Summit Educational Foundation Inc
- Assets
- $6.8m
- Revenue
- $702.0k
- Investments
- $6.3m
- Employees
- 0
- Location
- Summit, NJ
- Founding
- 06/1988
- Data as of
- 06/2022
- 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 06/2022, Summit Educational Foundation Inc generated $702.0k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.9%) each year. All expenses for the organization totaled $1.4m 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 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 2021-22 FISCAL YEAR, 75 GRANTS TOTALING $404,543 WERE AWARDED FROM THE ANNUAL FUND. THE LARGEST GRANT AWARDS FUNDED THE FOLLOWING INITIATIVES:SUPPORTING ALL READERS WITH QUALITY TEXTS: DECODABLE BOOK COLLECTIONS FOR GRADE 1 - $61,084FLEXIBLE CLASSROOM FURNITURE - $18,267THE SCIENCE OF READING TAKES ON GUIDED READING - $17,499USING FORMATIVE TO CREATE DATA-RICH LEARNING EXPERIENCES - $17,490CREATING A MODERN MATHEMATICS CLASSROOM - $16,668
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, 2022, GRANT AWARDED TOTALED $941,542. THE LARGEST GRANT AWARDS FUNDED THE FOLLOWING INITIATIVES:STEAM (SCIENCE, TECHNOLOGY, ENGINEERING, ARTS, MATHEMATICS) TEACHERS - $650,000ELEMENTARY INNOVATION LABS - $226,742SAY IT LOUD - $64,800
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 |
|---|---|---|---|
Amy Burke Co-President | OfficerTrustee | 10 | $0 |
Maggie Bauman Co-President | OfficerTrustee | 10 | $0 |
Key Michel Treasurer | OfficerTrustee | 5 | $0 |
Theresa Cowing Secretary | OfficerTrustee | 5 | $0 |
Tim Erday Trustee | Trustee | 1 | $0 |
Angie Gannon 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 | $496,606 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $496,606 |
| Total Program Service Revenue | $0 |
| Investment income | $126,900 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$19,583 |
| Net Income from Fundraising Events | $98,060 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $701,983 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,359,723 |
| 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 | $12,777 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,350 |
| Advertising and promotion | $0 |
| Office expenses | $1,335 |
| 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 | $1,736 |
| All other expenses | $310 |
| Total functional expenses | $1,399,481 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $128,740 |
| Savings and temporary cash investments | $209,086 |
| Pledges and grants receivable | $150,000 |
| 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 | $5,758 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $6,271,612 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $6,765,196 |
| Accounts payable and accrued expenses | $7,800 |
| Grants payable | $1,532,017 |
| 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 | $1,539,817 |
| Net assets without donor restrictions | $4,723,692 |
| Net assets with donor restrictions | $501,687 |
| 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 | $6,765,196 |
Grants Recieved
Over the last fiscal year, we have identified 14 grants that Summit Educational Foundation Inc has recieved totaling $74,358.
| Awarding Organization | Amount |
|---|---|
Community Foundation Of New Jersey Morristown, NJ PURPOSE: GENERAL SUPPORT | $51,500 |
Goldman Sachs Philanthropy Fund New York, NY PURPOSE: EDUCATION | $10,000 |
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $6,179 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $1,600 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $1,500 |
Shallcross Family Foundation Inc North Palm Beach, FL PURPOSE: UNRESTRICTED GENERAL | $1,000 |
Endowment Analysis
| Beg. Balance | $6,946,616 |
| Earnings | -$1,048,276 |
| Net Contributions | $155,274 |
| Grants | -$887,284 |
| Ending Balance | $5,166,130 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Unidel Foundation Inc Greenville, DE | $452,249,782 | $36,851,681 |
Hunter College Foundation Inc New York, NY | $144,509,988 | $37,248,838 |
The American Friends Of Winchester College New York, NY | $259,900 | $15,435,931 |
Friends Of@ascend Charter Schools Inc Brooklyn, NY | $51,013,536 | $16,135,870 |
Rowan University Foundation Inc Glassboro, NJ | $339,808,677 | $39,224,287 |
Equitable Facilities Fund Inc New York, NY | $843,754,758 | $34,535,002 |
Stockton Affiliated Services Inc Galloway, NJ | $3,017,488 | $12,674,409 |
Auxiliary Campus Enterprises And Services State University College Alfred, NY | $11,814,689 | $16,740,654 |
College Of Staten Island Auxiliary Services Corp Inc Staten Island, NY | $62,695,629 | $9,780,570 |
American Friends Of The National Gallery London Inc New York, NY | $305,852,204 | $2,300,126 |
Auxiliary Services Corporation Of Suny Cortland Cortland, NY | $19,099,097 | $10,450,642 |
The Roosevelt Institute New York, NY | $39,947,474 | $14,561,739 |