Summit Credit Union

Summit Credit Union 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.

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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Summit Credit Union Board, Officers & Key Employees

Name (title)Compensation
Kim Sponem
Ceo/president
$1,165,334
Keith Peterson
CFO
$551,370
Rebecca Gerothanas
COO
$463,927
Christopher Hefter
Cio
$292,074
Nancy Kasten
SVP Hr & Lod
$286,266
Christopher Schell
Cmo
$284,365

Summit Credit Union Vendors

Vendor Name (Service)Compensation
Jh Findorff & Son Inc
General Contractor
$4,986,254
Mortgage Cadence Llc
Mortgage Processing
$1,108,324
Hiebing Group Inc
Marketing
$2,558,242
Jack Henry & Associates Inc
Data Processing System
$1,362,878
Dart Appraisal
Mortgage Appraisal
$1,850,225
View All Vendors

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

Summit Credit Union Grants Awarded

Over the last fiscal year, Summit Credit Union has awarded $60,036 in support to 6 organizations.

Grant RecipientAmount

EDGEWOOD COLLEGE

PURPOSE: RESIDENCE HALL CAPITAL CAMPAIGN

$14,286

GIRL SCOUTS OF AMERICA

Org PageRecipient Profile

Madison, WI

PURPOSE: GIRL SCOUTS CAPITAL CAMPAIGN YEAR 2 OF 2

$12,500

UNITED WAY OF DANE COUNTY

Org PageRecipient Profile

Madison, WI

PURPOSE: UNITED WAY CORPORATE CONTRIBUTION/LOAN EXEC SPONSOR

$11,000

WISCONSIN HISTORICAL FOUNDATIONS

Org PageRecipient Profile

Madison, WI

PURPOSE: GIFT AGREEMENT PLEDGE

$10,000

GOODMAN COMMUNITY CENTER

Org PageRecipient Profile

Madison, WI

PURPOSE: GENERAL SUPPORT

$6,250

AMERICAN HEART ASSOCIATION

Org PageRecipient Profile

Dallas, TX

PURPOSE: GENERAL SUPPORT

$6,000
View Grant Profile

Summit Credit Union Peer Organizations

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