2013-07-19T12:00:04-05:00 2012-12-31 CROWE HORWATH LLP 70 West Madison Street Suite 700 Chicago IL 606024903 990 2012-01-01 390671465 UNIVERSITY OF WISCONSIN CREDIT UNION UNIV 6082325000 3500 University Ave Madison WI 53705 BRAD MCCLAIN 2013-07-17 true KRISTIN FICKER P01254056 3128997000 2012 2016-02-24 21:20:13Z UW CREDIT UNION PAUL KUNDERT 3500 University Ave Madison WI 53705 803056249 false X WWW.UWCU.ORG X 1931 WI THE UNIVERSITY OF WISCONSIN CREDIT UNION IS A FEDERALLY INSURED FINANCIAL INSTITUTION THAT PROVIDES CUSTOMIZED FINANCIAL PRODUCTS AND SERVICES TO MEET THE MONEY MANAGEMENT GOALS OF ITS MEMBERS. 9 9 493 14 2607398 0 0 0 65613586 72944924 7958622 17772072 -47069 -54401 73525139 90662595 40014 400093 0 0 23266676 27043288 0 0 0 40896617 41582514 64203307 69025895 9321832 21636700 1427392543 1611815269 1298643092 1459751663 128749451 152063606 THE MISSION OF UNIVERSITY OF WISCONSIN CREDIT UNION (UWCU) IS TO ENCOURAGE THRIFT AMONG ITS MEMBERS, TO CREATE A SOURCE OF CREDIT AT A FAIR AND REASONABLE RATE OF INTEREST, TO PROVIDE AN OPPORTUNITY FOR ITS MEMBERS TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS AND TO PERFORM THE FUNCTIONS AND EXERCISE THE POWERS DESIGNATED FOR CREDIT UNIONS UNDER THE APPLICABLE LAW. false false THE UNIVERSITY OF WISCONSIN CREDIT UNION (UWCU) CONTINUES TO GROW THEIR MEMBERSHIP, INCREASING CHECKING ACCOUNTS SERVICED BY 11.3% IN 2012. UWCU WAS NAMED THE TOP LENDER FOR HOME PURCHASE FINANCING IN DANE COUNTY AND SIXTH IN WISCONSIN AMONG ALL MORTGAGE LENDERS. MEMBERS CAN ALSO REFINANCE HOME LOANS WITHOUT PAYING TRADITIONAL CLOSING COSTS WITH OUR RAPID-REFINANCE PROGRAM. MEMBERS WHO PLAN TO PAY OFF THEIR LOANS WITHIN 12 YEARS CAN LOCK INTO A LOW FIXED RATE FOR ONLY $149. UWCU CONTINUED TO BE A TOP EDUCATIONAL LENDER IN 2012 TO UNDERGRADUATE STUDENTS ATTENDING THE UW SYSTEM, EDGEWOOD COLLEGE AND MADISON COLLEGE. UWCU WAS THE TOP CREDIT UNION AUTO LENDER IN DANE COUNTY IN 2012 WITH OVER 10,000 MEMBERS TAKING ADVANTAGE OF LOWER VEHICLE LOAN RATES. IN 2012, UWCU ADDED 13,289 NEW MEMBERS AND OPENED 13,456 NET NEW CHECKING ACCOUNTS. THE CREDIT UNION'S HONEST AND STRAIGHTFORWARD BUSINESS PRACTICES CONTINUE TO DRIVE MEMBERSHIP AND RELATIONSHIP GROWTH. AT THE END OF 2012, UWCU SERVED OVER 175,000 MEMBERS AND NEARLY 133,000 CHECKING ACCOUNTS. IN ADDITION TO CHECKING SERVICES, MEMBERS ALSO CONTINUE TO PLACE DEPOSITS WITH THE CREDIT UNION WITH AVERAGE SAVINGS PER MEMBER GROWING BY 5.1%. UWCU CONTINUES TO FOCUS ON DELIVERING FINANCIAL SERVICES IN A TRUSTWORTHY MANNER. UWCU CONTINUES TO PROVIDE CREDIT CONSULTATION SERVICES WHICH IS A FREE SERVICE THAT BENEFITS ANY MEMBER. MEMBERS CAN MEET WITH A FINANCIAL SPECIALIST TO REVIEW THEIR CREDIT REPORT, BETTER UNDERSTAND THEIR CREDIT SCORE, OR RESEARCH OPTIONS TO LOWER RATES ON EXISTING LOANS. IN 2012, 87% OF NEW MEMBERS, AS WELL AS THOUSANDS OF CURRENT