SUMMIT CREDIT UNION: Form 990, tax year 2011
View the entire original 990 at ProPublica ↗
- Organization
- SUMMIT CREDIT UNION (EIN 39-0230585)
- Tax period
- 2011-01-01 to 2011-12-31
- Filed
- 2012-11-12
- IRS object ID
- 201213179349302186
- Schema version
- 2011v1.2
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Timestamp | 2012-11-12T13:52:44-06:00 | Timestamp |
| Tax Period End Date | 2011-12-31 | TaxPeriodEndDate |
Preparer Firm PreparerFirm
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 410746749 | EIN |
Preparer Firm Business Name PreparerFirmBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | CLIFTONLARSONALLEN LLP | BusinessNameLine1 |
Preparer Firm US Address PreparerFirmUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | PO BOX 217 | AddressLine1 |
| City | AUSTIN | City |
| State | MN | State |
| ZIP Code | 55912 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnType |
| Tax Period Begin Date | 2011-01-01 | TaxPeriodBeginDate |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 390230585 | EIN |
Name Name
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | SUMMIT CREDIT UNION | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Control | SUMM | NameControl |
| Phone | 6082435000 | Phone |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | PO BOX 8046 | AddressLine1 |
| City | MADISON | City |
| State | WI | State |
| ZIP Code | 537088046 | ZIPCode |
Officer Officer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | KEITH PETERSON | Name |
| Title | CFO | Title |
| Phone | 6082435000 | Phone |
| Date Signed | 2012-11-08 | DateSigned |
| Authorize Third Party | 1 | AuthorizeThirdParty |
Preparer Preparer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | SHERRI WESSELS | Name |
| PTIN | P00888088 | PTIN |
| Phone | 5074347000 | Phone |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax Year | 2011 | TaxYear |
| Build TS | 2016-02-24 21:20:13Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Of Principal Officer Person | KIM SPONEM | NameOfPrincipalOfficerPerson |
Address Principal Officer US AddressPrincipalOfficerUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | PO BOX 8046 | AddressLine1 |
| City | MADISON | City |
| State | WI | State |
| ZIP Code | 537088046 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | 97411073 | GrossReceipts |
| Group Return For Affiliates | 0 | GroupReturnForAffiliates |
| Organization501c | X | Organization501c |
| Web Site | WWW.SUMMITCREDITUNION.COM | WebSite |
| Type Of Organization Other | X | TypeOfOrganizationOther |
| Type Of Org Other Description | CU | TypeOfOrgOtherDescription |
| Year Formation | 1935 | YearFormation |
| State Legal Domicile | WI | StateLegalDomicile |
| Activity Or Mission Description | IMPROVE MEMBERS' FINANCIAL LIVES TO HELP THEM REACH THEIR DREAMS. | ActivityOrMissionDescription |
| Nbr Voting Members Governing Body | 9 | NbrVotingMembersGoverningBody |
| Nbr Independent Voting Members | 9 | NbrIndependentVotingMembers |
| Total Nbr Employees | 438 | TotalNbrEmployees |
| Total Nbr Volunteers | 12 | TotalNbrVolunteers |
| Total Gross UBI | 530278 | TotalGrossUBI |
| Net Unrelated Business Txbl Income | 264157 | NetUnrelatedBusinessTxblIncome |
| Contributions Grants Prior Year | 0 | ContributionsGrantsPriorYear |
| Contributions Grants Current Year | 0 | ContributionsGrantsCurrentYear |
| Program Service Revenue Prior Year | 74968314 | ProgramServiceRevenuePriorYear |
| Program Service Revenue CY | 83302366 | ProgramServiceRevenueCY |
| Investment Income Prior Year | 17335521 | InvestmentIncomePriorYear |
| Investment Income Current Year | 10575249 | InvestmentIncomeCurrentYear |
| Other Revenue Prior Year | 0 | OtherRevenuePriorYear |
| Other Revenue Current Year | -10219 | OtherRevenueCurrentYear |
| Total Revenue Prior Year | 92303835 | TotalRevenuePriorYear |
| Total Revenue Current Year | 93867396 | TotalRevenueCurrentYear |
| Grants And Similar Amnts Prior Year | 0 | GrantsAndSimilarAmntsPriorYear |
| Grants And Similar Amnts CY | 0 | GrantsAndSimilarAmntsCY |
| Benefits Paid To Members Prior Year | 15963984 | BenefitsPaidToMembersPriorYear |
