Civic Intelligence

The Summit Foundation a Nj Nonprofit Corporation

990 • Fiscal year 2023 • EIN 22-1948007

Jan 01, 2023 to Dec 31, 2023 • Filed on Sep 11, 2024

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.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Liabilities / Revenue

5th percentile

0.00x

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

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Net Margin

49th percentile

3.6%

Higher net margin than 49% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

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.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Asset Growth

59th percentile

8.9%

Faster asset growth than 59% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Revenue Growth

85th percentile

43%

Faster revenue growth than 85% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets5th percentile

Assets

Up

$19,435,836

Up $1,590,768 (+8.9%) from 2022

Net Assets

Up

$19,435,836

Up $1,590,768 (+8.9%) from 2022

Liabilities

Flat

$0

Flat from 2022

Revenue And Expenses
Liabilities / Revenue5th percentileNet Margin49th percentile

Revenue

Up

$1,555,253

Up $468,493 (+43%) from 2022

Expenses

Up

$1,499,902

Up $370,162 (+33%) from 2022

Net Income

Up

$55,351

Up $98,331 (+229%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth59th 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

2023

Assets$19,435,836
Liabilities$0
Net Assets$19,435,836
Open 2023 Filing

Operations Trend

Revenue Growth85th 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

2023

Revenue$1,555,253
Expenses$1,499,902
Net Income$55,351
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Sep 11, 2024
Return Version
2023v5.1
Gross Receipts
$5,452,307
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$17,331,451$17,601,688▲ $270,237
Savings and Temporary Cash Investments$434,075$1,757,674▲ $1,323,599
Other Notes and Loans Receivable, Net$51,820$38,935▼ $12,885
Total Assets$17,845,068$19,435,836▲ $1,590,768
Other Assets Total$27,722$37,539▲ $9,817
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$9,493,377$10,515,082▲ $1,021,705
Net Assets With Donor Restrictions$8,351,691$8,920,754▲ $569,063
Total Net Assets Fund Balance$17,845,068$19,435,836▲ $1,590,768
Total Liabilities and Net Assets / Fund Balance$17,845,068$19,435,836▲ $1,590,768

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$8,309,328-▲ $1,116,156-$8,986,478
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
Compensation and Service Providers
Top Officer Pay14th percentile

Board Members and Trustees

NameTitle
Dana TurkPresident
Jack CooperPresident Emeritus
Jim FleischmannVice President
Amy Everett DisibioTrustee
Celia ColbertTrustee
Charles GelberTrustee
Christopher BonnerTrustee
Dennis WhiteTrustee
Drew MaldonadoTrustee
Jonathan BetzTrustee
Julie AdamsTrustee
Katherine KalinTrustee
Kelli MontgomeryTrustee
Leah GriffithTrustee
Mark YeagerTrustee
Patricia FontanTrustee
Paul FormichelliTrustee
Irene MurdockAssistant Treasurer
Regina DalySecretary
Martha SayreTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$731,294
Program Service Revenue
$0
Investment Income
$821,109
Other Revenue
$2,850
All Other Contributions
$731,294
Change in Net Assets
$55,351

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$47,777
Total Noncash Contributions6$47,777

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,474,175
Revenue Not Reported on Financial Statements
$81,078
Revenue Not Reported on Form 990
$1,535,417
Other Revenue Adjustments
$81,078
Total Revenue per Audited Statements
$3,009,592
Total Revenue per Form 990
$1,555,253
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,379,187
Other Expenses$120,715
Total Fundraising Expense$14,311
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$1,251,857--$1,251,857
Grants to Domestic Individuals$127,330--$127,330
Fees for Service Investment Mgmnt Fees-$81,078-$81,078
Fees for Services Accounting-$17,719-$17,719
Advertising--$11,002$11,002
Information Technology-$4,234$2,500$6,734
Insurance-$1,697-$1,697
Other Expenses$0$275$0$275
Total Functional Expenses$1,379,187$106,404$14,311$1,499,902

