Civic Intelligence

Summit Charter School Foundation Inc.

990 • Fiscal year 2021 • EIN 56-2039872

Jul 01, 2020 to Jun 30, 2021 • Filed on May 12, 2022

Organization ProfileN/A
PO Box 2493Cashiers, NC 28717

(828) 743-9630

Siviq Scores

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

Liabilities / Assets

6th percentile

0.00x

Higher debt load relative to assets than 6% of similar nonprofits.

2021 filings • NTEE B • $10M-$25M nonprofits • Source year 2021

Liabilities / Revenue

7th percentile

0.00x

Higher debt load relative to revenue than 7% of similar nonprofits.

2021 filings • NTEE B • $10M-$25M nonprofits • Source year 2021

Net Margin

8th percentile

-25%

Higher net margin than 8% of similar nonprofits.

2021 filings • NTEE B • $10M-$25M nonprofits • Source year 2021

Top Officer Pay

21st percentile

$0

Higher top officer pay than 21% of similar nonprofits.

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

2021 filings • NTEE B • $10M-$25M nonprofits • Source year 2021

Asset Growth

13th percentile

-2.5%

Faster asset growth than 13% of similar nonprofits.

2021 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2020 to 2021

Revenue Growth

36th percentile

3.5%

Faster revenue growth than 36% of similar nonprofits.

2021 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets6th percentile

Assets

Down

$10,882,277

Down $276,312 (-2.5%) from 2020

Net Assets

Down

$10,880,432

Down $278,157 (-2.5%) from 2020

Liabilities

Up

$1,845

Up $1,845 from 2020

Revenue And Expenses
Liabilities / Revenue7th percentileNet Margin8th percentile

Revenue

Up

$728,486

Up $24,754 (+3.5%) from 2020

Expenses

Up

$907,206

Up $297,377 (+49%) from 2020

Net Income

Down

-$178,720

Down $272,623 (-290%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth13th percentile

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

$20M$15M$10M$5.0M$0Assets 2010: $6,901,687Liabilities 2010: $2,401,927Net Assets 2010: $4,499,7602010Assets 2011: $6,769,041Liabilities 2011: $1,588,938Net Assets 2011: $5,180,1032011Assets 2012: $6,604,376Liabilities 2012: $1,453,296Net Assets 2012: $5,151,0802012Assets 2013: $6,513,034Liabilities 2013: $1,407,779Net Assets 2013: $5,105,2552013Assets 2014: $6,628,736Liabilities 2014: $1,431,249Net Assets 2014: $5,197,4872014Assets 2015: $6,483,097Liabilities 2015: $1,329,113Net Assets 2015: $5,153,9842015Assets 2016: $6,418,131Liabilities 2016: $1,274,176Net Assets 2016: $5,143,9552016Assets 2017: $9,377,843Liabilities 2017: $0Net Assets 2017: $9,377,8432017Assets 2018: $10,838,556Liabilities 2018: $0Net Assets 2018: $10,838,5562018Assets 2019: $11,074,301Liabilities 2019: $0Net Assets 2019: $11,074,3012019Assets 2020: $11,158,589Liabilities 2020: $0Net Assets 2020: $11,158,5892020Assets 2021: $10,882,277Liabilities 2021: $1,845Net Assets 2021: $10,880,4322021Assets 2022: $10,743,475Liabilities 2022: $2,399Net Assets 2022: $10,741,0762022Assets 2023: $19,481,904Liabilities 2023: $5,724,489Net Assets 2023: $13,757,4152023Assets 2024: $18,339,201Liabilities 2024: $1,534,570Net Assets 2024: $16,804,6312024

Highlighted filing

2021

Assets$10,882,277
Liabilities$1,845
Net Assets$10,880,432
Open 2021 Filing

Operations Trend

Revenue Growth36th percentile

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

$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $573,3992010Revenue 2011: $1,606,225Expenses 2011: $569,517Net Income 2011: $1,036,7082011Expenses 2012: $554,1372012Revenue 2013: $479,005Expenses 2013: $524,830Net Income 2013: -$45,8252013Revenue 2014: $719,796Expenses 2014: $617,094Net Income 2014: $102,7022014Revenue 2015: $258,769Expenses 2015: $303,541Net Income 2015: -$44,7722015Revenue 2016: $590,482Expenses 2016: $608,433Net Income 2016: -$17,9512016Revenue 2017: $4,708,984Expenses 2017: $512,003Net Income 2017: $4,196,9812017Revenue 2018: $2,013,340Expenses 2018: $594,495Net Income 2018: $1,418,8452018Revenue 2019: $1,008,044Expenses 2019: $702,438Net Income 2019: $305,6062019Revenue 2020: $703,732Expenses 2020: $609,829Net Income 2020: $93,9032020Revenue 2021: $728,486Expenses 2021: $907,206Net Income 2021: -$178,7202021Revenue 2022: $951,435Expenses 2022: $1,019,212Net Income 2022: -$67,7772022Revenue 2023: $4,145,327Expenses 2023: $1,149,750Net Income 2023: $2,995,5772023Revenue 2024: $4,227,148Expenses 2024: $1,223,574Net Income 2024: $3,003,5742024