| Benefits Paid To Members CY | 11916527 | BenefitsPaidToMembersCY |
| Salaries Etc Prior Year | 25775858 | SalariesEtcPriorYear |
| Salaries Etc Current Year | 27500805 | SalariesEtcCurrentYear |
| Total Prof Fundrsng Exp Prior Year | 0 | TotalProfFundrsngExpPriorYear |
| Total Prof Fundrsng Exp CY | 0 | TotalProfFundrsngExpCY |
| Total Fundrsng Exp Current Year | 0 | TotalFundrsngExpCurrentYear |
| Other Expense Prior Year | 36560259 | OtherExpensePriorYear |
| Other Expenses Current Year | 36734516 | OtherExpensesCurrentYear |
| Total Expenses Prior Year | 78300101 | TotalExpensesPriorYear |
| Total Expenses Current Year | 76151848 | TotalExpensesCurrentYear |
| Revenues Less Expenses Prior Year | 14003734 | RevenuesLessExpensesPriorYear |
| Revenues Less Expenses CY | 17715548 | RevenuesLessExpensesCY |
| Total Assets BOY | 1581105305 | TotalAssetsBOY |
| Total Assets EOY | 1735535637 | TotalAssetsEOY |
| Total Liabilities BOY | 1444066478 | TotalLiabilitiesBOY |
| Total Liabilities EOY | 1578800691 | TotalLiabilitiesEOY |
| Net Assets Or Fund Balances BOY | 137038827 | NetAssetsOrFundBalancesBOY |
| Net Assets Or Fund Balances EOY | 156734946 | NetAssetsOrFundBalancesEOY |
| Mission Description | A COOPERATIVE, NONPROFIT ORGANIZATION, 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. | MissionDescription |
| Significant New Program Services | 0 | SignificantNewProgramServices |
| Significant Change | 0 | SignificantChange |
| Description | SUMMIT SERVED OVER 120,000 MEMBERS THROUGHOUT THE YEAR. 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 10% EACH DURING 2011. | Description |
Activity2 Activity2
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description | 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. | Description |
Activity3 Activity3
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description | WE SUPPORT NUMEROUS COMMUNITY ORGANIZATIONS, INCLUDING UNITED WAY, SECOND HARVEST FOODBANK, SUNSHINE PLACE, JUVENILE DIABETES RESEARCH FOUNDATION, AND COMMONWEALTH DEVELOPMENT. | Description |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Described In501 C3 | 0 | DescribedIn501C3 |
| Schedule B Required | 0 | ScheduleBRequired |
| Political Activities | 0 | PoliticalActivities |
| Subject To Proxy Tax | 0 | SubjectToProxyTax |
| Donor Advised Funds | 0 | DonorAdvisedFunds |
| Conservation Easements | 0 | ConservationEasements |
| Collections Of Art | 0 | CollectionsOfArt |
| Credit Counseling | 1 | CreditCounseling |
| Term Or Permanent Endowments | 0 | TermOrPermanentEndowments |
| Report Land Bldg Equip | 1 | ReportLandBldgEquip |
| Report Invest Oth Securities | 1 | ReportInvestOthSecurities |
| Report Prog Rel Invest | 0 | ReportProgRelInvest |
| Report Other Assets | 0 | ReportOtherAssets |
| Report Other Liabilities | 1 | ReportOtherLiabilities |
| Report Fin48 Footnote | 1 | ReportFin48Footnote |
| Independent Audit Financial Stmt | 1 | IndependentAuditFinancialStmt |
| Consolidated Audit Financial Stmt | 0 | ConsolidatedAuditFinancialStmt |
| School | 0 | School |
| Foreign Office | 0 | ForeignOffice |
| Foreign Activities | 0 | ForeignActivities |
| More Than5000 K To Organizations | 0 | MoreThan5000KToOrganizations |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividuals |
| Professional Fundraising | 0 | ProfessionalFundraising |
| Fundraising Activities | 0 | FundraisingActivities |
| Gaming | 0 | Gaming |
| Hospital | 0 | Hospital |
| Grants To Organizations | 1 | GrantsToOrganizations |
| Grants To Individuals | 0 | GrantsToIndividuals |
| Schedule J Required | 1 | ScheduleJRequired |
| Tax Exempt Bonds | 0 | TaxExemptBonds |
| Loan To Officer Or DQP | 0 | LoanToOfficerOrDQP |
| Grant To Related Person | 0 | GrantToRelatedPerson |
| Bsnss Rltnshp With Organization | 0 | BsnssRltnshpWithOrganization |
| Bsnss Rltnshp Thru Family Member | 0 | BsnssRltnshpThruFamilyMember |
| Officer Entity With Bsnss Rltnshp | 0 | OfficerEntityWithBsnssRltnshp |
| Deductible Non Cash Contributions | 0 | DeductibleNonCashContributions |
