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Nonprofiteer
← SUMMIT CREDIT UNION

Form 990 for tax year 2023

Filed by SUMMIT CREDIT UNION.

Totals

Total revenue
$344,575,674
Total expenses
$293,446,606
Contributions and grants received
$0
Grants paid
$648,432
Program service revenue
$319,159,275
Investment income
$25,398,039
Other revenue
$18,360
Total assets, end of year
$6,945,113,848
Total liabilities, end of year
$6,333,434,715
Net assets or fund balances, end of year
$611,679,133
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: LOAN INTEREST

    total $263,796,593 · related or exempt $263,796,593

  • 2b · Program service revenue: OTHER OPERATING INCOME

    total $36,007,321 · related or exempt $36,007,321

  • 2c · Program service revenue: FEES & SERVICE CHGS

    total $19,355,361 · related or exempt $19,227,495 · unrelated business $127,866

  • 3 · Investment income

    total $21,347,074 · excluded $21,347,074

  • 7a · Gross sales of assets other than inventory

    other assets $242,591,527

  • 7b · Less cost or other basis and sales expenses

    other assets $238,540,562

  • 7c · Gain or loss

    other assets $4,050,965

  • 7d · Net gain or loss

    total $4,050,965 · excluded $4,050,965

  • 11a · Other revenue: OTHER NON-INTEREST INCOME

    total $18,360 · related or exempt $18,360

  • 11e · Other revenue, total

    $18,360

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $648,432

  • 4 · Benefits paid to or for members

    total $83,841,302

  • 5 · Compensation of officers, directors and key employees

    total $6,672,794

  • 7 · Other salaries and wages

    total $60,154,497

  • 8 · Pension plan contributions

    total $5,001,973

  • 9 · Other employee benefits

    total $7,548,978

  • 10 · Payroll taxes

    total $4,913,783

  • 11b · Fees: legal

    total $3,443,541

  • 11c · Fees: accounting

    total $82,128

  • 12 · Advertising and promotion

    total $10,527,129

  • 13 · Office expenses

    total $33,329,888

  • 16 · Occupancy

    total $4,331,834

  • 17 · Travel

    total $1,259,098

  • 20 · Interest

    total $26,457,292

  • 22 · Depreciation, depletion and amortization

    total $9,333,600

  • 24a · Other expenses: PROVISION FOR CREDIT LO

    total $18,494,536

  • 24b · Other expenses: LOAN SERVICING EXPENSE

    total $12,272,832

  • 24c · Other expenses: MISC. OPERATING EXPENSE

    total $4,826,208

  • 24d · Other expenses: OPERATING FEES

    total $306,761

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $59,269,845 · end of year $59,300,715

  • 2 · Savings and temporary cash investments

    beginning of year $223,143,126 · end of year $362,653,272

  • 4 · Accounts receivable

    beginning of year $4,021,223 · end of year $928,147

  • 5 · Loans and receivables from officers and key people

    beginning of year $13,607,124 · end of year $18,972,929

  • 7 · Other notes and loans receivable

    beginning of year $4,977,668,060 · end of year $5,603,055,215

  • 9 · Prepaid expenses and deferred charges

    beginning of year $6,224,087 · end of year $6,657,852

  • 10a · Land, buildings and equipment: cost or other basis

    $217,466,413

  • 10b · Land, buildings and equipment: accumulated depreciation

    $76,016,977

  • 10c · Land, buildings and equipment, net

    beginning of year $140,855,042 · end of year $141,449,436

  • 12 · Investments: other securities

    beginning of year $552,213,483 · end of year $490,030,557

  • 13 · Investments: program-related

    beginning of year $34,490,737 · end of year $36,491,746

  • 14 · Intangible assets

    beginning of year $133,094,030 · end of year $127,665,853

  • 15 · Other assets

    beginning of year $79,923,563 · end of year $97,908,126

  • 17 · Accounts payable and accrued expenses

    beginning of year $72,311,513 · end of year $74,203,756

  • 21 · Escrow or custodial account liability

    beginning of year $17,414,630 · end of year $12,858,766

  • 23 · Secured mortgages and notes payable

    beginning of year $805,406,744 · end of year $836,550,000

  • 25 · Other liabilities

    beginning of year $4,781,625,439 · end of year $5,409,822,193

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $547,751,994 · end of year $611,679,133

Mission and programs · 2023

Mission

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.

