SUMMIT CREDIT UNION: Form 990, tax year 2010
View the entire original 990 at ProPublica ↗
- Organization
- SUMMIT CREDIT UNION (EIN 39-0230585)
- Tax period
- 2010-01-01 to 2010-12-31
- Filed
- 2011-11-15
- IRS object ID
- 201143199349301314
- Schema version
- 2010v3.4
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Timestamp | 2011-11-15T08:19:57-06:00 | Timestamp |
| Tax Period End Date | 2010-12-31 | TaxPeriodEndDate |
Preparer Firm PreparerFirm
Preparer Firm Business Name PreparerFirmBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | RSM MCGLADREY INC | BusinessNameLine1 |
Preparer Firm US Address PreparerFirmUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 801 NICOLLET MALL SUITE 1100 | AddressLine1 |
| City | MINNEAPOLIS | City |
| State | MN | State |
| ZIP Code | 55402 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnType |
| Tax Period Begin Date | 2010-01-01 | TaxPeriodBeginDate |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 390230585 | EIN |
Name Name
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | SUMMIT CREDIT UNION | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Control | SUMM | NameControl |
| Phone | 6082435000 | Phone |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | PO BOX 8046 | AddressLine1 |
| City | MADISON | City |
| State | WI | State |
| ZIP Code | 537088046 | ZIPCode |
Officer Officer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | KEITH PETERSON | Name |
| Title | CFO | Title |
| Phone | 6082435000 | Phone |
| Date Signed | 2011-11-14 | DateSigned |
| Authorize Third Party | 1 | AuthorizeThirdParty |
Preparer Preparer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | COLLIN F BUZZELL | Name |
| Phone | 6125738750 | Phone |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax Year | 2010 | TaxYear |
| Build TS | 2016-02-24 21:20:13Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Of Principal Officer Person | KIM SPONEM | NameOfPrincipalOfficerPerson |
Address Principal Officer US AddressPrincipalOfficerUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | PO BOX 8046 | AddressLine1 |
| City | MADISON | City |
| State | WI | State |
| ZIP Code | 537088046 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | 92723422 | GrossReceipts |
| Group Return For Affiliates | 0 | GroupReturnForAffiliates |
| Organization501c | X | Organization501c |
| Web Site | WWW.SUMMITCREDITUNION.COM | WebSite |
| Type Of Organization Corporation | X | TypeOfOrganizationCorporation |
| Year Formation | 1935 | YearFormation |
| State Legal Domicile | WI | StateLegalDomicile |
| Activity Or Mission Description | IMPROVE MEMBERS FINANCIAL LIVES TO HELP THEM REACH THEIR DREAMS. | ActivityOrMissionDescription |
| Nbr Voting Members Governing Body | 12 | NbrVotingMembersGoverningBody |
| Nbr Independent Voting Members | 12 | NbrIndependentVotingMembers |
| Total Nbr Employees | 439 | TotalNbrEmployees |
| Total Nbr Volunteers | 18 | TotalNbrVolunteers |
| Total Gross UBI | 1633997 | TotalGrossUBI |
| Net Unrelated Business Txbl Income | 656083 | NetUnrelatedBusinessTxblIncome |
| Contributions Grants Prior Year | 0 | ContributionsGrantsPriorYear |
| Contributions Grants Current Year | 0 | ContributionsGrantsCurrentYear |
| Program Service Revenue Prior Year | 69399993 | ProgramServiceRevenuePriorYear |
| Program Service Revenue CY | 74968314 | ProgramServiceRevenueCY |
| Investment Income Prior Year | 22348474 | InvestmentIncomePriorYear |
| Investment Income Current Year | 17335521 | InvestmentIncomeCurrentYear |
| Other Revenue Prior Year | 0 | OtherRevenuePriorYear |
| Other Revenue Current Year | 0 | OtherRevenueCurrentYear |
| Total Revenue Prior Year | 91748467 | TotalRevenuePriorYear |
| Total Revenue Current Year | 92303835 | TotalRevenueCurrentYear |
| Grants And Similar Amnts Prior Year | 0 | GrantsAndSimilarAmntsPriorYear |
