Civic Intelligence

Summit Downtown Inc.

990 • Fiscal year 2022 • EIN 22-2852638

Jan 01, 2022 to Dec 31, 2022 • Filed on Oct 18, 2023

Organization ProfileN/A

View Organization Page

18 Bank StreetSummit, NJ 07901

(908) 277-6100

Siviq Scores

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

Liabilities / Assets

53rd percentile

0.00x

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

2022 filings • NTEE S • <$500k nonprofits • Source year 2022

Liabilities / Revenue

53rd percentile

0.00x

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

2022 filings • NTEE S • <$500k nonprofits • Source year 2022

Net Margin

35th percentile

-3.0%

Higher net margin than 35% of similar nonprofits.

2022 filings • NTEE S • <$500k nonprofits • Source year 2022

Top Officer Pay

96th percentile

$87,324

Higher top officer pay than 96% of similar nonprofits.

Top officer pay equals 19.9% of source-year revenue.

2022 filings • NTEE S • <$500k nonprofits • Source year 2022

Asset Growth

41st percentile

-3.7%

Faster asset growth than 41% of similar nonprofits.

2022 filings • NTEE S • <$500k nonprofits • Annualized from 2021 to 2022

Revenue Growth

50th percentile

9.2%

Faster revenue growth than 50% of similar nonprofits.

2022 filings • NTEE S • <$500k nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets53rd percentile

Assets

Down

$349,234

Down $13,255 (-3.7%) from 2021

Net Assets

Down

$349,234

Down $13,255 (-3.7%) from 2021

Liabilities

Flat

$0

Flat from 2021

Revenue And Expenses
Liabilities / Revenue53rd percentileNet Margin35th percentile

Revenue

Up

$439,678

Up $37,144 (+9.2%) from 2021

Expenses

Up

$452,933

Up $82,302 (+22%) from 2021

Net Income

Down

-$13,255

Down $45,158 (-142%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth41st percentile

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

$600K$400K$200K$0Assets 2010: $147,686Liabilities 2010: $0Net Assets 2010: $147,6862010Assets 2011: $141,852Liabilities 2011: $0Net Assets 2011: $141,8522011Assets 2012: $137,472Liabilities 2012: $0Net Assets 2012: $137,4722012Assets 2013: $134,329Liabilities 2013: $0Net Assets 2013: $134,3292013Assets 2014: $126,834Liabilities 2014: $0Net Assets 2014: $126,8342014Assets 2015: $125,193Liabilities 2015: $0Net Assets 2015: $125,1932015Assets 2016: $185,871Liabilities 2016: $0Net Assets 2016: $185,8712016Assets 2017: $146,095Liabilities 2017: $0Net Assets 2017: $146,0952017Assets 2018: $242,886Liabilities 2018: $0Net Assets 2018: $242,8862018Assets 2019: $224,196Liabilities 2019: $0Net Assets 2019: $224,1962019Assets 2020: $330,586Liabilities 2020: $0Net Assets 2020: $330,5862020Assets 2021: $362,489Liabilities 2021: $0Net Assets 2021: $362,4892021Assets 2022: $349,234Liabilities 2022: $0Net Assets 2022: $349,2342022Assets 2023: $407,376Liabilities 2023: $0Net Assets 2023: $407,3762023Assets 2024: $433,235Liabilities 2024: $0Net Assets 2024: $433,2352024

Highlighted filing

2022

Assets$349,234
Liabilities$0
Net Assets$349,234
Open 2022 Filing

Operations Trend

Revenue Growth50th percentile

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

$1.5M$1.0M$500K$0-$500KExpenses 2010: $252,9672010Expenses 2011: $293,0452011Expenses 2012: $304,9672012Revenue 2013: $332,681Expenses 2013: $335,824Net Income 2013: -$3,1432013Revenue 2014: $317,111Expenses 2014: $324,606Net Income 2014: -$7,4952014Revenue 2015: $321,726Expenses 2015: $323,367Net Income 2015: -$1,6412015Revenue 2016: $409,530Expenses 2016: $348,852Net Income 2016: $60,6782016Revenue 2017: $321,622Expenses 2017: $361,398Net Income 2017: -$39,7762017Revenue 2018: $451,318Expenses 2018: $354,527Net Income 2018: $96,7912018Revenue 2019: $318,051Expenses 2019: $335,036Net Income 2019: -$16,9852019Revenue 2020: $1,266,411Expenses 2020: $1,160,021Net Income 2020: $106,3902020Revenue 2021: $402,534Expenses 2021: $370,631Net Income 2021: $31,9032021Revenue 2022: $439,678Expenses 2022: $452,933Net Income 2022: -$13,2552022Revenue 2023: $518,724Expenses 2023: $460,582Net Income 2023: $58,1422023Revenue 2024: $496,976Expenses 2024: $471,117Net Income 2024: $25,8592024

Highlighted filing

2022

Revenue$439,678
Expenses$452,933
Net Income-$13,255
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Oct 18, 2023
Return Version
2022v5.0
Gross Receipts
$444,103
Mission and Program Overview

Mission

To encourage the development and improvement of the business community in the city of summit, nj.

