Civic Intelligence

Summit Credit Union

990 • Fiscal year 2014 • EIN 39-0230585

Jan 01, 2014 to Dec 31, 2014 • Filed on Nov 09, 2015

Organization ProfileWWW.SUMMITCREDITUNION.COM

View Organization Page

PO Box 8046Madison, WI 53708-8046

(608) 243-5000

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

29th percentile

0.88x

Higher debt load relative to assets than 29% of similar nonprofits.

2014 filings • 501(c)14 • $1B+ nonprofits • Source year 2014

Liabilities / Revenue

43rd percentile

18.92x

Higher debt load relative to revenue than 43% of similar nonprofits.

2014 filings • 501(c)14 • $1B+ nonprofits • Source year 2014

Net Margin

78th percentile

25%

Higher net margin than 78% of similar nonprofits.

2014 filings • 501(c)14 • $1B+ nonprofits • Source year 2014

Top Officer Pay

40th percentile

$683,725

Higher top officer pay than 40% of similar nonprofits.

Top officer pay equals 0.7% of source-year revenue.

2014 filings • 501(c)14 • $1B+ nonprofits • Source year 2014

Asset Growth

44th percentile

6.2%

Faster asset growth than 44% of similar nonprofits.

2014 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2013 to 2014

Revenue Growth

25th percentile

0.2%

Faster revenue growth than 25% of similar nonprofits.

2014 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2013 to 2014

Balance Sheet
Liabilities / Assets29th percentile

Assets

Up

$2,076,034,803

Up $120,525,623 (+6.2%) from 2013

Net Assets

Up

$242,030,490

Up $26,268,815 (+12%) from 2013

Liabilities

Up

$1,834,004,313

Up $94,256,808 (+5.4%) from 2013

Revenue And Expenses
Liabilities / Revenue43rd percentileNet Margin78th percentile

Revenue

Up

$96,927,653

Up $239,324 (+0.2%) from 2013

Expenses

Up

$72,614,953

Up $3,530,760 (+5.1%) from 2013

Net Income

Down

$24,312,700

Down $3,291,436 (-12%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth44th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$8.0B$6.0B$4.0B$2.0B$0Assets 2010: $1,581,105,305Liabilities 2010: $1,444,066,478Net Assets 2010: $137,038,8272010Assets 2011: $1,735,535,637Liabilities 2011: $1,578,800,691Net Assets 2011: $156,734,9462011Assets 2012: $1,886,824,377Liabilities 2012: $1,695,399,695Net Assets 2012: $191,424,6822012Assets 2013: $1,955,509,180Liabilities 2013: $1,739,747,505Net Assets 2013: $215,761,6752013Assets 2014: $2,076,034,803Liabilities 2014: $1,834,004,313Net Assets 2014: $242,030,4902014Assets 2015: $2,388,643,118Liabilities 2015: $2,118,414,699Net Assets 2015: $270,228,4192015Assets 2016: $2,664,821,119Liabilities 2016: $2,361,391,221Net Assets 2016: $303,429,8982016Assets 2017: $2,900,501,513Liabilities 2017: $2,560,601,385Net Assets 2017: $339,900,1282017Assets 2018: $3,224,170,223Liabilities 2018: $2,845,874,600Net Assets 2018: $378,295,6232018Assets 2019: $3,689,604,395Liabilities 2019: $3,265,770,166Net Assets 2019: $423,834,2292019Assets 2020: $4,326,305,460Liabilities 2020: $3,835,950,797Net Assets 2020: $490,354,6632020Assets 2021: $4,830,581,855Liabilities 2021: $4,275,073,315Net Assets 2021: $555,508,5402021Assets 2022: $6,224,510,320Liabilities 2022: $5,676,758,326Net Assets 2022: $547,751,9942022Assets 2023: $6,945,113,848Liabilities 2023: $6,333,434,715Net Assets 2023: $611,679,1332023Assets 2024: $7,458,311,100Liabilities 2024: $6,775,219,984Net Assets 2024: $683,091,1162024

Highlighted filing

2014

Assets$2,076,034,803
Liabilities$1,834,004,313
Net Assets$242,030,490
Open 2014 Filing

