2025-10-27T12:13:53-05:00 2024-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2024-01-01 390230585 SUMMIT CREDIT UNION SUMM 6082435000 PO BOX 8046 MADISON WI 537088046 KEITH PETERSON CFO 6082435000 2025-10-24 1 0 TANYA MEDGAARDEN P01717240 5074347000 2025-10-24 2024 2025-03-06 01:10:19Z KIM SPONEM PO BOX 8046 MADISON WI 537088046 755888381 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 11 1114 0 29349 0 0 0 319159275 388129575 25398039 65896421 18360 -171352 344575674 453854644 648432 347449 83841302 144012687 84292025 90425589 0 0 0 124664847 160620012 293446606 395405737 51129068 58448907 6945113848 7458311100 6333434715 6775219984 611679133 683091116 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 266,000 MEMBERS IN 2024. THE CREDIT UNION CONTINUED TO OFFER ATTRACTIVE RATES ON VARIOUS SAVING AND LENDING PRODUCTS TO HELP MEMBERS IMPROVE THEIR FINANCIAL POSITION. LOANS GREW 6% AND DEPOSITS GREW 9% DURING 2024. 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 302102 0 1114 1 1 1 0 0 0 0 0 0 0 1 0 X 11 11 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 53708 MARY TURKE DIRECTOR (PAST CHAIR) 2.00 X 20500 0 0 MIKE SCHENK TREASURER 4.00 X X 18000 0 0 DANIEL KAISER CHAIR 4.00 X X 21500 0 0 BOB LINDNER VICE CHAIR 4.00 X X 18000 0 0 STEFANIE NORVAISAS SECRETARY 4.00 X X 18000 0 0 DAVID RESZEL DIRECTOR (TREASURER ELECT) 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 2746637 0 92326 KEITH PETERSON CFO 50.00 X 477841 0 315155 CHRISTOPHER HEFTER CIO 50.00 X 579288 0 181915 REBECCA GEROTHANAS COO 50.00 X 1062075 0 58574 CHRISTOPHER SCHELL CMO 50.00 X 327289 0 197243 KELLY ERBACH SVP - BUSINESS TECH SOLUTIONS 50.00 X 273494 0 203758 KEVIN PIETTE CHIEF COMMERCIAL BUS SERV OFFICER 50.00 X 396148 0 81891 ERIC MATHIAS SVP - SALES & LENDING OPS 50.00 X 403674 0 173212 JEREMY EPPLER VP - RISK MANAGEMENT 50.00 X 201023 0 42762 JAMES CORBETT SVP - HR & OD 50.00 X 287078 0 69623 THOMAS HOPP VP OF SALES - BUSINESS SERVICES 50.00 X 358101 0 76916 JONATHAN WILLEMS VP - BLO MARKET MANAGER - BUSINESS SERVICES 50.00 X 263629 0 41742 LUKE HAGEL VP - BLO MARKET MANAGER - BUSINESS SERVICES 50.00 X 280327 0 43363 ERIC HESSELINK VP - BLO MARKET MANAGER - BUSINESS SERVICES 50.00 X 256027 0 38980 GREG CUNNINGHAM VP - DIGITAL TECHNOLOGY 50.00 X 238681 0 35409 8355312 0 1652869 119 0 1 0 J H FINDORFF & SON INC 300 S BEDFORD ST MADISON WI 53703 CONSTRUCTION 6545898 HIEBING GROUP INC 315 WISCONSIN AVENUE MADISON WI 53703 MARKETING 6473168 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 INFORMATION TECHNOLOGY 1960125 EDGE ONE 161 BUSINESS PARK CIRCLE STOUGHTON WI 53589 KIOSK SERVICES 1742788 XPRESS DATA INC 10983 VIA FORNTERA SAN DIEGO CA 92127 PRINTER 1594414 109 LOAN INTEREST 522100 330764514 330764514 OTHER OPERATING INCOME 522100 37203364 37203364 FEES & SERVICE CHGS 522100 20161697 20132348 29349 388129575 51479225 51479225 7887687 308563246 2 302033735 7887685 6529511 14417196 14417196 OTHER NON-INTEREST INCOME 522100 -171352 -171352 -171352 453854644 387928874 29349 65896421 347449 144012687 8375006 63421600 5314453 8056399 