENT 147334 0 26431 0 349 0 17644 0 17497 0 209255 0 0 0 DONALD LICKEL VP MORTGAGE LENDING 131815 0 16331 0 4030 0 29045 0 13252 0 194473 0 0 0 ADAM PELLETTER MORTGAGE LOAN OFFICER 214478 0 4954 0 69 0 20399 0 17410 0 257310 0 0 0 TIMOTHY GREENE MORTGAGE LOAN OFFICER 171201 0 5003 0 69 0 17600 0 0 0 193873 0 0 0 MARY BYRD MORTGAGE LOAN OFFICER 162778 0 4952 0 329 0 41981 0 15382 0 225422 0 0 0 JAMES HOLDEN VP - BUSINESS SERVICES SR 139272 0 17628 0 4021 0 29322 0 18147 0 208390 0 0 0 DANIEL POLLY AVP- IT 151240 0 19479 0 374 0 17398 0 18247 0 206738 0 0 0 PART I, LINE 1A KIM SPONEM - HEALTH CLUB $2,617 KIM SPONEM - TRAVEL FOR COMPANIONS $5,260 PART I, LINE 4B KEITH PETERSON-PARTICIPATED IN 457(F) AND 457(B) NON-QUALIFIED PLANS REBECCA GEROTHANAS-PARTICIPATED IN 457(F) NON-QUALIFIED PLAN KIM SPONEM-PARTICIPATED IN 457(B) NON-QUALIFIED PLAN NANCY KASTEN-PARTICIPATED IN 457(F) AND 457(B) NON-QUALIFIED PLANS CHRIS SCHELL-PARTICIPATED IN 457(F) AND 457(B) NON-QUALIFIED PLANS KIM SPONEM CEO/PRESIDENT SPLIT-DOLLAR LIFE INSURANCE X 5252660 5497396 0 1 1 5497396 TURKE & STRAUSS LLP SUMMIT BOARD MEMBER MARY TURKE 341017 LEGAL SERVICES 0 FORM 990, PART III, LINE 2 NEW BRANCHES IN NEW BERLIN, MADISON, AND OCONOMOWOC. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS COMPRISED OF A SINGLE CLASS OF MORE THAN 180,000 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 -389,977. EQUITY ACQUIRED IN ACQUISITION 494,309. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.