Civic Intelligence

The Summit Foundation a Nj Nonprofit Corporation

990 • Fiscal year 2020 • EIN 22-1948007

Jan 01, 2020 to Dec 31, 2020 • Filed on Sep 13, 2021

Organization ProfileWWW.SUMMITFOREVER.ORG
PO Box 867Summit, NJ 07902-0867

(908) 273-1212

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

5th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Liabilities / Revenue

5th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Net Margin

5th percentile

-74%

Higher net margin than 5% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Top Officer Pay

14th percentile

$0

Higher top officer pay than 14% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Asset Growth

50th percentile

6.7%

Faster asset growth than 50% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2018 to 2020

Revenue Growth

10th percentile

-38%

Faster revenue growth than 10% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2018 to 2020

Balance Sheet
Liabilities / Assets5th percentile

Assets

Up

$18,575,010

Up $2,260,627 (+14%) from 2018

Net Assets

Up

$18,575,010

Up $2,260,627 (+14%) from 2018

Liabilities

Flat

$0

Flat from 2018

Revenue And Expenses
Liabilities / Revenue5th percentileNet Margin5th percentile

Revenue

Down

$758,069

Down $1,193,862 (-61%) from 2018

Expenses

Up

$1,318,827

Up $296,838 (+29%) from 2018

Net Income

Down

-$560,758

Down $1,490,700 (-160%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth50th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$30M$20M$10M$0Assets 2011: $12,979,047Liabilities 2011: $0Net Assets 2011: $12,979,0472011Assets 2012: $13,706,082Liabilities 2012: $0Net Assets 2012: $13,706,0822012Assets 2013: $15,592,222Liabilities 2013: $0Net Assets 2013: $15,592,2222013Assets 2014: $16,599,028Liabilities 2014: $0Net Assets 2014: $16,599,0282014Assets 2015: $15,404,457Liabilities 2015: $0Net Assets 2015: $15,404,4572015Assets 2016: $16,203,833Liabilities 2016: $0Net Assets 2016: $16,203,8332016Assets 2017: $17,335,720Liabilities 2017: $0Net Assets 2017: $17,335,7202017Assets 2018: $16,314,383Liabilities 2018: $0Net Assets 2018: $16,314,3832018Assets 2020: $18,575,010Liabilities 2020: $0Net Assets 2020: $18,575,0102020Assets 2021: $21,049,660Liabilities 2021: $0Net Assets 2021: $21,049,6602021Assets 2022: $17,845,068Liabilities 2022: $0Net Assets 2022: $17,845,0682022Assets 2023: $19,435,836Liabilities 2023: $0Net Assets 2023: $19,435,8362023Assets 2024: $20,717,541Liabilities 2024: $0Net Assets 2024: $20,717,5412024

Highlighted filing

2020

Assets$18,575,010
Liabilities$0
Net Assets$18,575,010
Open 2020 Filing

Operations Trend

Revenue Growth10th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2011: $953,065Expenses 2011: $966,782Net Income 2011: -$13,7172011Revenue 2012: $777,772Expenses 2012: $743,899Net Income 2012: $33,8732012Revenue 2013: $1,052,994Expenses 2013: $799,466Net Income 2013: $253,5282013Revenue 2014: $1,416,289Expenses 2014: $814,302Net Income 2014: $601,9872014Revenue 2015: $981,303Expenses 2015: $1,094,677Net Income 2015: -$113,3742015Revenue 2016: $947,317Expenses 2016: $809,417Net Income 2016: $137,9002016Revenue 2017: $4,120,114Expenses 2017: $1,422,753Net Income 2017: $2,697,3612017Revenue 2018: $1,951,931Expenses 2018: $1,021,989Net Income 2018: $929,9422018Revenue 2020: $758,069Expenses 2020: $1,318,827Net Income 2020: -$560,7582020Revenue 2021: $1,487,909Expenses 2021: $1,163,480Net Income 2021: $324,4292021Revenue 2022: $1,086,760Expenses 2022: $1,129,740Net Income 2022: -$42,9802022Revenue 2023: $1,555,253Expenses 2023: $1,499,902Net Income 2023: $55,3512023Revenue 2024: $2,547,550Expenses 2024: $1,110,797Net Income 2024: $1,436,7532024

Highlighted filing

2020

Revenue$758,069
Expenses$1,318,827
Net Income-$560,758
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Sep 13, 2021
Return Version
2020v4.1
Gross Receipts
$15,918,895
Mission and Program Overview

Mission

Summit area public foundation is a tax-exempt community foundation that fosters philanthropy in the greater summit nj area. The foundation uses competitive grants and the wishes of donors to meet the needs of the community.