| Grants And Similar Amnts CY | 0 | GrantsAndSimilarAmntsCY |
| Benefits Paid To Members Prior Year | 20261292 | BenefitsPaidToMembersPriorYear |
| Benefits Paid To Members CY | 15963984 | BenefitsPaidToMembersCY |
| Salaries Etc Prior Year | 25284863 | SalariesEtcPriorYear |
| Salaries Etc Current Year | 25775858 | SalariesEtcCurrentYear |
| Total Prof Fundrsng Exp Prior Year | 0 | TotalProfFundrsngExpPriorYear |
| Total Prof Fundrsng Exp CY | 0 | TotalProfFundrsngExpCY |
| Total Fundrsng Exp Current Year | 0 | TotalFundrsngExpCurrentYear |
| Other Expense Prior Year | 39442301 | OtherExpensePriorYear |
| Other Expenses Current Year | 36560259 | OtherExpensesCurrentYear |
| Total Expenses Prior Year | 84988456 | TotalExpensesPriorYear |
| Total Expenses Current Year | 78300101 | TotalExpensesCurrentYear |
| Revenues Less Expenses Prior Year | 6760011 | RevenuesLessExpensesPriorYear |
| Revenues Less Expenses CY | 14003734 | RevenuesLessExpensesCY |
| Total Assets BOY | 1418499208 | TotalAssetsBOY |
| Total Assets EOY | 1581105305 | TotalAssetsEOY |
| Total Liabilities BOY | 1303574611 | TotalLiabilitiesBOY |
| Total Liabilities EOY | 1444066478 | TotalLiabilitiesEOY |
| Net Assets Or Fund Balances BOY | 114924597 | NetAssetsOrFundBalancesBOY |
| Net Assets Or Fund Balances EOY | 137038827 | NetAssetsOrFundBalancesEOY |
| Mission Description | 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. | MissionDescription |
| Significant New Program Services | 0 | SignificantNewProgramServices |
| Significant Change | 0 | SignificantChange |
| Description | SUMMIT SERVED OVER 105,000 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. DEPOSIT BALANCES GREW 14% AND LOANS 5%. | Description |
Activity2 Activity2
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description | SUMMIT CREATED AND SUPPORTS THE STAR CREDIT UNION, SERVING MEMBERS OF THE MADISON BOYS AND GIRLS CLUB WITH FINANCIAL EDUCATION AND SERVICES, AND WE OPENED A BRANCH IN LAFOLLETTE HIGH SCHOOL TO SERVE STUDENTS. WE ALSO OFFER EDUCATIONAL SESSIONS TO MEMBERS, BUSINESSES, SCHOOLS AND COMMUNITY GROUPS. | Description |
Activity3 Activity3
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description | IN 2010, SUMMIT SUPPORTED SEVERAL ORGANIZATIONS THROUGH VOLUNTEER EFFORTS AND FINANCIAL SUPPORT. THOSE ORGANIZATIONS INCLUDED UNITED WAY, COMMUNITY SHARES, SECOND HARVEST FOODBANK, SHARE YOUR HOLIDAYS, SUNSHINE PLACE, JUVENILE DIABETES RESEARCH FOUNDATIONS, SPECIAL OLYMPICS, YWCA, COMMONWEALTH DEVELOPMENT, SALVATION ARMY, EAST MADISON COMMUNITY CENTER, SIMPSON STREET FREE PRESS, ACCESS TO INDEPENDENCE, WISCONSIN WOMEN'S BUSINESS INITTIATIVE CORPORATAION, AND SEVERAL LOCAL SCHOOLS. | Description |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Described In501 C3 | 0 | DescribedIn501C3 |
| Schedule B Required | 0 | ScheduleBRequired |
| Political Activities | 0 | PoliticalActivities |
| Donor Advised Funds | 0 | DonorAdvisedFunds |
| Conservation Easements | 0 | ConservationEasements |
| Collections Of Art | 0 | CollectionsOfArt |
| Credit Counseling | 1 | CreditCounseling |
| Term Or Permanent Endowments | 0 | TermOrPermanentEndowments |
| Report Land Bldg Equip | 1 | ReportLandBldgEquip |
| Report Invest Oth Securities | 1 | ReportInvestOthSecurities |
| Report Prog Rel Invest | 0 | ReportProgRelInvest |
| Report Other Assets | 0 | ReportOtherAssets |
| Report Other Liabilities | 1 | ReportOtherLiabilities |
| Report Fin48 Footnote | 1 | ReportFin48Footnote |
| Independent Audit Financial Stmt | 1 | IndependentAuditFinancialStmt |
| Consolidated Audit Financial Stmt | 0 | ConsolidatedAuditFinancialStmt |
| School | 0 | School |
| Foreign Office | 0 | ForeignOffice |
| Foreign Activities | 0 | ForeignActivities |
| More Than5000 K To Organizations | 0 | MoreThan5000KToOrganizations |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividuals |
| Professional Fundraising | 0 | ProfessionalFundraising |
