Civic Intelligence

The Summit Foundation a Nj Nonprofit Corporation

990 • Fiscal year 2022 • EIN 22-1948007

Jan 01, 2022 to Dec 31, 2022 • Filed on Sep 11, 2023

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

(646) 369-5516

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.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Liabilities / Revenue

5th percentile

0.00x

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

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Net Margin

23rd percentile

-4.0%

Higher net margin than 23% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

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.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Asset Growth

10th percentile

-15%

Faster asset growth than 10% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Revenue Growth

14th percentile

-27%

Faster revenue growth than 14% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets5th percentile

Assets

Down

$17,845,068

Down $3,204,592 (-15%) from 2021

Net Assets

Down

$17,845,068

Down $3,204,592 (-15%) from 2021

Liabilities

Flat

$0

Flat from 2021

Revenue And Expenses
Liabilities / Revenue5th percentileNet Margin23rd percentile

Revenue

Down

$1,086,760

Down $401,149 (-27%) from 2021

Expenses

Down

$1,129,740

Down $33,740 (-2.9%) from 2021

Net Income

Down

-$42,980

Down $367,409 (-113%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth10th 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

2022

Assets$17,845,068
Liabilities$0
Net Assets$17,845,068
Open 2022 Filing

Operations Trend

Revenue Growth14th 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

2022

Revenue$1,086,760
Expenses$1,129,740
Net Income-$42,980
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Sep 11, 2023
Return Version
2022v5.0
Gross Receipts
$3,670,541
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$20,450,720$17,331,451▼ $3,119,269
Savings and Temporary Cash Investments$509,707$434,075▼ $75,632
Other Notes and Loans Receivable, Net$64,077$51,820▼ $12,257
Total Assets$21,049,660$17,845,068▼ $3,204,592
Other Assets Total$25,156$27,722▲ $2,566
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$11,076,771$9,493,377▼ $1,583,394
Net Assets With Donor Restrictions$9,972,889$8,351,691▼ $1,621,198
Total Net Assets Fund Balance$21,049,660$17,845,068▼ $3,204,592
Total Liabilities and Net Assets / Fund Balance$21,049,660$17,845,068▼ $3,204,592

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2022$10,072,955-▼ $1,287,307-$8,309,328
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
Compensation and Service Providers
Top Officer Pay14th percentile

Board Members and Trustees

NameTitle
Julie KeenanPresident
Sandy BloomVice President
Amy DisibioTrustee
Celia ColbertTrustee
Chuck GelberTrustee
Dana TurkTrustee
Drew MaldonadoTrustee
Eric LegoffTrustee
Jack CooperTrustee
Jim FleischmannTrustee
Jonathan BetzTrustee
Julie AdamsTrustee
Kate DarcyTrustee
Katherine KalinTrustee
Leah GriffithTrustee
Mark YeagerTrustee
Patricia FontanTrustee
Regina DalyTrustee
Irene MurdockAssistant Treasurer
Frank MacioceSecretary
Martha SayreTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$563,030
Program Service Revenue
$0
Investment Income
$523,730
Other Revenue
$0
All Other Contributions
$563,030
Change in Net Assets
$-42,980

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 Traded6$39,975
Total Noncash Contributions6$39,975

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,003,217
Revenue Not Reported on Financial Statements
$83,543
Revenue Not Reported on Form 990
$-3,161,612
Other Revenue Adjustments
$83,543
Total Revenue per Audited Statements
$-2,158,395
Total Revenue per Form 990
$1,086,760
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$999,982
Other Expenses$129,758
Total Fundraising Expense$24,126
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$906,659--$906,659
Grants to Domestic Individuals$93,323--$93,323
Fees for Service Investment Mgmnt Fees-$83,543-$83,543
Advertising--$23,620$23,620
Fees for Services Accounting-$14,475-$14,475
Insurance-$1,682-$1,682
Other Expenses$0$130$506$636
All Other Expenses-$333-$333
Total Functional Expenses$999,982$105,632$24,126$1,129,740

