Summit Academy Charter School
- Assets
- $3.0m
- Revenue
- $4.9m
- Investments
- $0.0
- Employees
- 50
- Location
- Brooklyn, NY
- Founding
- 07/2010
- Data as of
- 06/2023
- EIN
- 26-4243160
Organization Overview
Summit Academy Charter School is located in Brooklyn, NY. The organization was established in 2010. According to its NTEE Classification (B29) the organization is classified as: Charter Schools, under the broad grouping of Education and related organizations. As of 06/2023, Summit Academy Charter School employed 50 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Summit Academy Charter School 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 06/2023, Summit Academy Charter School generated $4.9m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (1.0%) each year. All expenses for the organization totaled $5.5m during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by (1.3%) per year over the past 8 years. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE O
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PURPOSE OF THE SCHOOL IS TO PREPARE STUDENTS IN GRADES SIX THROUGH TWELVE FOR EDUCATIONAL SUCCESS FROM MIDDLE SCHOOL THROUGH COLLEGE. THIS WILL BE ACCOMPLISHED THROUGH A DEMANDING DATA DRIVEN EDUCATION BASED ON HIGH STANDARDS, STRUCTURE, AND ACCOUNTABILITY. THE SCHOOL CURRENTLY SERVES APPROXIMATELY 204 STUDENTS IN GRADES SIX THROUGH TWELVE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Bernard Board Chair | OfficerTrustee | 1 | $0 |
Michael Nieves Trustee | Trustee | 1 | $0 |
Virginia Connelley Vice Chair | OfficerTrustee | 1 | $0 |
William Colvatio Treasurer & Chair - Resigned In Nov 2022 | OfficerTrustee | 1 | $0 |
Alicia Murray Secretary | OfficerTrustee | 1 | $0 |
Alvin Young Treasurer - Joined During Year | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Center For Education Innovation Education Partner Organization | 6/29/23 | $196,000 |
Accounting Solutions For Non-profit Orga Accounting And Bookkeeping Service | 6/29/23 | $100,180 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $678,995 |
| All other contributions, gifts, grants, and similar amounts not included above | $68,002 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $746,997 |
| Total Program Service Revenue | $4,122,116 |
| Investment income | $8 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $4,869,121 |
| 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. | $594,677 |
| Compensation of current officers, directors, key employees. | $231,521 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,537,871 |
| Pension plan accruals and contributions | $19,433 |
| Other employee benefits | $492,388 |
| Payroll taxes | $255,696 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $14,445 |
| Fees for services: Accounting | $27,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $575,602 |
| Advertising and promotion | $73,920 |
| Office expenses | $46,436 |
| Information technology | $131,600 |
| 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 | $98,985 |
| Insurance | $65,200 |
| All other expenses | $546 |
| Total functional expenses | $5,465,969 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,050,232 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $600,055 |
| 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 | $33,934 |
| Net Land, buildings, and equipment | $268,971 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $75,179 |
| Total assets | $3,028,371 |
| Accounts payable and accrued expenses | $403,313 |
| 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 | $403,313 |
| Net assets without donor restrictions | $2,625,058 |
| Net assets with donor restrictions | $0 |
| 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 | $3,028,371 |