2015-11-11T10:27:44-06:00 2014-12-31 410746749 CLIFTONLARSONALLEN LLP PO BOX 217 AUSTIN MN 55912 990 2014-01-01 390230585 SUMMIT CREDIT UNION SUMM 6082435000 PO BOX 8046 MADISON WI 537088046 KEITH PETERSON CFO 6082435000 2015-11-09 1 SHERRI WESSELS P00888088 5074347000 2014 2016-03-07 17:11:31Z KIM SPONEM PO BOX 8046 MADISON WI 537088046 114036810 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 9 622 12 1081064 0 0 0 89376769 88748259 7249851 8042592 61709 136802 96688329 96927653 156051 158052 6778900 7307770 28150319 29211481 0 0 0 33998923 35937650 69084193 72614953 27604136 24312700 1955509180 2076034803 1739747505 1834004313 215761675 242030490 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 142,000 MEMBERS IN 2014. THE CREDIT UNION CONTINUED TO OFFER ATTRACTIVE RATES ON VARIOUS SAVING AND LENDING PRODUCTS TO HELP MEMBERS IMPROVE THEIR FINANCIAL POSITION. LOANS GREW 13% DURING 2014. 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 TWO HIGH SCHOOLS TO SERVE STUDENTS. WE OFFER ADDITIONAL FINANCIAL EDUCATION SESSIONS IN THE COMMUNITIES WE SERVE. WE SUPPORT NUMEROUS COMMUNITY ORGANIZATIONS, INCLUDING UNITED WAY, SECOND HARVEST FOODBANK, SUNSHINE PLACE, JUVENILE DIABETES RESEARCH FOUNDATION, AND COMMONWEALTH DEVELOPMENT. 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 0 0 0 0 0 0 0 0 0 0 0 1 89137 0 1 622 1 1 1 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 DENNIS SAUEY PAST CHAIR 2.00 X X 0 0 0 MIKE O'BRIEN CHAIR 4.00 X X 0 0 0 MIKE SCHENK SECRETARY 4.00 X X 0 0 0 JOHN LITSCHER VICE CHAIR 4.00 X X 0 0 0 STEFANIE NORVAISAS DIRECTOR 2.00 X 0 0 0 SUE RACINE DIRECTOR 2.00 X 0 0 0 DAVID RESZEL TREASURER 4.00 X X 0 0 0 BOB LINDNER DIRECTOR 2.00 X 0 0 0 MARY TURKE DIRECTOR 2.00 X 0 0 0 KIM SPONEM CEO/PRESIDENT 50.00 X 653266 0 30459 KEITH PETERSON CFO 50.00 X 251533 0 44504 REBECCA GEROTHANAS SVP OPERATIONS 50.00 X 213054 0 36467 JOANNE BELANGER VP DIGITAL MARKETING 50.00 X 171760 0 28347 DANIEL MILBRANDT CHIEF LENDING OFFICER 50.00 X 189613 0 18053 CHRISTOPHER HEFTER VP IT 50.00 X 168424 0 36406 JEREMY EPPLER VP RISK MANAGEMENT 50.00 X 157971 0 18145 ERIC MATHIAS VP RETAIL DEVELOPMENT 50.00 X 166607 0 33235 DONALD GRIFFIN MORTGAGE LOAN OFFICER 40.00 X 147871 0 16717 ADAM PELLETTER MORTGAGE LOAN OFFICER 40.00 X 159299 0 31830 NANCY SCHMIDT SVP HR & OD 50.00 X 148542 0 17342 KIM KALEPP MANAGING VP OF BUSINESS SERVICES 40.00 X 145594 0 29979 DANIEL POLLY AVP IT 40.00 X 142302 0 30721 2715836 0 372205 37 0 1 0 JH FINDORFF & SON INC 330 S BEDFORD ST MADISON WI 53703 CONSTRUCTION CONTRACTOR 2211741 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 INFORMATION SYSTEM 1297702 US DEPARTMENT OF EDUCATION PO BOX 979066 ST LOUIS MO 63197 STUDENT LOANS 1174160 DART APPRAISALCOM INC 2600 W BIG BEAVER RD TROY MI 