2012-11-12T13:52:44-06:00 2011-12-31 410746749 CLIFTONLARSONALLEN LLP PO BOX 217 AUSTIN MN 55912 990 2011-01-01 390230585 SUMMIT CREDIT UNION SUMM 6082435000 PO BOX 8046 MADISON WI 537088046 KEITH PETERSON 6082435000 2012-11-08 1 SHERRI WESSELS P00888088 5074347000 2011 2016-02-24 21:20:13Z KIM SPONEM PO BOX 8046 MADISON WI 537088046 97411073 0 X WWW.SUMMITCREDITUNION.COM X CU 1935 WI IMPROVE MEMBERS' FINANCIAL LIVES TO HELP THEM REACH THEIR DREAMS. 9 9 438 12 530278 264157 0 0 74968314 83302366 17335521 10575249 0 -10219 92303835 93867396 0 0 15963984 11916527 25775858 27500805 0 0 0 36560259 36734516 78300101 76151848 14003734 17715548 1581105305 1735535637 1444066478 1578800691 137038827 156734946 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. 0 0 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. 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 0 1 63540 0 438 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 MARK MEYER 4.00 X 0 0 0 MIKE O'BRIEN 4.00 X 0 0 0 JOHN LITSCHER 4.00 X 0 0 0 MIKE SCHENK 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 PETE CREAR 2.00 X 0 0 0 KIM SPONEM 50.00 X 519453 0 28688 KEITH PETERSON 50.00 X 170237 0 31841 DAVID HALL 50.00 X 191430 0 27819 MICHAEL BUNGE 50.00 X 178040 0 26608 REBECCA GEROTHANAS 50.00 X 159485 0 20558 DENISE O'HARA 50.00 X 158293 0 18415 DIANE HALVORSON 50.00 X 559452 0 8989 NANCY KALSOW 50.00 X 178928 0 3065 TIMOTHY HOFFMAN 40.00 X 407525 0 24559 STEVEN HANSEN 40.00 X 231633 0 32169 TIMOTHY GREENE 40.00 X 191759 0 24549 KEITH JENSEN 40.00 X 178008 0 26793 DEBRA OLSON 40.00 X 161430 0 26067 ANDY FAUST 1.00 X 521062 0 8325 3806735 0 308445 29 1 1 0 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 32 LOAN INTEREST 900099 57883352 57883352 OTHER OPERATING INCOME 900099 13863624 13863624 FEES & SERVICE CHGS 522100 11555390 11475122 80268 83302366 11482658 450010 11032648 2636268 3543677 -907409 -907409 -907409 OTHER NON-OPERATING IN 900099 -10219 -10219 -10219 93867396 83211879 530278 10125239 11916527 2281301 19133816 1823554 2743843 1518291 504053 165440 634355 2274401 6618813 137744 2527679 269894 1497096 3325076 7767 PROVISION FOR LOAN LOSS 9740000 LOAN SERVICING EXPENSE 4256336 CORPORATE FUND ASSESSME 3356449 MISC. OPERATING EXPENSE 1258719 160694 76151848 53351204 59540179 8810039 5620556 341488 1052584691 1158421758 1429288 64123169 21960888 42780451 42162281 411621440 432255191 15146963 32575413 1581105305 1735535637 21070346 22543156 1649363 3579741 91600637 91444248 1329746132 1461233546 1444066478 1578800691 X 0 0 0 0 137038827 156734946 137038827 156734946 1581105305 1735535637 X 17715548 1980571 X X 0 1 1 X 0 0 1 8879263 8879263 39360854 11382462 27978392 1384915 809820 575095 14376901 9768606 4608295 121236 121236 42162281 AVAILABLE FOR SALE INVESTMENTS 385436180 F LOANS HELD FOR SALE 7497361 F OTHER INVESTMENTS 39321650 F 432255191 MEMBER SHARES AND DEPOSITS 1461233546 1461233546 93867396 76151848 17715548 1617169 363402 1980571 19696119 94774809 0 94774809 -907413 -907413 93867396 77059253 907405 907405 76151848 0 76151848 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: 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. PART XI, LINE 8 - OTHER ADJUSTMENTS: 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 XII, LINE 4B - OTHER ADJUSTMENTS: LOSS ON INVESTMENTS (EXPENSE SHOWN IN REVENUE) -509,470. LOSS ON DISPOSITION OF FIXED ASSETS (EXPENSE SHOWN IN REVENUE) -397,943. PART XIII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON INVESTMENTS (EXPENSE SHOWN IN REVENUE) 509,470. LOSS ON DISPOSITION OF FIXED ASSETS (EXPENSE SHOWN IN REVENUE) 397,935. 1 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 6 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 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 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 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. CHANGES IN NET ASSETS OR FUND BALANCES: 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. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.