Summit Foundation Inc
- Assets
- $1.3m
- Revenue
- $48.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Getzville, NY
- Founding
- 03/1994
- Data as of
- 06/2022
- EIN
- 16-1418703
Organization Overview
Summit Foundation Inc is located in Getzville, NY. The organization was established in 1994. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Summit Foundation Inc 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 06/2022, Summit Foundation Inc generated $48.1k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (36.0%) each year. All expenses for the organization totaled $1.1m during the year ending 06/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE SUPPORT SERVICES PRIMARILY TO THE SUMMIT CENTER, INC., AS WELL AS TO SUPPORT OTHER ORGANIZATIONS OPERATED EXCLUSIVELY FOR CHARITABLE, SCIENTIFIC, LITERACY OR EDUCATIONAL PURPOSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SUMMIT FOUNDATION LAUNCHED A $3,700,000 CAPITAL CAMPAIGN IN 2016 TO SUPPORT THE RENOVATION AND EXPANSION OF THE SUMMIT CENTER, INC.'S CAMPUS. THIS GOAL HAS NOW BEEN INCREASED TO $4,100,000.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lisa A Foti Treasurer | OfficerTrustee | 2 | $0 |
Thomas Rosenecker President | OfficerTrustee | 2 | $0 |
Joseph Brown Vice President | OfficerTrustee | 2 | $0 |
Neil Arnold Secretary | Trustee | 2 | $0 |
Gerry Cornish Director | Trustee | 2 | $0 |
Dave Aston Director | Trustee | 2 | $0 |
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 | $34,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $34,000 |
| Total Program Service Revenue | $0 |
| Investment income | $14,121 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $48,121 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,029,693 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $87,875 |
| Fees for services: Legal | $0 |
| 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 | $8,110 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,134 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,129,628 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $416,637 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $25,001 |
| 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 | $11,784 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $855,168 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,308,590 |
| Accounts payable and accrued expenses | $14,061 |
| Grants payable | $0 |
| Deferred revenue | $83,522 |
| Tax-exempt bond liabilities | $0 |
| 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 | $0 |
| Other liabilities | $0 |
| Total liabilities | $97,583 |
| Net assets without donor restrictions | $666,542 |
| Net assets with donor restrictions | $544,465 |
| 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 | $1,308,590 |
Grants Awarded
Over the last fiscal year, Summit Foundation Inc has awarded $568,010 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
THE SUMMIT CENTER INC PURPOSE: CAMPUS RENNOVATIONS | $566,504 |
THE SUMMIT CENTER INC PURPOSE: SUMMITUP - SOFTWARE FOR CURRICULUM DEVELOPMENT | $1,506 |