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$1,129,740
Expenses per Audited Statements$1,046,197
Total Expenses per Audited Statements$1,046,197
Expenses Not Reported on Financial Statements$83,543
Other Expense Adjustments$83,543
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Summit Speech SchoolNew Providence, NJ-Various Projects$90,000
Trinitas Health FoundationElizabeth, NJ-Various Projects$67,404
City of SummitSummit, NJ-Various Projects$53,514
Community Foodbank of NjHillside, NJ-Various Projects$50,000
CHILDREN'S SPECIALIZED HOSPITAL FOUNDATIONMountainside, NJ-Various Projects$48,785
Summit Public SchoolsSummit, NJ-Various Projects$33,000
Summit Area YmcaSummit, NJ-Various Projects$26,552
American Legion Post 322Summit, NJ-Various Projects$25,000
Court Appointed Special Advocates (casa) of Union CountyElizabeth, NJ-Various Projects$25,000
Summit Interfaith CouncilSummit, NJ-Various Projects$23,500
Pg Chambers SchoolCedar Knolls, NJ-Various Projects$23,453
Bridges OutreachSummit, NJ-Various Projects$22,500
Elevate to Even Plus IncSummit, NJ-Various Projects$20,000
Imagine a Center Coping for LossSummit, NJ-Various Projects$20,000
The Craig SchoolMountain Lakes, NJ-Various Projects$20,000
Foundation for Morristown Medical Center IncMorristown, NJ-Various Projects$15,200
Family PromiseSummit, NJ-Various Projects$15,000
Summit Volunteer First Aid Squad IncSummit, NJ-Various Projects$15,000
Contact We Care IncWestfield, NJ-Various Projects$14,000
Continuo Arts FoundationSummit, NJ-Various Projects$13,000
Boys & Girls Club of Union County IncSummit, NJ-Various Projects$12,000
Kindersmile FoundationBloomfield, NJ-Various Projects$10,000
Second Street Youth Center Foundation IncPlainfield, NJ-Various Projects$10,000
Somerset County Ymca IncBasking Ridge, NJ-Various Projects$10,000
Union County College FoundationCranford, NJ-Various Projects$10,000
Summit Football Alumni AssociationSummit, NJ-Various Projects$7,500
Empowering Kids OrganizationSummit, NJ-Various Projects$7,050
St Joseph Social Service CenterElizabeth, NJ-Various Projects$6,500
Senior Center of ChathamsChatham, 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
6463695516
Address
PO BOX 867, SUMMIT, NJ 07902-0867

Signing Officer

Name
Dana Turk
Title
President
Phone
6463695516
Signed
2023-09-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dana Turk
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 83,543.”

PART XII, LINE 4B - OTHER ADJUSTMENTS:

“Investment expenses 83,543.”

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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/Form990PartVIISectionAGrp/TitleTxt1VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt2SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt3TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt4ASSISTANT TREASURER
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IRS990/Form990PartVIISectionAGrp/TitleTxt6TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt7TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt8TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt9TRUSTEE
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IRS990/Form990PartVIISectionAGrp/TitleTxt11TRUSTEE
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IRS990/Form990PartVIISectionAGrp/TitleTxt14TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt15TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt16TRUSTEE
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IRS990/GrantsToOrganizationsInd01
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IRS990/LobbyingActivitiesInd00
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/MoreThan5000KToOrgInd00
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IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt056505
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IRS990/NetUnrlzdGainsLossesInvstAmt0-3161612
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IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt09493377
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IRS990/NoncashContributionsAmt039975
IRS990/NondeductibleContributionsInd00
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
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IRS990/OtherChangesInNetAssetsAmt00
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IRS990/OtherExpensesGrp/Desc1DUES & SUBSCRIPTIONS
IRS990/OtherExpensesGrp/Desc2POSTAGE
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IRS990/OtherExpensesGrp/FundraisingAmt10
IRS990/OtherExpensesGrp/FundraisingAmt20
IRS990/OtherExpensesGrp/FundraisingAmt3506
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt02398
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt12210
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IRS990/OtherExpensesGrp/ProgramServicesAmt00
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IRS990/OtherExpensesGrp/ProgramServicesAmt20
IRS990/OtherExpensesGrp/ProgramServicesAmt30
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IRS990/OtherExpensesGrp/TotalAmt12210
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IRS990/OthNotesLoansReceivableNetGrp/EOYAmt051820
IRS990/OwnWebsiteInd0X
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PoliticalCampaignActyInd00
IRS990/PrincipalOfficerNm0DANA TURK
IRS990/ProfessionalFundraisingInd00
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
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IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/EndYearBalanceAmt09045182
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Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$17,845,068
Liabilities
$0
Net assets
$17,845,068
Revenue
$1,086,760
Expenses
$1,129,740
Net income
-$42,980
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