| Deductible Contributions Of Art | 0 | DeductibleContributionsOfArt |
| Terminated | 0 | Terminated |
| Partial Liquidation | 0 | PartialLiquidation |
| Disregarded Entity | 0 | DisregardedEntity |
| Related Entity | 0 | RelatedEntity |
| Related Org Controlled Entity | 0 | RelatedOrgControlledEntity |
| Transaction Related Entity | 0 | TransactionRelatedEntity |
| Activities Conducted Partnership | 0 | ActivitiesConductedPartnership |
| Schedule O Required | 1 | ScheduleORequired |
| Number Forms Transmitted With1096 | 63540 | NumberFormsTransmittedWith1096 |
| Number W2 G Included | 0 | NumberW2GIncluded |
| Number Of Employees | 438 | NumberOfEmployees |
| Employment Tax Returns Filed | 1 | EmploymentTaxReturnsFiled |
| Unrelated Business Income | 1 | UnrelatedBusinessIncome |
| Form990-T Filed | 1 | Form990-TFiled |
| Foreign Financial Account | 0 | ForeignFinancialAccount |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTrans |
| Taxable Party Notification | 0 | TaxablePartyNotification |
| Non Deductible Contributions | 0 | NonDeductibleContributions |
| Indoor Tanning Services | 0 | IndoorTanningServices |
| Info In Schedule O Part VI | X | InfoInScheduleOPartVI |
| Nbr Voting Governing Body Members | 9 | NbrVotingGoverningBodyMembers |
| Number Independent Voting Members | 9 | NumberIndependentVotingMembers |
| Family Or Business Relationship | 0 | FamilyOrBusinessRelationship |
| Delegation Of Management Duties | 0 | DelegationOfManagementDuties |
| Changes To Organizing Docs | 0 | ChangesToOrganizingDocs |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuse |
| Members Or Stockholders | 1 | MembersOrStockholders |
| Election Of Board Members | 1 | ElectionOfBoardMembers |
| Decisions Subject To Approval | 1 | DecisionsSubjectToApproval |
| Minutes Of Governing Body | 1 | MinutesOfGoverningBody |
| Minutes Of Committees | 1 | MinutesOfCommittees |
| Officer Mailing Address | 0 | OfficerMailingAddress |
| Local Chapters | 0 | LocalChapters |
| Form990 Provided To Governing Body | 0 | Form990ProvidedToGoverningBody |
| Conflict Of Interest Policy | 1 | ConflictOfInterestPolicy |
| Annual Disclosure Covered Persons | 1 | AnnualDisclosureCoveredPersons |
| Regular Monitoring Enforcement | 1 | RegularMonitoringEnforcement |
| Whistleblower Policy | 1 | WhistleblowerPolicy |
| Document Retention Policy | 1 | DocumentRetentionPolicy |
| Compensation Process CEO | 1 | CompensationProcessCEO |
| Compensation Process Other | 1 | CompensationProcessOther |
| Investment In Joint Venture | 0 | InvestmentInJointVenture |
| Other Website | X | OtherWebsite |
| Upon Request | X | UponRequest |
The Books Are In Care Of TheBooksAreInCareOf
Name Business NameBusiness
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | KEITH PETERSON | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Telephone Number | 6082435000 | TelephoneNumber |
Address US AddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | PO BOX 8046 | AddressLine1 |
| City | MADISON | City |
| State | WI | State |
| ZIP Code | 537088046 | ZIPCode |
Form990 Part VII Section A Form990PartVIISectionA (23 entries)
| TitleTitle | Average Hours Per WeekAverageHoursPerWeek | Individual Trustee Or DirectorIndividualTrusteeOrDirector | Reportable Comp From OrganizationReportableCompFromOrganization | Reportable Comp From Related OrgsReportableCompFromRelatedOrgs | Other CompensationOtherCompensation | OfficerOfficer | Key EmployeeKeyEmployee | Highest Compensated EmployeeHighestCompensatedEmployee | FormerFormer |
|---|---|---|---|---|---|---|---|---|---|
| DENISE SAUEY | |||||||||
| CHAIR | 4.00 | X | 0 | 0 | 0 | ||||
| MARK MEYER | |||||||||
| VICE CHAIR | 4.00 | X | 0 | 0 | 0 | ||||
| MIKE O'BRIEN | |||||||||
| SECRETARY | 4.00 | X | 0 | 0 | 0 | ||||
| JOHN LITSCHER | |||||||||
| TREASURER | 4.00 | X | 0 | 0 | 0 | ||||
| MIKE SCHENK | |||||||||
| DIRECTOR | 2.00 | X | 0 | 0 | 0 | ||||
| SUE RACINE | |||||||||
| DIRECTOR | 2.00 | X | 0 | 0 | 0 | ||||
| DAVE RESZEL | |||||||||
| DIRECTOR | 2.00 | X | 0 | 0 | 0 | ||||
| SUSAN JOHNSON SWEITZER | |||||||||
| DIRECTOR | 2.00 | X | 0 | 0 | 0 | ||||
| PETE CREAR | |||||||||
