Summers Foundation
- Assets
- $1.8m
- Revenue
- $551.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Palestine, TX
- Founding
- 10/2000
- Data as of
- 12/2021
- EIN
- 75-2851505
Organization Overview
Summers Foundation is located in Palestine, TX. The organization was established in 2000. According to its NTEE Classification (T30) the organization is classified as: Public 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. Summers Foundation 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, Summers Foundation generated $551.2k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 15.2% each year . All expenses for the organization totaled $630.4k during the year ending 12/2021. While expenses have increased by 21.6% 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.
Since 2015, Summers Foundation has awarded 33 individual grants totaling $1,828,000. 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
SUPPORT OF CERTAIN SECTION 501(C)(3) ORGANIZATIONS
Describe the Organization's Program Activity:
Part 3 - Line 4a
PRESBYTERIAN CHURCH OF PALESTINE - BOY SCOUT TROUP 440 60,000 FIRST UNITED METHODIST CHURCH OF PALESTINE 10,000 FIRST PRESBYTERIAN CHURCH OF PALESTINE 15,000 CARTMELL HOME FOR THE AGED & ORPHANS 10,000 EAST TEXAS COMMUNITIES FOUNDATION 410,000 PALESTINE ROTARY FOUNDATION 60,000 UT MD ANDERSON CANCER CENTER 40,000
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
A Hugh Summers President | OfficerTrustee | 2 | $0 |
Haywood L Harris Jr Vice Preside | OfficerTrustee | 1 | $0 |
Geraldine Ivey Vice Preside | OfficerTrustee | 1 | $0 |
Ahnise V Summers Secretary/tr | Officer | 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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $200,237 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $350,914 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $551,151 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $605,000 |
| 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. | $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 | $3,100 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $21,025 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| 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 | $495 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $736 |
| Total functional expenses | $630,356 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $109,390 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,147 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $1,661,269 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,771,806 |
| 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 | $0 |
| 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 | $1,771,806 |
| Total liabilities and net assets/fund balances | $1,771,806 |
Grants Awarded
Over the last fiscal year, Summers Foundation has awarded $605,000 in support to 7 organizations.
| Grant Recipient | Amount |
|---|---|
Tyler, TX PURPOSE: EAST TEXAS FUND | $410,000 |
Palestine, TX PURPOSE: YOUTH EDUCATION | $60,000 |
FIRST PRESBYTERIAN CHURCH OFPALESTINE - BOY SCOUT TROOP 440 PURPOSE: YOUTH EDUCATION | $60,000 |
UT MD ANDERSON CANCER CENTER PURPOSE: MEDICAL RESEARCH | $40,000 |
FIRST PRESBYTERIAN CHURCH OFPALESTINE PURPOSE: YOUTH EDUCATION | $15,000 |
Palestine, TX PURPOSE: BUILDING FUND | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Jasper Ridge Charitable Fund Fort Worth, TX | $1,059,804,391 | $51,342,189 |
Communities Foundation Of Oklahoma Inc Oklahoma City, OK | $155,793,943 | $76,729,791 |
W W Caruth Jr Foundation Dallas, TX | $444,705,321 | $32,925,098 |
Dallas Center For The Performing Arts Foundation Inc Dallas, TX | $209,822,251 | $21,963,048 |
Houston Parks Board Houston, TX | $62,239,000 | $18,357,527 |
Fossil Foundation Richardson, TX | $2,468,423 | $514,916 |
Pratham Usa Houston, TX | $25,223,728 | $25,510,214 |
Lsu Health Sciences Foundation In Shreveport Shreveport, LA | $312,345,482 | $53,948,217 |
Amarillo Area Foundation Inc Amarillo, TX | $153,231,166 | $11,027,021 |
University Of North Texas Foundation Inc Denton, TX | $307,856,436 | $18,135,985 |
Soi Dog Houston, TX | $2,898,470 | $10,171,466 |
The Livestrong Foundation Austin, TX | $32,201,486 | $2,234,840 |