Summit Academy Oic is located in Minneapolis, MN. The organization was established in 1967. According to its NTEE Classification (B28) the organization is classified as: Special Education, under the broad grouping of Education and related organizations. As of 06/2024, Summit Academy Oic employed 183 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Summit Academy Oic 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 Academy Oic generated $18.0m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 8.1% each year. All expenses for the organization totaled $15.4m during the year ending 06/2024. While expenses have increased by 8.7% per year over the past 9 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
ASSIST INDIVIDUALS TO DEVELOP THEIR ABILITY TO EARN AND TO BECOME CONTRIBUTORS IN THEIR COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SUMMIT ACADEMY OIC IS A NON-PROFIT VOCATIONAL TRAINING AND EDUCATIONAL CENTER BASED IN NORTH MINNEAPOLIS WITH 50 YEARS' EXPERIENCE HELPING TWIN CITIES' RESIDENTS IN ECONOMICALLY DEPRESSED NEIGHBORHOODS ACQUIRE THE TOOLS THEY NEED TO BECOME EDUCATED, EMPLOYED, AND SELF-SUPPORTING. SUMMIT ACADEMY IS THE ONLY COMMUNITY-BASED VOCATIONAL TRAINING AND JOB-PLACEMENT PROGRAM IN NORTH MINNEAPOLIS ACCREDITED BY THE COUNCIL ON OCCUPATIONAL EDUCATION AND REGISTERED WITH THE MINNESOTA HIGHER EDUCATION SERVICES OFFICE.AT SUMMIT ACADEMY OIC, WE BELIEVE THE BEST SOCIAL SERVICE PROGRAM IN THE WORLD IS A JOB. GRADUATES FROM OUR ADULT EDUCATION PROGRAMS ARE GIVEN THE OPPORTUNITY TO LIFT THEMSELVES UP FROM A LIFE OF POVERTY AND HOPELESSNESS ONTO A PATH THAT WILL LEAD TO A BETTER LIFE FOR THEMSELVES AND THEIR FAMILIES. WHERE BEFORE, THESE MEN AND WOMEN WERE LIMITED BY CHRONIC UNEMPLOYMENT, A COMPLETE LACK OF RESOURCES, AND IN MANY CASES, A LACK OF FAITH IN THEMSELVES, THEY NOW HAVE THE CHANCE TO FUNDAMENTALLY CHANGE THEIR CIRCUMSTANCES BY INCREASING THEIR INCOME AND THEIR QUALITY OF LIFE. WHEN ADULTS WORK FULL-TIME LIVING-WAGE JOBS, THEY BECOME ROLE MODELS TO YOUNG ADULTS AND CHILDREN, FAMILIES BECOME MORE STABLE, AND THE CYCLE THAT HAS KEPT THEIR COMMUNITIES POOR AND CRIME-RIDDEN IS BROKEN. THESE POSITIVE CHANGES CONTINUE TO RIPPLE OUT EVEN FURTHER INTO THE LARGER COMMUNITY AS FEWER SOCIAL SERVICES AND INCARCERATION COSTS ARE INCURRED AND GRADUATES BEGIN TO PAY TAXES. AFTER RECEIVING TRAINING IN COMMUNITY HEALTHCARE, ENERGY EFFICIENCY AND GREEN CONSTRUCTION, THESE GRADUATES HAVE GONE ON TO WORK IN JOBS THAT DIRECTLY IMPROVE MINNESOTA'S INFRASTRUCTURE.SUMMIT ACADEMY OFFERS ADULT EDUCATION AND SUPPORT SERVICES THAT ARE TAILORED TO THE SPECIFIC NEEDS OF THE COMMUNITIES WE SERVE. OUR CAREER AND TECHNOLOGY CENTER PROVIDES PRE-APPRENTICE TRAINING IN CONSTRUCTION (HUNDRED HARD HATS PROGRAM), WITH SPECIFIC TRACKS IN CARPENTRY AND ELECTRICAL WORK. THE CTC ALSO OFFERS PROGRAMS IN MEDICAL ADMINISTRATIVE ASSISTANT , INFORMATION TECHNOLOGY CAREERS AND IN 2024 WE INITIATED TRAINING IN FINANCIAL SERVICES. IN ADDITION TO THE POST SECONDARY OFFERINGS SUMMIT OFFERS A CONTEXTUALIZED GED PROGRAM THAT PROVIDES INDIVIDUALS WITHOUT A HIGH SCHOOL DIPLOMA THE OPPORTUNITY TO EARN A GED IN CONJUNCTION WITH ATTAINTING AN ADVANCED CERTIFICATE IN THE AFOREMENTIONED CARRERS. ALL CAREER TRACKS ARE ALL SUPPORTED WITH SERVICES THAT DEVELOP STUDENTS' LIFE SKILLS AND ASSIST IN JOB SEEKING, PLACEMENT, AND RETENTION.IN THIS FISCAL YEAR (JULY 1, 2023- JUNE 30, 2024), SUMMIT'S CAREER AND TECHNOLOGY CENTER SERVED 954 ADULT STUDENTS, AND 559 OBTAINED THEIR GED OR GRADUATED WITH A VOCATIONAL TRAINING CERTIFICATE OF COMPLETION. OVER THAT TIME SUMMIT PLACED 331 ADULTS IN EMPLOYMENT. JOB EARNINGS FOR ALL PROGRAMS ARE AT A MEDIAN OF $21 PER HOUR.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Bill Parker Chairman | OfficerTrustee | 1 | $0 |
