2023-11-15T09:33:43-06:00 2022-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2022-01-01 390230585 SUMMIT CREDIT UNION SUMM 6082435000 PO BOX 8046 MADISON WI 537088046 KEITH PETERSON CFO 6082435000 2023-11-14 1 KEITH PETERSON 999009999 0 TANYA MEDGAARDEN P01717240 5074347000 2023-11-14 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z KIM SPONEM PO BOX 8046 MADISON WI 537088046 624006392 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. 11 0 1041 14 121234 0 0 0 211920298 211554475 6870236 19169470 146981 367748 218937515 231091693 933978 936656 12692470 17583444 64435394 70565634 0 0 0 63502703 90649921 141564545 179735655 77372970 51356038 4830581855 6224510320 4275073315 5676758326 555508540 547751994 X 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. 1 0 SUMMIT SERVED OVER 240,000 MEMBERS IN 2022. THE CREDIT UNION CONTINUED TO OFFER ATTRACTIVE RATES ON VARIOUS SAVING AND LENDING PRODUCTS TO HELP MEMBERS IMPROVE THEIR FINANCIAL POSITION. LOANS AND DEPOSITS EACH GREW MORE THAN 25% DURING 2022. SUMMIT OPERATES BRANCHES IN FOUR HIGH SCHOOLS TO SERVE STUDENTS. WE OFFER ADDITIONAL FINANCIAL EDUCATION SESSIONS IN THE COMMUNITIES WE SERVE. WE SUPPORT NUMEROUS COMMUNITY ORGANIZATIONS, INCLUDING UNITED WAY, GOODMAN COMMUNITY CENTER, URBAN LEAGUE AND NATIONAL CREDIT UNION FOUNDATION. 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 1 0 1 0 0 0 0 0 0 0 0 1 205661 0 1 1041 1 1 1 0 0 0 0 0 1 0 X 11 0 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 DAVID RESZEL CHAIR 4.00 X X 20500 0 0 MIKE SCHENK FORMER CHAIR 2.00 X X 18000 0 0 MARY TURKE VICE CHAIR 4.00 X X 21500 0 0 DANIEL KAISER SECRETARY 4.00 X X 18000 0 0 BOB LINDNER TREASURER 4.00 X X 18000 0 0 STEFANIE NORVAISAS DIRECTOR 2.00 X 18000 0 0 DENNIS SAUEY DIRECTOR 2.00 X 18000 0 0 JOHN LITSCHER DIRECTOR 2.00 X 18000 0 0 MIKE O'BRIEN DIRECTOR 2.00 X 18000 0 0 ABIGAIL RODRIGUEZ DIRECTOR 2.00 X 18000 0 0 SAMIRA SALEM DIRECTOR 2.00 X 18000 0 0 KIM SPONEM CEO/PRESIDENT 50.00 X 2091506 0 84841 KEITH PETERSON CFO 50.00 X 474076 0 230268 CHRISTOPHER HEFTER CIO 50.00 X 434118 0 178793 REBECCA GEROTHANAS COO 50.00 X 447905 0 127712 NANCY KASTEN SVP HR & LOD 50.00 X 354459 0 39503 CHRISTOPHER SCHELL CMO 50.00 X 334058 0 199281 KELLY ERBACH VP - BUSINESS TECH SOLUTIO 40.00 X 257169 0 141966 ERIC MATHIAS VP SALES DEVELOPMENT 40.00 X 313621 0 65267 ANN KNUTSON SVP - HR & ORG DEVELOPMENT 40.00 X 206867 0 38219 JEREMY EPPLER VP - RISK MANAGEMENT 40.00 X 196393 0 20578 ADAM PELLETTER MORTGAGE LOAN OFFICER 40.00 X 213545 0 39201 JOHN JONES VP - BUSINESS & COMMERCIAL CREDIT RISK & OPERATION 40.00 X 220737 0 50592 JAMES HOLDEN VP - BLO MARKET MANAGER 40.00 X 210228 0 75573 AARON HURT VP BUSINESS TECHNOLOGY SERVICES 40.00 X 199822 0 43721 KRISTIN NESBITT VP - MORTGAGE LENDING 40.00 X 193544 0 23823 6352048 0 1359338 103 0 1 0 HIEBING GROUP INC 315 WISCONSIN AVE MADISON WI 53703 MARKETING 5831799 DART APPRAISAL 2600 W BIG BEAVER RD