| DIRECTOR | 2.00 | X | 0 | 0 | 0 | ||||
| KIM SPONEM | |||||||||
| CEO/PRESIDENT | 50.00 | 519453 | 0 | 28688 | X | ||||
| KEITH PETERSON | |||||||||
| CFO | 50.00 | 170237 | 0 | 31841 | X | ||||
| DAVID HALL | |||||||||
| SVP STRATEGIC DEV. | 50.00 | 191430 | 0 | 27819 | X | ||||
| MICHAEL BUNGE | |||||||||
| CHIEF RETAIL OFFICER | 50.00 | 178040 | 0 | 26608 | X | ||||
| REBECCA GEROTHANAS | |||||||||
| SVP | 50.00 | 159485 | 0 | 20558 | X | ||||
| DENISE O'HARA | |||||||||
| SVP HR & OD | 50.00 | 158293 | 0 | 18415 | X | ||||
| DIANE HALVORSON | |||||||||
| EVP | 50.00 | 559452 | 0 | 8989 | X | ||||
| NANCY KALSOW | |||||||||
| COO | 50.00 | 178928 | 0 | 3065 | X | ||||
| TIMOTHY HOFFMAN | |||||||||
| MORTGAGE LOAN OFFICER | 40.00 | 407525 | 0 | 24559 | X | ||||
| STEVEN HANSEN | |||||||||
| MORTGAGE LOAN OFFICER | 40.00 | 231633 | 0 | 32169 | X | ||||
| TIMOTHY GREENE | |||||||||
| MORTGAGE LOAN OFFICER | 40.00 | 191759 | 0 | 24549 | X | ||||
| KEITH JENSEN | |||||||||
| MORTGAGE LOAN OFFICER | 40.00 | 178008 | 0 | 26793 | X | ||||
| DEBRA OLSON | |||||||||
| MORTGAGE LOAN OFFICER | 40.00 | 161430 | 0 | 26067 | X | ||||
| ANDY FAUST | |||||||||
| FORMER CEO | 1.00 | 521062 | 0 | 8325 | X | ||||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | 3806735 | TotalReportableCompFromOrg |
| Total Reportable Comp Frm Rltd Orgs | 0 | TotalReportableCompFrmRltdOrgs |
| Total Other Compensation | 308445 | TotalOtherCompensation |
| Number Individuals GT100 K | 29 | NumberIndividualsGT100K |
| Formers Listed | 1 | FormersListed |
| Total Comp GT150 K | 1 | TotalCompGT150K |
| Compensation From Other Sources | 0 | CompensationFromOtherSources |
Contractor Compensation ContractorCompensation (5 entries)
| Address Line1AddressOfContractor/AddressUS/AddressLine1 | CityAddressOfContractor/AddressUS/City | StateAddressOfContractor/AddressUS/State | ZIP CodeAddressOfContractor/AddressUS/ZIPCode | Description Of ServicesDescriptionOfServices | CompensationCompensation |
|---|---|---|---|---|---|
| FIRST LENDERS DATA INC | |||||
| PO BOX 30376 | AUSTIN | TX | 78755 | MORTGAGE LENDING SERVICES | 1256260 |
| FISERV | |||||
| 75 REMITTANCE DR STE 6962 | CHICAGO | IL | 606756962 | DATA PROCESSING SERVICES | 841044 |
| PARAGON DEVELOPMENT SYSTEMS | |||||
| PO BOX 88079 | MILWAUKEE | WI | 53288 | DATA PROCESSING SERVICES | 476078 |
| NOLL MARKETING | |||||
| 2514 LEOPOLD WAY | SUN PRAIRIE | WI | 53590 | MARKETING SERVICES | 465369 |
| EUSTICE LAFFEY SEBRAN | |||||
| PO BOX 590 | SUN PRAIRIE | WI | 53590 | LEGAL/COLLECTION SERVICES | 401746 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Number Of Contractors GT100 K | 32 | NumberOfContractorsGT100K |
Program Service Revenue ProgramServiceRevenue (3 entries)
| DescriptionDescription | Business CodeBusinessCode | Total Revenue ColumnTotalRevenueColumn | Related Or Exempt Function IncomeRelatedOrExemptFunctionIncome | Unrelated Business RevenueUnrelatedBusinessRevenue |
|---|---|---|---|---|
| LOAN INTEREST | 900099 | 57883352 | 57883352 | |
| OTHER OPERATING INCOME | 900099 | 13863624 | 13863624 | |
| FEES & SERVICE CHGS | 522100 | 11555390 | 11475122 | 80268 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | 83302366 | TotalProgramServiceRevenue |
Investment Income InvestmentIncome
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 11482658 | TotalRevenueColumn |
| Unrelated Business Revenue | 450010 | UnrelatedBusinessRevenue |
| Exclusion | $11,032,648 | ExclusionAmount |
Gross Amount Sales Assets GrossAmountSalesAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | 2636268 | Other |
Less Cost Oth Basis Sales Expenses LessCostOthBasisSalesExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | 3543677 | Other |
Gain Or Loss GainOrLoss
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | -907409 | Other |
Net Gain Or Loss Investments NetGainOrLossInvestments
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | -907409 | TotalRevenueColumn |
| Exclusion | -$907,409 | ExclusionAmount |
Other Revenue Misc OtherRevenueMisc
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description | OTHER NON-OPERATING IN | Description |
