Summit Academy Incorporated
- Assets
- $80.5m
- Revenue
- $31.6m
- Investments
- $0.0
- Employees
- 549
- Location
- Draper, UT
- Founding
- 05/2005
- Data as of
- 06/2024
- EIN
- 04-3778013
Organization Overview
Summit Academy Incorporated is located in Draper, UT. The organization was established in 2005. According to its NTEE Classification (B29) the organization is classified as: Charter Schools, under the broad grouping of Education and related organizations. As of 06/2024, Summit Academy Incorporated employed 549 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Summit Academy Incorporated is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2024, Summit Academy Incorporated generated $31.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 7.8% each year. All expenses for the organization totaled $32.5m during the year ending 06/2024. While expenses have increased by 9.2% per year over the past 8 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2024
Describe the Organization's Mission:
Part 3 - Line 1
THE ACADEMY'S MISSION IS TO PROVIDE A K-12 EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
K-12 EDUCATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brad Wilkinson CFO | Officer | 40 | $139,100 |
Tanner Polatis Information Technology | 40 | $122,636 | |
Lisa Cutler School Principal | 40 | $104,919 | |
Jon Eborn Chairman | OfficerTrustee | 4 | $0 |
Chelsea Welch Vice Chair | OfficerTrustee | 4 | $0 |
Tracy Ellis Secretary | OfficerTrustee | 4 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
American Staffing Education Sub. Services | 6/29/24 | $108,159 |
Box Financial Irs & Payroll Consulting | 6/29/24 | $229,872 |
Orion Education Education Support | 6/29/24 | $605,047 |
Prosecutive Landscaping Landscaping | 6/29/24 | $166,404 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $29,042,207 |
| All other contributions, gifts, grants, and similar amounts not included above | $277,472 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $29,319,679 |
| Total Program Service Revenue | $1,264,166 |
| Investment income | $818,461 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $192,443 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $31,594,749 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $366,655 |
| Compensation of current officers, directors, key employees. | $366,655 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $14,908,098 |
| Pension plan accruals and contributions | $1,969,201 |
| Other employee benefits | $2,632,208 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $20,391 |
| Fees for services: Accounting | $53,304 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $40,688 |
| Office expenses | $34,120 |
| Information technology | $501,597 |
| Royalties | $0 |
| Occupancy | $800,303 |
| Travel | $58,822 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,219,560 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,414,916 |
| Insurance | $134,017 |
| All other expenses | $1,922,914 |
| Total functional expenses | $32,494,566 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,761,046 |
| Savings and temporary cash investments | $15,035,180 |
| Pledges and grants receivable | $421,262 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $51,025,460 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,306,053 |
| Total assets | $80,549,001 |
| Accounts payable and accrued expenses | $2,846,328 |
| Grants payable | $0 |
| Deferred revenue | $7,440,389 |
| Tax-exempt bond liabilities | $51,360,000 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $11,010 |
| Other liabilities | $12,979,750 |
| Total liabilities | $74,637,477 |
| Net assets without donor restrictions | $5,911,524 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $80,549,001 |