Highlighted filing

2021

Revenue$728,486
Expenses$907,206
Net Income-$178,720
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
May 12, 2022
Return Version
2020v4.0
Gross Receipts
$770,697
Mission and Program Overview

Mission

Support organization-school

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$10,302,771$10,010,210▼ $292,561
Cash and Non-Interest-Bearing Accounts$654,674$472,064▼ $182,610
Investments in Publicly Traded Securities-$381,011-
Savings and Temporary Cash Investments$201,144$18,992▼ $182,152
Total Assets$11,158,589$10,882,277▼ $276,312
Liabilities
Accounts Payable and Accrued Expenses-$1,845-
Total Liabilities$0$1,845▲ $1,845
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$11,024,108$10,820,140▼ $203,968
Net Assets With Donor Restrictions$134,481$60,292▼ $74,189
Total Net Assets Fund Balance$11,158,589$10,880,432▼ $278,157
Total Liabilities and Net Assets / Fund Balance$11,158,589$10,882,277▼ $276,312

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$8,743,493$2,553,982$11,297,475
Land$987,910-$987,910
Equipment$88,990$269,423$358,413
Other Land Buildings$189,817$144,432$334,249
Compensation and Service Providers
Top Officer Pay21st percentile

Board Members and Trustees

NameTitle
Crawford JoshChair
Hunter RobVice-chair
Jones MelanieSecretary
Greene RalphTreasurer
Hunter RobTreasurer -
Chapin SarahVoting Membe
Conley DarleneVoting Membe
Copperman RossVoting Membe
Glisson DonVoting Membe
Jennings SarahVoting Membe
Nichols JimVoting Membe
Ubertino GlenVoting Membe
Revenue and Support

Revenue Composition

Contributions and Grants
$721,476
Program Service Revenue
$0
Investment Income
$7,010
Other Revenue
$0
All Other Contributions
$721,476
Change in Net Assets
$-178,720
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$571,000
Other Expenses$336,206
Total Fundraising Expense$10,273
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$571,000--$571,000
Depreciation Depletion$292,564--$292,564
Occupancy-$9,704-$9,704
Fees for Services Accounting-$5,610-$5,610
Insurance$2,321$2,322-$4,643
Other Expenses$3,633$2,250$10,237$2,250
Office Expenses-$706$36$742
All Other Expenses-$340-$340
Total Functional Expenses$869,518$27,415$10,273$907,206
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Summit Charter SchoolCashiers, NC3Operations$571,000
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
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

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“Form 990 is initially drafted by a paid preparer based on the organization's financial data for the year. It is then reviewed by one or more officers and appropriately revised and completed prior to filing.”

Form 990, Page 6, Part VI, Line 12C

“Conflicts of interest policy and concerns are reviewed as they arise in our board of directors meetings. All concerns have been resolved.”

Form 990, Page 6, Part VI, Line 19

“Governing documents, etc, available to the public”

Filing and Contact Details

Filer

Filer Name
Summit Charter School Foundation
EIN
56-2039872
Phone
8287439630
Address
PO BOX 2493, CASHIERS, NC 28717

Signing Officer

Name
Hunter Rob
Title
Treasurer - 2022
Phone
8287439630
Signed
2022-05-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Hunter Rob
Formed
1997
Legal Domicile
Nc
Voting Board Members
11
Independent Board Members
11
Employees
0
Volunteers
300

Preparer

Firm
Goldsmith Molis & Gray Pllc
Address
32 ORANGE ST, ASHEVILLE, NC 28801-2914
Preparer
Crystal Z Goldsmith CPA
Phone
8282813161
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 3, Part X

“Fasb asc 740, "accounting for uncertainty in income taxes" clarified the accounting for the recognition and measurement of uncertainties in income taxes recognized in an entity's financial statements and prescribes a threshold of more likely-than-not for recognition of tax positions taken or expected to be taken in a tax return. The organization's policy is to evaluate the likelihood that its uncertain tax positions will prevail upon examination based on the extent to which those positions have substantial support within the internal revenue code and regulations, revenue rulings, court decisions and other evidence.”

