Summit Education Initiative
- Assets
- $2.5m
- Revenue
- $1.7m
- Investments
- $1.7m
- Employees
- 15
- Location
- Akron, OH
- Founding
- 12/1996
- Data as of
- 06/2022
- 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 06/2022, Summit Education Initiative employed 15 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 06/2022, Summit Education Initiative generated $1.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.8% each year. All expenses for the organization totaled $2.0m during the year ending 06/2022. While expenses have increased by 12.2% per year over the past 7 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
2022
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): 7,500THIRD GRADE READING (STUDENTS ENROLLED IN GRADES 1 THROUGH 3): 14,2508TH 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): 22,400COLLEGE MATRICULATION AND PERSISTENCE (COUNT OF STUDENTS FROM THE CLASSES OF 2020 AND 2021 WHOM WE FOLLOWED THROUGH THE NATIONAL STUDENT CLEARINGHOUSE IN ORDER TO MEASURE MATRICULATION AND PERSISTENCE): 7,400
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Wm Glenn Leppo Chair | Trustee | 1 | $0 |
Evan Scocos Treasurer | Trustee | 1 | $0 |
Andrew Duff Secretary | Trustee | 1 | $0 |
Todd Bertsch Board Member | Trustee | 1 | $0 |
Joseph Clark PHD Board Member | Trustee | 1 | $0 |
Belinda Cox Board Member | Trustee | 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 | $1,557,269 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,557,269 |
| Total Program Service Revenue | $38,822 |
| Investment income | $56,599 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $18,722 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,681,930 |
| 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. | $105,973 |
| Compensation of current officers, directors, key employees. | $17,981 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $594,276 |
| Pension plan accruals and contributions | $53,227 |
| Other employee benefits | $97,645 |
| Payroll taxes | $62,334 |
| Fees for services: Management | $10,000 |
| Fees for services: Legal | $250 |
| Fees for services: Accounting | $17,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $17,618 |
| Fees for services: Other | $245,424 |
| Advertising and promotion | $24,157 |
| Office expenses | $35,370 |
| Information technology | $87,024 |
| 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 | $7,547 |
| Interest | $51 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $10,966 |
| Insurance | $8,654 |
| All other expenses | $8,926 |
| Total functional expenses | $2,031,352 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $384,196 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $221,275 |
| 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 | $132,521 |
| Net Land, buildings, and equipment | $16,796 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,657,375 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $58,784 |
| Total assets | $2,470,947 |
| Accounts payable and accrued expenses | $257,587 |
| 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 | $257,587 |
| Net assets without donor restrictions | $1,182,642 |
| Net assets with donor restrictions | $1,030,718 |
| 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 | $2,470,947 |