| Fundraising Activities | 0 | FundraisingActivities |
| Gaming | 0 | Gaming |
| Hospital | 0 | Hospital |
| Grants To Organizations | 0 | GrantsToOrganizations |
| Grants To Individuals | 0 | GrantsToIndividuals |
| Schedule J Required | 1 | ScheduleJRequired |
| Tax Exempt Bonds | 0 | TaxExemptBonds |
| Loan To Officer Or DQP | 0 | LoanToOfficerOrDQP |
| Grant To Related Person | 0 | GrantToRelatedPerson |
| Bsnss Rltnshp With Organization | 0 | BsnssRltnshpWithOrganization |
| Bsnss Rltnshp Thru Family Member | 0 | BsnssRltnshpThruFamilyMember |
| Officer Entity With Bsnss Rltnshp | 0 | OfficerEntityWithBsnssRltnshp |
| Deductible Non Cash Contributions | 0 | DeductibleNonCashContributions |
| Deductible Contributions Of Art | 0 | DeductibleContributionsOfArt |
| Terminated | 0 | Terminated |
| Partial Liquidation | 0 | PartialLiquidation |
| Disregarded Entity | 0 | DisregardedEntity |
| Related Entity | 0 | RelatedEntity |
| Related Org Controlled Entity | 0 | RelatedOrgControlledEntity |
| Transaction Related Entity | 0 | TransactionRelatedEntity |
| Activities Conducted Partnership | 0 | ActivitiesConductedPartnership |
| Schedule O Required | 1 | ScheduleORequired |
| Number Forms Transmitted With1096 | 84236 | NumberFormsTransmittedWith1096 |
| Number W2 G Included | 0 | NumberW2GIncluded |
| Compliance With Backup Witholding | 1 | ComplianceWithBackupWitholding |
| Number Of Employees | 439 | NumberOfEmployees |
| Employment Tax Returns Filed | 1 | EmploymentTaxReturnsFiled |
| Unrelated Business Income | 1 | UnrelatedBusinessIncome |
| Form990-T Filed | 1 | Form990-TFiled |
| Foreign Financial Account | 0 | ForeignFinancialAccount |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTrans |
| Taxable Party Notification | 0 | TaxablePartyNotification |
| Non Deductible Contributions | 0 | NonDeductibleContributions |
| Indoor Tanning Services | 0 | IndoorTanningServices |
| Info In Schedule O Part VI | X | InfoInScheduleOPartVI |
| Nbr Voting Governing Body Members | 12 | NbrVotingGoverningBodyMembers |
| Number Independent Voting Members | 12 | NumberIndependentVotingMembers |
| Family Or Business Relationship | 0 | FamilyOrBusinessRelationship |
| Delegation Of Management Duties | 0 | DelegationOfManagementDuties |
| Changes To Organizing Docs | 0 | ChangesToOrganizingDocs |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuse |
| Members Or Stockholders | 1 | MembersOrStockholders |
| Election Of Board Members | 1 | ElectionOfBoardMembers |
| Decisions Subject To Approval | 1 | DecisionsSubjectToApproval |
| Minutes Of Governing Body | 1 | MinutesOfGoverningBody |
| Minutes Of Committees | 1 | MinutesOfCommittees |
| Officer Mailing Address | 0 | OfficerMailingAddress |
| Local Chapters | 1 | LocalChapters |
| Policies Reference Chapters | 1 | PoliciesReferenceChapters |
| Form990 Provided To Governing Body | 0 | Form990ProvidedToGoverningBody |
| Conflict Of Interest Policy | 1 | ConflictOfInterestPolicy |
| Annual Disclosure Covered Persons | 1 | AnnualDisclosureCoveredPersons |
| Regular Monitoring Enforcement | 1 | RegularMonitoringEnforcement |
| Whistleblower Policy | 1 | WhistleblowerPolicy |
| Document Retention Policy | 1 | DocumentRetentionPolicy |
| Compensation Process CEO | 1 | CompensationProcessCEO |
| Compensation Process Other | 1 | CompensationProcessOther |
| Investment In Joint Venture | 0 | InvestmentInJointVenture |
| Other Website | X | OtherWebsite |
| Upon Request | X | UponRequest |
The Books Are In Care Of TheBooksAreInCareOf
Name Business NameBusiness
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | THE ORGANIZATION | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Telephone Number | 6082435000 | TelephoneNumber |
Address US AddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | PO BOX 8046 | AddressLine1 |
| City | MADISON | City |