48084 LOAN APPRAISALS 967910 ACCENTURE LLP 161 NORTH CLARK STREET CHICAGO IL 60601 LENDING TECHNOLOGY 599958 62 LOAN INTEREST 900099 62230188 62230188 OTHER OPERATING INCOME 900099 18085034 18085034 FEES & SERVICE CHGS 522100 8433037 8326881 106156 88748259 8025298 974908 7050390 15751532 1374919 15652360 1456797 99172 -81878 17294 17294 OTHER NON-OPERATING INCOME 900099 136802 136802 136802 96927653 88778905 1081064 7067684 158052 7307770 2217844 20336832 1895232 3191926 1569647 630656 234473 2455319 11414816 204047 1898269 803795 504159 4321679 10696 PROVISION FOR LOAN LOSS 5985000 LOAN SERVICING EXPENSE 5464719 MISC. OPERATING EXPENSE 1347719 PROFESSIONAL & OUTSIDE 266816 395487 72614953 20932549 20574303 15716812 12049970 527318 1473163 430000 1361930046 1553622289 1346298 1728002 79920294 30577819 48513531 49342475 473740405 407029179 372727 75878 32429494 29709544 1955509180 2076034803 23804297 24645151 14649 930108 46951539 55130840 1668977020 1753298214 1739747505 1834004313 X 0 0 0 0 215761675 242030490 215761675 242030490 1955509180 2076034803 X 24312700 2512020 -555905 X X 0 1 X 1 0 0 1 X 9747375 9747375 45821125 15469863 30351262 2447202 1301360 1145842 20213642 13806596 6407046 1690950 1690950 49342475 AVAILABLE FOR SALE INVESTMENTS 374790796 F LOANS HELD FOR SALE 5125459 F OTHER INVESTMENTS 27112924 F 407029179 MEMBER SHARES AND DEPOSITS 1753298214 1753298214 X 97309136 0 97309136 -381483 -381483 96927653 72996436 381483 381483 72614953 0 72614953 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 IRC 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, 2014 AND 2013. THE CREDIT UNION'S 2011 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 ASSETS (EXPENSE SHOWN IN REVENUE) -81,878. OTHER NON-OPERATING INCOME (REVENUE SHOWN IN EXPENSE) -299,605. PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON DISPOSITION OF FIXED ASSETS (EXPENSE SHOWN IN REVENUE) 81,878. OTHER NON-OPERATING INCOME (REVENUE SHOWN IN EXPENSE) 299,605. 1 AMERICAN HEART ASSOCIATION 2850 DAIRY DRIVE STE 300 MADISON WI 53718 135613797 501(C)(3) 15000 GO RED FOR WOMEN SPONSORSHIP HABITAT FOR HUMANITY OF DANE CO INC 1014 FIEDLER LANE 29 MADISON WI 53713 391592769 501(C)(3) 15000 PLEDGE PAYMENT YEAR 3 OF 3 SECOND HARVEST FOOD BANK OF SO WI 2802 DAIRY DRIVE MADISON WI 53718 391490691 501(C)(3) 7500 BRONZE SPONSORSHIP-SHARE YOUR HOLIDAYS & MIKES MIRACLE MINUTE COMMUNITY SCHOOLS-YMCA 1470 DON SIMON DR SUN PRAIRIE WI 53590 390806253 501(C)(3) 10000 3RD INSTALLMENT OF 3 YEAR COMMITMENT TO COMMUNITY SCHOOLS DOMESTICE ABUSE INTERVENTION PO BOX 1761 MADISON WI 53701 391268238 501(C)(3) 10000 HOPE SPONSOR-CELEBRATE INDEPENDENCE LUNCHEON COMMON WEALTH DEVELOPMENT 1501 WILLIAMSON ST MADISON WI 53703 391323500 501(C)(3) 5000 SPONSORSHIP OF YOUTH FINANCIAL