2020-11-16T09:30:34-06:00 2019-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2019-01-01 390230585 SUMMIT CREDIT UNION SUMM 6082435000 PO BOX 8046 MADISON WI 537088046 KEITH PETERSON CFO 6082435000 2020-11-13 1 TANYA MEDGAARDEN P01717240 5074347000 2020-11-12 67.137.57.251 2020-11-13 08:07:53 CS P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 F630F1EEE6B1AF3350F47F5F27B062EA6FC5A2EF 2019 2021-04-22 16:20:28Z KIM SPONEM PO BOX 8046 MADISON WI 537088046 184065779 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. 9 9 738 12 134067 0 0 0 147326393 174791657 6286585 8356341 2540 0 153615518 183147998 251324 161893 11097255 20367196 42546019 48650482 0 0 0 60590670 70267061 114485268 139446632 39130250 43701366 3224170223 3689604395 2845874600 3265770166 378295623 423834229 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 195,000 MEMBERS IN 2019. THE CREDIT UNION CONTINUED TO OFFER ATTRACTIVE RATES ON VARIOUS SAVING AND LENDING PRODUCTS TO HELP MEMBERS IMPROVE THEIR FINANCIAL POSITION. LOANS GREW 6% DEPOSITS GREW 17% DURING 2019. 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 0 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 101410 0 1 738 1 1 1 0 0 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 KIM SPONEM CEO/PRESIDENT 50.00 X 1165334 0 57113 KEITH PETERSON CFO 50.00 X 551370 0 191295 REBECCA GEROTHANAS COO 50.00 X 463927 0 98913 NANCY KASTEN SVP HR & LOD 50.00 X 286266 0 156714 CHRISTOPHER SCHELL CMO 50.00 X 284365 0 149439 CHRISTOPHER HEFTER CIO 50.00 X 292074 0 48208 MARK KENNEDY CLO 50.00 X 235915 0 26945 ADAM PELLETTER MORTGAGE LOAN OFFICER 40.00 X 207704 0 38308 KELLY ERBACH VP - BUSINESS TECH SOLUTIONS 40.00 X 165536 0 65576 DONALD LICKEL VP - MORTGAGE LENDING 50.00 X 179300 0 46399 ERIC MATHIAS VP SALES DEVELOPMENT 50.00 X 174190 0 35899 DANIEL POLLY AVP - IT 40.00 X 170880 0 36685 STEVE HANSEN MORTGAGE LOAN OFFICER 40.00 X 167743 0 35908 JEREMY EPPLER VP RISK MANAGEMENT 50.00 X 180859 0 19183 TIMOTHY GREENE MORTGAGE LOAN OFFICER 40.00 X 173436 0 17297 DAVID RESZEL VICE CHAIR 4.00 X X 1300 0 0 MIKE O'BRIEN DIRECTOR 2.00 X 1300 0 0 MIKE SCHENK CHAIR 4.00 X X 1025 0 0 MARY TURKE SECRETARY 4.00 X X 750 0 0 JOHN LITSCHER DIRECTOR 2.00 X 750 0 0 DENNIS SAUEY DIRECTOR 2.00 X 650 0 0 BOB LINDNER DIRECTOR 2.00 X 650 0 0 DAN KAISER TREASURER 4.00 X X 550 0 0 STEFANIE NORVAISAS DIRECTOR 2.00 X 250 0 0 4706124 0 1023882 61 0 1 0 JH FINDORFF & SON INC 330 S BEDFORD ST MADISON WI 53703 GENERAL CONTRACTOR 4986254 HIEBING GROUP INC 315 WISCONSIN AVE MADISON WI 53703 MARKETING 2558242 DART APPRAISAL 2600 W BIG BEAVER RD TROY MI 48084 MORTGAGE APPRAISAL 1850225 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 DATA PROCESSING SYSTEM 1362878 MORTGAGE CADENCE LLC 28662 NETWORK PLACE CHICAGO IL 60673 MORTGAGE PROCESSING 1108324 84 LOAN INTEREST 900099 125239554 125239554 OTHER OPERATING INCOME 900099 37053927 37053927 FEES & SERVICE CHGS 522100 12498176 12360394 137782 174791657 8450249 -3715 8453964 823873 917781 -93908 -93908 -93908 183147998 174653875 134067 8360056 161893 20367196 4650933 33793492 2841087 4793294 2571676 471330 537211 5690762 18262720 2782937 805254 12705770 7119348 LOAN SERVICING EXPENSE 8970915 PROVISION FOR LOAN LOSS 7965000 MISC. OPERATING EXPENSE 1996670 PROFESSIONAL & OUTSIDE 1522000 1437144 139446632 12643445 13365728 95353328 392035994 2263422 1932278 5497396 5823155 2757256944 2917577836 3417303 3256985 169644073 49303923 104708042 120340150 153191665 139100062 46876013 31087500 42962665 65084707 3224170223 3689604395 37376978 43027339 2671045 2873862 460639314 481578599 2345187263 2738290366 2845874600 3265770166 X 0 0 0 0 378295623 423834229 378295623 423834229 3224170223 3689604395 X 43701366 3305744 -1468504 X X 0 1 X 1 0 0 1 X 18135933 18135933 110232394 25023696 85208698 3415677 