| State | WI | State |
| ZIP Code | 537088046 | ZIPCode |
Form990 Part VII Section A Form990PartVIISectionA (27 entries)
| TitleTitle | Average Hours Per WeekAverageHoursPerWeek | Individual Trustee Or DirectorIndividualTrusteeOrDirector | OfficerOfficer | Reportable Comp From OrganizationReportableCompFromOrganization | Reportable Comp From Related OrgsReportableCompFromRelatedOrgs | Other CompensationOtherCompensation | Key EmployeeKeyEmployee | Highest Compensated EmployeeHighestCompensatedEmployee |
|---|---|---|---|---|---|---|---|---|
| JIM HOELZEL | ||||||||
| CHAIR | 4.00 | X | X | 0 | 0 | 0 | ||
| DENNIS SAUEY | ||||||||
| VICE CHAIR | 4.00 | X | X | 0 | 0 | 0 | ||
| FRITZ SCHUNKE | ||||||||
| TREASURER | 4.00 | X | X | 0 | 0 | 0 | ||
| MIKE O'BRIEN | ||||||||
| TREASURER | 4.00 | X | X | 0 | 0 | 0 | ||
| MARK MEYER | ||||||||
| SECRETARY | 4.00 | X | X | 0 | 0 | 0 | ||
| DOUG BENZINE | ||||||||
| DIRECTOR | 2.00 | X | 0 | 0 | 0 | |||
| JENNIFER TAYLOR | ||||||||
| DIRECTOR | 2.00 | X | 0 | 0 | 0 | |||
| JOHN LITSCHER | ||||||||
| DIRECTOR | 2.00 | X | 0 | 0 | 0 | |||
| JUDITH PAGE | ||||||||
| DIRECTOR | 2.00 | X | 0 | 0 | 0 | |||
| DAVE RESZEL | ||||||||
| DIRECTOR | 2.00 | X | 0 | 0 | 0 | |||
| MIKE SCHENK | ||||||||
| DIRECTOR | 2.00 | X | 0 | 0 | 0 | |||
| SUE RACINE | ||||||||
| DIRECTOR | 2.00 | X | 0 | 0 | 0 | |||
| SUSAN SWEITZER | ||||||||
| DIRECTOR | 2.00 | X | 0 | 0 | 0 | |||
| THERAN COLWELL | ||||||||
| DIRECTOR | 2.00 | X | 0 | 0 | 0 | |||
| PETER CREAR | ||||||||
| DIRECTOR | 2.00 | X | 0 | 0 | 0 | |||
| ANDREW FAUST | ||||||||
| CEO | 40.00 | X | 996339 | 0 | 38369 | |||
| KIM SPONEM | ||||||||
| CEO/PRESIDENT | 40.00 | X | 371677 | 0 | 127791 | |||
| KEITH PETERSON | ||||||||
| CFO | 40.00 | X | 155305 | 0 | 28439 | |||
| DAVID HALL | ||||||||
| SVP STRATEGIC PARTNERSHIPS | 40.00 | 187589 | 0 | 82998 | X | |||
| DIANE HALVORSON | ||||||||
| EXECUTIVE VICE PRESIDENT | 40.00 | 224866 | 0 | 117646 | X | |||
| NANCY KALSOW | ||||||||
| CHIEF OPERATING OFFICER | 40.00 | 169616 | 0 | 31829 | X | |||
| MICHAEL BUNGE | ||||||||
| CHIEF RETAIL OFFICER | 40.00 | 162817 | 0 | 29179 | X | |||
| BRIAN O'HANDLEY | ||||||||
| REAL ESTATE OFFICER | 40.00 | 164625 | 0 | 28724 | X | |||
| BECKY GERONTHANAS | ||||||||
| SVP MARKETING & OPERATIONS | 40.00 | 141325 | 0 | 19808 | X | |||
| DEBRA OLSON | ||||||||
| MORTGAGE LOAN OFFICER | 40.00 | 159348 | 0 | 31557 | X | |||
| TIM HOFFMAN | ||||||||
| MORTGAGE LOAN OFFICER | 40.00 | 269155 | 0 | 28584 | X | |||
| DANIEL MILBRANDT | ||||||||
| CHIEF LENDING OFFICER | 40.00 | 134561 | 0 | 14613 | X | |||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | 3137223 | TotalReportableCompFromOrg |
| Total Reportable Comp Frm Rltd Orgs | 0 | TotalReportableCompFrmRltdOrgs |
| Total Other Compensation | 579537 | TotalOtherCompensation |
| Number Individuals GT100 K | 24 | NumberIndividualsGT100K |
| Formers Listed | 0 | FormersListed |
| Total Comp GT150 K | 1 | TotalCompGT150K |
| Compensation From Other Sources | 0 | CompensationFromOtherSources |
Contractor Compensation ContractorCompensation (5 entries)
| Address Line1AddressOfContractor/AddressUS/AddressLine1 | CityAddressOfContractor/AddressUS/City | StateAddressOfContractor/AddressUS/State | ZIP CodeAddressOfContractor/AddressUS/ZIPCode | Description Of ServicesDescriptionOfServices | CompensationCompensation |
|---|---|---|---|---|---|
| NCUA | |||||
| 1775 DUKE STREET | ALEXANDRIA | VA | 22314 | NCUSIF/TCCUSF PREMIUM AND TOTAL NCUSIF C | 1987731 |
| FISERV (FORMERLY KNOWN AS USERS INC) | |||||
| 75 REMITTANCE DRIVE STE 6962 | CHICAGO | IL | 60675 | CORE PROCESSING SYSTEMS AND CONSULTING S | 846558 |
| ADP INC | |||||
| 100 NORTH POINT BLVD | ELK GROVE VILLAGE | IL | 60070 | PAYROLL PROCESSOR | 750310 |
| PARAGON DEVELOPMENT SYSTEMS | |||||
| 8720 MONTCLAIR DRIVE | MIDDLETON | WI | 53562 | DATA PROCESSING EQUIPMENT | 712246 |
