2011-11-15T08:19:57-06:00 2010-12-31 RSM MCGLADREY INC 801 NICOLLET MALL SUITE 1100 MINNEAPOLIS MN 55402 990 2010-01-01 390230585 SUMMIT CREDIT UNION SUMM 6082435000 PO BOX 8046 MADISON WI 537088046 KEITH PETERSON 6082435000 2011-11-14 1 COLLIN F BUZZELL 6125738750 2010 2016-02-24 21:20:13Z KIM SPONEM PO BOX 8046 MADISON WI 537088046 92723422 0 X WWW.SUMMITCREDITUNION.COM X 1935 WI IMPROVE MEMBERS FINANCIAL LIVES TO HELP THEM REACH THEIR DREAMS. 12 12 439 18 1633997 656083 0 0 69399993 74968314 22348474 17335521 0 0 91748467 92303835 0 0 20261292 15963984 25284863 25775858 0 0 0 39442301 36560259 84988456 78300101 6760011 14003734 1418499208 1581105305 1303574611 1444066478 114924597 137038827 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 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%. 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. 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. 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 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 84236 0 1 439 1 1 1 0 0 0 0 0 X 12 12 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 1 0 X X THE ORGANIZATION 6082435000 PO BOX 8046 MADISON WI 537088046 JIM HOELZEL 4.00 X X 0 0 0 DENNIS SAUEY 4.00 X X 0 0 0 FRITZ SCHUNKE 4.00 X X 0 0 0 MIKE O'BRIEN 4.00 X X 0 0 0 MARK MEYER 4.00 X X 0 0 0 DOUG BENZINE 2.00 X 0 0 0 JENNIFER TAYLOR 2.00 X 0 0 0 JOHN LITSCHER 2.00 X 0 0 0 JUDITH PAGE 2.00 X 0 0 0 DAVE RESZEL 2.00 X 0 0 0 MIKE SCHENK 2.00 X 0 0 0 SUE RACINE 2.00 X 0 0 0 SUSAN SWEITZER 2.00 X 0 0 0 THERAN COLWELL 2.00 X 0 0 0 PETER CREAR 2.00 X 0 0 0 ANDREW FAUST 40.00 X 996339 0 38369 KIM SPONEM 40.00 X 371677 0 127791 KEITH PETERSON 40.00 X 155305 0 28439 DAVID HALL 40.00 X 187589 0 82998 DIANE HALVORSON 40.00 X 224866 0 117646 NANCY KALSOW 40.00 X 169616 0 31829 MICHAEL BUNGE 40.00 X 162817 0 29179 BRIAN O'HANDLEY 40.00 X 164625 0 28724 BECKY GERONTHANAS 40.00 X 141325 0 19808 DEBRA OLSON 40.00 X 159348 0 31557 TIM HOFFMAN 40.00 X 269155 0 28584 DANIEL MILBRANDT 40.00 X 134561 0 14613 3137223 0 579537 24 0 1 0 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 5 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 74968314 10609888 10609888 7145220 419587 7145220 -419587 6725633 6725633 92303835 73334317 1633997 17335521 15963984 2724459 17409105 1581776 2612782 1447736 531825 296543 1443920 2439550 1661628 2002960 313650 3274649 3209378 270854 PROVISION FOR LOAN LOSS 10814080 LOAN SERVICING EXPENSE 4272798 SHARE INSURANCE EXPENSE 3121942 PROCESSING 2233510 NON-OPERATING EXPENSES 672972 78300101 41246197 53351204 4797385 5620556 1003589815 1052584691 66486657 23706206 42861235 42780451 311065405 411621440 14939171 15146963 1418499208 1581105305 17636788 21070346 1319993 1649363 1284617830 1421346769 1303574611 1444066478 X 0 0 0 0 114924597 137038827 114924597 137038827 1418499208 1581105305 X 14003734 8110496 X 0 1 1 X 0 0 1 8086368 8086368 38732075 10017368 28714707 1343964 783462 560502 18239830 12905376 5334454 84420 84420 42780451 NCUSIF CAPITALIZATION DEPOSIT 12500301 F AVAILABLE-FOR-SALE INVESTMENTS 341264041 F OTHER INVESTMENTS 46076696 F LOANS HELD FOR SALE 11780402 F 411621440 MEMBERS' SHARE AND SAVINGS ACCOUNTS 1329746132 BORROWED FUNDS 91600637 1421346769 92303835 78300101 14003734 4429791 3680705 8110496 22114230 87635063 -4668772 -4668772 92303835 0 92303835 78300101 0 78300101 0 78300101 PART IV, LINE 2B: THE CREDIT UNION ACTS AS A CUSTODIAN FOR AMOUNTS IN ESCROW FOR LOANS TO MEMBERS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: 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. PART XI, LINE 8 - OTHER ADJUSTMENTS: NET CHANGE IN DEFINED BENEFIT OBLIGATIONS -446,578. EQUITY ACQUIRED IN MERGER 4,127,283. PART XII, LINE 2D - OTHER ADJUSTMENTS: NET IMPAIRMENT CREDIT LOSS RECOGNIZED IN EARNINGS -4,668,772. X X 1 0 X X X X 1 1 0 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 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 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. FORM 990, PART VI, SECTION B, LINE 12C 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 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. CONFLICT OF INTEREST POLICIES ARE NOT PROVIDED TO THE PUBLIC. FINANCIAL STATEMENTS ARE PRESENTED IN THE ANNUAL REPORT AND AVAILABLE FOR DOWNLOAD FROM NCUA. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: 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.