Civic Intelligence

Summit Downtown Inc.

990 • Fiscal year 2023 • EIN 22-2852638

Jan 01, 2023 to Dec 31, 2023 • Filed on May 15, 2024

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

23rd percentile

0.00x

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

2023 filings • NTEE S • $500k-$1M nonprofits • Source year 2023

Liabilities / Revenue

23rd percentile

0.00x

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

2023 filings • NTEE S • $500k-$1M nonprofits • Source year 2023

Net Margin

60th percentile

11%

Higher net margin than 60% of similar nonprofits.

2023 filings • NTEE S • $500k-$1M nonprofits • Source year 2023

Top Officer Pay

53rd percentile

$0

Higher top officer pay than 53% of similar nonprofits.

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

2023 filings • NTEE S • $500k-$1M nonprofits • Source year 2023

Asset Growth

68th percentile

17%

Faster asset growth than 68% of similar nonprofits.

2023 filings • NTEE S • $500k-$1M nonprofits • Annualized from 2022 to 2023

Revenue Growth

63rd percentile

18%

Faster revenue growth than 63% of similar nonprofits.

2023 filings • NTEE S • $500k-$1M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets23rd percentile

Assets

Up

$407,376

Up $58,142 (+17%) from 2022

Net Assets

Up

$407,376

Up $58,142 (+17%) from 2022

Liabilities

Flat

$0

Flat from 2022

Revenue And Expenses
Liabilities / Revenue23rd percentileNet Margin60th percentile

Revenue

Up

$518,724

Up $79,046 (+18%) from 2022

Expenses

Up

$460,582

Up $7,649 (+1.7%) from 2022

Net Income

Up

$58,142

Up $71,397 (+539%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth68th 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

2023

Assets$407,376
Liabilities$0
Net Assets$407,376
Open 2023 Filing

Operations Trend

Revenue Growth63rd 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

2023

Revenue$518,724
Expenses$460,582
Net Income$58,142
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
May 15, 2024
Return Version
2023v5.1
Gross Receipts
$523,149
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$349,234$407,376▲ $58,142
Total Assets$349,234$407,376▲ $58,142
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$13,896$407,376▲ $393,480
Net Assets With Donor Restrictions$335,338$0▼ $335,338
Total Net Assets Fund Balance$349,234$407,376▲ $58,142
Total Liabilities and Net Assets / Fund Balance$349,234$407,376▲ $58,142
Compensation and Service Providers
Top Officer Pay53rd percentile

Board Members and Trustees

NameTitle
Bob ConwayChair
Karen SchneiderVice President
Anthony MelchionnaTrustee
Antonietta LavecchiaTrustee
Beth WelshTrustee
David BernatTrustee
Leslie E HermanTrustee
Greg VartanCouncil Person
Lisa AllenCouncil Person
Michael RogersCouncil Person
Nancy AdamsEmployee
Nora RadestMayor
Ray MerrittSecretary
Claire TothTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$72,225
Program Service Revenue
$447,275
Investment Income
$2,832
Other Revenue
$-3,608
All Other Contributions
$10,375
Change in Net Assets
$58,142

Audited Revenue Reconciliation

Revenue per Audited Statements
$518,724
Total Revenue per Audited Statements
$518,724
Total Revenue per Form 990
$518,724
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$239,342
Salaries, Compensation, and Employee Benefits$221,240
Total Fundraising Expense$44,237
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$147,264$36,988$36,988$221,240
All Other Expenses$36,698$4,244$1,389$42,331
Occupancy$19,740$4,958$4,958$29,656
Fees for Services Accounting$11,318$9,575$821$21,714
Other Expenses$0$2,606$0$2,606
Total Functional Expenses$357,894$58,451$44,237$460,582

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$460,582
Total Expenses per Audited Statements$460,582
Total Expenses per Form 990$460,582
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
2024-05-15
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
2
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 governing docuents and financial information available upon written request.”

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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 GOVERNING DOCUENTS AND FINANCIAL INFORMATION AVAILABLE UPON WRITTEN REQUEST.
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ReturnHeader/BuildTS02024-10-15 13:58:12Z
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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
$407,376
Liabilities
$0
Net assets
$407,376
Revenue
$518,724
Expenses
$460,582
Net income
$58,142
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