| Business Code | 900099 | BusinessCode |
| Total Revenue Column | -10219 | TotalRevenueColumn |
| Related Or Exempt Function Income | -10219 | RelatedOrExemptFunctionIncome |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Other Revenue | -10219 | TotalOtherRevenue |
Total Revenue TotalRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 93867396 | TotalRevenueColumn |
| Related Or Exempt Function Income | 83211879 | RelatedOrExemptFunctionIncome |
| Unrelated Business Revenue | 530278 | UnrelatedBusinessRevenue |
| Exclusion | $10,125,239 | ExclusionAmount |
Benefits To Members BenefitsToMembers
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 11916527 | Total |
Comp Current Officers Directors CompCurrentOfficersDirectors
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 2281301 | Total |
Other Salaries And Wages OtherSalariesAndWages
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 19133816 | Total |
Pension Plan Contributions PensionPlanContributions
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1823554 | Total |
Other Employee Benefits OtherEmployeeBenefits
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 2743843 | Total |
Payroll Taxes PayrollTaxes
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1518291 | Total |
Fees For Services Legal FeesForServicesLegal
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 504053 | Total |
Fees For Services Accounting FeesForServicesAccounting
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 165440 | Total |
Fees For Services Other FeesForServicesOther
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 634355 | Total |
Advertising Advertising
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 2274401 | Total |
Office Expenses OfficeExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 6618813 | Total |
Information Technology InformationTechnology
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 137744 | Total |
Occupancy Occupancy
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 2527679 | Total |
Conferences Meetings ConferencesMeetings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 269894 | Total |
Interest Interest
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1497096 | Total |
Depreciation Depletion DepreciationDepletion
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 3325076 | Total |
Insurance Insurance
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 7767 | Total |
Other Expenses OtherExpenses (4 entries)
| DescriptionDescription | TotalTotal |
|---|---|
| PROVISION FOR LOAN LOSS | 9740000 |
| LOAN SERVICING EXPENSE | 4256336 |
| CORPORATE FUND ASSESSME | 3356449 |
| MISC. OPERATING EXPENSE | 1258719 |
All Other Expenses AllOtherExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 160694 | Total |
Total Functional Expenses TotalFunctionalExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 76151848 | Total |
Cash Non Interest Bearing CashNonInterestBearing
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 53351204 | BOY |
| EOY | 59540179 | EOY |
Savings And Temp Cash Investments SavingsAndTempCashInvestments
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | 8810039 | EOY |
Accounts Receivable AccountsReceivable
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 5620556 | BOY |
| EOY | 341488 | EOY |
Other Notes Loans Receivable Net OtherNotesLoansReceivableNet
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1052584691 | BOY |
| EOY | 1158421758 | EOY |
Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | 1429288 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Buildings Equipment Basis | 64123169 | LandBuildingsEquipmentBasis |
| Land Bldg Equipment Accum Deprec | 21960888 | LandBldgEquipmentAccumDeprec |
Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 42780451 | BOY |
| EOY | 42162281 | EOY |
Investments Other Securities InvestmentsOtherSecurities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 411621440 | BOY |
| EOY | 432255191 | EOY |
Other Assets Total OtherAssetsTotal
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 15146963 | BOY |