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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$17,738,928$17,752,130▲ $13,202
Savings and Temporary Cash Investments$429,892$725,844▲ $295,952
Other Notes and Loans Receivable, Net$86,832$75,739▼ $11,093
Total Assets$18,290,448$18,575,010▲ $284,562
Other Assets Total$34,796$21,297▼ $13,499
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$9,371,632$9,647,577▲ $275,945
Net Assets With Donor Restrictions$8,918,816$8,927,433▲ $8,617
Total Net Assets Fund Balance$18,290,448$18,575,010▲ $284,562
Total Liabilities and Net Assets / Fund Balance$18,290,448$18,575,010▲ $284,562

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2020$8,939,969$0▲ $605,201-$9,045,182
2019$7,984,567$17,813▲ $1,338,585-$8,939,969
2018$8,961,065-▼ $545,119-$7,984,567
2017$8,196,592$6,824▲ $1,162,210-$8,961,065
Compensation and Service Providers
Top Officer Pay14th percentile

Board Members and Trustees

NameTitle
Julie KeenanPresident
David DietzeVice President
Amy Everett DisibioTrustee
Ann OlivaTrustee
Cary HardyTrustee
Celia ColbertTrustee
Charles GelberTrustee
Dana TurkTrustee
Drew MaldonadoTrustee
Eric LegoffTrustee
James FleischmannTrustee
John CooperTrustee
Julie AdamsTrustee
Katherine KalinTrustee
Lyle BrehmTrustee
Patricia FontanTrustee
Sandra LizzaTrustee
Sandy BloomTrustee
Martha SayreAssistant Treasurer
Frank MacioceSecretary
Leah GriffithTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$380,032
Program Service Revenue
$0
Investment Income
$377,037
Other Revenue
$1,000
All Other Contributions
$380,032
Change in Net Assets
$-560,758

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported Amount
Securities Publicly Traded5$152,641
Total Noncash Contributions5$152,641

Audited Revenue Reconciliation

Revenue per Audited Statements
$683,137
Revenue Not Reported on Financial Statements
$74,932
Revenue Not Reported on Form 990
$845,320
Other Revenue Adjustments
$74,932
Total Revenue per Audited Statements
$1,528,457
Total Revenue per Form 990
$758,069
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,209,438
Other Expenses$109,389
Total Fundraising Expense$8,668
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$1,146,988--$1,146,988
Fees for Service Investment Mgmnt Fees-$74,932-$74,932
Grants to Domestic Individuals$62,450--$62,450
Fees for Services Accounting-$21,290-$21,290
Advertising--$6,897$6,897
Insurance-$1,629-$1,629
Other Expenses$0$175$0$175
All Other Expenses-$160-$160
Total Functional Expenses$1,209,438$100,721$8,668$1,318,827

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$1,318,827
Expenses per Audited Statements$1,243,895
Total Expenses per Audited Statements$1,243,895
Expenses Not Reported on Financial Statements$74,932
Other Expense Adjustments$74,932
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
City of Summit Public SchoolsSummit, NJ-Various Projects$140,124
The Connection for Women & FamiliesSummit, NJ-Various Projects$71,334
City of SummitSummit, NJ-Various Projects$70,590
Sage EldercareSummit, NJ-Various Projects$62,500
Summit Downtown IncSummit, NJ-Various Projects$58,350
Summit Area YmcaSummit, NJ-Various Projects$55,000
Summit Speech SchoolNew Providence, NJ-Various Projects$50,000
Trinitas Health FoundationElizabeth, NJ-Various Projects$50,000
Community Food Bank of NjHillside, NJ-Various Projects$49,000
Overlook FoundationSummit, NJ-Various Projects$31,640
GraceMorristown, NJ-Various Projects$25,000
Summit Volunteer First Aid SquadSummit, NJ-Various Projects$23,900
Reeves Reed ArboretumSummit, NJ-Various Projects$21,000
Boys & Girls Clubs of Union CountyUnion, NJ-Various Projects$20,000
Bridges OutreachSummit, NJ-Various Projects$20,000
Pilar Care ContinuumLivingston, NJ-Various Projects$20,000
Visual Arts Center of New JerseySummit, NJ-Various Projects$20,000
Good GriefMorristown, NJ-Various Projects$16,250
ImagineMountainside, NJ-Various Projects$16,000
Caring ContactWestfield, NJ-Various Projects$15,000
Center for Hope HospiceScotch Plains, NJ-Various Projects$15,000
Court Appointed Special Advocates (casa) of Union CountyElizabeth, NJ-Various Projects$15,000
Our House FoundationMurray Hill, NJ-Various Projects$15,000
Ywca of Union CountyKenilworth, NJ-Various Projects$15,000
The Summit ConservancySummit, NJ-Various Projects$11,215
Friends of Summit Public ArtSummit, NJ-Various Projects$10,029
Eclc FoundationChatham, NJ-Various Projects$10,000
Embrace Kids FoundationNew Brunswick, NJ-Various Projects$10,000
Morristown Medical Center FoundationMorristown, NJ-Various Projects$10,000
Union County College FoundationCranford, NJ-Various Projects$10,000
Literacy New JerseyEdison, NJ-Various Projects$8,000
St Joseph Service CenterElizabeth, NJ-Various Projects$6,500
Elizabeth Coalition to House the HomelessElizabeth, NJ-Various Projects$6,041
Paper Mill PlayhouseMillburn, NJ-Various Projects$6,000
Summit Football Alumni AssociationSummit, NJ-Various Projects$5,000
The Winston SchoolShort Hills, NJ-Various Projects$5,000
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“A copy of the 990 is circulated electronically to all board members for review prior to filing.”