To encourage the development and improvement of this business community.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$362,489$349,234▼ $13,255
Total Assets$362,489$349,234▼ $13,255
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Net Assets With Donor Restrictions$346,593$335,338▼ $11,255
Net Assets Without Donor Restrictions$15,896$13,896▼ $2,000
Total Net Assets Fund Balance$362,489$349,234▼ $13,255
Total Liabilities and Net Assets / Fund Balance$362,489$349,234▼ $13,255
Compensation and Service Providers
Top Officer Pay96th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Nancy AdamsEmployeeFT$87,324$87,324

Board Members and Trustees

NameTitle
Bob ConwayChair
Karen SchneiderVice President
Allison DaubelTrustee
Antonietta LavecchiaTrustee
David BernatTrustee
David NaiduTrustee
Greg VartanTrustee
Kimberly HamiltonTrustee
Lauren DeckerTrustee
Leslie E HermanTrustee
Matthew StraussTrustee
Michael RogersTrustee
Nora RadestTrustee
Ray MerrittSecretary
Claire TothTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$10,900
Program Service Revenue
$425,875
Investment Income
$367
Other Revenue
$2,536
All Other Contributions
$10,900
Change in Net Assets
$-13,255

Audited Revenue Reconciliation

Revenue per Audited Statements
$439,678
Total Revenue per Audited Statements
$439,678
Total Revenue per Form 990
$439,678
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$253,378
Salaries, Compensation, and Employee Benefits$199,555
Total Fundraising Expense$44,193
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Comp Disqual Persons$129,137$35,209$35,209$199,555
All Other Expenses$50,267$7,740$2,358$60,365
Occupancy$19,044$5,192$5,192$29,428
Fees for Services Accounting$10,293$11,447$725$22,465
Other Expenses$0$1,901$0$1,901
Total Functional Expenses$346,542$62,198$44,193$452,933

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$452,933
Total Expenses per Audited Statements$452,933
Total Expenses per Form 990$452,933
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
Audit committee
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
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No
Filing and Contact Details

Filer

Filer Name
Summit Downtown Inc
EIN
22-2852638
Phone
9082776100
Address
18 BANK STREET, SUMMIT, NJ 07901

Signing Officer

Name
Robert Conway
Title
President
Phone
9082776100
Signed
2023-10-18
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Robert Conway
Formed
1986
Legal Domicile
Nj
Voting Board Members
14
Independent Board Members
13
Employees
3
Volunteers
20

Preparer

Firm
Dittrich & Roberts Inc
Address
156 Blackburn Rd, Summit, NJ 07901
Preparer
Robyn W Roberts
Phone
9082733205
Supplemental Narrative

Additional Explanations

Pt VI, Line 11B

“Form 990 was provided to all trustees.”

Pt VI, Line 2

“3 board memers also serve as elected officials for the city of summit.”

Pt VI, Line 19

“The organization makes its governng docuents and financial information available upon written request.”

Form 990, Part IX, Line 24E

“Insurance 2790. 1806. 492. 492.”

Form 990, Part IX, Line 24E

“Communications 3428. 2218. 605. 605.”

Form 990, Part IX, Line 24E

“MEETINGS 165. 0. 165. 0.”

Form 990, Part IX, Line 24E

“District promotion 41617. 41617. 0. 0.”

Form 990, Part IX, Line 24E

“Memberships 5217. 0. 5217. 0.”

Form 990, Part IX, Line 24E

“Miscellaneous 7148. 4626. 1261. 1261.”

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IRS990/PYRevenuesLessExpensesAmt031903
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IRS990/PYTotalExpensesAmt0370631
IRS990/PYTotalRevenueAmt0402534
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IRS990/ReconcilationRevenueExpnssAmt0-13255
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
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IRS990/ReportLandBuildingEquipmentInd0false
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
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IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus2YearsAmt0835926
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IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus4YearsAmt09577
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/TotalAmt0870623
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IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0FORM 990 WAS PROVIDED TO ALL TRUSTEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt13 BOARD MEMERS ALSO SERVE AS ELECTED OFFICIALS FOR THE CITY OF SUMMIT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION MAKES ITS GOVERNNG DOCUENTS AND FINANCIAL INFORMATION AVAILABLE UPON WRITTEN REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3INSURANCE 2790. 1806. 492. 492.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4COMMUNICATIONS 3428. 2218. 605. 605.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5MEETINGS 165. 0. 165. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6DISTRICT PROMOTION 41617. 41617. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7MEMBERSHIPS 5217. 0. 5217. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8MISCELLANEOUS 7148. 4626. 1261. 1261.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Pt VI, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Pt VI, Line 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Pt VI, Line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8Form 990, Part IX, Line 24e
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IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0NJ
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IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0346542
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IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesEOYAmt00

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$349,234
Liabilities
$0
Net assets
$349,234
Revenue
$439,678
Expenses
$452,933
Net income
-$13,255
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.43$0.00$0.43$0.50$0.47$0.03
2023Detailed filing. Detailed filing data is available for this year.$0.41$0.00$0.41$0.52$0.46$0.06
2022Detailed filing. Detailed filing data is available for this year.$0.35$0.00$0.35$0.44$0.45$0.01
2021Detailed filing. Detailed filing data is available for this year.$0.36$0.00$0.36$0.40$0.37$0.03
2020Detailed filing. Detailed filing data is available for this year.$0.33$0.00$0.33$1.27$1.16$0.11
2019Detailed filing. Detailed filing data is available for this year.$0.22$0.00$0.22$0.32$0.34$0.02
2018Detailed filing. Detailed filing data is available for this year.$0.24$0.00$0.24$0.45$0.35$0.10
2017Detailed filing. Detailed filing data is available for this year.$0.15$0.00$0.15$0.32$0.36$0.04
2016Detailed filing. Detailed filing data is available for this year.$0.19$0.00$0.19$0.41$0.35$0.06
2015Detailed filing. Detailed filing data is available for this year.$0.13$0.00$0.13$0.32$0.32$0.00
2014Detailed filing. Detailed filing data is available for this year.$0.13$0.00$0.13$0.32$0.32$0.01
2013Detailed filing. Detailed filing data is available for this year.$0.13$0.00$0.13$0.33$0.34$0.00
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.14$0.00$0.14$0.30
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.14$0.00$0.14$0.29
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.15$0.00$0.15$0.25