| EOY | 32575413 | EOY |
Total Assets TotalAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1581105305 | BOY |
| EOY | 1735535637 | EOY |
Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 21070346 | BOY |
| EOY | 22543156 | EOY |
Escrow Account Liability EscrowAccountLiability
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1649363 | BOY |
| EOY | 3579741 | EOY |
Mort Notes Pybl Secured Invest Prop MortNotesPyblSecuredInvestProp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 91600637 | BOY |
| EOY | 91444248 | EOY |
Other Liabilities OtherLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1329746132 | BOY |
| EOY | 1461233546 | EOY |
Total Liabilities TotalLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1444066478 | BOY |
| EOY | 1578800691 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Do Not Follow SFAS117 | X | DoNotFollowSFAS117 |
Cap Stck Trst Prin Current Funds CapStckTrstPrinCurrentFunds
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Paid In Cap Srpls Land Bldg Eqp Fund PaidInCapSrplsLandBldgEqpFund
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Retained Earnings Endowment Etc RetainedEarningsEndowmentEtc
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 137038827 | BOY |
| EOY | 156734946 | EOY |
Total Net Assets Fund Balances TotalNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 137038827 | BOY |
| EOY | 156734946 | EOY |
Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1581105305 | BOY |
| EOY | 1735535637 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | X | InfoInScheduleOPartXI |
| Reconcilation Revenue Expenses | 17715548 | ReconcilationRevenueExpenses |
| Reconcilation Other Changes | 1980571 | ReconcilationOtherChanges |
| Info In Schedule O Part XII | X | InfoInScheduleOPartXII |
| Method Of Accounting Accrual | X | MethodOfAccountingAccrual |
| Accountant Compile Or Review | 0 | AccountantCompileOrReview |
| FS Audited | 1 | FSAudited |
| Audit Committee | 1 | AuditCommittee |
| Financial Statement Separate | X | FinancialStatementSeparate |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequired |
Schedule D IRS990ScheduleD
| Field | Value | IRS element (for citing) |
|---|---|---|
| Agent Trustee Etc | 0 | AgentTrusteeEtc |
| Included On FS | 1 | IncludedOnFS |
Land Land
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 8879263 | OtherCostOrOtherBasis |
| Book Value | 8879263 | BookValue |
Buildings Buildings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 39360854 | OtherCostOrOtherBasis |
| Depreciation | 11382462 | Depreciation |
| Book Value | 27978392 | BookValue |
Leasehold Improvements LeaseholdImprovements
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 1384915 | OtherCostOrOtherBasis |
| Depreciation | 809820 | Depreciation |
| Book Value | 575095 | BookValue |
Equipment Equipment
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 14376901 | OtherCostOrOtherBasis |
| Depreciation | 9768606 | Depreciation |
| Book Value | 4608295 | BookValue |
Other Land Buildings OtherLandBuildings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 121236 | OtherCostOrOtherBasis |
| Book Value | 121236 | BookValue |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Book Value Land Buildings | 42162281 | TotalOfBookValueLandBuildings |
Other Securities OtherSecurities (3 entries)
| DescriptionDescription | Book ValueBookValue | Method Of ValuationMethodOfValuation |
|---|---|---|
| AVAILABLE FOR SALE INVESTMENTS | 385436180 | F |
| LOANS HELD FOR SALE | 7497361 | F |
| OTHER INVESTMENTS | 39321650 | F |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Book Value Securities | 432255191 | TotalOfBookValueSecurities |
Other Liabilities OtherLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description | MEMBER SHARES AND DEPOSITS | Description |
| Amount | $1,461,233,546 | Amount |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Amounts | 1461233546 | TotalOfAmounts |
| Total Revenue | 93867396 | TotalRevenue |
| Total Expenses | 76151848 | TotalExpenses |
| Excess Or Deficit For Year | 17715548 | ExcessOrDeficitForYear |