Operations Trend

Revenue Growth25th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$600M$400M$200M$0Expenses 2010: $78,300,1012010Expenses 2011: $76,151,8482011Revenue 2012: $105,588,548Expenses 2012: $74,080,222Net Income 2012: $31,508,3262012Revenue 2013: $96,688,329Expenses 2013: $69,084,193Net Income 2013: $27,604,1362013Revenue 2014: $96,927,653Expenses 2014: $72,614,953Net Income 2014: $24,312,7002014Revenue 2015: $108,064,154Expenses 2015: $79,034,215Net Income 2015: $29,029,9392015Revenue 2016: $125,312,190Expenses 2016: $90,355,986Net Income 2016: $34,956,2042016Revenue 2017: $134,968,658Expenses 2017: $97,165,773Net Income 2017: $37,802,8852017Revenue 2018: $153,615,518Expenses 2018: $114,485,268Net Income 2018: $39,130,2502018Revenue 2019: $183,147,998Expenses 2019: $139,446,632Net Income 2019: $43,701,3662019Revenue 2020: $218,688,178Expenses 2020: $159,633,124Net Income 2020: $59,055,0542020Revenue 2021: $218,937,515Expenses 2021: $141,564,545Net Income 2021: $77,372,9702021Revenue 2022: $231,091,693Expenses 2022: $179,735,655Net Income 2022: $51,356,0382022Revenue 2023: $344,575,674Expenses 2023: $293,446,606Net Income 2023: $51,129,0682023Revenue 2024: $453,854,644Expenses 2024: $395,405,737Net Income 2024: $58,448,9072024

Highlighted filing

2014

Revenue$96,927,653
Expenses$72,614,953
Net Income$24,312,700
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Nov 9, 2015
Return Version
2014v5.0
Gross Receipts
$114,036,810
Mission and Program Overview

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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$1,361,930,046$1,553,622,289▲ $191,692,243
Investments Other Securities$473,740,405$407,029,179▼ $66,711,226
Rtn Earn Endowment Incm Other Fnds$215,761,675$242,030,490▲ $26,268,815
Land, Buildings, and Equipment, Net$48,513,531$49,342,475▲ $828,944
Cash and Non-Interest-Bearing Accounts$20,932,549$20,574,303▼ $358,246
Savings and Temporary Cash Investments$15,716,812$12,049,970▼ $3,666,842
Prepaid Expenses and Deferred Charges$1,346,298$1,728,002▲ $381,704
Accounts Receivable$527,318$1,473,163▲ $945,845
Receivables From Officers Etc-$430,000-
Intangible Assets$372,727$75,878▼ $296,849
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$1,955,509,180$2,076,034,803▲ $120,525,623
Other Assets Total$32,429,494$29,709,544▼ $2,719,950
Liabilities
Other Liabilities$1,668,977,020$1,753,298,214▲ $84,321,194
Mortgage Notes Payable Secured by Investment Property$46,951,539$55,130,840▲ $8,179,301
Accounts Payable and Accrued Expenses$23,804,297$24,645,151▲ $840,854
Escrow Account Liability$14,649$930,108▲ $915,459
Total Liabilities$1,739,747,505$1,834,004,313▲ $94,256,808
Net Assets / Fund Balance
Total Net Assets Fund Balance$215,761,675$242,030,490▲ $26,268,815
Total Liabilities and Net Assets / Fund Balance$1,955,509,180$2,076,034,803▲ $120,525,623

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$30,351,262$15,469,863$45,821,125
Equipment$6,407,046$13,806,596$20,213,642
Land$9,747,375-$9,747,375
Leasehold Improvements$1,145,842$1,301,360$2,447,202
Other Land Buildings$1,690,950-$1,690,950
Other Securities$27,112,924--
Compensation and Service Providers
Top Officer Pay40th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Kim SponemCEO/presidentFT$478,819$204,906$683,725
Keith PetersonCFOFT$199,227$96,810$296,037
Rebecca GerothanasSVP OperationsFT$167,473$82,048$249,521
Daniel MilbrandtChief Lending OfficerFT$149,628$58,038$207,666
Christopher HefterVP ItFT$136,320$68,510$204,830
Joanne BelangerVP Digital MarketingFT$139,375$60,732$200,107
Eric MathiasVP Retail DevelopmentFT$132,590$67,252$199,842
Adam PelletterMortgage Loan OfficerFT$43,688$147,441$191,129
Jeremy EpplerVP Risk ManagementFT$127,330$48,786$176,116
Kim KaleppManaging VP of Business ServicesFT$118,655$56,918$175,573
Daniel PollyAvp ItFT$117,863$55,160$173,023
Nancy SchmidtSVP Hr & OdFT$131,401$34,483$165,884
Donald GriffinMortgage Loan OfficerFT$43,813$120,775$164,588

