2016-11-09T11:06:17-06:00 2015-12-31 410746749 CLIFTONLARSONALLEN LLP PO BOX 217 AUSTIN MN 55912 990 2015-01-01 390230585 SUMMIT CREDIT UNION SUMM 6082435000 PO BOX 8046 MADISON WI 537088046 KEITH PETERSON CFO 6082435000 2016-11-07 1 SHERRI WESSELS P00888088 5074347000 2015 2017-02-10 21:41:12Z KIM SPONEM PO BOX 8046 MADISON WI 537088046 113784236 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 9 662 12 720408 -50342 0 0 88748259 101910349 8042592 6336025 136802 -182220 96927653 108064154 158052 173096 7307770 8057074 29211481 32701256 0 0 0 35937650 38102789 72614953 79034215 24312700 29029939 2076034803 2388643118 1834004313 2118414699 242030490 270228419 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 145,000 MEMBERS IN 2015. THE CREDIT UNION CONTINUED TO OFFER ATTRACTIVE RATES ON VARIOUS SAVING AND LENDING PRODUCTS TO HELP MEMBERS IMPROVE THEIR FINANCIAL POSITION. LOANS GREW 16% DURING 2015. 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 BRANCHES IN TWO HIGH SCHOOLS 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 1 0 0 0 0 0 0 0 0 0 0 0 0 1 107557 0 1 662 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 DENNIS SAUEY DIRECTOR 2.00 X X 0 0 0 MIKE O'BRIEN CHAIR 4.00 X X 0 0 0 MIKE SCHENK SECRETARY 4.00 X X 0 0 0 JOHN LITSCHER VICE CHAIR 4.00 X X 0 0 0 STEFANIE NORVAISAS DIRECTOR 2.00 X 0 0 0 SUE RACINE DIRECTOR 2.00 X 0 0 0 DAVID RESZEL TREASURER 4.00 X X 0 0 0 BOB LINDNER DIRECTOR 2.00 X 0 0 0 MARY TURKE DIRECTOR 2.00 X 0 0 0 DAN KAISER DIRECTOR 2.00 X 0 0 0 KIM SPONEM CEO/PRESIDENT 50.00 X 700637 0 46411 KEITH PETERSON CFO 50.00 X 262175 0 191876 REBECCA GEROTHANAS SVP OPERATIONS 50.00 X 216211 0 61130 JOANNE BELANGER VP DIGITAL MARKETING 50.00 X 163643 0 31234 DANIEL MILBRANDT CHIEF LENDING OFFICER 50.00 X 159616 0 34073 CHRISTOPHER HEFTER VP IT 50.00 X 178071 0 35495 JEREMY EPPLER VP RISK MANAGEMENT 50.00 X 156057 0 16993 ERIC MATHIAS VP RETAIL DEVELOPMENT 50.00 X 161633 0 32112 DONALD GRIFFIN MORTGAGE LOAN OFFICER 40.00 X 192768 0 21232 ADAM PELLETTER MORTGAGE LOAN OFFICER 40.00 X 203895 0 36248 CHRISTOPHER SCHELL SVP MARKETING 50.00 X 161022 0 42579 MARY BYRD MORTGAGE LOAN OFFICER 47.00 X 156690 0 43444 STEVEN HANSEN MORTGAGE LOAN OFFICER 42.00 X 152444 0 31250 2864862 0 624077 40 0 1 0 JH FINDORFF & SON INC 330 S BEDFORD ST MADISON WI 53703 CONSTRUCTION CONTRACTOR 4335338 DART APPRAISALCOM INC 2600 W BIG BEAVER RD TROY MI 48084 LOAN APPRAISALS 1473972 CDW DIRECT PO BOX 75723 CHICAGO IL 60675 INFORMATION TECHNOLOGY 1143188 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 INFORMATION TECHNOLOGY 1065771 US DEPARTMENT OF EDUCATION PO BOX 979066 ST LOUIS MO 63197 STUDENT LOANS 1042723 61 LOAN INTEREST 900099 70024065 70024065 OTHER OPERATING INCOME 900099 23121727 23121727 FEES & SERVICE CHGS 522100 8764557 8632376 132181 101910349 6579568 588227 5991341 3275270 2201269 3257845 2462237 17425 -260968 -243543 -243543 OTHER NON-OPERATING INCOME 900099 -182220 -182220 -182220 108064154 101595948 720408 5747798 173096 8057074 2447367 23126914 1880447 3561906 1684622 510088 263321 2839740 13016526 1910184 784350 1489087 4450283 LOAN SERVICING EXPENSE 5420006 PROVISION FOR LOAN LOSS 5300000 MISC. OPERATING EXPENSE 1199630 PROFESSIONAL & OUTSIDE 700013 219561 79034215 20574303 7873275 12049970 97299082 1473163 1591231 430000 645000 1553622289 1809793814 1728002 2331541 88909582 34815617 49342475 54093965 407029179 343214976 40478673 75878 480447 29709544 30841114 2076034803 2388643118 24645151 29523634 930108 1047467 55130840 131112881 1753298214 1956730717 1834004313 2118414699 X 0 0 0 0 242030490 270228419 242030490 270228419 2076034803 2388643118 X 29029939 -2427358 1595348 X X 0 1 X 1 0 0 1 X 10569934 10569934 52582902 17231234 35351668 2329392 1328388 1001004 22015680 16255995 5759685 1411674 1411674 54093965 AVAILABLE FOR SALE INVESTMENTS 337136964 F LOANS HELD FOR SALE 6078012 F 343214976 MEMBER SHARES AND DEPOSITS 1956730717 1956730717 X 108507336 0 108507336 -443182 -443182 108064154 79477397 443182 443182 79034215 0 79034215 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. 