5258131 627478 840041 2052224 8995141 32344661 4763103 1285483 35674916 9601065 PROVISION FOR CREDIT LO 45765292 LOAN SERVICING EXPENSE 15376670 MISC. OPERATING EXPENSE 2964279 OPERATING FEES 329659 395405737 59300715 46738659 362653272 430446101 928147 588812 18972929 21449487 5603055215 5893816524 6657852 6737726 226827205 84764234 141449436 142062971 490030557 630804408 36491746 55595979 127665853 114127869 97908126 115942564 6945113848 7458311100 74203756 63249678 12858766 10282532 836550000 808750000 5409822193 5892937774 6333434715 6775219984 X 0 0 0 0 611679133 683091116 611679133 683091116 6945113848 7458311100 X 58448907 8401798 4561278 X X 0 1 X 1 0 0 1 X 25499060 25499060 145494463 42776090 102718373 6753698 3703528 3050170 47472144 38284616 9187528 1607840 1607840 142062971 AVAILABLE FOR SALE INVESTMENTS 628101636 F EQUITY SECURITIES 2702772 F 630804408 MEMBER SHARES AND DEPOSITS 5825267355 NONMEMBER DEPOSITS 66300000 OFF BALANCE SHEET CREDIT EXPOSURE 1370419 5892937774 X 454189000 0 454189000 -334356 -334356 453854644 395740000 0 395740000 -334263 -334263 395405737 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, 2024 AND 2023. THE CREDIT UNION'S 2021 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 -334,356. PART XII, LINE 4B - OTHER ADJUSTMENTS: EXP INCLUDED IN REV FOR 990 -334,356. ROUNDING 93. 1 UNITED WAY OF DANE COUNTY PO BOX 7548 MADISON WI 53707 390817532 501(C)(3) 88785 0 COMMUNITY SUPPORT BOYS & GIRLS CLUB OF DANE COUNTY 1818 W BELTLINE HWY MADISON WI 53713 391925617 501(C)(3) 25000 0 GENERAL SUPPORT & FINANCIAL EDUCATION MADISON COLLEGE FOUNDATION 1701 WRIGHT STREET MADISON WI 53704 237265867 501(C)(3) 36668 0 WBE SCHOLARSHIP AND STAND BY JACK PLEDGE THE RIVER FOOD PANTRY 2201 DARWIN RD MADISON WI 53704 204179749 501(C)(3) 16666 0 GENERAL SUPPORT CENTRO HISPANO OF DANE CO 810 W BADGER RD MADISON WI 53713 930844812 501(C)(3) 15000 0 GENERAL SUPPORT BLACK MEN COALITION FOUNDATION 5 N PINCKNEY ST MADISON WI 53703 881460639 501(C)(3) 10000 0 FINANCIAL LITERACY SUN PRAIRIE PUBLIC LIBRARY FOUNDATION 1350 LINNERUD DRIVE SUN PRAIRIE WI 53590 391988151 501(C)(3) 12500 0 GENERAL SUPPORT CLIMB 6666 ODANA RD 221 MADISON WI 53719 861598626 501(C)(3) 10000 0 GENERAL SUPPORT NATIONAL CREDIT UNION FOUNDATION PO BOX 78880 MILWAUKEE WI 532780880 391383650 501(C)(3) 10000 0 GENERAL SUPPORT WAUNAKEE AREA EDUCATION FOUNDATION 905 BETHEL CIRCLE WAUNAKEE WI 53597 391617660 501(C)(3) 7500 0 GENERAL SUPPORT MADISON PUBLIC SCHOOLS FOUNDATION 2005 W BELTLINE HIGHWAY STE 203 MADISON WI 53713 392043104 501(C)(3) 7330 0 GENERAL SUPPORT ALDO LEOPOLD NATURE CENTER 330 FEMRITE DR MONONA WI 53716 391786897 501(C)(3) 20000 0 GENERAL SUPPORT HC SQUARED INCORPORATED 5075 OAK PARK ROAD MARSHALL WI 53559 874398704 501(C)(3) 50000 0 GENERAL SUPPORT YWCA MADISON 101 E MIFFLIN ST MADISON WI 53703 390806303 501(C)(3) 17500 0 GENERAL SUPPORT MADISON READING PROJECT 1337 GREENWAY CROSS STE 186 MADISON WI 53713 472077478 501(C)(3) 15000 0 GENERAL SUPPORT ONE CITY SCHOOLS FOUNDATION 2012 FISHER STREET MADISON WI 53713 874104609 501(C)(3) 5500 0 GENERAL