Summit Educational Foundation Inc
- Assets
- $7.0m
- Revenue
- $549.4k
- Investments
- $6.2m
- Employees
- 0
- Location
- Summit, NJ
- Founding
- 06/1988
- Data as of
- 06/2024
- EIN
- 22-2871770
Organization Overview
Summit Educational Foundation Inc is located in Summit, NJ. The organization was established in 1988. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Summit Educational 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 06/2024, Summit Educational Foundation Inc generated $549.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (3.4%) each year. All expenses for the organization totaled $708.2k during the year ending 06/2024. 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
TO MAINTAIN & ENHANCE A SUMMIT, NJ PUBLIC SCHOOL EDUCATION THROUGH COMMUNITY FUNDING OF GRANTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ANNUAL FUND OF THE SUMMIT EDUCATION FOUNDATION ENCOURAGES AND FUNDS TEACHER AND DISTRICT-INITIATED PROGRAMS THAT ADVANCE THE CURRICULUM AND DISTRICT OBJECTIVES. DURING THE 2023-24 FISCAL YEAR, 64 GRANTS TOTALING $365,012 WERE AWARDED FROM THE ANNUAL FUND. THE LARGEST GRANT AWARDS FUNDED THE FOLLOWING INITIATIVES:REFLEX MATH - $40,035OPTIMIZING POTENTIAL: ENHANCING PRODUCTIVITY, WELL-BEING, AND LEARNING PREFERENCES THROUGH ADJUSTABLE STANDING DESKS - $36,243FLEXIBLE SEATING - $24,881BUILDING DYNAMITE READERS - $22,897DECODABLES FOR OUR ELLS - $15,647
THE ENDOWMENT FUND OF THE SUMMIT EDUCATIONAL FOUNDATION PROVIDES FUNDING FOR STRATEGIC LONG-TERM INITIATIVES CRITICAL TO THE HEALTH OF THE DISTRICT AND ITS ABILITY TO PROVIDE AN EXCELLENT EDUCATIONAL EXPERIENCE FOR ITS STUDENTS. THE ENDOWMENT FUND WAS CREATED AS A WAY TO ENSURE FUTURE FUNDING TO DEVELOP NEW CURRICULUM INITIATIVES AND PROVIDE PROFESSIONAL DEVELOPMENT TO MEET THE NEEDS OF 21ST CENTURY LEARNERS. DURING THE FISCAL YEAR ENDED JUNE 30, 2024, GRANT AWARDED TOTALED $256,895. THE LARGEST GRANT AWARDS FUNDED THE FOLLOWING INITIATIVES:STEAM TEACHERS (DESIGN/INNOVATION TEACHER AND A THEATRE TECHNOLOGY & FILM TEACHER) AT LAWTON C. JOHNSON MIDDLE SCHOOL - $210,000ADJUSTABLE DESKS THAT PROMOTE STUDENT PRODUCTIVITY AND WELL-BEING - $46,000
THE SUMMIT EDUCATIONAL FOUNDATION FUNDED SPECIFIC GRANTS WITH CONTRIBUTIONS RECEIVED SUBJECT TO DONOR-IMPOSED RESTRICTIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Melissa Madden Co-President | OfficerTrustee | 10 | $0 |
Heather Thomas Co-President | OfficerTrustee | 10 | $0 |
Amy Burke Secretary | OfficerTrustee | 10 | $0 |
Theresa Cowing Treasurer | OfficerTrustee | 5 | $0 |
Lesley Arlein Trustee | Trustee | 1 | $0 |
Rachel Callahan 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 | $293,472 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $293,472 |
| Total Program Service Revenue | $0 |
| Investment income | $149,799 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$13,544 |
| Net Income from Fundraising Events | $119,635 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $549,362 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $637,159 |
| 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 | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $17,262 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $28,388 |
| Advertising and promotion | $0 |
| Office expenses | $1,361 |
| 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 | $1,825 |
| All other expenses | $240 |
| Total functional expenses | $708,184 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $32,900 |
| Savings and temporary cash investments | $683,599 |
| Pledges and grants receivable | $50,000 |
| 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 | $8,344 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $6,213,619 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $6,988,462 |
| Accounts payable and accrued expenses | $11,750 |
| Grants payable | $846,971 |
| 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 | $858,721 |
| Net assets without donor restrictions | $5,626,669 |
| Net assets with donor restrictions | $503,072 |
| 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 | $6,988,462 |