Summit Credit Union
- Assets
- $3.7b
- Revenue
- $183.1m
- Investments
- $139.1m
- Employees
- 738
- Location
- Madison, WI
- Founding
- Data as of
- 12/2019
- EIN
- 39-0230585
Organization Overview
Summit Credit Union is located in Madison, WI. As of 12/2019, Summit Credit Union employed 738 individuals.
For the year ending 12/2019, Summit Credit Union generated $183.1m in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 10.0% each year. All expenses for the organization totaled $139.4m during the year ending 12/2019. While expenses have increased by 11.5% per year over the past 4 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Summit Credit Union has awarded 55 individual grants totaling $639,788. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2019
Describe the Organization's Mission:
Part 3 - Line 1
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.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SUMMIT SERVED OVER 195,000 MEMBERS IN 2019. THE CREDIT UNION CONTINUED TO OFFER ATTRACTIVE RATES ON VARIOUS SAVING AND LENDING PRODUCTS TO HELP MEMBERS IMPROVE THEIR FINANCIAL POSITION. LOANS GREW 6% DEPOSITS GREW 17% DURING 2019.
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kim Sponem Ceo/president | Officer | 50 | $1,165,334 |
Keith Peterson CFO | Officer | 50 | $551,370 |
Rebecca Gerothanas COO | Officer | 50 | $463,927 |
Christopher Hefter Cio | Officer | 50 | $292,074 |
Nancy Kasten SVP Hr & Lod | Officer | 50 | $286,266 |
Christopher Schell Cmo | Officer | 50 | $284,365 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Hiebing Group Inc Marketing | 12/30/19 | $2,558,242 |
Mortgage Cadence Llc Mortgage Processing | 12/30/19 | $1,108,324 |
Jh Findorff & Son Inc General Contractor | 12/30/19 | $4,986,254 |
Jack Henry & Associates Inc Data Processing System | 12/30/19 | $1,362,878 |
Dart Appraisal Mortgage Appraisal | 12/30/19 | $1,850,225 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $174,791,657 |
| Investment income | $8,450,249 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$93,908 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $183,147,998 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $161,893 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $20,367,196 |
| Compensation of current officers, directors, key employees. | $4,650,933 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $33,793,492 |
| Pension plan accruals and contributions | $2,841,087 |
| Other employee benefits | $4,793,294 |
| Payroll taxes | $2,571,676 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $471,330 |
| Fees for services: Accounting | $537,211 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $5,690,762 |
| Office expenses | $18,262,720 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $2,782,937 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $805,254 |
| Interest | $12,705,770 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,119,348 |
| Insurance | $0 |
| All other expenses | $1,437,144 |
| Total functional expenses | $139,446,632 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $13,365,728 |
| Savings and temporary cash investments | $392,035,994 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,932,278 |
| Loans from Officers, Directors, or Controlling Persons | $5,823,155 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,917,577,836 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,256,985 |
| Net Land, buildings, and equipment | $120,340,150 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $139,100,062 |
| Investments—program-related | $31,087,500 |
| Intangible assets | $0 |
| Other assets | $65,084,707 |
| Total assets | $3,689,604,395 |
| Accounts payable and accrued expenses | $43,027,339 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $2,873,862 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $481,578,599 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,738,290,366 |
| Total liabilities | $3,265,770,166 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $423,834,229 |
| Total liabilities and net assets/fund balances | $3,689,604,395 |
Grants Awarded
Over the last fiscal year, Summit Credit Union has awarded $60,036 in support to 6 organizations.
| Grant Recipient | Amount |
|---|---|
EDGEWOOD COLLEGE PURPOSE: RESIDENCE HALL CAPITAL CAMPAIGN | $14,286 |
Madison, WI PURPOSE: GIRL SCOUTS CAPITAL CAMPAIGN YEAR 2 OF 2 | $12,500 |
Madison, WI PURPOSE: UNITED WAY CORPORATE CONTRIBUTION/LOAN EXEC SPONSOR | $11,000 |
Madison, WI PURPOSE: GIFT AGREEMENT PLEDGE | $10,000 |
Madison, WI PURPOSE: GENERAL SUPPORT | $6,250 |
Dallas, TX PURPOSE: GENERAL SUPPORT | $6,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Childrens Hospital And Physicians Healthcare Network Columbus, OH | $196,162,333 | $990,886,058 |
Miami Valley Hospital Dayton, OH | $1,540,725,759 | $1,204,039,189 |
Edward W Sparrow Hospital Association Lansing, MI | $1,474,682,154 | $1,000,419,453 |
Woodmen Of The World Life Insurance Society Omaha, NE | $10,949,510,724 | $1,049,679,093 |
University Of Wisconsin Medical Foundation Inc Middleton, WI | $1,086,870,157 | $956,685,711 |
Delta Dental Plan Of Michigan Okemos, MI | $732,148,013 | $963,731,755 |
Bronson Methodist Hospital Kalamazoo, MI | $1,118,333,750 | $952,779,226 |
Childrens Health Care Minneapolis, MN | $1,501,437,326 | $979,158,426 |
Childrens Hospital Medical Center Of Akron Akron, OH | $1,672,516,693 | $1,014,517,498 |
St Lukes Hospital Of Kansas City Kansas City, MO | $1,392,812,481 | $948,488,426 |
Bon Secours Mercy Health Inc Cincinnati, OH | $1,754,618,214 | $1,032,037,001 |
Deaconess Hospital Inc Evansville, IN | $1,654,034,103 | $1,047,627,616 |