| Net Unrealized GL On Investments | 1617169 | NetUnrealizedGLOnInvestments |
| Other | $363,402 | OtherAmount |
| Total Adjustments | 1980571 | TotalAdjustments |
| Excess Or Deficit Per FS | 19696119 | ExcessOrDeficitPerFS |
| Tot Revenue Etc Audited Fincl Stmt | 94774809 | TotRevenueEtcAuditedFinclStmt |
| Revenue Not Rptd F990 | 0 | RevenueNotRptdF990 |
| Revenue Subtotal | 94774809 | RevenueSubtotal |
| Other Revenues Not Included | -907413 | OtherRevenuesNotIncluded |
| Revenue Not Rptd On Fin Stmt | -907413 | RevenueNotRptdOnFinStmt |
| Total Revenue Per Form990 | 93867396 | TotalRevenuePerForm990 |
| Tot Expenses Etc Audited Fincl Stmt | 77059253 | TotExpensesEtcAuditedFinclStmt |
| Other Expenses Included | 907405 | OtherExpensesIncluded |
| Expenses Not Rptd F990 | 907405 | ExpensesNotRptdF990 |
| Expenses Subtotal | 76151848 | ExpensesSubtotal |
| Expenses Not Rptd On Fin Stmt | 0 | ExpensesNotRptdOnFinStmt |
| Total Expenses Per Form990 | 76151848 | TotalExpensesPerForm990 |
Form990 Schedule D Part XIV Form990ScheduleDPartXIV (5 entries)
| Return ReferenceReturnReference | ExplanationExplanation | IdentifierIdentifier |
|---|---|---|
| PART IV, LINE 2B: | THE CREDIT UNION ACTS AS A CUSTODIAN FOR AMOUNTS IN ESCROW FOR LOANS TO MEMBERS. | |
| PART X: | 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, 2011 AND 2010. THE CREDIT UNION'S 2008 THROUGH 2011 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. | DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: |
| NET CHANGE IN DEFINED BENEFIT OBLIGATIONS 28,281. EQUITY ACQUIRED IN MERGER 27,467. RECLASSIFICATION FOR IMPAIRMENT CREDIT LOSSES INCLUDED IN NET INCOME 307,654. TOTAL TO SCHEDULE D, PART XI, LINE 8: 363,402. | PART XI, LINE 8 - OTHER ADJUSTMENTS: | |
| LOSS ON INVESTMENTS (EXPENSE SHOWN IN REVENUE) -509,470. LOSS ON DISPOSITION OF FIXED ASSETS (EXPENSE SHOWN IN REVENUE) -397,943. | PART XII, LINE 4B - OTHER ADJUSTMENTS: | |
| LOSS ON INVESTMENTS (EXPENSE SHOWN IN REVENUE) 509,470. LOSS ON DISPOSITION OF FIXED ASSETS (EXPENSE SHOWN IN REVENUE) 397,935. | PART XIII, LINE 2D - OTHER ADJUSTMENTS: |
Schedule I IRS990ScheduleI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Records Maintained | 1 | RecordsMaintained |
Recipient Table RecipientTable (6 entries)
| Address Line1AddressUS/AddressLine1 | CityAddressUS/City | StateAddressUS/State | ZIP CodeAddressUS/ZIPCode | EIN Of RecipientEINOfRecipient | IRC SectionIRCSection | Amount Of Cash GrantAmountOfCashGrant | Purpose Of GrantPurposeOfGrant |
|---|---|---|---|---|---|---|---|
| FOUNDATION FOR MADISON PUBLIC SCHOOLS | |||||||
| 455 SCIENCE DRIVE STE 130 | MADISON | WI | 53711 | 392043104 | 501(C)(3) | 5000 | BADGER ROCK MIDDLE SCHOOL |
| MADISON METRO SCHOOL DISTRICT | |||||||
| 545 W DAYTON ST ROOM 200 | MADISON | WI | 53703 | 396003202 | 501(C)(3) | 5000 | BADGER ROCK MIDDLE SCHOOL |
| WI WOMEN'S BUSINESS INITIATIVE CORP | |||||||
| 2745 DR MARTIN LUTHER KING JR DRIVE | MILWAUKEE | WI | 53212 | 391597954 | 501(C)(3) | 5000 | FINANCIAL ED EFFORTS |
| SECOND HARVEST FOOD BANK OF SOUTHERN WI | |||||||
| 2802 DAIRY DRIVE | MADISON | WI | 53715 | 391490691 | 501(C)(3) | 5000 | SHARE YOUR HOLIDAYS |
| ST MARY'S FOUNDATION | |||||||
| 700 SOUTH PARK ST | MADISON | WI | 53715 | 431940686 | 501(C)(3) | 10000 | RONALD MCDONALD FAMILY ROOM |
| COMMONWEALTH DEVELOPMENT | |||||||
| 1501 WILLIAMSON ST | MADISON | WI | 53703 | 391323500 | 501(C)(3) | 15000 | DONATION |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Nbr Of501 C3 And Govt Grants | 6 | TotalNbrOf501C3AndGovtGrants |
Form990 Schedule I Part IV Form990ScheduleIPartIV
| Field | Value | IRS element (for citing) |
|---|---|---|
| Identifier | PROCEDURE FOR MONITORING GRANTS IN THE U.S.: | Identifier |
| Return Reference | PART I, LINE 2: | ReturnReference |
| Explanation | 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. | Explanation |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Club Dues Or Fees | X | ClubDuesOrFees |
| Personal Services | X | PersonalServices |
| Written Policy Re T And E Expenses | 1 | WrittenPolicyReTAndEExpenses |