Board Members and Trustees

NameTitle
MIKE O'BRIENChair
Dennis SaueyPast Chair
John LitscherVice Chair
Bob LindnerDirector
Mary TurkeDirector
Stefanie NorvaisasDirector
Sue RacineDirector
Mike SchenkSecretary
David ReszelTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Jh Findorff & Son INCConstruction Contractor330 S BEDFORD ST, Madison, WI 53703$2,211,741
Jack Henry & Associates INCInformation SystemPO BOX 609, Monett, MO 65708$1,297,702
US Department Of EducationStudent LoansPO BOX 979066, St Louis, MO 63197$1,174,160
Dart Appraisalcom INCLoan Appraisals2600 W BIG BEAVER RD, Troy, MI 48084$967,910
Accenture LLPLending Technology161 NORTH CLARK STREET, Chicago, IL 60601$599,958
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$88,748,259
Investment Income
$8,042,592
Other Revenue
$136,802
Change in Net Assets
$24,312,700

Audited Revenue Reconciliation

Revenue per Audited Statements
$97,309,136
Revenue Not Reported on Financial Statements
$-381,483
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$-381,483
Total Revenue per Audited Statements
$97,309,136
Total Revenue per Form 990
$96,927,653
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$35,937,650
Salaries, Compensation, and Employee Benefits$29,211,481
Grants and Similar Amounts Paid$158,052
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$20,336,832
Office Expenses---$11,414,816
Benefits to Members---$7,307,770
Depreciation Depletion---$4,321,679
Other Employee Benefits---$3,191,926
Advertising---$2,455,319
Current Officers, Directors, Trustees, and Key Employees---$2,217,844
Occupancy---$1,898,269
Pension Plan Contributions---$1,895,232
Payroll Taxes---$1,569,647
Conferences and Meetings---$803,795
Fees for Services Legal---$630,656
Interest---$504,159
All Other Expenses---$395,487
Other Expenses---$266,816
Fees for Services Accounting---$234,473
Information Technology---$204,047
Grants to Domestic Orgs---$158,052
Insurance---$10,696
Total Functional Expenses$0$0$0$72,614,953

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$72,996,436
Expenses per Audited Statements$72,614,953
Total Expenses per Form 990$72,614,953
Expenses Not Reported on Form 990$381,483
Expenses Not Reported on Financial Statements$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
United Way of Dane CountyMadison, WI501(c)(3)Sponsorship Advertising, Sponsorship of Half of Loaned Executive, and Remainder of 2014 United Way Corporate Contribution$18,000
American Heart AssociationMadison, WI501(c)(3)Go Red for Women Sponsorship$15,000
Habitat for Humanity of Dane Co IncMadison, WI501(c)(3)Pledge Payment Year 3 of 3$15,000
Community Schools-ymcaSun Prairie, WI501(c)(3)3rd Installment of 3 Year Commitment to Community Schools$10,000
Domestice Abuse InterventionMadison, WI501(c)(3)Hope Sponsor-celebrate Independence Luncheon$10,000
Second Harvest Food Bank of So WiMadison, WI501(c)(3)Bronze Sponsorship-share Your Holidays & Mikes Miracle Minute$7,500
Boys & Girls Club of Dane CountyMadison, WI501(c)(3)Sponsorship of Bike for Boys & Girls Club$5,000
Common Wealth DevelopmentMadison, WI501(c)(3)Sponsorship of Youth Financial Programs$5,000
Girls on the Run of Dane CountyMadison, WI501(c)(3)Sponsorship for Girls on the Run Spring 5k$5,000
Madison College FoundationMadison, WI501(c)(3)Madison College Challenge Sponsorship$5,000
Madison Museum of Contemporary Art IncMadison, WI501(c)(3)Hair Fair & Holiday Art Fair Sponsorships$5,000
Tep AbcMadison, WI501(c)(3)Donation Match for Tep Campaign$5,000
Urban League of Greater MadisonMadison, WI501(c)(3)Workplace Diversity & Leadership Summit Sponsorship Package$5,000
Wisconsin Womens Business Initiative CorpMilwaukee, WI501(c)(3)Sponsorship of Education Grant$5,000
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Officers, Directors, Trustees, and Key Employees-$430,000-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Member Shares and Deposits$1,753,298,214
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

“The credit union is comprised of a single class of approximately 142,000 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 11

“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 vp 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.”