TROY MI 48084 MORTGAGE APPRAISAL 2226086 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 DATA PROCESSING SYSTEM 1611462 EDGE ONE 161 BUSINESS PARK CIRCLE STOUGHTON WI 53589 KIOSK AND ARMOR SERVICES 1543819 PARAGON DEVELOPMENT SYSTEMS PO BOX 772990 DETROIT MI 48277 INFORMATION TECHNOLOGY 1222288 106 LOAN INTEREST 522100 159678206 159678206 OTHER OPERATING INCOME 522100 34823470 34823470 FEES & SERVICE CHGS 522100 17052799 16931565 121234 211554475 12202314 12202314 399881855 392914699 6967156 6967156 6967156 OTHER NON-INTEREST INCOME 522100 367748 367748 367748 231091693 211800989 121234 19169470 936656 17583444 6440600 49851359 4366493 5765264 4141918 3049854 2138224 8270271 27430426 3316289 981740 14546646 8720883 LOAN SERVICING EXPENSE 11569683 PROVISION FOR LOAN LOSS 5732000 MISC. OPERATING EXPENSE 4635656 OPERATING FEES 258249 179735655 34232265 59269845 236347645 223143126 2936994 4021223 12852660 13607124 3539830949 4977668060 5155730 6224087 210686517 69831475 133704863 140855042 709945377 552213483 14929383 34490737 1002810 133094030 139643179 79923563 4830581855 6224510320 57152407 72311513 12160900 17414630 385504352 805406744 3820255656 4781625439 4275073315 5676758326 X 0 0 0 0 555508540 547751994 555508540 547751994 4830581855 6224510320 X 51356038 -59011470 -101114 X X 0 1 X 1 0 0 1 X 25499060 25499060 133254118 34631889 98622229 4706083 2594138 2111945 44384146 32605448 11778698 2843110 2843110 140855042 AVAILABLE FOR SALE INVESTMENTS 550133032 F EQUITY SECURITIES 2080451 F 552213483 MEMBER SHARES AND DEPOSITS 4715585939 NONMEMBER DEPOSITS 66039500 4781625439 X 231101000 0 231101000 -9307 -9307 231091693 179745000 0 179745000 -9345 -9345 179735655 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 INTERNAL REVENUE CODE 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. 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, 2022 AND 2021. THE CREDIT UNION'S 2019 THROUGH SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 4B - OTHER ADJUSTMENTS: EXP INCLUDED IN REV FOR 990 -9,307. ROUNDING PART XII, LINE 4B - OTHER ADJUSTMENTS: EXP INCLUDED IN REV FOR 990 -9,307. ROUNDING -38. 1 BLACK WOMENS WELLNESS DAY PO BOX 259831 MADISON WI 53725 460832901 501(C)(3) 7000 0 SPONSORSHIP OF BLACK WOMEN'S WELLNESS DAY CENTER FOR BLACK EXCELLENCE PO BOX 259861 MADISON WI 537259861 853072819 501(C)(3) 666666 0 GENERAL SUPPORT EXPLORE CHILDRENS MUSEUM OF SUN PRAIRIE 1312 ARMAGH LN SUN PRAIRIE WI 53590 843703166 501(C)(3) 7500 0 GENERAL SUPPORT NATIONAL CREDIT UNION FOUNDATION PO BOX 78880 MILWAUKEE WI 532780880 391383650 501(C)(3) 7000 0 NCUF BRONZE SPONSORSHIP UNITED WAY OF DANE COUNTY PO BOX 7548 MADISON WI 53707 390817532 501(C)(3) 50283 0 COMMUNITY SUPPORT URBAN LEAGUE OF GREATER MADISON 2222 S PARK ST STE 200 MADISON WI 53713 391098146 501(C)(3) 25000 0 GENERAL SUPPORT WAUNAKEE AREA EDUCATION FOUNDATION 905 BETHEL CIRCLE WAUNAKEE WI 53597 391617660 501(C)(3) 7500 0 GENERAL