SUMMIT CREDIT UNION

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1935

Legal Domicile

Principal Officer

KIM SPONEM

Phone

6082435000

Tax Period

2023-01-01 to 2023-12-31

SUMMIT CREDIT UNION, founded in 1935, is a major nonprofit that reported $344.6M in total revenue in fiscal year 2023. Revenue surged 49% from the prior year, signaling strong growth momentum. Expenses of $293.4M left a modest 15% surplus.

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.

Program Service Accomplishments

Program 1

SUMMIT SERVED OVER 257,000 MEMBERS IN 2023. THE CREDIT UNION CONTINUED TO OFFER ATTRACTIVE RATES ON VARIOUS SAVING AND LENDING PRODUCTS TO HELP MEMBERS IMPROVE THEIR FINANCIAL POSITION. LOANS AND...

SUMMIT SERVED OVER 257,000 MEMBERS IN 2023. 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 13% DURING 2023.

Program 2

SUMMIT OPERATES BRANCHES IN FOUR HIGH SCHOOLS TO SERVE STUDENTS. WE OFFER ADDITIONAL FINANCIAL EDUCATION SESSIONS IN THE COMMUNITIES WE SERVE.

Program 3

WE SUPPORT NUMEROUS COMMUNITY ORGANIZATIONS, INCLUDING UNITED WAY, GOODMAN COMMUNITY CENTER, URBAN LEAGUE AND NATIONAL CREDIT UNION FOUNDATION.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $319,159,275

Investment Income $25,398,039

Other Revenue $18,360

TOTAL REVENUE $344,575,674

Expense Breakdown

Grants Paid $648,432

Salaries & Benefits $84,292,025

Fundraising Expenses $0

Other Expenses $124,664,847

TOTAL EXPENSES $293,446,606

Year-over-Year Comparison

	2023	2022	Change
Revenue	$344,575,674	$231,091,693	+0.5%
Expenses	$293,446,606	$179,735,655	+0.6%
Net Income	$51,129,068	$51,356,038	0.0%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

1137

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$3,210,612

Total Directors

$186,000

Key Employees

$3,372,182

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MARY TURKE	CHAIR (PART YEAR)	4.00	Officer Director	$24,000	$0	$24,000
MIKE SCHENK	TREASURER	4.00	Officer Director	$18,000	$0	$18,000
DANIEL KAISER	CHAIR	4.00	Officer Director	$18,000	$0	$18,000
BOB LINDNER	VICE CHAIR	4.00	Officer Director	$18,000	$0	$18,000
STEFANIE NORVAISAS	SECRETARY	4.00	Officer Director	$18,000	$0	$18,000
DAVID RESZEL	DIRECTOR	2.00	Director	$18,000	$0	$18,000
DENNIS SAUEY	DIRECTOR	2.00	Director	$18,000	$0	$18,000
JOHN LITSCHER	DIRECTOR	2.00	Director	$18,000	$0	$18,000
MIKE O'BRIEN	DIRECTOR	2.00	Director	$18,000	$0	$18,000
ABIGAIL RODRIGUEZ	DIRECTOR	2.00	Director	$18,000	$0	$18,000
SAMIRA SALEM	DIRECTOR	2.00	Director	$0	$0	$0
KIM SPONEM	CEO/PRESIDENT	50.00	Officer	$2,355,714	$88,748	$2,444,462
KEITH PETERSON	CFO	50.00	Officer	$433,051	$237,099	$670,150
CHRISTOPHER HEFTER	CIO	50.00	Key Emp	$440,546	$177,978	$618,524
REBECCA GEROTHANAS	COO	50.00	Key Emp	$455,983	$131,357	$587,340
CHRISTOPHER SCHELL	CMO	50.00	Key Emp	$310,843	$186,096	$496,939
KELLY ERBACH	VP - BUSINESS TECH SOLUTIO	40.00	Key Emp	$256,537	$178,111	$434,648
KEVIN PIETTE	CHIEF COMMERCIAL BUS SERV OFFICER	50.00	Key Emp	$364,150	$61,308	$425,458
ERIC MATHIAS	SVP - SALES & LENDING OPS	40.00	Key Emp	$344,710	$70,795	$415,505
JEREMY EPPLER	VP - RISK MANAGEMENT	40.00	Key Emp	$195,320	$20,767	$216,087
ANN KNUTSON	SVP - HR & ORG DEVELOPMENT	40.00	Key Emp	$152,807	$24,874	$177,681
THOMAS HOPP	VP OF SALES - BUSINESS SERVICES	40.00	Highest	$334,862	$56,101	$390,963
JAMES HOLDEN	VP - BLO MARKET MANAGER	40.00	Highest	$215,203	$77,641	$292,844
JOHN JONES	VP - BUSINESS & COMMERCIAL CREDIT RISK & OPERATION	40.00	Highest	$229,428	$56,903	$286,331
JONATHAN WILLEMS	VP - BLOW MARKET MANAGER - BUSINESS SERVICES	40.00	Highest	$222,656	$36,504	$259,160
LUKE HAGEL	VP - BLO MARKET MANAGER - BUSINESS SERVICES	40.00	Highest	$218,330	$29,996	$248,326
JAMES CORBETT	SVP - HR & OD	50.00	Highest	$100,713	$12,609	$113,322

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$344,575,674	$293,446,606	$6,945,113,848	$51,129,068
2022	$231,091,693	$179,735,655	$6,224,510,320	$51,356,038
2021	$218,937,515	$141,564,545	$4,830,581,855	$77,372,970
2020	$218,688,178	$159,633,124	$4,326,305,460	$59,055,054
2019	$183,147,998	$139,446,632	$3,689,604,395	$43,701,366
2018	$153,615,518	$114,485,268	$3,224,170,223	$39,130,250