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.”

Filing and Contact Details

Filer

Filer Name
Summit Credit Union
EIN
39-0230585
Phone
6082435000
Address
PO BOX 8046, MADISON, WI 53708-8046

Signing Officer

Name
Keith Peterson
Title
CFO
Phone
6082435000
Signed
2015-11-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kim Sponem
Formed
1935
Legal Domicile
Wi
Voting Board Members
9
Independent Board Members
9
Employees
622
Volunteers
12

Preparer

Firm
Cliftonlarsonallen Llp
Address
PO BOX 217, AUSTIN, MN 55912
Preparer
Sherri Wessels
Phone
5074347000
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Net change in defined benefit obligations -555,905.”

FORM 990, PART XII, LINE 2C:

“The process has not changed from the prior year.”

Financial Statement Notes

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 irc 501 (c) (14), from federal and state income taxes. Certain products and services provided by select state chartered credit unions have been deemed by the internal revenue service (irs), in technical advice memorandums (tams) released in 2007, to be unrelated to the specific entity's exempt purpose. As presented in the technical advice memorandums the net taxable income from these products and services would be subject to income taxes. Credit unions have litigated against the irs positions noted in the tams and have been successful in having courts declare in 2009 and 2010 that revenue from insurance products sold to members, helping them protect their financial wellbeing, qualifies as exempt purpose income, contrary to the irs position in the tams. 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, 2014 and 2013. The credit union's 2011 through subsequent tax years are open for examination by federal and state taxing authorities.”

PART XI, LINE 4B - OTHER ADJUSTMENTS:

“Loss on disposition of fixed assets (expense shown in revenue) -81,878. Other non-operating income (revenue shown in expense) -299,605.”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“Loss on disposition of fixed assets (expense shown in revenue) 81,878. Other non-operating income (revenue shown in expense) 299,605.”