SUPPORT MADISON COLLEGE FOUNDATION 1701 WRIGHT STREET MADISON WI 53704 237265867 501(C)(3) 33332 0 GENERAL SUPPORT AFRICAN AMERICAN CREDIT UNION COALITION PO BOX 392136 SNELLVILLE GA 30039 571091138 501(C)(3) 20000 0 GENERAL SUPPORT BLACK MEN COALITION OF DANE COUNTY 5 N PINCKNEY ST MADISON WI 53703 881460639 501(C)(3) 9000 0 GENERAL SUPPORT 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 X 1 1 X X X X X X 0 1 0 KIM SPONEM CEO/PRESIDENT 1577832 0 494711 0 18963 0 82580 0 2261 0 2176347 0 0 0 KEITH PETERSON CFO 330028 0 136782 0 7266 0 210842 0 19426 0 704344 0 0 0 CHRISTOPHER HEFTER CIO 311023 0 122285 0 810 0 158797 0 19996 0 612911 0 0 0 REBECCA GEROTHANAS COO 316398 0 130047 0 1460 0 106966 0 20746 0 575617 0 0 0 CHRISTOPHER SCHELL CMO 233620 0 98116 0 2322 0 183426 0 15855 0 533339 0 0 0 KELLY ERBACH VP - BUSINESS TECH SOLUTIO 190545 0 63179 0 3445 0 127514 0 14452 0 399135 0 0 0 NANCY KASTEN SVP HR & LOD 53340 0 279465 0 21654 0 35592 0 3911 0 393962 0 0 0 ERIC MATHIAS VP SALES DEVELOPMENT 240529 0 69662 0 3430 0 47271 0 17996 0 378888 0 0 0 JAMES HOLDEN VP - BLO MARKET MANAGER 172717 0 29345 0 8166 0 56797 0 18776 0 285801 0 0 0 JOHN JONES VP - BUSINESS & COMMERCIAL CREDIT RI 182691 0 31106 0 6940 0 36187 0 14405 0 271329 0 0 0 ADAM PELLETTER MORTGAGE LOAN OFFICER 33069 0 180161 0 315 0 21205 0 17996 0 252746 0 0 0 ANN KNUTSON SVP - HR & ORG DEVELOPMENT 203935 0 1295 0 1637 0 26214 0 12005 0 245086 0 0 0 AARON HURT VP BUSINESS TECHNOLOGY SERVICES 175928 0 22959 0 935 0 22975 0 20746 0 243543 0 0 0 KRISTIN NESBITT VP - MORTGAGE LENDING 163020 0 28080 0 2444 0 23823 0 0 0 217367 0 0 0 JEREMY EPPLER VP - RISK MANAGEMENT 164296 0 28584 0 3513 0 18967 0 1611 0 216971 0 0 0 PART I, LINE 1A KIM SPONEM - HEALTH CLUB $1,336 KIM SPONEM - PERSONAL SERVICES $1,963 PART I, LINE 4B KEITH PETERSON-PARTICIPATED IN 457(F) NON-QUALIFIED PLAN - NO DISTRIBUTIONS IN 2022 REBECCA GEROTHANAS-PARTICIPATED IN 457(F) NON-QUALIFIED PLAN - NO DISTRIBUTIONS IN 2022 CHRIS SCHELL-PARTICIPATED IN 457(F) NON-QUALIFIED PLAN - NO DISTRIBUTIONS IN 2022 CHRIS HEFTER-PARTICIPATED IN 457(F) NON-QUALIFIED PLAN - NO DISTRIBUTIONS IN 2022 KIM SPONEM CEO/PRESIDENT SPLIT-DOLLAR LIFE INSURANCE X 9877874 13607124 0 1 1 13607124 TURKE & STRAUSS LLP SUMMIT BOARD MEMBER MARY TURKE 799091 LEGAL SERVICES 0 CU DIRECT SUMMIT CEO IS ON BOARD OF CU DIRECT 174650 INDIRECT LENDING SERVICES 0 FORM 990, PART III, LINE 2 ACQUIRED BANK THAT INCLUDED FOUR OFFICES, TO EXPAND SERVICE OFFERINGS AND THE GEOGRAPHIC AREA WE SERVE. ALSO OPENED NEW BRANCH IN WESTON. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS COMPRISED OF A SINGLE CLASS OF MORE THAN 200,000 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 11B 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. THIS WAS MOST RECENTLY DONE IN 2022. 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: CHANGE IN OCI -101,114. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.