2013-11-12T14:04:50-06:00 2012-12-31 410746749 CLIFTONLARSONALLEN LLP PO BOX 217 AUSTIN MN 55912 990 2012-01-01 390230585 SUMMIT CREDIT UNION SUMM 6082435000 PO BOX 8046 MADISON WI 537088046 KEITH PETERSON 6082435000 2013-11-09 1 LOWELL FOSTER P00001022 5074347000 2012 2016-03-07 17:11:31Z KIM SPONEM PO BOX 8046 MADISON WI 537088046 112594327 0 X WWW.SUMMITCREDITUNION.COM X CU 1935 WI IMPROVE MEMBERS' FINANCIAL LIVES TO HELP THEM REACH THEIR DREAMS. 9 9 459 12 177519 -20218 0 0 83302366 96308867 10575249 9279681 -10219 0 93867396 105588548 0 0 11916527 9450875 27500805 28808378 0 0 0 36734516 35820969 76151848 74080222 17715548 31508326 1735535637 1886824377 1578800691 1695399695 156734946 191424682 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 128,000 MEMBERS IN 2012. THE CREDIT UNION CONTINUED TO OFFER ATTRACTIVE RATES ON VARIOUS SAVING AND LENDING PRODUCTS TO HELP MEMBERS IMPROVE THEIR FINANCIAL POSITION. LOANS AND SHARES GREW 5% OR MORE DURING 2012. 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 A BRANCH IN LA FOLLETTE HIGH SCHOOL 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 0 0 0 0 0 0 0 0 0 0 0 0 0 1 62660 0 1 459 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 DENISE SAUEY 4.00 X 0 0 0 MIKE O'BRIEN 4.00 X 0 0 0 MIKE SCHENK 4.00 X 0 0 0 JOHN LITSCHER 4.00 X 0 0 0 STEFANIE NORVAISAS 2.00 X 0 0 0 SUE RACINE 2.00 X 0 0 0 DAVE RESZEL 2.00 X 0 0 0 SUSAN JOHNSON SWEITZER 2.00 X 0 0 0 MARY TURKE 2.00 X 0 0 0 KIM SPONEM 50.00 X 1355364 0 32678 KEITH PETERSON 50.00 X 185688 0 38724 DAVID HALL 50.00 X 270229 0 67 MICHAEL BUNGE 50.00 X 180983 0 27868 REBECCA GEROTHANAS 50.00 X 175833 0 31470 DENISE O'HARA 50.00 X 171904 0 21998 DANIEL MILBRANDT 50.00 X 164777 0 14989 TIMOTHY HOFFMAN 40.00 X 497961 0 30377 STEVEN HANSEN 40.00 X 325154 0 39162 TIMOTHY GREENE 40.00 X 285450 0 39548 DEBRA OLSON 40.00 X 243058 0 41098 JAPONICA WHITE 40.00 X 241820 0 26667 ANDY FAUST 0.00 X 538393 0 10247 DIANE HALVORSON 0.00 X 234679 0 11115 4871293 0 366008 21 1 1 0 PARAGON DEVELOPMENT SYSTEMS PO BOX 88079 MILWAUKEE WI 53288 INFORMATION SYSTEM EQUIPMENT 1978513 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 INFORMATION SYSTEM 1543521 DART APPRAISALCOM INC 2600 W BIG BEAVER RD SUITE 5 TROY MI 48084 APPRAISAL SERVICES 1175175 FISERV 75 REMITTANCE DR STE 6962 CHICAGO IL 606756962 SOFTWARE MAINTENANCE 970104 FIRST LENDERS DATA INC PO BOX 30376 AUSTIN TX 78755 APPRAISAL SERVICES 958200 39 LOAN INTEREST 900099 59677209 59677209 OTHER OPERATING INCOME 900099 22874637 22874637 FEES & SERVICE CHGS 522100 13757021 13682937 74084 96308867 9883702 103435 9780267 6401758 7005779 -604021 -604021 -604021 105588548 96234783 177519 9176246 9450875 2672570 19566489 2135816 2872082 1561421 636838 178967 2237902 7812449 159351 2440930 327769 779121 3361286 4364 PROVISION FOR LOAN LOSS 9300000 LOAN SERVICING EXPENSE 4896578 CORPORATE FUND ASSESSME 1423890 MISC. OPERATING EXPENSE 989338 1272186 74080222 59540179 58470773 8810039 8714550 341488 1215006 1158421758 1213122098 1429288 687547 69496450 24909654 42162281 44586796 432255191 526441274 32575413 33586333 1735535637 1886824377 22543156 25051305 3579741 421152 91444248 68436893 1461233546 1601490345 1578800691 1695399695 X 0 0 0 0 156734946 191424682 156734946 191424682 1735535637 1886824377 X 31508326 2796185 385225 X X 0 1 X 1 0 0 1 X 8793442 8793442 39074599 12570701 26503898 1356792 855255 501537 16026189 11483698 4542491 4245428 4245428 44586796 AVAILABLE FOR SALE INVESTMENTS 438258190 F LOANS HELD FOR SALE 10541606 F OTHER INVESTMENTS 77641478 F 