MEMBERS, TOOK ADVANTAGE OF THIS SERVICE AND MANY SAVED THOUSANDS BY REFINANCING LOANS AT LOWER RATES. UWCU OFFERS A FIXED RATE PRIVATE STUDENT LOAN WHICH IS DESIGNED TO HELP STUDENTS AFFORD COLLEGE EXPENSES. UWCU OFFERS LOW-LIMIT, LOW-RATE CREDIT CARDS FOR YOUNG ADULTS TO HELP THEM BUILD THEIR CREDIT RESPSONSIBILY, AND AFFORDABLE NO ANNUAL FEE SECURED CREDIT CARDS FOR MEMBERS WHO NEED TO REPAIR THEIR CREDIT. UWCU OFFERS AN OVERDRAFT LINE-OF-CREDIT PROTECTION WITH NO ANNUAL FEE. false false false false false false false true false true true false false true true false true false false false false false false false false false true false true false false false false false false false false false false true false false false false true 57128 0 true 493 true true true false false false false false X 9 9 false false false false true true true true true false false true true true true true true true false false X Brad McClain 6082325000 3500 University Avenue Madison WI 53705 X ERNEST HANSON 3.00 X X 900 0 0 MARION BROWN 2.00 X X 900 0 0 TAD PINKERTON 3.00 X X 900 0 0 YVONNE EVERS 2.00 X X 900 0 0 ANN HOYT 2.00 X 900 0 0 CAROLE DOEPPERS 2.00 X 900 0 0 GORDON RIDLEY 2.00 X 225 0 0 JAMES JOHANNES 2.00 X 675 0 0 PHILLIP HELLMUTH 2.00 X 1763 0 0 STEVEN RICK 2.00 X 900 0 0 BRAD MCCLAIN 50.00 X 261417 0 36532 MAGGIE HERTZ 50.00 X 283188 0 27435 PAUL KUNDERT 50.00 X 507853 0 94603 GREG YELK 50.00 X 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40084543 7188159 33142892 1884927 1007137 877790 13579837 9014939 4564898 12107113 10154413 1952700 55828177 0 0 AGENCY BACKED SECURITIES 210017576 F FEDERAL HOME LOAN BANK CHICAGO STOCK 4366600 C 214384176 0 MEMBER DEPOSITS 1427738108 OUTSTANDING CASHIERS CHECKS 5610526 1433348634 X true UNIVERSITY OF WISCONSIN FOUNDATION 1848 UNIVERSITY AVENUE MADISON WI 537088860 390743975 501(C)(3) 199500 0 N/A N/A COMMUNITY OUTREACH, SCHOLARSHIPS MADISON COLLEGE FOUNDATION 3550 ANDERSON STREET MADISON WI 53704 237265867 501(C)(3) 15500 0 N/A N/A SCHOLARSHIPS UNITED WAY OF DANE COUNTY 2059 ATWOOD AVENUE MADISON WI 53704 390817532 501(C)(3) 23250 0 N/A N/A COMMUNITY OUTREACH UNIVERSITY OF OSHKOSH FOUNDATION 842 ALGOMA BLVD OSHKOSH WI 54901 396076856 501(C)(3) 15000 0 N/A N/A SCHOLARSHIPS UNIVERSITY OF WISCONSIN STEVENS POINT FOUNDATION 2100 MAIN STREET STEVENS POINT WI 54481 396098038 501(C)(3) 10000 0 N/A N/A SCHOLARSHIPS UNIVERSITY OF WISCONSIN WHITEWATER FOUNDATION 800 WEST MAIN STREET WHITEWATER WI 531901790 396081189 501(C)(3) 15000 0 N/A N/A SCHOLARSHIPS UNIVERSITY OF WISCONSIN GREEN BAY FOUNDATION 2420 NICOLET DR GREEN BAY WI 54311 451600858 501(C)(3) 10000 0 N/A N/A SCHOLARSHIPS UNIVERSITY OF WISCONSIN MILWAUKEE FOUNDATION 1440 EAST NORTH AVENUE MILWAUKEE WI 53202 237337744 501(C)(3) 100000 0 N/A N/A SCHOLARSHIPS 8 0 X true true X X X false true false LISA GIRDHARRY 119358 0 14825 0 17994 