| KRUPP GENERAL CONTRACTORS | |||||
| 2020 EASTWOOD DRIVE | MADISON | WI | 53704 | REMODEL PROJECTS | 606911 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Number Of Contractors GT100 K | 5 | NumberOfContractorsGT100K |
Program Service Revenue ProgramServiceRevenue (4 entries)
| DescriptionDescription | Business CodeBusinessCode | Total Revenue ColumnTotalRevenueColumn | Related Or Exempt Function IncomeRelatedOrExemptFunctionIncome | Unrelated Business RevenueUnrelatedBusinessRevenue |
|---|---|---|---|---|
| LOANS TO MEMBERS | 522100 | 57084240 | 57084240 | |
| SERVICE CHARGES AND OT | 522100 | 10334327 | 10334327 | |
| MORTGAGE SERVICING RIG | 522100 | 4343948 | 4343948 | |
| OTHER NON-INTEREST INC | 522100 | 3205799 | 1571802 | 1633997 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | 74968314 | TotalProgramServiceRevenue |
Investment Income InvestmentIncome
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 10609888 | TotalRevenueColumn |
| Exclusion | $10,609,888 | ExclusionAmount |
Gross Amount Sales Assets GrossAmountSalesAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | 7145220 | Securities |
Less Cost Oth Basis Sales Expenses LessCostOthBasisSalesExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | 419587 | Other |
Gain Or Loss GainOrLoss
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | 7145220 | Securities |
| Other | -419587 | Other |
Net Gain Or Loss Investments NetGainOrLossInvestments
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 6725633 | TotalRevenueColumn |
| Exclusion | $6,725,633 | ExclusionAmount |
Total Revenue TotalRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 92303835 | TotalRevenueColumn |
| Related Or Exempt Function Income | 73334317 | RelatedOrExemptFunctionIncome |
| Unrelated Business Revenue | 1633997 | UnrelatedBusinessRevenue |
| Exclusion | $17,335,521 | ExclusionAmount |
Benefits To Members BenefitsToMembers
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 15963984 | Total |
Comp Current Officers Directors CompCurrentOfficersDirectors
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 2724459 | Total |
Other Salaries And Wages OtherSalariesAndWages
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 17409105 | Total |
Pension Plan Contributions PensionPlanContributions
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1581776 | Total |
Other Employee Benefits OtherEmployeeBenefits
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 2612782 | Total |
Payroll Taxes PayrollTaxes
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1447736 | Total |
Fees For Services Legal FeesForServicesLegal
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 531825 | Total |
Fees For Services Other FeesForServicesOther
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 296543 | Total |
Advertising Advertising
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1443920 | Total |
Office Expenses OfficeExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 2439550 | Total |
Information Technology InformationTechnology
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1661628 | Total |
Occupancy Occupancy
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 2002960 | Total |
Conferences Meetings ConferencesMeetings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 313650 | Total |
Interest Interest
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 3274649 | Total |
Depreciation Depletion DepreciationDepletion
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 3209378 | Total |
Insurance Insurance
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 270854 | Total |
Other Expenses OtherExpenses (5 entries)
| DescriptionDescription | TotalTotal |
|---|---|
| PROVISION FOR LOAN LOSS | 10814080 |
| LOAN SERVICING EXPENSE | 4272798 |
| SHARE INSURANCE EXPENSE | 3121942 |
| PROCESSING | 2233510 |
| NON-OPERATING EXPENSES | 672972 |