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$1,499,902
Expenses per Audited Statements$1,418,824
Total Expenses per Audited Statements$1,418,824
Expenses Not Reported on Financial Statements$81,078
Other Expense Adjustments$81,078
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Summit Board of EducationSummit, NJ-Various Projects$196,250
Summit Department of Community ProgramsSummit, NJ-Various Projects$90,000
Sage EldercareSummit, NJ-Various Projects$45,000
The Connection for Women & FamiliesSummit, NJ-Various Projects$40,800
Community Food Bank of NjHillside, NJ-Various Projects$40,000
Summit Park Line Foundation IncSummit, NJ-Various Projects$37,500
CHILDREN'S SPECIALIZED HOSPITAL FOUNDATIONMountainside, NJ-Various Projects$35,000
Building Homes for HeroesIsland Park, NY-Various Projects$25,000
Center for Hope HospiceScotch Plains, NJ-Various Projects$25,000
Summit Interfaith CouncilSummit, NJ-Various Projects$25,000
Bridges Outreach IncSummit, NJ-Various Projects$20,000
Imagine a Center for Coping With LossMountainside, NJ-Various Projects$20,000
Pg Chambers School IncCedar Knolls, NJ-Various Projects$18,470
Boys and Girls of Union CountyUnion, NJ-Various Projects$15,000
Foundation for Morristown Medical CenterMorristown, NJ-Various Projects$15,000
Summit Volunteer First Aid Squad IncSummit, NJ-Various Projects$14,000
Family PromiseSummit, NJ-Various Projects$13,600
Visual Arts Center of New JerseySummit, NJ-Various Projects$13,250
Our House Foundation IncMurray Hills, NJ-Various Projects$13,000
Ywca of Eastern Union CountyKenilworth, NJ-Various Projects$13,000
Elevate to Even Plus IncorporatedSummit, NJ-Various Projects$10,000
Friends of Summit Public ArtSummit, NJ-Various Projects$10,000
GIVING AND RECEIVING ASSISTANCE FOR OUR COMMUNITY'S ESSENTIALS INCSummit, NJ-Various Projects$10,000
Good Grief IncMorristown, NJ-Various Projects$10,000
Literacy New JerseyRoselle, NJ-Various Projects$10,000
Paper Mill PlayhouseMillburn, NJ-Various Projects$10,000
Second Street Youth Center IncPlainfield, NJ-Various Projects$10,000
Continuo Arts FoundationSummit, NJ-Various Projects$9,000
Trinitas Health FoundationElizabeth, NJ-Various Projects$8,800
Empowering Kids OrganizationSummit, NJ-Various Projects$8,750
Matheny School and HospitalPeapack, NJ-Various Projects$8,000
Winston SchoolShort Hills, NJ-Various Projects$7,500
Senior Center of the ChathamsChatham, NJ-Various Projects$5,720
The Adult School of the Chathams Madison & Florham ParkMadison, NJ-Various Projects$5,500
Ymca Camp Ralph S Mason IncHardwick, NJ-Various Projects$5,500
ST ANDREW'S EPISCOPAL CHURCHNew Providence, NJ-Various Projects$5,200
Playhouse Association Inc (summit Playhouse)Summit, NJ-Various Projects$5,058
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
2024-09-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dana Turk
Formed
1972
Legal Domicile
Nj
Voting Board Members
20
Independent Board Members
20
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 81,078.”

PART XII, LINE 4B - OTHER ADJUSTMENTS:

“Investment expenses 81,078.”

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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/TitleTxt2SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt3TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt4ASSISTANT TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt5PRESIDENT EMERITUS
IRS990/Form990PartVIISectionAGrp/TitleTxt6TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt7TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt8TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt9TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt10TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt11TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt12TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt13TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt14TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt15TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt16TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt17TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt18TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt19TRUSTEE
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IRS990/InformationTechnologyGrp/ManagementAndGeneralAmt04234
IRS990/InformationTechnologyGrp/TotalAmt06734
IRS990/InsuranceGrp/ManagementAndGeneralAmt01697
IRS990/InsuranceGrp/TotalAmt01697
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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/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt0346846
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NetUnrlzdGainsLossesInvstAmt01535417
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt09493377
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt010515082
IRS990/NoListedPersonsCompensatedInd0X
IRS990/NondeductibleContributionsInd00
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
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IRS990/OtherExpensesGrp/Desc1BANK FEES
IRS990/OtherExpensesGrp/Desc2REGISTRATION
IRS990/OtherExpensesGrp/FundraisingAmt00
IRS990/OtherExpensesGrp/FundraisingAmt1809
IRS990/OtherExpensesGrp/FundraisingAmt20
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt01265
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt1136
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt2275
IRS990/OtherExpensesGrp/ProgramServicesAmt00
IRS990/OtherExpensesGrp/ProgramServicesAmt10
IRS990/OtherExpensesGrp/ProgramServicesAmt20
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IRS990/OtherExpensesGrp/TotalAmt2275
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IRS990/OtherRevenueMiscGrp/Desc0GRANT RECOVERIES
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IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt02850
IRS990/OtherRevenueTotalAmt02850
IRS990/OtherWebsiteInd0X
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt051820
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt038935
IRS990/OwnWebsiteInd0X
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PoliticalCampaignActyInd00
IRS990/PrincipalOfficerNm0DANA TURK
IRS990/ProfessionalFundraisingInd00
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt0563030
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt0999982
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IRS990/PYRevenuesLessExpensesAmt0-42980
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IRS990/PYTotalExpensesAmt01129740
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0379885
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0260433
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IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt0467225
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt0458214
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt0388931
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt0504504
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt02293137
IRS990ScheduleA/PublicOrganization170Ind0X
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IRS990ScheduleA/PublicSupportPY170Pct00.56260
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IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0379885
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0260433
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt02588651
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IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
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IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
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IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
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IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/BeginningYearBalanceAmt08939969
IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/EndYearBalanceAmt09045182
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IRS990ScheduleD/DisclosedForCharitablePrpsInd00
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Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$19,435,836
Liabilities
$0
Net assets
$19,435,836
Revenue
$1,555,253
Expenses
$1,499,902
Net income
$55,351
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