0 4381 0 10254 0 166812 0 0 0 CORY POOLE 45623 0 126586 0 524 0 5742 0 14838 0 193313 0 0 0 ERIC BANGERTER 124360 0 17770 0 4838 0 5988 0 15475 0 168431 0 0 0 ROB VAN NEVEL 122785 0 22881 0 15688 0 6631 0 9531 0 177516 0 0 0 CHRISTOPHER OHLY 57300 0 193790 0 471 0 7823 0 14496 0 273880 0 0 0 GREG YELK 159948 0 20796 0 17168 0 7958 0 14558 0 220428 0 0 0 JULIO RIOS 107210 0 134187 0 4224 0 9397 0 15904 0 270922 0 0 0 LEE WIERSMA 126458 0 28153 0 17455 0 6969 0 15755 0 194790 0 0 0 MIKE LONG 166858 0 28857 0 8845 0 8228 0 16408 0 229196 0 0 0 BRAD MCCLAIN 196077 0 44355 0 20985 0 8915 0 27617 0 297949 0 0 0 MAGGIE HERTZ 215528 0 47947 0 19713 0 10336 0 17099 0 310623 0 0 0 PAUL KUNDERT 395306 0 80000 0 32547 0 75633 0 18970 0 602456 0 0 0 RICHARD MCKINLEY 58337 0 118384 0 1358 0 6315 0 16307 0 200701 0 0 0 Travel for companions Schedule J, Part I, Line 1a AS PRESCRIBED IN THE BOARD GOVERNANCE POLICY, TO PROVIDE FOR THE DEVELOPMENT OF MEMBER ELECTED BOARD MEMBERS, AND BUILD THEIR KNOWLEDGE TO SERVE EFFECTIVELY, EACH DIRECTOR IS EXPECTED TO SEEK OUT EDUCATIONAL AND DEVELOPMENT CONFERENCES AND OPPORTUNITIES FOR THIS PURPOSE. DIRECTORS ARE ENCOURAGED TO PARTICIPATE IN AT LEAST ONE EDUCATIONAL CONFERENCE EVERY TWO YEARS. CONSISTENT WITH THE GUIDANCE OF THE NATIONAL CREDIT UNION ADMINISTRATION AND TO ENCOURAGE DIRECTORS TO TAKE PERSONAL TIME TO ATTEND EDUCATIONAL AND DEVELOPMENTAL MEETINGS, DIRECTORS AS A COURTESY MAY BE REIMBURSED FOR THE REASONABLE COSTS OF THEIR TRAVEL AND ATTENDANCE INCLUDING A GUEST, WHO MAY ACCOMPANY THEM ON CREDIT UNION RELATED TRAVEL. WHILE THE NATIONAL CREDIT UNION ADMINISTRATION HAS INDICATED IN LETTERS 05-FCU-02 THAT THEY DO NOT CONSIDER GUEST TRAVEL TO BE COMPENSATION TO DIRECTORS, FOR TAX REPORTING PURPOSES THE CREDIT UNION DOES ISSUE 1099-MISC RELATED TO GUEST TRAVEL. FOR 2012, THE TOTAL COMPANION TRAVEL PAID BY UWCU FOR ONE OF THEIR DIRECTORS WAS $863. Supplemental nonqualified retirement plan Schedule J, Part I, Line 4b THE BOARD HAS ESTABLISHED A DEFERRED COMPENSATION PLAN FOR THE PRESIDENT AS ALLOWED UNDER IRC 457(F). THE PLAN IS DESIGNED TO COMPENSATE FOR BENEFITS NOT ELIGIBLE UNDER THE 401(K) PLAN AS A RESULT OF LIMITATIONS IMPOSED BY THE IRS ON ALLOWABLE CONTRIBUTIONS, AS WELL AS TO PROVIDE A LONG-TERM INCENTIVE FOR SUSTAINED PERFORMANCE. THE DEFERRED COMPENSATION CONTRIBUTION FOR THE PRESIDENT FOR 2012 WAS $68,000. CUMULATIVE DEFERRED COMPENSATION PAYABLE TO THE PRESIDENT IS A GENERAL CREDITOR OBLIGATION OF THE CREDIT UNION. Classes of members or stockholders Form 990, Part VI, Section A, Line 6 ALL MEMBERS ARE GIVEN ONE VOTE IN ELECTION OF BOARD MEMBERS, OR THE APPROVAL OF SIGNIFICANT DECISIONS, WITHOUT PREFERENCE TO THE AMOUNT OF FUNDS THEY HAVE ON DEPOSIT WITH THE CREDIT UNION. Members or stockholders electing members of governing body Form 990, Part VI, Section A, Line 7a THE