Raw XML AppendixShowing 400 of 918 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/ActivityOrMissionDesc0A 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.
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IRS990/ContractorCompensationGrp/ContractorName/BusinessName/BusinessNameLine1Txt1JACK HENRY & ASSOCIATES INC
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IRS990/ContractorCompensationGrp/ContractorName/BusinessName/BusinessNameLine1Txt3DART APPRAISALCOM INC
IRS990/ContractorCompensationGrp/ContractorName/BusinessName/BusinessNameLine1Txt4ACCENTURE LLP
IRS990/ContractorCompensationGrp/ServicesDesc0CONSTRUCTION CONTRACTOR
IRS990/ContractorCompensationGrp/ServicesDesc1INFORMATION SYSTEM
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IRS990/Desc0SUMMIT SERVED OVER 142,000 MEMBERS IN 2014. THE CREDIT UNION CONTINUED TO OFFER ATTRACTIVE RATES ON VARIOUS SAVING AND LENDING PRODUCTS TO HELP MEMBERS IMPROVE THEIR FINANCIAL POSITION. LOANS GREW 13% DURING 2014.
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IRS990/Form990PartVIISectionAGrp/PersonNm8MARY TURKE
IRS990/Form990PartVIISectionAGrp/PersonNm9KIM SPONEM
IRS990/Form990PartVIISectionAGrp/PersonNm10KEITH PETERSON
IRS990/Form990PartVIISectionAGrp/PersonNm11REBECCA GEROTHANAS
IRS990/Form990PartVIISectionAGrp/PersonNm12JOANNE BELANGER
IRS990/Form990PartVIISectionAGrp/PersonNm13DANIEL MILBRANDT
IRS990/Form990PartVIISectionAGrp/PersonNm14CHRISTOPHER HEFTER
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IRS990/Form990PartVIISectionAGrp/TitleTxt0PAST CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt1CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt2SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt3VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9CEO/PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt10CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt11SVP OPERATIONS
IRS990/Form990PartVIISectionAGrp/TitleTxt12VP DIGITAL MARKETING
IRS990/Form990PartVIISectionAGrp/TitleTxt13CHIEF LENDING OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt14VP IT
IRS990/Form990PartVIISectionAGrp/TitleTxt15VP RISK MANAGEMENT
IRS990/Form990PartVIISectionAGrp/TitleTxt16VP RETAIL DEVELOPMENT
IRS990/Form990PartVIISectionAGrp/TitleTxt17MORTGAGE LOAN OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt18MORTGAGE LOAN OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt19SVP HR & OD
IRS990/Form990PartVIISectionAGrp/TitleTxt20MANAGING VP OF BUSINESS SERVICES
IRS990/Form990PartVIISectionAGrp/TitleTxt21AVP IT
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IRS990/IndoorTanningServicesInd00
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IRS990/InfoInScheduleOPartXIInd0X
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IRS990/InsuranceGrp/TotalAmt010696
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IRS990/IntangibleAssetsGrp/EOYAmt075878
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IRS990/MembersOrStockholdersInd01
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0A 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.
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IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt017294
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IRS990/OfficeExpensesGrp/TotalAmt011414816
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IRS990/OperateHospitalInd00
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IRS990/OtherExpensesGrp/Desc0PROVISION FOR LOAN LOSS
IRS990/OtherExpensesGrp/Desc1LOAN SERVICING EXPENSE
IRS990/OtherExpensesGrp/Desc2MISC. OPERATING EXPENSE
IRS990/OtherExpensesGrp/Desc3PROFESSIONAL & OUTSIDE
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IRS990/OtherExpensesGrp/TotalAmt15464719
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IRS990/OtherExpensesGrp/TotalAmt3266816
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IRS990/ProgramServiceRevenueGrp/Desc0LOAN INTEREST
IRS990/ProgramServiceRevenueGrp/Desc1OTHER OPERATING INCOME
IRS990/ProgramServiceRevenueGrp/Desc2FEES & SERVICE CHGS
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt118085034
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt28326881
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt062230188
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt118085034
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt28433037
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt0106156
IRS990/ProgSrvcAccomActy2Grp/Desc0SUMMIT CREATED AND SUPPORTS THE STAR CREDIT UNION, SERVING MEMBERS OF THE MADISON BOYS AND GIRLS CLUB WITH FINANCIAL EDUCATION AND SERVICES, AND WE OPERATE BRANCHES IN TWO HIGH SCHOOLS TO SERVE STUDENTS. WE OFFER ADDITIONAL FINANCIAL EDUCATION SESSIONS IN THE COMMUNITIES WE SERVE.
IRS990/ProgSrvcAccomActy3Grp/Desc0WE SUPPORT NUMEROUS COMMUNITY ORGANIZATIONS, INCLUDING UNITED WAY, SECOND HARVEST FOODBANK, SUNSHINE PLACE, JUVENILE DIABETES RESEARCH FOUNDATION, AND COMMONWEALTH DEVELOPMENT.
IRS990/ProhibitedTaxShelterTransInd00
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IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt0156051
IRS990/PYInvestmentIncomeAmt07249851
IRS990/PYOtherExpensesAmt033998923
IRS990/PYOtherRevenueAmt061709
IRS990/PYProgramServiceRevenueAmt089376769
IRS990/PYRevenuesLessExpensesAmt027604136
IRS990/PYSalariesCompEmpBnftPaidAmt028150319
IRS990/PYTotalExpensesAmt069084193
IRS990/PYTotalProfFndrsngExpnsAmt00

Document Assets

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Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,076,034,803
Liabilities
$1,834,004,313
Net assets
$242,030,490
Revenue
$96,927,653
Expenses
$72,614,953
Net income
$24,312,700
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$7,458$6,775$683$454$395$58.4
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$6,945$6,333$612$345$293$51.1
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$6,225$5,677$548$231$180$51.4
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4,831$4,275$556$219$142$77.4
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$4,326$3,836$490$219$160$59.1
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3,690$3,266$424$183$139$43.7
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3,224$2,846$378$154$114$39.1
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$2,901$2,561$340$135$97.2$37.8
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2,665$2,361$303$125$90.4$35.0
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2,389$2,118$270$108$79.0$29.0
2014Detailed filing. Detailed filing data is available for this year.$2,076$1,834$242$96.9$72.6$24.3
2013Detailed filing. Detailed filing data is available for this year.$1,956$1,740$216$96.7$69.1$27.6
2012Summary only. Only limited summary data is available for this year.$1,887$1,695$191$106$74.1$31.5
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,736$1,579$157$76.2
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,581$1,444$137$78.3