Civic Intelligence

Summit Public Schools

990 • Fiscal year 2022 • EIN 26-2034843

Jul 01, 2021 to Jun 30, 2022 • Filed on May 03, 2023

780 BroadwayRedwood City, CA 94063

(650) 257-9880

Siviq Scores

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

Liabilities / Assets

50th percentile

0.25x

Higher debt load relative to assets than 50% of similar nonprofits.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2022

Liabilities / Revenue

31st percentile

0.17x

Higher debt load relative to revenue than 31% of similar nonprofits.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2022

Net Margin

33rd percentile

0.7%

Higher net margin than 33% of similar nonprofits.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2022

Top Officer Pay

75th percentile

$566,191

Higher top officer pay than 75% of similar nonprofits.

Top officer pay equals 0.9% of source-year revenue.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2022

Asset Growth

20th percentile

-11%

Faster asset growth than 20% of similar nonprofits.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2021 to 2022

Revenue Growth

64th percentile

12%

Faster revenue growth than 64% of similar nonprofits.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2021 to 2022

Assets

Down

$43,434,175

Down $5,096,532 (-11%) from 2021

Net Assets

Up

$32,787,512

Up $760,839 (+2.4%) from 2021

Liabilities

Down

$10,646,663

Down $5,857,371 (-35%) from 2021

Revenue

Up

$62,350,567

Up $6,804,364 (+12%) from 2021

Expenses

Up

$61,899,723

Up $5,241,403 (+9.3%) from 2021

Net Income

Up

$450,844

Up $1,562,961 (+141%) from 2021

Historical Trend

Balance Sheet Trend

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

$80M$60M$40M$20M$0Assets 2012: $2,003,586Liabilities 2012: $693,613Net Assets 2012: $1,309,9732012Assets 2014: $6,906,473Liabilities 2014: $1,461,331Net Assets 2014: $5,445,1422014Assets 2015: $12,065,779Liabilities 2015: $2,191,493Net Assets 2015: $9,874,2862015Assets 2016: $13,802,303Liabilities 2016: $1,297,142Net Assets 2016: $12,505,1612016Assets 2017: $33,511,428Liabilities 2017: $13,197,338Net Assets 2017: $20,314,0902017Assets 2019: $44,769,752Liabilities 2019: $7,140,289Net Assets 2019: $37,629,4632019Assets 2020: $54,341,620Liabilities 2020: $17,077,424Net Assets 2020: $37,264,1962020Assets 2021: $48,530,707Liabilities 2021: $16,504,034Net Assets 2021: $32,026,6732021Assets 2022: $43,434,175Liabilities 2022: $10,646,663Net Assets 2022: $32,787,5122022Assets 2023: $76,020,327Liabilities 2023: $47,747,614Net Assets 2023: $28,272,7132023Assets 2024: $68,464,260Liabilities 2024: $27,010,991Net Assets 2024: $41,453,2692024

Highlighted filing

2022

Assets$43,434,175
Liabilities$10,646,663
Net Assets$32,787,512

Operations Trend

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

$100M$50M$0-$50MExpenses 2012: $7,681,9692012Revenue 2014: $19,929,741Expenses 2014: $18,574,201Net Income 2014: $1,355,5402014Revenue 2015: $28,864,927Expenses 2015: $24,435,783Net Income 2015: $4,429,1442015Revenue 2016: $37,360,570Expenses 2016: $34,597,772Net Income 2016: $2,762,7982016Revenue 2017: $59,080,241Expenses 2017: $51,271,312Net Income 2017: $7,808,9292017Revenue 2019: $76,985,306Expenses 2019: $73,278,588Net Income 2019: $3,706,7182019Revenue 2020: $61,060,378Expenses 2020: $60,850,003Net Income 2020: $210,3752020Revenue 2021: $55,546,203Expenses 2021: $56,658,320Net Income 2021: -$1,112,1172021Revenue 2022: $62,350,567Expenses 2022: $61,899,723Net Income 2022: $450,8442022Revenue 2023: $62,505,480Expenses 2023: $67,560,018Net Income 2023: -$5,054,5382023Revenue 2024: $58,227,781Expenses 2024: $52,814,960Net Income 2024: $5,412,8212024