UNIVERSITY OF WISCONSIN CREDIT UNION IS A MEMBER OWNED COOPERATIVE BUSINESS ORGANIZATION, GOVERNED BY A NINE MEMBER BOARD OF DIRECTORS. THE BOARD IS COMPRISED OF ACTIVE MEMBERS OF THE CREDIT UNION WHO ARE SELECTED BY THE MEMBERSHIP THROUGH A DEMOCRATIC ELECTION PROCESS. Decisions requiring approval by members or stockholders Form 990, Part VI, Section A, Line 7b AT ANY MEMBERSHIP MEETING, A MAJORITY OF THE MEMBERS PRESENT MAY DIRECT THE BOARD TO CONSIDER POLICIES PROPOSED BY THE MEMBERS, OR RECONSIDER ANY DECISION OF THE DIRECTORS, OFFICERS, OR COMMITTEES. FURTHERMORE, THE MEMBERS MUST APPROVE OF ANY CONSOLIDATIONS OR MERGERS. Review of form 990 by governing body Form 990, Part VI, Section B, Line 11b THE CEO, CFO AND CONTROLLER PERFORM A THOROUGH REVIEW OF THE DRAFT FORM 990 PRIOR TO THE FULL BOARD REVIEW. THE PAID TAX PREPARER PRESENTS EXCERPTS FROM THE DRAFT FORM 990 TO THE AUDIT COMMITTEE AND A FINAL COPY OF THE RETURN IS PROVIDED TO THE FULL BOARD PRIOR TO FILING THE RETURN WITH THE IRS. Conflict of interest policy Form 990, Part VI, Section B, Line 12c BOARD MEMBERS, OFFICERS AND EMPLOYEES ARE REQUIRED TO ANNUALLY DISCLOSE ANY CONFLICTS OF INTERESTS THEY MAY HAVE WITH THE ORGANIZATION. THE CHIEF HUMAN RESOURCE OFFICER REVIEWS EACH POLICY STATEMENT SIGNED BY THESE INDIVIDUALS TO DETERMINE IF ANY CONFLICTS HAVE OCCURRED AND NEED TO BE BROUGHT TO THE ATTENTION OF THE BOARD. IF A CONFLICT ARISES, THE RESPECTIVE BOARD MEMBER WILL ABSTAIN HIM/HERSELF FROM ANY RELATED DISCUSSION, VOTE OR SIMILAR ACTION ON THE MATTER. Process used to establish compensation of top management official Form 990, Part VI, Section B, Line 15a AS PROVIDED BY THE BYLAWS, THE PRESIDENT IS THE CHIEF EXECUTIVE OFFICER AND THE TOP MANAGEMENT OFFICIAL. THE PRESIDENT SERVES AT THE PLEASURE OF THE BOARD OF DIRECTORS. AS PRESCRIBED BY THE BYLAWS THE BOARD OF DIRECTORS SETS THE COMPENSATION OF THE PRESIDENT. THE BOARD HAS EXECUTED A FORMAL EMPLOYMENT CONTRACT WITH THE PRESIDENT, WHICH PROVIDES THAT EITHER PARTY MAY TERMINATE THE AGREEMENT AT ANY TIME. PER THE TERMS OF THE CONTACT, THE BOARD SETS THE COMPENSATION OF THE PRESIDENT USING INDEPENDENTLY OBTAINED DATA TO BENCHMARK THE MARKET VALUE OF THE POSITION, WHICH WAS LAST UNDERTAKEN IN 2012. ALL EMPLOYEES OF THE CREDIT UNION, INCLUDING THE PRESIDENT, ARE ELIGIBLE TO RECEIVE A BASE PAY AS WELL AS A VARIABLE PAY BONUS BASED ON THE ATTAINMENT OF ORGANIZATIONAL GOALS, WHICH INCLUDE MEMBER SATISFACTION, AND FINANCIAL STEWARDSHIP. THE PRESIDENT RECEIVES THE SAME LIFE, MEDICAL, DISABILITY, AND DENTAL INSURANCE, AND 401(K) BENEFITS THAT ARE AVAILABLE TO ALL FULL-TIME EMPLOYEES OF THE CREDIT UNION. THE PRESIDENT IS PROVIDED WITH OTHER BENEFITS WHICH INCLUDE A SUPPLEMENTAL DISABILITY INSURANCE POLICY, AND IS PROVIDED A COMPANY AUTOMOBILE AVAILABLE FOR PERSONAL USE. THE ANNUAL VALUE OF THESE SUPPLEMENTAL BENEFITS