Total Functional Expenses TotalFunctionalExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 78300101 | Total |
Cash Non Interest Bearing CashNonInterestBearing
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 41246197 | BOY |
| EOY | 53351204 | EOY |
Accounts Receivable AccountsReceivable
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 4797385 | BOY |
| EOY | 5620556 | EOY |
Other Notes Loans Receivable Net OtherNotesLoansReceivableNet
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1003589815 | BOY |
| EOY | 1052584691 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Buildings Equipment Basis | 66486657 | LandBuildingsEquipmentBasis |
| Land Bldg Equipment Accum Deprec | 23706206 | LandBldgEquipmentAccumDeprec |
Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 42861235 | BOY |
| EOY | 42780451 | EOY |
Investments Other Securities InvestmentsOtherSecurities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 311065405 | BOY |
| EOY | 411621440 | EOY |
Other Assets Total OtherAssetsTotal
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 14939171 | BOY |
| EOY | 15146963 | EOY |
Total Assets TotalAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1418499208 | BOY |
| EOY | 1581105305 | EOY |
Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 17636788 | BOY |
| EOY | 21070346 | EOY |
Escrow Account Liability EscrowAccountLiability
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1319993 | BOY |
| EOY | 1649363 | EOY |
Other Liabilities OtherLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1284617830 | BOY |
| EOY | 1421346769 | EOY |
Total Liabilities TotalLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1303574611 | BOY |
| EOY | 1444066478 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Do Not Follow SFAS117 | X | DoNotFollowSFAS117 |
Cap Stck Trst Prin Current Funds CapStckTrstPrinCurrentFunds
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Paid In Cap Srpls Land Bldg Eqp Fund PaidInCapSrplsLandBldgEqpFund
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Retained Earnings Endowment Etc RetainedEarningsEndowmentEtc
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 114924597 | BOY |
| EOY | 137038827 | EOY |
Total Net Assets Fund Balances TotalNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 114924597 | BOY |
| EOY | 137038827 | EOY |
Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1418499208 | BOY |
| EOY | 1581105305 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | X | InfoInScheduleOPartXI |
| Reconcilation Revenue Expenses | 14003734 | ReconcilationRevenueExpenses |
| Reconcilation Other Changes | 8110496 | ReconcilationOtherChanges |
| Method Of Accounting Accrual | X | MethodOfAccountingAccrual |
| Accountant Compile Or Review | 0 | AccountantCompileOrReview |
| FS Audited | 1 | FSAudited |
| Audit Committee | 1 | AuditCommittee |
| Financial Statement Separate | X | FinancialStatementSeparate |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequired |
Schedule D IRS990ScheduleD
| Field | Value | IRS element (for citing) |
|---|---|---|
| Agent Trustee Etc | 0 | AgentTrusteeEtc |
| Included On FS | 1 | IncludedOnFS |
Land Land
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 8086368 | OtherCostOrOtherBasis |
| Book Value | 8086368 | BookValue |
Buildings Buildings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 38732075 | OtherCostOrOtherBasis |
| Depreciation | 10017368 | Depreciation |
| Book Value | 28714707 | BookValue |
Leasehold Improvements LeaseholdImprovements
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 1343964 | OtherCostOrOtherBasis |
| Depreciation | 783462 | Depreciation |
| Book Value | 560502 | BookValue |
Equipment Equipment
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 18239830 | OtherCostOrOtherBasis |
| Depreciation | 12905376 | Depreciation |
| Book Value | 5334454 | BookValue |
