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Nonprofiteer
← SUMMIT CREDIT UNION

Form 990 for tax year 2024

Filed by SUMMIT CREDIT UNION.

Totals

Total revenue
$453,854,644
Total expenses
$395,405,737
Contributions and grants received
$0
Grants paid
$347,449
Program service revenue
$388,129,575
Investment income
$65,896,421
Other revenue
-$171,352
Total assets, end of year
$7,458,311,100
Total liabilities, end of year
$6,775,219,984
Net assets or fund balances, end of year
$683,091,116
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 $330,764,514 · related or exempt $330,764,514

  • 2b · Program service revenue: OTHER OPERATING INCOME

    total $37,203,364 · related or exempt $37,203,364

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

    total $20,161,697 · related or exempt $20,132,348 · unrelated business $29,349

  • 3 · Investment income

    total $51,479,225 · excluded $51,479,225

  • 7a · Gross sales of assets other than inventory

    securities $7,887,687 · other assets $308,563,246

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

    securities $2 · other assets $302,033,735

  • 7c · Gain or loss

    securities $7,887,685 · other assets $6,529,511

  • 7d · Net gain or loss

    total $14,417,196 · excluded $14,417,196

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

    total -$171,352 · related or exempt -$171,352

  • 11e · Other revenue, total

    -$171,352

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $347,449

  • 4 · Benefits paid to or for members

    total $144,012,687

  • 5 · Compensation of officers, directors and key employees

    total $8,375,006

  • 7 · Other salaries and wages

    total $63,421,600

  • 8 · Pension plan contributions

    total $5,314,453

  • 9 · Other employee benefits

    total $8,056,399

  • 10 · Payroll taxes

    total $5,258,131

  • 11b · Fees: legal

    total $627,478

  • 11c · Fees: accounting

    total $840,041

  • 11g · Fees: other

    total $2,052,224

  • 12 · Advertising and promotion

    total $8,995,141

  • 13 · Office expenses

    total $32,344,661

  • 16 · Occupancy

    total $4,763,103

  • 17 · Travel

    total $1,285,483

  • 20 · Interest

    total $35,674,916

  • 22 · Depreciation, depletion and amortization

    total $9,601,065

  • 24a · Other expenses: PROVISION FOR CREDIT LO

    total $45,765,292

  • 24b · Other expenses: LOAN SERVICING EXPENSE

    total $15,376,670

  • 24c · Other expenses: MISC. OPERATING EXPENSE

    total $2,964,279

  • 24d · Other expenses: OPERATING FEES

    total $329,659

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $59,300,715 · end of year $46,738,659

  • 2 · Savings and temporary cash investments

    beginning of year $362,653,272 · end of year $430,446,101

  • 4 · Accounts receivable

    beginning of year $928,147 · end of year $588,812

  • 5 · Loans and receivables from officers and key people

    beginning of year $18,972,929 · end of year $21,449,487

  • 7 · Other notes and loans receivable

    beginning of year $5,603,055,215 · end of year $5,893,816,524

  • 9 · Prepaid expenses and deferred charges

    beginning of year $6,657,852 · end of year $6,737,726

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

    $226,827,205

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

    $84,764,234

  • 10c · Land, buildings and equipment, net

    beginning of year $141,449,436 · end of year $142,062,971

  • 12 · Investments: other securities

    beginning of year $490,030,557 · end of year $630,804,408

  • 13 · Investments: program-related

    beginning of year $36,491,746 · end of year $55,595,979

  • 14 · Intangible assets

    beginning of year $127,665,853 · end of year $114,127,869

  • 15 · Other assets

    beginning of year $97,908,126 · end of year $115,942,564

  • 17 · Accounts payable and accrued expenses

    beginning of year $74,203,756 · end of year $63,249,678

  • 21 · Escrow or custodial account liability

    beginning of year $12,858,766 · end of year $10,282,532

  • 23 · Secured mortgages and notes payable

    beginning of year $836,550,000 · end of year $808,750,000

  • 25 · Other liabilities

    beginning of year $5,409,822,193 · end of year $5,892,937,774

  • 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 $611,679,133 · end of year $683,091,116

Mission and programs · 2024

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 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.

As filed on the 2024 return.

Listed in Part VII

  • Mary Turke

    DIRECTOR (PAST CHAIR)

    Total calculated
    $20,500
    From this org
    $20,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • 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
    $21,500
    From this org
    $21,500
    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 (TREASURER ELECT)

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

  • Kim Sponem

    CEO/PRESIDENT

    Total calculated
    $2,838,963
    From this org
    $2,746,637
    From related orgs
    $0
    Other
    $92,326
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $1,720,336
    Bonus
    $966,406
    Other
    $59,895
    Deferred
    $90,065
    Nontaxable benefits
    $2,261
    Filer's total
    $2,838,963

  • Keith Peterson

    CFO

    Total calculated
    $792,996
    From this org
    $477,841
    From related orgs
    $0
    Other
    $315,155
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $372,468
    Bonus
    $100,374
    Other
    $4,999
    Deferred
    $292,180
    Nontaxable benefits
    $22,975
    Filer's total
    $792,996