Highlighted filing

2022

Revenue$62,350,567
Expenses$61,899,723
Net Income$450,844
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
May 3, 2023
Return Version
2021v4.2
Gross Receipts
$62,350,567
Mission and Program Overview

Mission

Operates college preparatory california charter schools, and programs to develop teachers and school leaders to address the continually evolving needs of the educational ecosystem.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$29,316,265$26,059,357▼ $3,256,908
Accounts Receivable$12,710,438$11,006,900▼ $1,703,538
Land, Buildings, and Equipment, Net$3,617,854$4,090,336▲ $472,482
Prepaid Expenses and Deferred Charges$911,818$1,322,192▲ $410,374
Investments Other Securities$1,052,090$955,390▼ $96,700
Cash and Non-Interest-Bearing Accounts$922,242--
Total Assets$48,530,707$43,434,175▼ $5,096,532
Liabilities
Mortgage Notes Payable Secured by Investment Property$6,830,785--
Deferred Revenue$4,362,142$4,377,589▲ $15,447
Other Liabilities$3,232,327$3,275,211▲ $42,884
Accounts Payable and Accrued Expenses$2,078,780$2,993,863▲ $915,083
Total Liabilities$16,504,034$10,646,663▼ $5,857,371
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$30,974,583$32,019,041▲ $1,044,458
Net Assets With Donor Restrictions$1,052,090$768,471▼ $283,619
Total Net Assets Fund Balance$32,026,673$32,787,512▲ $760,839
Total Liabilities and Net Assets / Fund Balance$48,530,707$43,434,175▼ $5,096,532

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$4,081,494$6,243,074$10,324,568
Other Land Buildings$8,842-$8,842

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2021$1,052,090-▼ $96,700$186,918$768,472
2020$905,747-▲ $296,343$150,000$1,052,090
2019$980,553-▲ $53,133$127,939$905,747
2018$1,008,390-▲ $82,663$110,500$980,553
2017-$1,008,390--$1,008,390
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Diane TavennerCEOFT$469,087$97,104$566,191
Adam CarterChief Academic OfficerFT$257,710$45,729$303,439
Mira BrowneChief External OfficerFT$205,862$48,154$254,016
Caitlyn HermanChief Academic OfficerFT$194,018$47,210$241,228
Kelly GarciaChief of SchoolsFT$205,577-$205,577
Adam BlackChief Information OfficerFT$147,792$24,139$171,931
Joyce MontgomeryCFOFT$139,789$23,685$163,474
Edward LeeCFOFT$139,202$15,792$154,994

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
Swenson & AssociatesConstruction Contract For Tahoma Moderni581 DIVISION ST A, Campbell, CA 95008$1,312,213
Adriana San Millan School Psychology & SSpecial Education Services305 VINEYARD TOWN CENTER 273, Morgan Hill, CA 95037$839,781
Swan Cleaning SolutionsCleaning Service3499 E BAYSHORE RD 83, Redwood City, CA 94063$299,866
Beacon SchoolSpecial Education Services5670 CAMDEN AVE 102, San Jose, CA 95124$227,949
Larson CommunicationsCommunications And Public Relations Serv75 BROADWAY, San Francisco, CA 94111$186,450
Revenue and Support

Revenue Composition

Contributions and Grants
$60,151,978
Program Service Revenue
$2,065,262
Investment Income
$133,327
Other Revenue
$0
All Other Contributions
$5,783,616
Change in Net Assets
$450,844