Other Land Buildings OtherLandBuildings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 84420 | OtherCostOrOtherBasis |
| Book Value | 84420 | BookValue |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Book Value Land Buildings | 42780451 | TotalOfBookValueLandBuildings |
Other Securities OtherSecurities (4 entries)
| DescriptionDescription | Book ValueBookValue | Method Of ValuationMethodOfValuation |
|---|---|---|
| NCUSIF CAPITALIZATION DEPOSIT | 12500301 | F |
| AVAILABLE-FOR-SALE INVESTMENTS | 341264041 | F |
| OTHER INVESTMENTS | 46076696 | F |
| LOANS HELD FOR SALE | 11780402 | F |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Book Value Securities | 411621440 | TotalOfBookValueSecurities |
Other Liabilities OtherLiabilities (2 entries)
| DescriptionDescription | AmountAmount |
|---|---|
| MEMBERS' SHARE AND SAVINGS ACCOUNTS | $1,329,746,132 |
| BORROWED FUNDS | $91,600,637 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Amounts | 1421346769 | TotalOfAmounts |
| Total Revenue | 92303835 | TotalRevenue |
| Total Expenses | 78300101 | TotalExpenses |
| Excess Or Deficit For Year | 14003734 | ExcessOrDeficitForYear |
| Net Unrealized GL On Investments | 4429791 | NetUnrealizedGLOnInvestments |
| Other | $3,680,705 | OtherAmount |
| Total Adjustments | 8110496 | TotalAdjustments |
| Excess Or Deficit Per FS | 22114230 | ExcessOrDeficitPerFS |
| Tot Revenue Etc Audited Fincl Stmt | 87635063 | TotRevenueEtcAuditedFinclStmt |
| Other Revenues | -4668772 | OtherRevenues |
| Revenue Not Rptd F990 | -4668772 | RevenueNotRptdF990 |
| Revenue Subtotal | 92303835 | RevenueSubtotal |
| Revenue Not Rptd On Fin Stmt | 0 | RevenueNotRptdOnFinStmt |
| Total Revenue Per Form990 | 92303835 | TotalRevenuePerForm990 |
| Tot Expenses Etc Audited Fincl Stmt | 78300101 | TotExpensesEtcAuditedFinclStmt |
| Expenses Not Rptd F990 | 0 | ExpensesNotRptdF990 |
| Expenses Subtotal | 78300101 | ExpensesSubtotal |
| Expenses Not Rptd On Fin Stmt | 0 | ExpensesNotRptdOnFinStmt |
| Total Expenses Per Form990 | 78300101 | TotalExpensesPerForm990 |
Form990 Schedule D Part XIV Form990ScheduleDPartXIV (4 entries)
| Return ReferenceReturnReference | ExplanationExplanation | IdentifierIdentifier |
|---|---|---|
| PART IV, LINE 2B: | THE CREDIT UNION ACTS AS A CUSTODIAN FOR AMOUNTS IN ESCROW FOR LOANS TO MEMBERS. | |
| PART X: | MANAGEMENT EVALUATED THE CREDIT UNION'S TAX POSITIONS AND CONCLUDED THAT THE CREDIT UNION HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE. | DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: |
| NET CHANGE IN DEFINED BENEFIT OBLIGATIONS -446,578. EQUITY ACQUIRED IN MERGER 4,127,283. | PART XI, LINE 8 - OTHER ADJUSTMENTS: | |
| NET IMPAIRMENT CREDIT LOSS RECOGNIZED IN EARNINGS -4,668,772. | PART XII, LINE 2D - OTHER ADJUSTMENTS: |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Travel For Companions | X | TravelForCompanions |
| Club Dues Or Fees | X | ClubDuesOrFees |
| Written Policy Re T And E Expenses | 1 | WrittenPolicyReTAndEExpenses |
| Substantiation Required | 0 | SubstantiationRequired |
| Compensation Committee | X | CompensationCommittee |
| Written Employment Contract | X | WrittenEmploymentContract |
| Compensation Survey | X | CompensationSurvey |
| Board Or Committee Approval | X | BoardOrCommitteeApproval |
| Severance Payment | 1 | SeverancePayment |
| Supplemental Nonqual Retire Plan | 1 | SupplementalNonqualRetirePlan |
| Equity Based Comp Arrangement | 0 | EquityBasedCompArrangement |
Form990 Schedule J Part II Form990ScheduleJPartII (11 entries)