  • SUMMIT SERVED OVER 257,000 MEMBERS IN 2023. THE CREDIT UNION CONTINUED TO OFFER ATTRACTIVE RATES ON VARIOUS SAVING AND LENDING PRODUCTS TO HELP MEMBERS IMPROVE THEIR FINANCIAL POSITION. LOANS AND DEPOSITS EACH GREW 13% DURING 2023.

  • 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.

As filed on the 2023 return.

Listed in Part VII

  • MARY TURKE

    CHAIR (PART YEAR)

    Total calculated
    $24,000
    From this org
    $24,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • MIKE SCHENK

    TREASURER

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • DANIEL KAISER

    CHAIR

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • BOB LINDNER

    VICE CHAIR

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • STEFANIE NORVAISAS

    SECRETARY

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • DAVID RESZEL

    DIRECTOR

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • DENNIS SAUEY

    DIRECTOR

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • JOHN LITSCHER

    DIRECTOR

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • MIKE O'BRIEN

    DIRECTOR

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • ABIGAIL RODRIGUEZ

    DIRECTOR

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • SAMIRA SALEM

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • KIM SPONEM

    CEO/PRESIDENT

    Total calculated
    $2,444,462
    From this org
    $2,355,714
    From related orgs
    $0
    Other
    $88,748
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $1,607,075
    Bonus
    $716,454
    Other
    $32,185
    Deferred
    $86,097
    Nontaxable benefits
    $2,651
    Filer's total
    $2,444,462

  • KEITH PETERSON

    CFO

    Total calculated
    $670,150
    From this org
    $433,051
    From related orgs
    $0
    Other
    $237,099
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $353,087
    Bonus
    $76,400
    Other
    $3,564
    Deferred
    $215,362
    Nontaxable benefits
    $21,737
    Filer's total
    $670,150

  • CHRISTOPHER HEFTER

    CIO

    Total calculated
    $618,524
    From this org
    $440,546
    From related orgs
    $0
    Other
    $177,978
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $348,573
    Bonus
    $84,078
    Other
    $7,895
    Deferred
    $155,171
    Nontaxable benefits
    $22,807
    Filer's total
    $618,524

  • REBECCA GEROTHANAS

    COO

    Total calculated
    $587,340
    From this org
    $455,983
    From related orgs
    $0
    Other
    $131,357
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $338,294
    Bonus
    $95,352
    Other
    $22,337
    Deferred
    $108,000
    Nontaxable benefits
    $23,357
    Filer's total
    $587,340

  • CHRISTOPHER SCHELL

    CMO

    Total calculated
    $496,939
    From this org
    $310,843
    From related orgs
    $0
    Other
    $186,096
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $246,772
    Bonus
    $60,507
    Other
    $3,564
    Deferred
    $168,209
    Nontaxable benefits
    $17,887
    Filer's total
    $496,939

  • KELLY ERBACH

    VP - BUSINESS TECH SOLUTIO

    Total calculated
    $434,648
    From this org
    $256,537
    From related orgs
    $0
    Other
    $178,111
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $203,424
    Bonus
    $49,549
    Other
    $3,564
    Deferred
    $163,427
    Nontaxable benefits
    $14,684
    Filer's total
    $434,648

  • KEVIN PIETTE

    CHIEF COMMERCIAL BUS SERV OFFICER

    Total calculated
    $425,458
    From this org
    $364,150
    From related orgs
    $0
    Other
    $61,308
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $285,954
    Bonus
    $75,328
    Other
    $2,868
    Deferred
    $44,585
    Nontaxable benefits
    $16,723
    Filer's total
    $425,458

  • ERIC MATHIAS

    SVP - SALES & LENDING OPS

    Total calculated
    $415,505
    From this org
    $344,710
    From related orgs
    $0
    Other
    $70,795
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $278,184
    Bonus
    $62,886
    Other
    $3,640
    Deferred
    $50,488
    Nontaxable benefits
    $20,307
    Filer's total
    $415,505