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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0THE ORGANIZATION PROVIDES THE FACILITY (BUILDING AND LAND) AND EQUIPMENT FOR SUMMIT CHARTER SCHOOL. IN ADDITION, THE ORGANIZATION PROVIDES MONETARY SUPPORT TO BE USED IN ENHANCING THE EDUCATION OF THE STUDENTS AT THE SUMMIT CHARTER SCHOOL.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt1THE SUPPORTED ORGANIZATION (SUMMIT CHARTER SCHOOL) WOULD NOT BE ABLE TO HAVE THE SCHOOL WITHOUT THE FACILITY AND EQUIPMENT THAT IS PROVIDED BY THE SUMMIT CHARTER SCHOOL FOUNDATION.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART IV, SECTION E, LINE 2A
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc1PART IV, SECTION E, LINE 2B
IRS990ScheduleA/OtherSupportSumAmt00
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IRS990ScheduleA/SupportedOrganizationsTotalCnt01
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IRS990ScheduleA/SupportSumAmt0571000
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IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd0true
IRS990ScheduleD/BuildingsGrp/BookValueAmt08743493
IRS990ScheduleD/BuildingsGrp/DepreciationAmt02553982
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt011297475
IRS990ScheduleD/EquipmentGrp/BookValueAmt088990
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0269423
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IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt0144432
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0334249
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0FASB ASC 740, "ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES" CLARIFIED THE ACCOUNTING FOR THE RECOGNITION AND MEASUREMENT OF UNCERTAINTIES IN INCOME TAXES RECOGNIZED IN AN ENTITY'S FINANCIAL STATEMENTS AND PRESCRIBES A THRESHOLD OF MORE LIKELY-THAN-NOT FOR RECOGNITION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE ORGANIZATION'S POLICY IS TO EVALUATE THE LIKELIHOOD THAT ITS UNCERTAIN TAX POSITIONS WILL PREVAIL UPON EXAMINATION BASED ON THE EXTENT TO WHICH THOSE POSITIONS HAVE SUBSTANTIAL SUPPORT WITHIN THE INTERNAL REVENUE CODE AND REGULATIONS, REVENUE RULINGS, COURT DECISIONS AND OTHER EVIDENCE.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleI/RecipientTable/CashGrantAmt0571000
IRS990ScheduleI/RecipientTable/IRCSectionDesc03
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0OPERATIONS
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0SUMMIT CHARTER SCHOOL
IRS990ScheduleI/RecipientTable/RecipientEIN0561993257
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt0PO BOX 2493
IRS990ScheduleI/RecipientTable/USAddress/CityNm0CASHIERS
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0FORM 990 IS INITIALLY DRAFTED BY A PAID PREPARER BASED ON THE ORGANIZATION'S FINANCIAL DATA FOR THE YEAR. IT IS THEN REVIEWED BY ONE OR MORE OFFICERS AND APPROPRIATELY REVISED AND COMPLETED PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1CONFLICTS OF INTEREST POLICY AND CONCERNS ARE REVIEWED AS THEY ARISE IN OUR BOARD OF DIRECTORS MEETINGS. ALL CONCERNS HAVE BEEN RESOLVED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2GOVERNING DOCUMENTS, ETC, AVAILABLE TO THE PUBLIC
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt027415
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0869518
IRS990/TotalFunctionalExpensesGrp/TotalAmt0907206
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IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
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IRS990/USAddress/CityNm0CASHIERS
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ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0HUNTER ROB
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TREASURER - 2022
ReturnHeader/BusinessOfficerGrp/PhoneNum08287439630
ReturnHeader/BusinessOfficerGrp/SignatureDt02022-05-12
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0SUMMIT CHARTER SCHOOL FOUNDATION
ReturnHeader/Filer/BusinessNameControlTxt0SUMM
ReturnHeader/Filer/EIN0562039872
ReturnHeader/Filer/PhoneNum08287439630
ReturnHeader/Filer/USAddress/AddressLine1Txt0PO BOX 2493
ReturnHeader/Filer/USAddress/CityNm0CASHIERS

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$10,882,277
Liabilities
$1,845
Net assets
$10,880,432
Revenue
$728,486
Expenses
$907,206
Net income
-$178,720
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$18.3$1.53$16.8$4.23$1.22$3.00
2023Detailed filing. Detailed filing data is available for this year.$19.5$5.72$13.8$4.15$1.15$3.00
2022Detailed filing. Detailed filing data is available for this year.$10.7$0.00$10.7$0.95$1.02$0.07
2021Detailed filing. Detailed filing data is available for this year.$10.9$0.00$10.9$0.73$0.91$0.18
2020Detailed filing. Detailed filing data is available for this year.$11.2$0.00$11.2$0.70$0.61$0.09
2019Detailed filing. Detailed filing data is available for this year.$11.1$0.00$11.1$1.01$0.70$0.31
2018Detailed filing. Detailed filing data is available for this year.$10.8$0.00$10.8$2.01$0.59$1.42
2017Detailed filing. Detailed filing data is available for this year.$9.38$0.00$9.38$4.71$0.51$4.20
2016Detailed filing. Detailed filing data is available for this year.$6.42$1.27$5.14$0.59$0.61$0.02
2015Summary only. Only limited summary data is available for this year.$6.48$1.33$5.15$0.26$0.30$0.04
2014Detailed filing. Detailed filing data is available for this year.$6.63$1.43$5.20$0.72$0.62$0.10
2013Detailed filing. Detailed filing data is available for this year.$6.51$1.41$5.11$0.48$0.52$0.05
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.60$1.45$5.15$0.55
2011Summary only. Only limited summary data is available for this year.$6.77$1.59$5.18$1.61$0.57$1.04
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.90$2.40$4.50$0.57