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 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, 2015 AND 2014. THE CREDIT UNION'S 2012 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) -243,543. OTHER NON-OPERATING INCOME (REVENUE SHOWN IN EXPENSE) -199,639. PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON DISPOSITION OF FIXED ASSETS (EXPENSE SHOWN IN REVENUE) 243,543. OTHER NON-OPERATING INCOME (REVENUE SHOWN IN EXPENSE) 199,639. 1 AMERICAN HEART ASSOCIATION 2850 DAIRY DRIVE STE 300 MADISON WI 53718 135613797 501(C)(3) 15000 GO RED LUNCHEON SPONSOR SECOND HARVEST FOOD BANK OF SO WI 2802 DAIRY DRIVE MADISON WI 53718 391490691 501(C)(3) 7500 SHARE YOUR HOLIDAYS DOMESTICE ABUSE INTERVENTION SERVICES 2102 FORDEM AVE MADISON WI 53704 391268238 501(C)(3) 10000 HOPE SPONSOR-LUNCHEON COMMON WEALTH DEVELOPMENT 1501 WILLIAMSON ST MADISON WI 53703 391323500 501(C)(3) 5000 SPONSORSHIP OF YOUTH PROGRAMS UNITED WAY OF DANE COUNTY 2059 ATWOOD AVE PO BOX 7548 MADISON WI 53707 390817532 501(C)(3) 50000 UNITED WAY CORPORATE CONTRIBUTION/LOAN EXEC SPONSOR GIRLS ON THE RUN OF DANE COUNTY 901 DEMING WAY STE 102 MADISON WI 53717 113732108 501(C)(3) 5000 SPONSORSHIP FOR GIRLS ON THE RUN SPRING 5K EDGEWOOD COLLEGE 1000 EDGEWOOD COLLEGE DR MADISON WI 53711 390860620 501(C)(3) 14286 RESIDENCE HALL CAPITAL CAMPAIGN WORLDWIDE FOUNDATION FOR CREDIT UNIONS 5710 MINERAL POINT RD MADISON WI 53705 396093210 501(C)(3) 15000 PRIORITY FUND SIMPSON STREET FREE PRESS PO BOX 6307 MONONA WI 53716 391882258 501(C)(3) 5000 3 YR SPONSORSHIP NATIONAL CREDIT UNION FOUNDATION 5710 MINERAL POINT RD MADISON WI 53705 391383650 501(C)(3) 5000 NATIONAL CREDIT UNION FOUNDATION DONATION MADISON COMMUNITY FOUNDATION 2 SCIENCE COURT STE 3 MADISON WI 53711 396038248 501(C)(3) 9095 CASH BOOMERANG DONATION FROM MEMBERS, MEMBER FEST DONATIONS,SCU FUND DONATION 11 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 1 1 X X X X 0 1 0 KIM SPONEM CEO/PRESIDENT 491379 0 175040 0 34218 0 43938 0 2473 0 747048 0 0 0 KEITH PETERSON CFO 201593 0 37910 0 22672 0 174836 0 17040 0 454051 0 0 0 REBECCA GEROTHANAS SVP OPERATIONS 181635 0 33100 0 1476 0 42541 0 18589 0 277341 0 0 0 JOANNE BELANGER VP DIGITAL MARKETING 141769 0 21351 0 523 0 14080 0 17154 0 194877 0 0 0 DANIEL MILBRANDT CHIEF LENDING OFFICER 104698 0 29229 0 25689 0 32706 0 1367 0 193689 0 0 0 CHRISTOPHER HEFTER VP IT 152704 0 24990 0 377 0 18134 0 17361 0 213566 0 0 0 JEREMY EPPLER VP RISK MANAGEMENT 133024 0 22722 0 311 0 15560 0 1433 0 173050 0 0 0 ERIC MATHIAS VP RETAIL DEVELOPMENT 138204 0 23096 0 333 0 16311 0 15801 0 193745 0 0 0 DONALD GRIFFIN MORTGAGE LOAN OFFICER 186269 0 6465 0 34 0 19299 0 1933 0 214000 0 0 0 ADAM PELLETTER MORTGAGE LOAN OFFICER 197578 0 6286 0 31 0 20294 0 15954 0 240143 0 0 0 CHRISTOPHER SCHELL SVP MARKETING 144144 0 16060 0 818 0 25023 0 17556 0 203601 0 0 0 MARY BYRD MORTGAGE LOAN OFFICER 150283 0 6328 0 79 0 27434 0 16010 0 200134 0 0 0 STEVEN HANSEN MORTGAGE LOAN OFFICER 145702 0 6336 0 406 0 15449 0 15801 0 183694 0 0 0 PART I, LINE 1A KIM SPONEM - HEALTH CLUB $955 PART I, LINE 4B KEITH PETERSON-PARTICIPATED IN 457(F) AND 457(B) NON-QUALIFIED PLANS REBECCA GEROTHANAS-PARTICIPATED IN 457(F) NON-QUALIFIED PLAN KIM SPONEM-PARTICIPATED IN 457(B) NON-QUALIFIED PLAN DANIEL MILBRANDT-PARTICIPATED IN 457(B) NON-QUALIFIED PLANS KIM SPONEM CEO/PRESIDENT SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1 X 430000 645000 0 1 1 645000 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS COMPRISED OF A SINGLE CLASS OF APPROXIMATELY 145,000 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. FORM 990, PART XI, LINE 9: NET CHANGE IN DEFINED BENEFIT OBLIGATIONS -589,412. EQUITY ACQUIRED IN MERGER 2,184,760. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.