INCLUDED IN SCHEDULE J PART II IS $10,631. THE BOARD OF DIRECTORS DELIBERATIONS AND DETERMINATIONS REGARDING COMPENSATION ARE RECORDED ON A TIMELY BASIS IN THE MINUTES OF THEIR MEETINGS. PROCESS USED TO ESTABLISH COMPENSATION FOR OTHER OFFICERS/ KEY EMPLOYEES FORM 990, PART VI, LINE 15B THE CHIEF EXECUTIVE OFFICER OF THE CREDIT UNION APPROVES THE COMPENSATION OF ALL SUBORDINATE OFFICERS OF THE CREDIT UNION. CONSISTENT WITH ALL OTHER CREDIT UNION EMPLOYEE POSITIONS, THE CREDIT UNION FOLLOWS A COMPENSATION SYSTEM THAT ASSIGNS A POSITION GRADE AND SALARY RANGE FOR EACH POSITION. AT LEAST BI-ANNUALLY, INDEPENDENT BENCHMARK DATA FROM AT LEAST TWO SOURCES IS OBTAINED. BASED ON THE MEDIAN OF THE BLENDED BENCHMARKS, POSITIONS ARE ASSIGNED TO A SALARY GRADE. FOR SUBORDINATE OFFICERS, COMPENSATION ADJUSTMENTS CAN BE MADE BY THE CHIEF EXECUTIVE OFFICER BASED ON INDIVIDUAL PERFORMANCE WITHIN THE CONFINES OF THE ESTABLISHED SALARY GRADE. ALL EMPLOYEES OF THE CREDIT UNION, INCLUDING THE OFFICERS SUBORDINATE TO THE CHIEF EXECUTIVE OFFICER, ARE ELIGIBLE TO RECEIVE BASE PAY AS WELL AS A VARIABLE PAY BONUS BASED ON THE ATTAINMENT OF ORGANIZATIONAL GOALS AND INDIVIDUAL PERFORMANCE, WHICH INCLUDE MEMBER SATISFACTION, AND FINANCIAL STEWARDSHIP. THE VARIABLE PAY POTENTIAL BONUS POOL FUNDS ARE APPROVED BY THE BOARD OF DIRECTORS. EMPLOYEES, INCLUDING OFFICERS SUBORDINATE TO THE CHIEF EXECUTIVE OFFICER, PARTICIPATE IN THE BONUS POOL BASED ON THEIR INDIVIDUAL PERFORMANCE AND SALARY GRADE. THE OFFICERS SUBORDINATE TO THE CHIEF EXECUTIVE OFFICER RECEIVE THE SAME LIFE, MEDICAL, AND DENTAL INSURANCE, AND 401(K) BENEFITS THAT ARE AVAILABLE TO ALL FULL-TIME EMPLOYEES OF THE CREDIT UNION. Governing documents, conflict of interest policy and financial statements available to the public Form 990, Part VI, Section C, Line 19 ALL OF THESE DOCUMENTS, EXCLUDING THE CONFLICT OF INTEREST POLICY, ARE AVAILABLE ON THE CREDIT UNION'S PUBLIC WEBSITE. THE CONFLICT OF INTEREST POLICY IS AVAILABLE TO EMPLOYEES OF THE CREDIT UNION ON THE INTERNAL INTRANET AND IS REQUIRED TO BE REVIEWED AND SIGNED BY THEM ANNUALLY. BOARD COMPENSATION POLICY FORM 990, PART VII, SECTION A, LINE 1A, COLUMN (D) AS A CONVENIENCE TO UW CREDIT UNION, AND TO MINIMIZE THE CREDIT UNION'S ADMINISTRATIVE BURDEN RELATED TO PROCESSING AND PAYING INCIDENTAL OUT-OF-POCKET EXPENSES SUCH AS TELEPHONE, LOCAL MILEAGE, PARKING, COPYING, POSTAGE, AND SUPPLIES ASSOCIATED WITH DUTIES OF THE BOARD DIRECTOR POSITIONS, THE BOARD HAS IMPLEMENTED A POLICY OF PER DIEM REIMBURSEMENT OF EXPENSE. DIRECTORS ARE REIMBURSED $75 PER MONTH FOR AN ANNUAL TOTAL OF $900 PER DIRECTOR. Other changes in net assets or fund balances Form 990 , Part XI, Line 9 MORTGAGE MARKET HEDGING VALUATION - 2265071; CU CAMPUS RESOURCES LLC 3500 UNIVERSITY AVE MADISON WI 53705 272613828 CUSTOMIZED STUDENT LOAN PROGRAMS WI 1173754 563995 UWCU