Form 990, Part VI, Section B, Line 12C

“Board members complete an annual questionnaire.”

Form 990, Part VI, Section C, Line 19

“Form 990 is available to the public on www.guidestar.org. Governing documents, conflict of interest policy and financial statements are available on request.”

Filing and Contact Details

Filer

Filer Name
The Summit Foundation
EIN
22-1948007
Phone
9082731212
Address
PO BOX 867, SUMMIT, NJ 07902-0867

Signing Officer

Name
Julie Keenan
Title
President
Phone
9082731212
Signed
2021-09-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Julie Keenan
Formed
1972
Legal Domicile
Nj
Voting Board Members
21
Independent Board Members
21
Employees
0
Volunteers
20

Preparer

Firm
James M Wood CPA
Address
603B OMNI DRIVE, HILLSBOROUGH, NJ 08844
Preparer
James M Wood
Phone
9084311700
Supplemental Narrative

Additional Explanations

Part XII, Line 1 Other Accounting Method or Change in Accounting Method

“The organization uses the modified cash basis of accounting.”

Financial Statement Notes

PART V, LINE 4:

“To provide funding for certain activities, grants and scholarships in perpetuity.”

PART XI, LINE 4B - OTHER ADJUSTMENTS:

“Investment expenses 74,932.”

PART XII, LINE 4B - OTHER ADJUSTMENTS:

“Investment expenses 74,932.”

Raw XML AppendixShowing 400 of 833 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Desc0$614,906 GRANTED TO 34 AGENCIES PURSUANT TO A RIGOROUS APPLICATION REVIEW PROCESS.$163,350 GRANTED TO 9 AGENCIES FOR COVID EMERGENCY GRANTS.$248,773 TO 34 AGENCIES TO DONOR ADVISED FUNDS. THESE INCLUDE $70,590 FOR SUMMIT COMMUNITY PROGRAMS. $62,450 AWARDED IN SCHOLARSHIPS TO 35 STUDENT RECIPIENTS. $119,959 DONOR ADVISED DISTRIBUTIONS TO 6 FUNDS.
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IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt2SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt3TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt4ASSISTANT TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt5TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt6TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt7TRUSTEE
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IRS990/Form990PartVIISectionAGrp/TitleTxt14TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt15TRUSTEE
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IRS990/LocalChaptersInd00
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IRS990/MinutesOfCommitteesInd01
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IRS990/MissionDesc0THE SUMMIT FOUNDATION IS A TAX-EXEMPT COMMUNITY FOUNDATION THAT FOSTERS PHILANTHROPY IN THE GREATER SUMMIT NJ AREA. THE FOUNDATION USES COMPETITIVE GRANTS AND THE WISHES OF DONORS TO MEET THE NEEDS OF THE COMMUNITY.
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IRS990/NoncashContributionsAmt0152641
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IRS990/OtherExpensesGrp/FundraisingAmt1460
IRS990/OtherExpensesGrp/FundraisingAmt20
IRS990/OtherExpensesGrp/FundraisingAmt30
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt2376
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt3175
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IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PoliticalCampaignActyInd00
IRS990/PrincipalOfficerNm0JULIE KEENAN
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Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$18,575,010
Liabilities
$0
Net assets
$18,575,010
Revenue
$758,069
Expenses
$1,318,827
Net income
-$560,758
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$20.7$0.00$20.7$2.55$1.11$1.44
2023Detailed filing. Detailed filing data is available for this year.$19.4$0.00$19.4$1.56$1.50$0.06
2022Detailed filing. Detailed filing data is available for this year.$17.8$0.00$17.8$1.09$1.13$0.04
2021Detailed filing. Detailed filing data is available for this year.$21.0$0.00$21.0$1.49$1.16$0.32
2020Detailed filing. Detailed filing data is available for this year.$18.6$0.00$18.6$0.76$1.32$0.56
2018Detailed filing. Detailed filing data is available for this year.$16.3$0.00$16.3$1.95$1.02$0.93
2017Detailed filing. Detailed filing data is available for this year.$17.3$0.00$17.3$4.12$1.42$2.70
2016Summary only. Only limited summary data is available for this year.$16.2$0.00$16.2$0.95$0.81$0.14
2015Summary only. Only limited summary data is available for this year.$15.4$0.00$15.4$0.98$1.09$0.11
2014Summary only. Only limited summary data is available for this year.$16.6$0.00$16.6$1.42$0.81$0.60
2013Summary only. Only limited summary data is available for this year.$15.6$0.00$15.6$1.05$0.80$0.25
2012Summary only. Only limited summary data is available for this year.$13.7$0.00$13.7$0.78$0.74$0.03
2011Summary only. Only limited summary data is available for this year.$13.0$0.00$13.0$0.95$0.97$0.01