Civic Intelligence

The Summit Foundation a Nj Nonprofit Corporation

990 • Fiscal year 2021 • EIN 22-1948007

Jan 01, 2021 to Dec 31, 2021 • Filed on Sep 14, 2022

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

(908) 273-1212

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Up

$21,049,660

Up $2,474,650 (+13%) from 2020

Net Assets

Up

$21,049,660

Up $2,474,650 (+13%) from 2020

Liabilities

Flat

$0

Flat from 2020

Revenue And Expenses

Revenue

Up

$1,487,909

Up $729,840 (+96%) from 2020

Expenses

Down

$1,163,480

Down $155,347 (-12%) from 2020

Net Income

Up

$324,429

Up $885,187 (+158%) from 2020

Historical Trend

Balance Sheet Trend

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

2021

Assets$21,049,660
Liabilities$0
Net Assets$21,049,660
Open 2021 Filing

Operations Trend

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

2021

Revenue$1,487,909
Expenses$1,163,480
Net Income$324,429
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Sep 14, 2022
Return Version
2021v4.2
Gross Receipts
$5,787,285
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$17,752,130$20,450,720▲ $2,698,590
Savings and Temporary Cash Investments$725,844$509,707▼ $216,137
Other Notes and Loans Receivable, Net$75,739$64,077▼ $11,662
Total Assets$18,575,010$21,049,660▲ $2,474,650
Other Assets Total$21,297$25,156▲ $3,859
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$9,647,577$11,076,771▲ $1,429,194
Net Assets With Donor Restrictions$8,927,433$9,972,889▲ $1,045,456
Total Net Assets Fund Balance$18,575,010$21,049,660▲ $2,474,650
Total Liabilities and Net Assets / Fund Balance$18,575,010$21,049,660▲ $2,474,650

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2021$9,045,182-▲ $1,456,516-$10,072,955
2020$8,939,969-▲ $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

Board Members and Trustees

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

Revenue Composition

Contributions and Grants
$668,987
Program Service Revenue
$0
Investment Income
$814,831
Other Revenue
$4,091
All Other Contributions
$668,987
Change in Net Assets
$324,429

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 Traded2$21,162
Total Noncash Contributions2$21,162

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,400,751
Revenue Not Reported on Financial Statements
$87,158
Revenue Not Reported on Form 990
$2,150,221
Other Revenue Adjustments
$87,158
Total Revenue per Audited Statements
$3,550,972
Total Revenue per Form 990
$1,487,909
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,035,956
Other Expenses$127,524
Total Fundraising Expense$11,207
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$981,756--$981,756
Fees for Service Investment Mgmnt Fees-$87,158-$87,158
Grants to Domestic Individuals$54,200--$54,200
Fees for Services Accounting-$13,342-$13,342
Fees for Services Legal-$8,076-$8,076
Advertising--$6,718$6,718
Insurance-$1,639-$1,639
Other Expenses$0$100$649$749
All Other Expenses-$175-$175
Total Functional Expenses$1,035,956$116,317$11,207$1,163,480

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$1,163,480
Expenses per Audited Statements$1,076,322
Total Expenses per Audited Statements$1,076,322
Expenses Not Reported on Financial Statements$87,158
Other Expense Adjustments$87,158
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
The Connection for Women and FamiliesSummit, NJ-Various Projects$54,375
Sage EldercareSummit, NJ-Various Projects$50,000
Summit Speech SchoolNew Providence, NJ-Various Projects$45,000
Summit Area YmcaSummit, NJ-Various Projects$40,000
Overlook Hospital FoundationSummit, NJ-Various Projects$26,640
City of SummitSummit, NJ-Various Projects$25,133
GraceSummit, NJ-Various Projects$25,000
Summit Park Life Foundation IncSummit, NJ-Various Projects$25,000
CHILDREN'S SPECIALIZED HOSPITAL FOUNDATIONMountainside, NJ-Various Projects$20,000
Good Grief IncMorristown, NJ-Various Projects$20,000
Pg Chambers SchoolCedar Knolls, NJ-Various Projects$16,194
Bridges OutreachSummit, NJ-Various Projects$15,000
Court Appointed Special Advocates (casa) of UnionElizabeth, NJ-Various Projects$15,000
Family PromiseSummit, NJ-Various Projects$15,000
Promly Support IncMorristown, NJ-Various Projects$15,000
Ywca of Eastern Union CountyKenilworth, NJ-Various Projects$15,000
Reeves Reed ArboretumSummit, NJ-Various Projects$13,500
Contact We Care Inc (caring Contact)Westfield, NJ-Various Projects$13,000
Morris-union Jointure CommissionNew Providence, NJ-Various Projects$11,970
Friends of Summit Public Art (spa)Summit, NJ-Various Projects$11,000
Pillar Care ContinuumLivingston, NJ-Various Projects$10,500
Great Swamp Watershed AssociationNew Vernon, NJ-Various Projects$10,018
Continuo Arts FoundationSummit, NJ-Various Projects$10,000
Summit Interfaith CouncilSummit, NJ-Various Projects$10,000
Visual Arts Center of NjSummit, NJ-Various Projects$10,000
Union County College FoundationCranford, NJ-Various Projects$9,500
New Jersey Bicycle Coalition (njbwc)Upper Montclair, NJ-Various Projects$9,000
Playhouse Association Incorporated (the Summit Playhouse)Summit, NJ-Various Projects$8,500
Kindersmile FoundationBloomfield, NJ-Various Projects$8,000
Our House FoundationMurray Hill, NJ-Various Projects$8,000
Elizabeth Coalition to House the HomelessElizabeth, NJ-Various Projects$7,500
Paper Mill PlayhouseMillburn, NJ-Various Projects$7,500
Samaritan Homeless Interim ProgramSomerville, NJ-Various Projects$7,500
Httv Inc (hometowne Television)Summit, NJ-Various Projects$7,000
Literacy NjEdison, NJ-Various Projects$7,000
Senior Services Center of the Chathams IncChatham, NJ-Various Projects$5,400
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
2022-09-14
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 87,158.”