SUPPORT 16 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 1720336 0 966406 0 59895 0 90065 0 2261 0 2838963 0 0 0 REBECCA GEROTHANAS COO 358804 0 161512 0 541759 0 34109 0 24465 0 1120649 0 0 0 KEITH PETERSON CFO 372468 0 100374 0 4999 0 292180 0 22975 0 792996 0 0 0 CHRISTOPHER HEFTER CIO 391423 0 139449 0 48416 0 157500 0 24415 0 761203 0 0 0 ERIC MATHIAS SVP - SALES & LENDING OPS 314584 0 81607 0 7483 0 151797 0 21415 0 576886 0 0 0 CHRISTOPHER SCHELL CMO 256585 0 67140 0 3564 0 178376 0 18867 0 524532 0 0 0 KEVIN PIETTE CHIEF COMMERCIAL BUS SERV OFFICER 311824 0 79560 0 4764 0 60716 0 21175 0 478039 0 0 0 KELLY ERBACH SVP - BUSINESS TECH SOLUTIONS 211581 0 58349 0 3564 0 186244 0 17514 0 477252 0 0 0 THOMAS HOPP VP OF SALES - BUSINESS SERVICES 227770 0 126167 0 4164 0 55249 0 21667 0 435017 0 0 0 JAMES CORBETT SVP - HR & OD 255146 0 29010 0 2922 0 44270 0 25353 0 356701 0 0 0 LUKE HAGEL VP - BLO MARKET MANAGER - BUSINESS S 180508 0 98727 0 1092 0 21948 0 21415 0 323690 0 0 0 JONATHAN WILLEMS VP - BLO MARKET MANAGER - BUSINESS S 161482 0 101511 0 636 0 20327 0 21415 0 305371 0 0 0 ERIC HESSELINK VP - BLO MARKET MANAGER - BUSINESS S 161858 0 93133 0 1036 0 17565 0 21415 0 295007 0 0 0 GREG CUNNINGHAM VP - DIGITAL TECHNOLOGY 213611 0 510 0 24560 0 26251 0 9158 0 274090 0 0 0 JEREMY EPPLER VP - RISK MANAGEMENT 177376 0 19068 0 4579 0 20047 0 22715 0 243785 0 0 0 PART I, LINE 1A KIM SPONEM - HEALTH CLUB $782.40 PART I, LINE 4B KEITH PETERSON - PARTICIPATED IN 457(F) NON-QUALIFIED PLAN - NO DISTRIBUTIONS IN 2024. REBECCA GEROTHANAS - PARTICIPATED IN 457(F) NON-QUALIFIED PLAN - DISTRIBUTION OF $458,260 IN 2024. CHRIS SCHNELL - PARTICIPATED IN 457(F) NON-QUALIFIED PLAN - NO DISTRIBUTIONS IN 2024. CHRIS HEFTER - PARTICIPATED IN 457(F) NON-QUALIFIED PLAN - NO DISTRIBUTIONS IN 2024. RIC MATHIAS - PARTICIPATED IN 457(F) NON-QUALIFIED PLAN - NO DISTRIBUTIONS IN 2024. KELLY ERBACH - PARTICIPATED IN 457(F) NON-QUALIFIED PLAN - NO DISTRIBUTIONS IN 2024. KIM SPONEM CEO/PRESIDENT SPLIT-DOLLAR LIFE INSURANCE X 14453160 15517785 0 1 1 REBECCA GEROTHANAS CHIEF OPERATIONS OFFICER SPLIT-DOLLAR LIFE INSURANCE X 4591500 4735702 0 1 1 CHRIS HEFTER CHIEF INFORMATION OFFICER SPLIT-DOLLAR LIFE INSURANCE X 1196000 1196000 0 1 1 21449487 TURKE & STEIL LLP SUMMIT BOARD MEMBER MARY TURKE IS A MANAGING PARTNER 947547 LEGAL SERVICES 0 CU DIRECT CORPORATION - ORIGENCE SUMMIT SVP SALES & LENDING IS ON BOARD OF CU DIRECT 172799 INDIRECT LENDING SERVICES 0 TRUSTAGE SUMMIT CEO IS A BOARD MEMBER, TRUSTAGE SVP IS ON SUMMIT BOARD 1252651 INSURANCE, FORMS, MEMBER WEALTH MANAGEMENT PRODUCTS AND SERVICES, OTHER VARIOUS CREDIT UNION RELATED PRODUCTS/SERVICES 0 AMERICA'S CREDIT UNIONS ACU VP-DEI IS ON SUMMIT BOARD, ACU EXECUTIVE IS SUMMIT BOARD TREASURER 42428 TRADE ASSOCIATION/EDUCATION 0 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 SVP 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. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2024. 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 4,561,278. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.