Summit Education Initiative
- Assets
- $3.1m
- Revenue
- $2.1m
- Investments
- $1.9m
- Employees
- 11
- Location
- Akron, OH
- Founding
- 12/1996
- Data as of
- 06/2021
- EIN
- 34-1843220
Organization Overview
Summit Education Initiative is located in Akron, OH. The organization was established in 1996. According to its NTEE Classification (B99) the organization is classified as: Education N.E.C., under the broad grouping of Education and related organizations. As of 06/2021, Summit Education Initiative employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Summit Education Initiative 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 06/2021, Summit Education Initiative generated $2.1m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 10.5% each year . All expenses for the organization totaled $1.6m during the year ending 06/2021. While expenses have increased by 9.9% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
OUR MISSION IS TO SIGNIFICANTLY INCREASE THE PROPORTION OF STUDENTS WHO GRADUATE FROM HIGH SCHOOL READY FOR SUCCESS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ACADEMIC READINESS: THE FIRST PRIORITY IS ENSURING THESE YOUNG PEOPLE ARE READY TO TAKE THE ACT, FOR A SECOND TIME, IN THE FALL OF THEIR SENIOR YEAR. AN INTENSIVE TWO-WEEK SUMMER ACADEMY PROVIDES THEM WITH MATH AND READING SKILL DEVELOPMENT AND USEFUL TEST-TAKING STRATEGIES. A FOLLOW-UP EVENT, MATHPALOOZA, REVIEWS KEY MATH SKILLS TO ENSURE STUDENTS HAVE MASTERED THE CONTENT.ASPIRATION BUILDING: THE GAP IS MORE THAN ACADEMIC; IT IS ALSO SOCIAL AND CULTURAL. MENTORS HELP REMOVE BARRIERS AND SHEPHERD THESE YOUNG PEOPLE FROM THEIR JUNIOR YEAR OF HIGH SCHOOL THROUGH ENROLLMENT IN A POSTSECONDARY INSTITUTION.ESTIMATES OF STUDENTS IMPACTED:PRE-SCHOOL AND KINDERGARTEN READINESS (ALL STUDENTS WHO PARTICIPATED IN THE TRANSITION SKILLS SUMMARY IN PRESCHOOL, COMBINED WITH STUDENTS ENROLLED IN KINDERGARTEN): 7,600THIRD GRADE READING (STUDENTS ENROLLED IN GRADES 1 THROUGH 3): 14,7508TH GRADE MATH (STUDENTS ENROLLED IN GRADES 5 THROUGH 8, OUR TARGET GRADE LEVELS TO PREPARE FOR 8TH GRADE MATH): 20,000NINTH GRADE SUCCESS + COLLEGE AND CAREER READINESS (STUDENTS ENROLLED IN GRADES 9-12, THE POPULATION SERVED THROUGH THE READY HIGH SCHOOL NETWORK): 22,500COLLEGE MATRICULATION AND PERSISTENCE (COUNT OF STUDENTS FROM THE CLASSES OF 2019 AND 2020 WHOM WE FOLLOWED THROUGH THE NATIONAL STUDENT CLEARINGHOUSE IN ORDER TO MEASURE MATRICULATION AND PERSISTENCE): 8,000
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kaye Rowe Top Financial Officer | Officer | 40 | $79,288 |
Dr Matthew Deevers Executive Director | Officer | 40 | $0 |
Wm Glenn Leppo Chair | Trustee | 1 | $0 |
John Williams Vice-Chair | Trustee | 1 | $0 |
Evan Scocos Treasurer | Trustee | 1 | $0 |
Andrew Duff Secretary | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $72,748 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,861,451 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,934,199 |
| Total Program Service Revenue | $33,216 |
| Investment income | $35,995 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $48,578 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,055,954 |
| 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. | $96,372 |
| Compensation of current officers, directors, key employees. | $18,887 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $356,358 |
| Pension plan accruals and contributions | $37,607 |
| Other employee benefits | $82,588 |
| Payroll taxes | $45,803 |
| Fees for services: Management | $12,000 |
| Fees for services: Legal | $500 |
| Fees for services: Accounting | $15,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $13,450 |
| Fees for services: Other | $202,042 |
| Advertising and promotion | $18,685 |
| Office expenses | $21,491 |
| Information technology | $74,444 |
| Royalties | $0 |
| Occupancy | $532 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,489 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,208 |
| Insurance | $8,300 |
| All other expenses | $11,981 |
| Total functional expenses | $1,602,742 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $727,732 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $222,105 |
| 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 | $89,032 |
| Net Land, buildings, and equipment | $13,321 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,931,850 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $71,853 |
| Total assets | $3,055,893 |
| Accounts payable and accrued expenses | $205,468 |
| 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 | $205,468 |
| Net assets without donor restrictions | $1,392,641 |
| Net assets with donor restrictions | $1,457,784 |
| 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 | $3,055,893 |
Grants Recieved
Over the last fiscal year, we have identified 6 grants that Summit Education Initiative has recieved totaling $951,153.
| Awarding Organization | Amount |
|---|---|
Akron Community Foundation Akron, OH PURPOSE: QUARTERLY DISTRIBUTION | $415,595 |
United Way Of Summit And Medina Akron, OH PURPOSE: DONOR DESIGNATIONS AND GRANT ALLOCATIONS | $265,539 |
Strivetogether Inc Cincinnati, OH PURPOSE: Challenge Fund | $250,000 |
Mary S & David C Corbin Foundation Akron, OH PURPOSE: KEY STEPS TO READING SUCCESS | $10,000 |
Lois Sisler Mcfawn Foundation Brooklyn, OH PURPOSE: GENERAL | $10,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $19 |
Peer Organizations
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|---|---|---|
Strada Collaborative Inc Indianapolis, IN | $87,757,237 | $36,146,755 |
Connected Nation Inc Bowling Green, KY | $5,021,239 | $16,572,653 |
Lindley Academy Charter School At Birney Philadelphia, PA | $8,724,796 | $15,521,412 |
National Association Of State Procurement Officials Lexington, KY | $137,920,901 | $31,374,950 |
Accelerate Great Schools Cincinnati, OH | $48,959,993 | $4,700,984 |
Tech Impact Philadelphia, PA | $10,895,345 | $15,289,025 |
Institute For Quality Education Inc Indianapolis, IN | $12,107,092 | $12,010,135 |
Chippewa Luce Macinac Comm Action Human Resource Auth Inc Sault Ste Marie, MI | $6,136,968 | $10,393,284 |
Kappa Kappa Gamma Foundation Dublin, OH | $48,213,422 | $9,077,849 |
Lehigh Valley Charter High School For The Arts Bethlehem, PA | $5,854,757 | $11,587,241 |
Bowling Green Warren County Primary Care Center Inc Bowling Green, KY | $15,935,520 | $7,530,325 |
Horizon Science Academy Of Lorain Lorain, OH | $7,416,204 | $11,463,711 |