The Summit Medical Group Foundation Inc
- Assets
- $5.1m
- Revenue
- $1.7m
- Investments
- $0.0
- Employees
- 3
- Location
- New Providence, NJ
- Founding
- 04/2014
- Data as of
- 12/2021
- EIN
- 46-3355413
Organization Overview
The Summit Medical Group Foundation Inc, operating under the name Summit Health Cares, is located in New Providence, NJ. The organization was established in 2014. According to its NTEE Classification (E12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Health Care and related organizations. As of 12/2021, Summit Health Cares employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Summit Health Cares 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 12/2021, Summit Health Cares generated $1.7m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 13.1% each year . All expenses for the organization totaled $1.8m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Summit Health Cares has awarded 17 individual grants totaling $255,686. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
IMPROVE ACCESS TO HEALTHCARE FOR UNDERSERVED INDIVIDUALS IN OUR COMMUNITY AND HELP EDUCATE AND INSPIRE OUR CURRENT AND FUTURE HEALTHCARE LEADERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EXPENSES INCURRED IN IMPROVING ACCESS TO HEALTHCARE FOR UNDERSERVED INDIVIDUALS IN OUR COMMUNITY AND HELPING EDUCATE AND INSPIRE OUR CURRENT AND FUTURE HEALTHCARE LEADERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rebecca Levy ESQ President - Trustee | OfficerTrustee | 5 | $0 |
Jeffrey Le Benger MD Chairman - Trustee | OfficerTrustee | 5 | $0 |
Marnie Cambria Dardanello MD Secretary - Trustee | OfficerTrustee | 5 | $0 |
Hari Nadiminti MD Treasurer - Trustee | OfficerTrustee | 5 | $0 |
Julienne Cherry Executive Director | Officer | 40 | $0 |
Sondra Barrison Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Summit Medical Group Pa Various Services | 12/30/21 | $772,248 |
Hamilton Farm Event Management | 12/30/21 | $134,805 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $847,981 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $780,234 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,628,215 |
| Total Program Service Revenue | $0 |
| Investment income | $2,520 |
| 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 | $26,477 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,657,212 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $18,502 |
| Grants and other assistance to domestic individuals. | $139,952 |
| 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 | $2,189 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,270,977 |
| Advertising and promotion | $38,896 |
| Office expenses | $127,360 |
| Information technology | $23,285 |
| Royalties | $0 |
| Occupancy | $26,293 |
| Travel | $6,662 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,907 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $29,423 |
| Insurance | $514 |
| All other expenses | $15,033 |
| Total functional expenses | $1,764,156 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,928,992 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $893 |
| 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 | $24,655 |
| Net Land, buildings, and equipment | $237,828 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $2,891,293 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $5,083,661 |
| Accounts payable and accrued expenses | $567,759 |
| 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 | $567,759 |
| Net assets without donor restrictions | $3,624,609 |
| Net assets with donor restrictions | $891,293 |
| 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 | $5,083,661 |
Grants Awarded
Over the last fiscal year, The Summit Medical Group Foundation Inc has awarded $76,900 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
Hillside, NJ PURPOSE: PROGRAM SUPPORT | $40,000 |
Dallas, TX PURPOSE: PROGRAM SUPPORT | $30,900 |
Paterson, NJ PURPOSE: PROGRAM SUPPORT | $6,000 |
Grants Recieved
Over the last fiscal year, we have identified 10 grants that The Summit Medical Group Foundation Inc has recieved totaling $77,755.
| Awarding Organization | Amount |
|---|---|
Morgan Stanley Global Impact Funding Trust Inc Indianapolis, IN PURPOSE: UNRESTRICTED GENERAL SUPPORT | $25,000 |
Goldman Sachs Charitable Gift Fund New York, NY PURPOSE: COMMUNITY OUTREACH & ENRICHMENT PROGRAMS | $13,334 |
Kenneth And Claudia Silverman Family Foundation Basking Ridge, NJ PURPOSE: GENERAL CHARITABLE | $10,650 |
Schwab Charitable Fund San Francisco, CA PURPOSE: HEALTH | $8,100 |
Community Foundation Of New Jersey Morristown, NJ PURPOSE: GENERAL SUPPORT | $7,500 |
Jackson Lewis Foundation West Harrison, NY PURPOSE: UNRESTRICTED SUPPORT OF THE ORGANIZATION'S EXEMPT PURPOSE | $6,000 |
Endowment Analysis
| Beg. Balance | $848,950 |
| Earnings | $42,343 |
| Ending Balance | $891,293 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Doylestown Health Foundation Doylestown, PA | $88,236,207 | $10,269,180 |
Newcourtland Elder Service Philadelphia, PA | $143,669,356 | $7,770,253 |
Foundation For Morristown Medical Center Inc Morristown, NJ | $194,034,598 | $31,511,180 |
Saint Barnabas Health Care System Foundation Inc Oceanport, NJ | $95,611,955 | $91,087,287 |
Upmc Pinnacle Foundation Harrisburg, PA | $153,865,644 | $10,550,659 |
Hudson East River Systems Llc New York, NY | $9,323,421,475 | $81,815,633 |
The Childrens Health Fund New York, NY | $7,589,617 | $9,406,757 |
Bronxcare Health Integrated Services System Inc Bronx, NY | $2,917,349 | $9,136,103 |
York Health Foundation York, PA | $12,105,892 | $8,310,377 |
New York Hospital Cornell Medical Center Fund Inc New York, NY | $237,549,829 | $20,911,565 |
Northeast Health Foundation Inc Albany, NY | $23,246,961 | $6,972,947 |
New York Foundling Charitable Corporation New York, NY | $0 | $3,656,772 |