526441274 MEMBER SHARES AND DEPOSITS 1601490345 1601490345 X 106192564 0 106192564 -604021 -604021 105588543 74684245 604021 604021 74080224 0 74080224 PART IV, LINE 2B: THE CREDIT UNION ACTS AS A CUSTODIAN FOR AMOUNTS IN ESCROW FOR LOANS TO MEMBERS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: 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 THEY HAVE 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. THE CREDIT UNION ADOPTED THE INCOME TAX STANDARD FOR UNCERTAIN TAX POSITIONS. AS A RESULT, THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2012 AND 2011. THE CREDIT UNION'S 2009 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) -604,021. PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON DISPOSITION OF FIXED ASSETS (EXPENSE SHOWN IN REVENUE) 604,021. 1 AMERICAN HEART ASSOCIATION 2850 DAIRY DRIVE STE 300 MADISON WI 53718 135613797 501(C)(3) 8864 GO RED FOR WOMEN PROMO FORWARD COMMUNITY INVESTMENTS 2045 ATWOOD AVE STE 101A MADISON WI 53704 391815578 501(C)(3) 10000 ANNUAL SPONSORSHIP ASSET BUILDERS OF AMERICA 1213 NORTH SHERMAN AVE 195 MADISON WI 53704 392005260 501(C)(3) 10000 SPONSOR-MADISON MILLIONAIRES CLUB- PROGRAM FOR H S & MIDDLE SCHOOL MEMBERS EDGEWOOD COLLEGE 1000 EDGEWOOD COLLEGE DR MADISON WI 53711 390806202 501(C)(3) 12500 SCU BUSINESS ENDOWMENT FUND & BONNER SCHOLARS PROGRAM HABITAT FOR HUMANITY OF DANE CO INC PO BOX 258128 MADISON WI 53725 391592769 501(C)(3) 15000 ANNUAL PLEDGE - HOME BUILDING PROJECTS SECOND HARVEST FOOD BANK OF SOUTHERN WI 2802 DAIRY DRIVE MADISON WI 53718 391490691 501(C)(3) 7500 SHARE YOUR HOLIDAYS & MIKE'S MIRACLE MINUTE YMCA OF DANE COUNTY 8001 EXCELSIOR DRIVE STE 200 MADISON WI 53717 390806253 501(C)(3) 10000 COMMUNITY SCHOOLS UNITED WAY OF DANE COUNTY 2059 ATWOOD AVE PO BOX 7548 MADISON WI 53707 390817532 501(C)(3) 38500 CORPORATE DONATION & GLOBAL YOUTH SERVICE DAY 8 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, 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 501C3 ORGANIZATIONS. X X 1 1 X X X X 1 1 0 KIM SPONEM 420478 0 112882 0 822004 0 25000 0 7678 0 1388042 0 0 0 KEITH PETERSON 156401 0 26490 0 2797 0 18879 0 19845 0 224412 0 0 0 DAVID HALL 4775 0 50834 0 214620 0 0 0 67 0 270296 0 0 0 MICHAEL BUNGE 134930 0 37406 0 8647 0 14041 0 13827 0 208851 0 0 0 REBECCA GEROTHANAS 149954 0 25517 0 362 0 13228 0 18242 0 207303 0 0 0 DENISE O'HARA 146213 0 24053 0 1638 0 15711 0 6287 0 193902 0 0 0 DANIEL MILBRANDT 140580 0 21253 0 2944 0 13638 0 1351 0 179766 0 0 0 TIMOTHY HOFFMAN 199644 0 4834 0 293483 0 25000 0 5377 0 528338 0 0 0 STEVEN HANSEN 89457 0 4885 0 230812 0 24716 0 14446 0 364316 0 0 0 TIMOTHY GREENE 93528 0 4834 0 187088 0 25000 0 14548 0 324998 0 0 0 DEBRA OLSON 87326 0 5037 0 150695 0 24408 0 16690 0 284156 0 0 0 JAPONICA WHITE 109602 0 4834 0 127384 0 24242 0 2425 0 268487 0 0 0 ANDY FAUST 0 0 240975 0 297418 0 0 0 10247 0 548640 0 0 0 DIANE HALVORSON 0 0 30755 0 203924 0 0 0 11115 0 245794 0 0 0 PART I, LINE 1A KIM SPONEM - HEALTH/SOCIAL CLUB $10,810 KIM SPONEM - PERSONAL SERVICES $237 PART I, LINES 4A-B ANDY FAUST - SEVERANCE $297,418 DIANE HALVORSON - SEVERANCE $203,924 KIM SPONEM - 457F PAYMENT - $822,004 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS COMPRISED OF A SINGLE CLASS OF APPROXIMATELY 128,000 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. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: NET CHANGE IN DEFINED BENEFIT OBLIGATIONS 218,940. RECLASSIFICATION FOR IMPAIRMENT CREDIT LOSSES INCLUDED IN NET INCOME 166,285. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.