Miquel Purvis Mcmoore Vice Chair | OfficerTrustee | 1 | $0 |
Jim Torborg Secretary | OfficerTrustee | 1 | $0 |
Wayne Gray Treasurer | OfficerTrustee | 1 | $0 |
David Juran Director | Trustee | 1 | $0 |
Mark Moorehouse Director | Trustee | 1 | $0 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Robert Half Executive Temp Services | 6/29/24 | $162,943 |
Grander Guard Security Services | 6/29/24 | $150,767 |
Cliftonlarsonallen Crm Development & Auditing Services | 6/29/24 | $213,803 |
Atomic Data Data Network Monitoring And Support | 6/29/24 | $209,141 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $0 |
Fundraising events | $691,541 |
Related organizations | $0 |
Government grants | $3,113,790 |
All other contributions, gifts, grants, and similar amounts not included above | $9,328,257 |
Noncash contributions included in lines 1a–1f | $54,457 |
Total Revenue from Contributions, Gifts, Grants & Similar | $13,133,588 |
Total Program Service Revenue | $4,760,676 |
Investment income | $23,528 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | -$171,417 |
Net Gain/Loss on Asset Sales | $0 |
Net Income from Fundraising Events | -$121,284 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $17,953,025 |
Statement of Expenses | |
---|---|
Grants and other assistance to domestic organizations and domestic governments. | $0 |
Grants and other assistance to domestic individuals. | $2,525,620 |
Grants and other assistance to Foreign Orgs/Individuals | $0 |
Benefits paid to or for members | $0 |
Compensation of current officers, directors, key employees. | $1,276,198 |
Compensation of current officers, directors, key employees. | $727,281 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $6,208,715 |
Pension plan accruals and contributions | $121,532 |
Other employee benefits | $599,506 |
Payroll taxes | $562,320 |
Fees for services: Management | $0 |
Fees for services: Legal | $137,429 |
Fees for services: Accounting | $48,167 |
Fees for services: Lobbying | $74,000 |
Fees for services: Fundraising | $77,585 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $899,331 |
Advertising and promotion | $414,591 |
Office expenses | $494,638 |
Information technology | $0 |
Royalties | $0 |
Occupancy | $383,208 |
Travel | $106,448 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $0 |
Interest | $39,375 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $612,990 |
Insurance | $0 |
All other expenses | $195,458 |
Total functional expenses | $15,422,049 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $4,208,347 |
Savings and temporary cash investments | $1,095,832 |
Pledges and grants receivable | $2,710,033 |
Accounts receivable, net | $1,291,078 |
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 | $58,298 |
Net Land, buildings, and equipment | $5,522,491 |
Investments—publicly traded securities | $6,666,223 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $216,302 |
Total assets | $21,768,604 |
Accounts payable and accrued expenses | $1,373,371 |
Grants payable | $0 |
Deferred revenue | $309,878 |
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 | $835,043 |
Total liabilities | $2,518,292 |
Net assets without donor restrictions | $14,509,256 |
Net assets with donor restrictions | $4,741,056 |
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 | $21,768,604 |