  • JEREMY EPPLER

    VP - RISK MANAGEMENT

    Total calculated
    $216,087
    From this org
    $195,320
    From related orgs
    $0
    Other
    $20,767
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $168,362
    Bonus
    $22,391
    Other
    $4,567
    Deferred
    $19,156
    Nontaxable benefits
    $1,611
    Filer's total
    $216,087

  • ANN KNUTSON

    SVP - HR & ORG DEVELOPMENT

    Total calculated
    $177,681
    From this org
    $152,807
    From related orgs
    $0
    Other
    $24,874
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $100,096
    Bonus
    $51,683
    Other
    $1,028
    Deferred
    $15,413
    Nontaxable benefits
    $9,461
    Filer's total
    $177,681

  • THOMAS HOPP

    VP OF SALES - BUSINESS SERVICES

    Total calculated
    $390,963
    From this org
    $334,862
    From related orgs
    $0
    Other
    $56,101
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $225,250
    Bonus
    $105,448
    Other
    $4,164
    Deferred
    $35,431
    Nontaxable benefits
    $20,670
    Filer's total
    $390,963

  • JAMES HOLDEN

    VP - BLO MARKET MANAGER

    Total calculated
    $292,844
    From this org
    $215,203
    From related orgs
    $0
    Other
    $77,641
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $185,419
    Bonus
    $23,618
    Other
    $6,166
    Deferred
    $56,373
    Nontaxable benefits
    $21,268
    Filer's total
    $292,844

  • JOHN JONES

    VP - BUSINESS & COMMERCIAL CREDIT RISK & OPERATION

    Total calculated
    $286,331
    From this org
    $229,428
    From related orgs
    $0
    Other
    $56,903
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $197,318
    Bonus
    $24,652
    Other
    $7,458
    Deferred
    $40,766
    Nontaxable benefits
    $16,137
    Filer's total
    $286,331

  • JONATHAN WILLEMS

    VP - BLOW MARKET MANAGER - BUSINESS SERVICES

    Total calculated
    $259,160
    From this org
    $222,656
    From related orgs
    $0
    Other
    $36,504
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $155,305
    Bonus
    $66,334
    Other
    $1,017
    Deferred
    $16,197
    Nontaxable benefits
    $20,307
    Filer's total
    $259,160

  • LUKE HAGEL

    VP - BLO MARKET MANAGER - BUSINESS SERVICES

    Total calculated
    $248,326
    From this org
    $218,330
    From related orgs
    $0
    Other
    $29,996
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $151,051
    Bonus
    $66,278
    Other
    $1,001
    Deferred
    $15,657
    Nontaxable benefits
    $14,339
    Filer's total
    $248,326

  • JAMES CORBETT

    SVP - HR & OD

    Total calculated
    $113,322
    From this org
    $100,713
    From related orgs
    $0
    Other
    $12,609
    Hours/week
    50

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · Health or social club dues or initiation fees
  • 1a · Personal services (maid, chauffeur, chef)
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 1A
KIM SPONEM - HEALTH CLUB $1,032 KIM SPONEM - PERSONAL SERVICES $2,262
PART I, LINE 4B
KEITH PETERSON-PARTICIPATED IN 457(F) NON-QUALIFIED PLAN - NO DISTRIBUTIONS IN 2023 REBECCA GEROTHANAS-PARTICIPATED IN 457(F) NON-QUALIFIED PLAN - NO DISTRIBUTIONS IN 2023 CHRIS SCHELL-PARTICIPATED IN 457(F) NON-QUALIFIED PLAN - NO DISTRIBUTIONS IN 2023 CHRIS HEFTER-PARTICIPATED IN 457(F) NON-QUALIFIED PLAN - NO DISTRIBUTIONS IN 2023

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

The 10 largest by cash amount. The API serves every itemized grant.

Provenance

Return type
form_990
Tax year
2023
Filed
13 November 2024
IRS schema version
2023v5.1
Source object
202423209349306522

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