PROGRAMS WISCONSIN WOMENS BUSINESS INITIATIVE CORP 2745 N DR MARTIN LUTHER KING JR DR MILWAUKEE WI 53212 391597954 501(C)(3) 5000 SPONSORSHIP OF EDUCATION GRANT URBAN LEAGUE OF GREATER MADISON 2222 S PARKT STSTE 200 MADISON WI 53713 391098146 501(C)(3) 5000 WORKPLACE DIVERSITY & LEADERSHIP SUMMIT SPONSORSHIP PACKAGE UNITED WAY OF DANE COUNTY 2059 ATWOOD AVE PO BOX 7548 MADISON WI 53707 390817532 501(C)(3) 18000 SPONSORSHIP ADVERTISING, SPONSORSHIP OF HALF OF LOANED EXECUTIVE, AND REMAINDER OF 2014 UNITED WAY CORPORATE CONTRIBUTION TEP ABC 401 MAPLE AVE MADISON WI 53704 392043104 501(C)(3) 5000 DONATION MATCH FOR TEP CAMPAIGN MADISON MUSEUM OF CONTEMPORARY ART INC 227 STATE STREET MADISON WI 53703 391133513 501(C)(3) 5000 HAIR FAIR & HOLIDAY ART FAIR SPONSORSHIPS MADISON COLLEGE FOUNDATION 171 WRIGHT ST MADISON WI 53704 237265867 501(C)(3) 5000 MADISON COLLEGE CHALLENGE SPONSORSHIP GIRLS ON THE RUN OF DANE COUNTY 901 DEMING WAY STE 102 MADISON WI 53717 113732108 501(C)(3) 5000 SPONSORSHIP FOR GIRLS ON THE RUN SPRING 5K BOYS & GIRLS CLUB OF DANE COUNTY 2001 TAFT ST MADISON WI 53713 391925617 501(C)(3) 5000 SPONSORSHIP OF BIKE FOR BOYS & GIRLS CLUB 14 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 1 1 X X X X 0 0 0 KIM SPONEM CEO/PRESIDENT 478819 0 158237 0 16210 0 26000 0 4459 0 683725 0 0 0 KEITH PETERSON CFO 199227 0 44888 0 7418 0 24666 0 19838 0 296037 0 0 0 REBECCA GEROTHANAS SVP OPERATIONS 167473 0 45124 0 457 0 17365 0 19102 0 249521 0 0 0 JOANNE BELANGER VP DIGITAL MARKETING 139375 0 31831 0 554 0 10609 0 17738 0 200107 0 0 0 DANIEL MILBRANDT CHIEF LENDING OFFICER 149628 0 37890 0 2095 0 16800 0 1253 0 207666 0 0 0 CHRISTOPHER HEFTER VP IT 136320 0 31740 0 364 0 17263 0 19143 0 204830 0 0 0 JEREMY EPPLER VP RISK MANAGEMENT 127330 0 29150 0 1491 0 15761 0 2384 0 176116 0 0 0 ERIC MATHIAS VP RETAIL DEVELOPMENT 132590 0 31184 0 2833 0 16831 0 16404 0 199842 0 0 0 DONALD GRIFFIN MORTGAGE LOAN OFFICER 43813 0 10611 0 93447 0 14771 0 1946 0 164588 0 0 0 ADAM PELLETTER MORTGAGE LOAN OFFICER 43688 0 10504 0 105107 0 16136 0 15694 0 191129 0 0 0 NANCY SCHMIDT SVP HR & OD 131401 0 15156 0 1985 0 10304 0 7038 0 165884 0 0 0 KIM KALEPP MANAGING VP OF BUSINESS SERVICES 118655 0 25630 0 1309 0 13240 0 16739 0 175573 0 0 0 DANIEL POLLY AVP IT 117863 0 24168 0 271 0 14410 0 16311 0 173023 0 0 0 PART I, LINE 1A KIM SPONEM - HEALTH CLUB $1,033 KIM SPONEM CEO/PRESIDENT SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1 X 430000 430000 0 1 1 430000 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS COMPRISED OF A SINGLE CLASS OF APPROXIMATELY 142,000 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 11 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 -555,905. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.