  • Christopher Hefter

    CIO

    Total calculated
    $761,203
    From this org
    $579,288
    From related orgs
    $0
    Other
    $181,915
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $391,423
    Bonus
    $139,449
    Other
    $48,416
    Deferred
    $157,500
    Nontaxable benefits
    $24,415
    Filer's total
    $761,203

  • Rebecca Gerothanas

    COO

    Total calculated
    $1,120,649
    From this org
    $1,062,075
    From related orgs
    $0
    Other
    $58,574
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $358,804
    Bonus
    $161,512
    Other
    $541,759
    Deferred
    $34,109
    Nontaxable benefits
    $24,465
    Filer's total
    $1,120,649

  • Christopher Schell

    CMO

    Total calculated
    $524,532
    From this org
    $327,289
    From related orgs
    $0
    Other
    $197,243
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $256,585
    Bonus
    $67,140
    Other
    $3,564
    Deferred
    $178,376
    Nontaxable benefits
    $18,867
    Filer's total
    $524,532

  • Kelly Erbach

    SVP - BUSINESS TECH SOLUTIONS

    Total calculated
    $477,252
    From this org
    $273,494
    From related orgs
    $0
    Other
    $203,758
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $211,581
    Bonus
    $58,349
    Other
    $3,564
    Deferred
    $186,244
    Nontaxable benefits
    $17,514
    Filer's total
    $477,252

  • Kevin Piette

    CHIEF COMMERCIAL BUS SERV OFFICER

    Total calculated
    $478,039
    From this org
    $396,148
    From related orgs
    $0
    Other
    $81,891
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $311,824
    Bonus
    $79,560
    Other
    $4,764
    Deferred
    $60,716
    Nontaxable benefits
    $21,175
    Filer's total
    $478,039

  • Eric Mathias

    SVP - SALES & LENDING OPS

    Total calculated
    $576,886
    From this org
    $403,674
    From related orgs
    $0
    Other
    $173,212
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $314,584
    Bonus
    $81,607
    Other
    $7,483
    Deferred
    $151,797
    Nontaxable benefits
    $21,415
    Filer's total
    $576,886

  • Jeremy Eppler

    VP - RISK MANAGEMENT

    Total calculated
    $243,785
    From this org
    $201,023
    From related orgs
    $0
    Other
    $42,762
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $177,376
    Bonus
    $19,068
    Other
    $4,579
    Deferred
    $20,047
    Nontaxable benefits
    $22,715
    Filer's total
    $243,785

  • James Corbett

    SVP - HR & OD

    Total calculated
    $356,701
    From this org
    $287,078
    From related orgs
    $0
    Other
    $69,623
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $255,146
    Bonus
    $29,010
    Other
    $2,922
    Deferred
    $44,270
    Nontaxable benefits
    $25,353
    Filer's total
    $356,701

  • Thomas Hopp

    VP OF SALES - BUSINESS SERVICES

    Total calculated
    $435,017
    From this org
    $358,101
    From related orgs
    $0
    Other
    $76,916
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $227,770
    Bonus
    $126,167
    Other
    $4,164
    Deferred
    $55,249
    Nontaxable benefits
    $21,667
    Filer's total
    $435,017

  • Jonathan Willems

    VP - BLO MARKET MANAGER - BUSINESS SERVICES

    Total calculated
    $305,371
    From this org
    $263,629
    From related orgs
    $0
    Other
    $41,742
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $161,482
    Bonus
    $101,511
    Other
    $636
    Deferred
    $20,327
    Nontaxable benefits
    $21,415
    Filer's total
    $305,371

  • Luke Hagel

    VP - BLO MARKET MANAGER - BUSINESS SERVICES

    Total calculated
    $323,690
    From this org
    $280,327
    From related orgs
    $0
    Other
    $43,363
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $180,508
    Bonus
    $98,727
    Other
    $1,092
    Deferred
    $21,948
    Nontaxable benefits
    $21,415
    Filer's total
    $323,690

  • Eric Hesselink

    VP - BLO MARKET MANAGER - BUSINESS SERVICES

    Total calculated
    $295,007
    From this org
    $256,027
    From related orgs
    $0
    Other
    $38,980
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $161,858
    Bonus
    $93,133
    Other
    $1,036
    Deferred
    $17,565
    Nontaxable benefits
    $21,415
    Filer's total
    $295,007

  • Greg Cunningham

    VP - DIGITAL TECHNOLOGY

    Total calculated
    $274,090
    From this org
    $238,681
    From related orgs
    $0
    Other
    $35,409
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $213,611
    Bonus
    $510
    Other
    $24,560
    Deferred
    $26,251
    Nontaxable benefits
    $9,158
    Filer's total
    $274,090

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
  • 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 $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.

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
2024
Filed
24 October 2025
IRS schema version
2024v5.2
Source object
202533009349301623

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