The Summit Foundation A Nj Nonprofit Corporation
- Assets
- $18.6m
- Revenue
- $758.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Summit, NJ
- Founding
- 07/1976
- Data as of
- 12/2020
- EIN
- 22-1948007
Organization Overview
The Summit Foundation A Nj Nonprofit Corporation is located in Summit, NJ. The organization was established in 1976. According to its NTEE Classification (T31) the organization is classified as: Community Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Summit Foundation A NJ Nonprofit Corporation 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 12/2020, Summit Foundation A NJ Nonprofit Corporation generated $758.1k 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 (5.0%) each year. All expenses for the organization totaled $1.3m during the year ending 12/2020. You can explore the organizations financials more deeply in the financial statements section below.
Since 2017, Summit Foundation A NJ Nonprofit Corporation has awarded 103 individual grants totaling $2,783,314. 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
THE SUMMIT FOUNDATION (THE FOUNDATION) IS A NONPROFIT CORPORATION LOCATED IN SUMMIT, NEW JERSEY. ITS PURPOSE IS TO FOSTER PHILANTHROPY AND SERVE THE PUBLIC CHARITABLE, EDUCATIONAL OR BENEVOLENT NEEDS OF THE REGION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
$614,906 GRANTED TO 34 AGENCIES PURSUANT TO A RIGOROUS APPLICATION REVIEW PROCESS.$163,350 GRANTED TO 9 AGENCIES FOR COVID EMERGENCY GRANTS.$248,773 TO 34 AGENCIES TO DONOR ADVISED FUNDS. THESE INCLUDE $70,590 FOR SUMMIT COMMUNITY PROGRAMS. $62,450 AWARDED IN SCHOLARSHIPS TO 35 STUDENT RECIPIENTS. $119,959 DONOR ADVISED DISTRIBUTIONS TO 6 FUNDS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Julie Keenan President | OfficerTrustee | 5 | $0 |
Frank Macioce Secretary | OfficerTrustee | 5 | $0 |
David Dietze Vice President | OfficerTrustee | 5 | $0 |
Leah Griffith Treasurer | OfficerTrustee | 10 | $0 |
Martha Sayre Assistant Treasurer | Trustee | 1 | $0 |
Julie Adams Trustee | Trustee | 1 | $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 | $380,032 |
| Noncash contributions included in lines 1a–1f | $152,641 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $380,032 |
| Total Program Service Revenue | $0 |
| Investment income | $388,931 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$11,894 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $758,069 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,146,988 |
| Grants and other assistance to domestic individuals. | $62,450 |
| 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 | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $21,290 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $74,932 |
| Fees for services: Other | $0 |
| Advertising and promotion | $6,897 |
| 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 | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,629 |
| All other expenses | $160 |
| Total functional expenses | $1,318,827 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $725,844 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $75,739 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $17,752,130 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $21,297 |
| Total assets | $18,575,010 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Net assets without donor restrictions | $9,647,577 |
| Net assets with donor restrictions | $8,927,433 |
| 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 | $18,575,010 |
Grants Awarded
Over the last fiscal year, The Summit Foundation A Nj Nonprofit Corporation has awarded $993,473 in support to 36 organizations.
| Grant Recipient | Amount |
|---|---|
CITY OF SUMMIT PUBLIC SCHOOLS PURPOSE: VARIOUS PROJECTS | $140,124 |
Summit, NJ PURPOSE: VARIOUS PROJECTS | $71,334 |
CITY OF SUMMIT PURPOSE: VARIOUS PROJECTS | $70,590 |
Summit, NJ PURPOSE: VARIOUS PROJECTS | $62,500 |
Summit, NJ PURPOSE: VARIOUS PROJECTS | $58,350 |
Summit, NJ PURPOSE: VARIOUS PROJECTS | $55,000 |
Grants Recieved
Over the last fiscal year, we have identified 7 grants that The Summit Foundation A Nj Nonprofit Corporation has recieved totaling $143,434.
| Awarding Organization | Amount |
|---|---|
Community Foundation Of New Jersey Morristown, NJ PURPOSE: GENERAL SUPPORT | $55,100 |
American Gift Fund Wilmington, DE PURPOSE: OPERATIONS | $25,000 |
Schwab Charitable Fund San Francisco, CA PURPOSE: HEALTH | $18,500 |
Charities Aid Foundation America Alexandria, VA PURPOSE: CHARITABLE DONATION | $16,334 |
Goldman Sachs Philanthropy Fund New York, NY PURPOSE: COMMUNITY & HUMAN SERVICES | $10,000 |
Morgan Stanley Global Impact Funding Trust Inc Indianapolis, IN PURPOSE: UNRESTRICTED GENERAL SUPPORT | $10,000 |
Endowment Analysis
| Beg. Balance | $8,939,969 |
| Earnings | $605,201 |
| Admin Expense | $82,924 |
| Grants | $417,064 |
| Ending Balance | $9,045,182 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Lancaster County Community Foundation Lancaster, PA | $92,463,036 | $19,491,842 |
Community Foundations Of The Hudson Valley Poughkeepsie, NY | $96,104,226 | $20,607,422 |
Community Foundation Of Herkimer And Oneida Counties Inc Utica, NY | $207,402,752 | $30,922,448 |
Community Foundation Of Greater Johnstown Johnstown, PA | $89,313,800 | $19,729,908 |
The Community Foundation For The Greater Capital Region Inc Albany, NY | $120,227,075 | $24,885,752 |
Community Foundation Of Western Pennsylvania And Eastern Ohio Sharon, PA | $123,167,161 | $16,344,885 |
York County Community Foundation York, PA | $208,424,639 | $17,313,520 |
Chester County Community Foundation Inc West Chester, PA | $86,163,241 | $21,195,715 |
Adirondack Foundation Lake Placid, NY | $81,334,603 | $18,009,853 |
Lehigh Valley Community Foundation Allentown, PA | $80,747,413 | $16,923,036 |
Rossin Foundation Pittsburgh, PA | $44,448,122 | $6,161,535 |
New York City Partnership Foundation Inc New York, NY | $45,208,462 | $5,342,641 |