1815940 1599737 34346880 22464287 11882593 3513189 3513189 120340150 MEMBER SHARES AND DEPOSITS 2738290366 2738290366 X 183259627 17721 17721 183241906 -93908 -93908 183147998 139558260 93908 93908 139464352 -17720 -17720 139446632 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, 2019 AND 2018. THE CREDIT UNION'S 2016 THROUGH SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: OTHER NON-OPERATING INCOME 17,721. PART XI, LINE 4B - OTHER ADJUSTMENTS: LOSS SALE OF ASSETS -4,377. LOSS SALE OF OREO -89,531. PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON SALE OF ASSETS 4,377. LOSS ON SALE OF OREO 89,531. PART XII, LINE 4B - OTHER ADJUSTMENTS: OTHER NON-OPERATING INCOME -17,721. ROUNDING 1. 1 UNITED WAY OF DANE COUNTY 2059 ATWOOD AVE PO BOX 7548 MADISON WI 53707 390817532 501(C)(3) 11000 UNITED WAY CORPORATE CONTRIBUTION/LOAN EXEC SPONSOR EDGEWOOD COLLEGE 1000 EDGEWOOD COLLEGE DR MADISON WI 53711 390860620 501(C)(3) 14286 RESIDENCE HALL CAPITAL CAMPAIGN GIRL SCOUTS OF AMERICA 2710 SKI LANE MADISON WI 53713 390806331 501(C)(3) 12500 GIRL SCOUTS CAPITAL CAMPAIGN YEAR 2 OF 2 WISCONSIN HISTORICAL FOUNDATIONS 816 STATE ST MADISON WI 53706 390921093 501(C)(3) 10000 GIFT AGREEMENT PLEDGE GOODMAN COMMUNITY CENTER 149 WAUBESA ST MADISON WI 53704 391919172 501(C)(3) 6250 GENERAL SUPPORT AMERICAN HEART ASSOCIATION 7272 GREENVILLE AVE DALLAS TX 75231 135613797 501(C)(3) 6000 GENERAL SUPPORT 4 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 0 1 0 KIM SPONEM CEO/PRESIDENT 866466 0 271194 0 27674 0 55735 0 1378 0 1222447 0 0 0 KEITH PETERSON CFO 284388 0 100189 0 166793 0 172032 0 19263 0 742665 0 159166 0 REBECCA GEROTHANAS COO 265006 0 101184 0 97737 0 78000 0 20913 0 562840 0 92713 0 NANCY KASTEN SVP HR & LOD 203516 0 79186 0 3564 0 140759 0 15955 0 442980 0 0 0 CHRISTOPHER SCHELL CMO 202917 0 79126 0 2322 0 133484 0 15955 0 433804 0 0 0 CHRISTOPHER HEFTER CIO 223018 0 68246 0 810 0 27445 0 20763 0 340282 0 0 0 MARK KENNEDY CLO 154486 0 80301 0 1128 0 13197 0 13748 0 262860 0 0 0 ADAM PELLETTER MORTGAGE LOAN OFFICER 33902 0 173519 0 283 0 20132 0 18176 0 246012 0 0 0 KELLY ERBACH VP - BUSINESS TECH SOLUTIONS 142471 0 21423 0 1642 0 49824 0 15752 0 231112 0 0 0 DONALD LICKEL VP - MORTGAGE LENDING 153965 0 20140 0 5195 0 32574 0 13825 0 225699 0 0 0 ERIC MATHIAS VP SALES DEVELOPMENT 151481 0 22323 0 386 0 17636 0 18263 0 210089 0 0 0 DANIEL POLLY AVP - IT 155634 0 14827 0 419 0 17422 0 19263 0 207565 0 0 0 STEVE HANSEN MORTGAGE LOAN OFFICER 30374 0 134359 0 3010 0 17645 0 18263 0 203651 0 0 0 JEREMY EPPLER VP RISK MANAGEMENT 155684 0 24789 0 386 0 17572 0 1611 0 200042 0 0 0 TIMOTHY GREENE MORTGAGE LOAN OFFICER 34889 0 138264 0 283 0 17297 0 0 0 190733 0 0 0 PART I, LINE 1A KIM SPONEM - HEALTH CLUB $1,204 KIM SPONEM - PERSONAL SERVICES $960 PART I, LINE 4B KEITH PETERSON-PARTICIPATED IN 457(F) AND 457(B) NON-QUALIFIED PLANS - $159,166 DISTRIBUTED IN 2019 REBECCA GEROTHANAS-PARTICIPATED IN 457(F) NON-QUALIFIED PLAN - $92,713 DISTRIBUTED IN 2019 KIM SPONEM-PARTICIPATED IN 457(B) NON-QUALIFIED PLAN NANCY KASTEN-PARTICIPATED IN 457(F) AND 457(B) NON-QUALIFIED PLANS CHRIS SCHELL-PARTICIPATED IN 457(F) AND 457(B) NON-QUALIFIED PLANS KIM SPONEM CEO/PRESIDENT SPLIT-DOLLAR LIFE INSURANCE X 5252660 5823155 0 1 1 5823155 TURKE & STRAUSS LLP SUMMIT BOARD MEMBER MARY TURKE 575391 LEGAL SERVICES 0 FORM 990, PART III, LINE 2 NEW HEADQUARTERS AND NEW BRANCHES IN BROOKFIELD, WAUKESHA AND MIDDLETON FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS COMPRISED OF A SINGLE CLASS OF MORE THAN 195,000 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. 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: NET CHANGE IN DEFINED BENEFIT OBLIGATIONS -1,474,432. EQUITY ACQUIRED IN ACQUISITION 5,926. ROUNDING 2. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.