Summit Credit Union
- Assets
- $6.2b
- Revenue
- $231.1m
- Investments
- $552.2m
- Employees
- 1,041
- Location
- Madison, WI
- Founding
- Data as of
- 12/2022
- EIN
- 39-0230585
Organization Overview
Summit Credit Union is located in Madison, WI. As of 12/2022, Summit Credit Union employed 1,041 individuals. Summit Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2022, Summit Credit Union generated $231.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.1% each year. All expenses for the organization totaled $179.7m during the year ending 12/2022. While expenses have increased by 10.3% per year over the past 7 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 83 individual grants totaling $2,394,022. 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
2022
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 240,000 MEMBERS IN 2022. 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 MORE THAN 25% DURING 2022.
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 |
|---|---|---|---|
David Reszel Chair | OfficerTrustee | 4 | $20,500 |
Mike Schenk Former Chair | OfficerTrustee | 2 | $18,000 |
Mary Turke Vice Chair | OfficerTrustee | 4 | $21,500 |
Daniel Kaiser Secretary | OfficerTrustee | 4 | $18,000 |
Bob Lindner Treasurer | OfficerTrustee | 4 | $18,000 |
Stefanie Norvaisas Director | Trustee | 2 | $18,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Hiebing Group Inc Marketing | 12/30/22 | $5,831,799 |
Dart Appraisal Mortgage Appraisal | 12/30/22 | $2,226,086 |
Jack Henry & Associates Inc Data Processing System | 12/30/22 | $1,611,462 |
Edge One Kiosk And Armor Services | 12/30/22 | $1,543,819 |
Paragon Development Systems Information Technology | 12/30/22 | $1,222,288 |
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 | $211,554,475 |
| Investment income | $12,202,314 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $6,967,156 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $231,091,693 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $936,656 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $17,583,444 |
| Compensation of current officers, directors, key employees. | $6,440,600 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $49,851,359 |
| Pension plan accruals and contributions | $4,366,493 |
| Other employee benefits | $5,765,264 |
| Payroll taxes | $4,141,918 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,049,854 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,138,224 |
| Advertising and promotion | $8,270,271 |
| Office expenses | $27,430,426 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $3,316,289 |
| Travel | $981,740 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $14,546,646 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,720,883 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $179,735,655 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $59,269,845 |
| Savings and temporary cash investments | $223,143,126 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,021,223 |
| Loans from Officers, Directors, or Controlling Persons | $13,607,124 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,977,668,060 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $6,224,087 |
| Net Land, buildings, and equipment | $140,855,042 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $552,213,483 |
| Investments—program-related | $34,490,737 |
| Intangible assets | $133,094,030 |
| Other assets | $79,923,563 |
| Total assets | $6,224,510,320 |
| Accounts payable and accrued expenses | $72,311,513 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $17,414,630 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $805,406,744 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,781,625,439 |
| Total liabilities | $5,676,758,326 |
| 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 | $547,751,994 |
| Total liabilities and net assets/fund balances | $6,224,510,320 |
Grants Awarded
Over the last fiscal year, Summit Credit Union has awarded $833,281 in support to 10 organizations.
| Grant Recipient | Amount |
|---|---|
BLACK WOMENS WELLNESS DAY PURPOSE: SPONSORSHIP OF BLACK WOMEN'S WELLNESS DAY | $7,000 |
CENTER FOR BLACK EXCELLENCE PURPOSE: GENERAL SUPPORT | $666,666 |
EXPLORE CHILDRENS MUSEUM OF SUN PRAIRIE PURPOSE: GENERAL SUPPORT | $7,500 |
NATIONAL CREDIT UNION FOUNDATION PURPOSE: NCUF BRONZE SPONSORSHIP | $7,000 |
UNITED WAY OF DANE COUNTY PURPOSE: COMMUNITY SUPPORT | $50,283 |
WAUNAKEE AREA EDUCATION FOUNDATION PURPOSE: GENERAL SUPPORT | $7,500 |