| Substantiation Required | 1 | SubstantiationRequired |
| Compensation Committee | X | CompensationCommittee |
| Written Employment Contract | X | WrittenEmploymentContract |
| Compensation Survey | X | CompensationSurvey |
| Board Or Committee Approval | X | BoardOrCommitteeApproval |
| Severance Payment | 1 | SeverancePayment |
| Supplemental Nonqual Retire Plan | 1 | SupplementalNonqualRetirePlan |
| Equity Based Comp Arrangement | 0 | EquityBasedCompArrangement |
Form990 Schedule J Part II Form990ScheduleJPartII (14 entries)
| Base Compensation Filing OrgBaseCompensationFilingOrg | Comp Based On Related OrgsCompBasedOnRelatedOrgs | Bonus Filing OrgBonusFilingOrg | Bonus Related OrgsBonusRelatedOrgs | Other Compensation Filing OrgOtherCompensationFilingOrg | Other Compensation Related OrgsOtherCompensationRelatedOrgs | Deferred Comp Filing OrgDeferredCompFilingOrg | Deferred Comp Related OrgsDeferredCompRelatedOrgs | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrg | Nontaxable Benefits Related OrgsNontaxableBenefitsRelatedOrgs | Total Compensation Filing OrgTotalCompensationFilingOrg | Total Compensation Related OrgsTotalCompensationRelatedOrgs | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrg | Comp Report Prior990 Related OrgsCompReportPrior990RelatedOrgs |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| KIM SPONEM | |||||||||||||
| 382686 | 0 | 109848 | 0 | 26919 | 0 | 24500 | 0 | 4188 | 0 | 548141 | 0 | 0 | 0 |
| KEITH PETERSON | |||||||||||||
| 149211 | 0 | 18413 | 0 | 2613 | 0 | 17510 | 0 | 14331 | 0 | 202078 | 0 | 0 | 0 |
| DAVID HALL | |||||||||||||
| 161153 | 0 | 21737 | 0 | 8540 | 0 | 18099 | 0 | 9720 | 0 | 219249 | 0 | 0 | 0 |
| MICHAEL BUNGE | |||||||||||||
| 152023 | 0 | 19208 | 0 | 6809 | 0 | 16577 | 0 | 10031 | 0 | 204648 | 0 | 0 | 0 |
| REBECCA GEROTHANAS | |||||||||||||
| 142072 | 0 | 17072 | 0 | 341 | 0 | 8154 | 0 | 12404 | 0 | 180043 | 0 | 0 | 0 |
| DENISE O'HARA | |||||||||||||
| 140001 | 0 | 15179 | 0 | 3113 | 0 | 14660 | 0 | 3755 | 0 | 176708 | 0 | 0 | 0 |
| DIANE HALVORSON | |||||||||||||
| 1963 | 0 | 30708 | 0 | 526781 | 0 | 0 | 0 | 8989 | 0 | 568441 | 0 | 0 | 0 |
| NANCY KALSOW | |||||||||||||
| 12118 | 0 | 22802 | 0 | 144008 | 0 | 2546 | 0 | 519 | 0 | 181993 | 0 | 0 | 0 |
| TIMOTHY HOFFMAN | |||||||||||||
| 179363 | 0 | 228135 | 0 | 27 | 0 | 21475 | 0 | 3084 | 0 | 432084 | 0 | 0 | 0 |
| STEVEN HANSEN | |||||||||||||
| 69217 | 0 | 162083 | 0 | 333 | 0 | 23265 | 0 | 8904 | 0 | 263802 | 0 | 0 | 0 |
| TIMOTHY GREENE | |||||||||||||
| 77552 | 0 | 112774 | 0 | 1433 | 0 | 19196 | 0 | 5353 | 0 | 216308 | 0 | 0 | 0 |
| KEITH JENSEN | |||||||||||||
| 52868 | 0 | 125094 | 0 | 46 | 0 | 17895 | 0 | 8898 | 0 | 204801 | 0 | 0 | 0 |
| DEBRA OLSON | |||||||||||||
| 59176 | 0 | 99584 | 0 | 2670 | 0 | 15883 | 0 | 10184 | 0 | 187497 | 0 | 0 | 0 |
| ANDY FAUST | |||||||||||||
| 0 | 0 | 132402 | 0 | 388660 | 0 | 0 | 0 | 8325 | 0 | 529387 | 0 | 0 | 0 |
Form990 Schedule J Part III Form990ScheduleJPartIII (2 entries)
| Return ReferenceReturnReference | ExplanationExplanation |
|---|---|
| PART I, LINE 1A | KIM SPONEM - HEALTH/SOCIAL CLUB $998.40 KIM SPONEM - PERSONAL SERVICES $1,380 |
| PART I, LINES 4A-B | ANDY FAUST - SEVERANCE $390,000 DIANE HALVORSON - SEVERANCE $199,510 DIANE HALVORSON - 457F $325,328 NANCY KALSOW - SEVERANCE $137,641 |
Schedule O IRS990ScheduleO
General Explanation GeneralExplanation (9 entries)
| Return ReferenceReturnReference | ExplanationExplanation | IdentifierIdentifier |
|---|---|---|
| FORM 990, PART VI, SECTION A, LINE 6 | THE CREDIT UNION IS COMPRISED OF A SINGLE CLASS OF APPROXIMATELY 122,000 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. | |
| 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 5: | NET UNREALIZED GAINS ON INVESTMENTS: 1,617,169. NET CHANGE IN DEFINED BENEFIT OBLIGATIONS 28,281. EQUITY ACQUIRED IN MERGER 27,467. RECLASSIFICATION FOR IMPAIRMENT CREDIT LOSSES INCLUDED IN NET INCOME 307,654. TOTAL TO FORM 990, PART XI, LINE 5: 1,980,571. | CHANGES IN NET ASSETS OR FUND BALANCES: |
| FORM 990, PART XII, LINE 2C: | THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. |