| Base Compensation Filing OrgBaseCompensationFilingOrg | Comp Based On Related OrgsCompBasedOnRelatedOrgs | Bonus Filing OrgBonusFilingOrg | Bonus Related OrgsBonusRelatedOrgs | Other Compensation Filing OrgOtherCompensationFilingOrg | Other Compensation Related OrgsOtherCompensationRelatedOrgs | Deferred Comp Filing OrgDeferredCompFilingOrg | Deferred Comp Related OrgsDeferredCompRelatedOrgs | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrg | Nontaxable Benefits Related OrgsNontaxableBenefitsRelatedOrgs | Total Compensation Filing OrgTotalCompensationFilingOrg | Total Compensation Related OrgsTotalCompensationRelatedOrgs | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrg | Comp Report Prior990 Related OrgsCompReportPrior990RelatedOrgs |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ANDREW FAUST | |||||||||||||
| 296790 | 0 | 247161 | 0 | 452388 | 0 | 24500 | 0 | 13869 | 0 | 1034708 | 0 | 0 | 0 |
| KIM SPONEM | |||||||||||||
| 326311 | 0 | 41285 | 0 | 4081 | 0 | 124500 | 0 | 3291 | 0 | 499468 | 0 | 0 | 0 |
| KEITH PETERSON | |||||||||||||
| 142194 | 0 | 11377 | 0 | 1734 | 0 | 15712 | 0 | 12727 | 0 | 183744 | 0 | 0 | 0 |
| DAVID HALL | |||||||||||||
| 174073 | 0 | 13465 | 0 | 51 | 0 | 69826 | 0 | 13172 | 0 | 270587 | 0 | 0 | 0 |
| DIANE HALVORSON | |||||||||||||
| 205638 | 0 | 18974 | 0 | 254 | 0 | 104381 | 0 | 13265 | 0 | 342512 | 0 | 0 | 0 |
| NANCY KALSOW | |||||||||||||
| 157139 | 0 | 12223 | 0 | 254 | 0 | 16763 | 0 | 15066 | 0 | 201445 | 0 | 0 | 0 |
| MICHAEL BUNGE | |||||||||||||
| 149184 | 0 | 11878 | 0 | 1755 | 0 | 16445 | 0 | 12734 | 0 | 191996 | 0 | 0 | 0 |
| BRIAN O'HANDLEY | |||||||||||||
| 44819 | 0 | 1092 | 0 | 118714 | 0 | 16587 | 0 | 12137 | 0 | 193349 | 0 | 0 | 0 |
| BECKY GERONTHANAS | |||||||||||||
| 131531 | 0 | 9642 | 0 | 152 | 0 | 7133 | 0 | 12675 | 0 | 161133 | 0 | 0 | 0 |
| DEBRA OLSON | |||||||||||||
| 38463 | 0 | 1092 | 0 | 119793 | 0 | 15816 | 0 | 15741 | 0 | 190905 | 0 | 0 | 0 |
| TIM HOFFMAN | |||||||||||||
| 69069 | 0 | 1092 | 0 | 198994 | 0 | 24500 | 0 | 4084 | 0 | 297739 | 0 | 0 | 0 |
Form990 Schedule J Part III Form990ScheduleJPartIII (2 entries)
| Return ReferenceReturnReference | ExplanationExplanation |
|---|---|
| PART I, LINE 1A | PER THE EXECUTIVE'S CONTRACT SUMMIT CREDIT UNION WILL PAY FOR THE EXPENSE OF AN ANNUAL HEALTH CLUB MEMBERSHIP AND THE COST OF INCLUDING A COMPANION ON ONE BUSINESS RELATED TRIP PER YEAR. |
| PART I, LINES 4A-B | ANDREW FAUST RECEIVED A SEVERANCE PAYMENT IN THE AMOUNT OF $91,500. THE FOLLOWING INDIVIDUALS PARTICIPATED IN A NON-QUALIFIED RETIREMENT PLAN. KIM SPONEM DIANE HALVORSON DAVID HALL |
Schedule O IRS990ScheduleO
General Explanation GeneralExplanation (8 entries)
| IdentifierIdentifier | ExplanationExplanation | Return ReferenceReturnReference |
|---|---|---|
| FORM 990, PART VI, SECTION A, LINE 6 | THE CREDIT UNION'S MEMBERS HAVE RIGHTS TO ELECT THE MEMBERS OF THE GOVERNING BODY. THE CREDIT UNION'S MEMBERS ALSO RECEIVE A SHARE OF THE ORGANIZATION'S PROFITS IN THE FORM OF CASH DIVIDENDS. | |
| FORM 990, PART VI, SECTION A, LINE 7A | MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY, WHETHER PERIODICALLY, OR AS VACANCIES ARISE, OR OTHERWISE. | |
| FORM 990, PART VI, SECTION A, LINE 7B | MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. | |
| FORM 990, PART VI, SECTION B, LINE 11 | FORM 990 IS REVIEWED BY THE VP-RISK MANAGEMENT AND CFO PRIOR TO FILING. IF THERE IS UNCERTAINITY ABOUT A RESPONSE, THEY WILL CONSULT WITH THE APPROPRIATE SUBJECT MATTER EXPERT. | |
| 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. | FORM 990, PART VI, SECTION B, LINE 12C | |
| 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 B, LINE 15 | |
| GOVERNING DOCUMENTS ARE PROVIDED TO MEMBERS UPON REQUEST. CONFLICT OF INTEREST POLICIES ARE NOT PROVIDED TO THE PUBLIC. FINANCIAL STATEMENTS ARE PRESENTED IN THE ANNUAL REPORT AND AVAILABLE FOR DOWNLOAD FROM NCUA. | FORM 990, PART VI, SECTION C, LINE 19 | |
| CHANGES IN NET ASSETS OR FUND BALANCES: | NET UNREALIZED GAINS ON INVESTMENTS: 4,429,791. NET CHANGE IN DEFINED BENEFIT OBLIGATIONS -446,578. EQUITY ACQUIRED IN MERGER 4,127,283. TOTAL TO FORM 990, PART XI, LINE 5: 8,110,496. | FORM 990, PART XI, LINE 5: |