Audited Revenue Reconciliation

Revenue per Audited Statements
$62,350,567
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$309,995
Total Revenue per Audited Statements
$62,660,562
Total Revenue per Form 990
$62,350,567
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$39,478,974
Other Expenses$22,420,749
Total Fundraising Expense$366,172
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$28,034,229$2,315,479$274,439$30,624,147
Fees for Services Other$8,123,137$469,252$5,394$8,597,783
Occupancy$5,818,614$91,504-$5,910,118
Pension Plan Contributions$4,244,048$292,309$34,321$4,570,678
Other Employee Benefits$2,679,745$223,449$26,949$2,930,143
Depreciation Depletion$1,130,013--$1,130,013
Current Officers, Directors, Trustees, and Key Employees$594,833$214,262$5,679$814,774
Payroll Taxes$492,750$41,939$4,543$539,232
Insurance$376,387$107,774-$484,161
Fees for Services Legal$189,540$196,763-$386,303
Fees for Services Management-$334,262-$334,262
Office Expenses$267,634$24,140-$291,774
Travel$243,927$30,060$12,149$286,136
Information Technology$126,650--$126,650
Fees for Services Accounting-$71,033-$71,033
Other Expenses$26,100$2,192$195$28,487
Conferences and Meetings$6,883--$6,883
Total Functional Expenses$56,919,689$4,613,862$366,172$61,899,723

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$61,899,723
Total Expenses per Audited Statements$61,899,723
Total Expenses per Form 990$61,899,723
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Deferred Rent Liability$3,275,211
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

The form 990 is prepared by the organization's outside public accounting firm based on information provided by management. Once a draft of the return is available, it is reviewed by the finance team with any changes or revisions incorporated into the filing. The revised return is then submitted to the board of directors for their review and approval prior to submitting to the irs.

Form 990, Part VI, Section B, Line 12C

The board of directors monitors and enforces the adherence to the organization's conflict of interest policy.

Form 990, Part VI, Section B, Line 15

The organizational policy for establishing operating officers and key management employees wages are based on the standard salaries in the industry in the same geographical area.

Form 990, Part VI, Section C, Line 19

The school provides its governing documents, conflict of interest policy and financial statements to the public upon request.

Filing and Contact Details

Filer

Filer Name
Summit Public Schools
EIN
26-2034843
Phone
6502579880
Address
780 BROADWAY, REDWOOD CITY, CA 94063

Signing Officer

Name
Diane Tavenner
Title
CEO
Phone
6502579880
Signed
2023-05-03
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Diane Tavenner
Formed
2008
Legal Domicile
CA
Voting Board Members
7
Independent Board Members
7
Employees
477
Volunteers
200

Preparer

Firm
Cliftonlarsonallen Llp
Address
2210 EAST ROUTE 66, GLENDORA, CA 91740
Preparer
Wade Mcmullen
Phone
6268577300
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

Special education school site coordinators: program service expenses 3,777,816. Management and general expenses 0. Fundraising expenses 0. Total expenses 3,777,816. Consultants and services: program service expenses 2,239,080. Management and general expenses 0. Fundraising expenses 0. Total expenses 2,239,080. Other consultant: program service expenses 2,106,241. Management and general expenses 469,252. Fundraising expenses 5,394. Total expenses 2,580,887.

FORM 990, PART XI, LINE 9:

Transfer from community high school foundation 498,123.

Financial Statement Notes

PART V, LINE 4:

Summit will use these funds to support the learning experience team.

PART X, LINE 2:

Sps is a nonprofit entity exempt from the payment of income taxes under internal revenue code section 501(c)(3) and the state taxation code. Accordingly, no provision has been made for income taxes. Management has determined that all income tax positions are more likely than not of being sustained upon potential audit or examination; therefore, no disclosures of uncertain income tax positions are required. The entity is subject to income tax on net income that is derived from business activities that are unrelated to the exempt purposes. The entity files an exempt return and applicable unrelated business income tax return in the u.s. Federal jurisdiction and with the california franchise tax board.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Transfer from community high school foundation

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IRS990/ActivityOrMissionDesc0OPERATES COLLEGE PREPARATORY CALIFORNIA CHARTER SCHOOLS, AND PROGRAMS TO DEVELOP TEACHERS AND SCHOOL LEADERS TO ADDRESS THE CONTINUALLY EVOLVING NEEDS OF THE EDUCATIONAL ECOSYSTEM.
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