The Summit Foundation A Nj Nonprofit Corporation
- Assets
- $19.4m
- Revenue
- $1.6m
- Investments
- $0.0
- Employees
- 0
- Location
- Summit, NJ
- Founding
- 07/1976
- Data as of
- 12/2023
- EIN
- 22-1948007
Organization Overview
The Summit Foundation A Nj Nonprofit Corporation is located in Summit, NJ. The organization was established in 1976. According to its NTEE Classification (T31) the organization is classified as: Community Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Summit Foundation A NJ Nonprofit Corporation 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 12/2023, Summit Foundation A NJ Nonprofit Corporation generated $1.6m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (15.0%) each year. All expenses for the organization totaled $1.5m during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2017, Summit Foundation A NJ Nonprofit Corporation has awarded 238 individual grants totaling $5,979,427. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE SUMMIT FOUNDATION (THE FOUNDATION) IS A NONPROFIT CORPORATION LOCATED IN SUMMIT, NEW JERSEY. ITS PURPOSE IS TO FOSTER PHILANTHROPY AND SERVE THE PUBLIC CHARITABLE, EDUCATIONAL OR BENEVOLENT NEEDS OF THE REGION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
$659,774 GRANTED TO AGENCIES PURSUANT TO A RIGOROUS APPLICATION REVIEW PROCESS.$273,797 TO 29 AGENCIES TO DONOR ADVISED FUNDS. $127,330 AWARDED IN SCHOLARSHIPS TO 51 STUDENT RECIPIENTS. $318,286 DONOR ADVISED DISTRIBUTIONS TO 7 FUNDS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dana Turk President | OfficerTrustee | 5 | $0 |
Jim Fleischmann Vice President | OfficerTrustee | 5 | $0 |
Regina Daly Secretary | OfficerTrustee | 5 | $0 |
Martha Sayre Treasurer | OfficerTrustee | 10 | $0 |
Irene Murdock Assistant Treasurer | OfficerTrustee | 1 | $0 |
Jack Cooper President Emeritus | OfficerTrustee | 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 | $731,294 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $731,294 |
| Total Program Service Revenue | $0 |
| Investment income | $474,263 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $346,846 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,555,253 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,251,857 |
| Grants and other assistance to domestic individuals. | $127,330 |
| 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 | $17,719 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $81,078 |
| Fees for services: Other | $0 |
| Advertising and promotion | $11,002 |
| Office expenses | $0 |
| Information technology | $6,734 |
| 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 | $1,697 |
| All other expenses | $0 |
| Total functional expenses | $1,499,902 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,757,674 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $38,935 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $17,601,688 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $37,539 |
| Total assets | $19,435,836 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Net assets without donor restrictions | $10,515,082 |
| Net assets with donor restrictions | $8,920,754 |
| 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 | $19,435,836 |
Grants Awarded
Over the last fiscal year, The Summit Foundation A Nj Nonprofit Corporation has awarded $853,898 in support to 37 organizations.
| Grant Recipient | Amount |
|---|---|
BRIDGES OUTREACH INC PURPOSE: VARIOUS PROJECTS | $20,000 |
BUILDING HOMES FOR HEROES PURPOSE: VARIOUS PROJECTS | $25,000 |
CENTER FOR HOPE HOSPICE PURPOSE: VARIOUS PROJECTS | $25,000 |
BOYS AND GIRLS OF UNION COUNTY PURPOSE: VARIOUS PROJECTS | $15,000 |
CHILDREN'S SPECIALIZED HOSPITAL FOUNDATION PURPOSE: VARIOUS PROJECTS | $35,000 |
COMMUNITY FOOD BANK OF NJ PURPOSE: VARIOUS PROJECTS | $40,000 |