Summit Academy Incorporated
- Assets
- $58.1m
- Revenue
- $21.0m
- Investments
- $0.0
- Employees
- 440
- Location
- Draper, UT
- Founding
- 05/2005
- Data as of
- 06/2021
- EIN
- 04-3778013
Organization Overview
Summit Academy Incorporated is located in Draper, UT. The organization was established in 2005. According to its NTEE Classification (B29) the organization is classified as: Charter Schools, under the broad grouping of Education and related organizations. As of 06/2021, Summit Academy Incorporated employed 440 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Summit Academy Incorporated 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 Academy Incorporated generated $21.0m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 11.9% each year . All expenses for the organization totaled $20.5m during the year ending 06/2021. While expenses have increased by 12.6% 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
TO MANAGE, OPERATE, GUIDE, DIRECT, AND PROMOTE A PUBLIC CHARTER SCHOOL FUNDED BY LOCAL, STATE, AND FEDERAL SOURCES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATION OF ONE CHARTER SCHOOL FOR STUDENTS FROM KINDERGARTEN THROUGH EIGTH GRADE.
OPERATION OF PROGRAMS FOR THE BENEFIT OF STUDENTS.
OPERATION OF A FOOD SERVICE PROGRAM FOR THE BENEFIT OF STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Clark Director & P | Officer | 32 | $43,733 |
Brad Wilkinson Cfo/business | Officer | 34 | $32,300 |
Chris Lynn Board Treasu | OfficerTrustee | 2 | $0 |
Chelsea Welch Board Presid | OfficerTrustee | 2 | $0 |
Ramona Baik Board Vice P | OfficerTrustee | 2 | $0 |
Nikki Stucki Board Member | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $19,639,547 |
| All other contributions, gifts, grants, and similar amounts not included above | $94,869 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $19,734,416 |
| Total Program Service Revenue | $1,118,182 |
| Investment income | $60,794 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $115,450 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $21,044,224 |
| 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. | $225,570 |
| Compensation of current officers, directors, key employees. | $4,512 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,770,732 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $3,112,225 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $307,011 |
| Advertising and promotion | $0 |
| Office expenses | $1,645,246 |
| Information technology | $1,113,414 |
| Royalties | $0 |
| Occupancy | $623,331 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,704,733 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,018,556 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $20,520,818 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,509,565 |
| Savings and temporary cash investments | $5,898,469 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $220,641 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,136,661 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $42,470,534 |
| Investments—publicly traded securities | $5,149,587 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,690,859 |
| Total assets | $58,076,316 |
| Accounts payable and accrued expenses | $1,257,768 |
| Grants payable | $0 |
| Deferred revenue | $906,788 |
| Tax-exempt bond liabilities | $38,950,000 |
| 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 | $11,825,126 |
| Total liabilities | $52,939,682 |
| Net assets without donor restrictions | -$13,253 |
| Net assets with donor restrictions | $5,149,887 |
| 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 | $58,076,316 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Summit Academy Incorporated has recieved totaling $347.
| Awarding Organization | Amount |
|---|---|
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $347 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Utah Charter Academies Draper, UT | $87,193,817 | $47,458,045 |
Strive Preparatory Schools Denver, CO | $16,366,153 | $54,741,372 |
Kipp Colorado Schools Denver, CO | $14,636,055 | $38,026,869 |
Legacy Traditional Schools - Nevada Inc Chandler, AZ | $98,471,077 | $39,227,732 |
Goal Academy Pueblo, CO | $51,570,908 | $48,674,529 |
Mater Academy Of Nevada Las Vegas, NV | $50,289,285 | $33,903,245 |
Spectrum Academy North Salt Lake City, UT | $38,407,104 | $29,729,025 |
Odyssey Preparatory Academy Inc Buckeye, AZ | $75,530,982 | $28,243,391 |
Rocky Mountain Preparatory School Denver, CO | $30,804,994 | $31,097,127 |
Arizona Connections Academy Charter School Gilbert, AZ | $11,036,365 | $27,443,157 |
Benjamin Franklin Charter School - Queen Creek Gilbert, AZ | $74,039,747 | $26,576,099 |
Daisy Education Corporation Gilbert, AZ | $46,295,236 | $27,502,043 |