PART XII, LINE 4B - OTHER ADJUSTMENTS:

“Investment expenses 87,158.”

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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
IRS990/Form990PartVIISectionAGrp/TitleTxt8TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt9TRUSTEE
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IRS990/Form990PartVIISectionAGrp/TitleTxt11TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt12TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt13TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt14TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt15TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt16TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt17TRUSTEE
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IRS990/GrantsToOrganizationsInd01
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IRS990/InfoInScheduleOPartXIIInd0X
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IRS990/InsuranceGrp/TotalAmt01639
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IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt0458214
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IRS990/InvestmentsPubTradedSecGrp/EOYAmt020450720
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IRS990/LessCostOthBasisSalesExpnssGrp/SecuritiesAmt04299376
IRS990/LoanOutstandingInd00
IRS990/LobbyingActivitiesInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingOtherInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
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.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
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IRS990/NetAssetsOrFundBalancesEOYAmt021049660
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IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt0356617
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NetUnrlzdGainsLossesInvstAmt02150221
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt09647577
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt011076771
IRS990/NoListedPersonsCompensatedInd0X
IRS990/NoncashContributionsAmt029319
IRS990/NondeductibleContributionsInd00
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
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IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherExpensesGrp/Desc0COMPUTER
IRS990/OtherExpensesGrp/Desc1DUES & SUBSCRIPTIONS
IRS990/OtherExpensesGrp/Desc2POSTAGE
IRS990/OtherExpensesGrp/Desc3BANK FEES
IRS990/OtherExpensesGrp/FundraisingAmt03840
IRS990/OtherExpensesGrp/FundraisingAmt10
IRS990/OtherExpensesGrp/FundraisingAmt20
IRS990/OtherExpensesGrp/FundraisingAmt3649
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt01508
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt13500
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt2819
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt3100
IRS990/OtherExpensesGrp/ProgramServicesAmt00
IRS990/OtherExpensesGrp/ProgramServicesAmt10
IRS990/OtherExpensesGrp/ProgramServicesAmt20
IRS990/OtherExpensesGrp/ProgramServicesAmt30
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IRS990/OtherExpensesGrp/TotalAmt13500
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IRS990/OtherExpensesGrp/TotalAmt3749
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IRS990/OtherRevenueMiscGrp/Desc0GRANT RECOVERIES
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IRS990/OtherRevenueTotalAmt04091
IRS990/OtherWebsiteInd0X
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt075739
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt064077
IRS990/OwnWebsiteInd0X
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PoliticalCampaignActyInd00
IRS990/PrincipalOfficerNm0JULIE KEENAN
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IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt0380032
IRS990/PYExcessBenefitTransInd00
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IRS990/RelatedEntityInd00
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IRS990/ReportLandBuildingEquipmentInd00
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IRS990/ReportOtherLiabilitiesInd00
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IRS990/SavingsAndTempCashInvstGrp/EOYAmt0509707
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0379885
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt01108209
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0331054
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt02745921
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt0458214
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt0388931
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IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/EndYearBalanceAmt09045182
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/GrantsOrScholarshipsAmt0417064
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IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/AdministrativeExpensesAmt087486

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$21,049,660
Liabilities
$0
Net assets
$21,049,660
Revenue
$1,487,909
Expenses
$1,163,480
Net income
$324,429
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