Civic Intelligence

New Summit Academy

990 • Fiscal year 2020 • EIN 81-2978989

Aug 01, 2019 to Jul 31, 2020 • Filed on Oct 30, 2020

Organization Profilewww.newsummitcharter.org
7899 Lexington DriveColorado Springs, CO 80920

(719) 749-4010

Siviq Scores

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

Liabilities / Assets

96th percentile

1.33x

Higher debt load relative to assets than 96% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Liabilities / Revenue

87th percentile

1.66x

Higher debt load relative to revenue than 87% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Net Margin

11th percentile

-29%

Higher net margin than 11% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Top Officer Pay

55th percentile

$131,107

Higher top officer pay than 55% of similar nonprofits.

Top officer pay equals 2.4% of source-year revenue.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Asset Growth

72nd percentile

18%

Faster asset growth than 72% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2019 to 2020

Revenue Growth

74th percentile

17%

Faster revenue growth than 74% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets96th percentile

Assets

Up

$6,946,041

Up $1,056,981 (+18%) from 2019

Net Assets

Down

-$2,268,098

Down $1,603,463 (-241%) from 2019

Liabilities

Up

$9,214,139

Up $2,660,444 (+41%) from 2019

Revenue And Expenses
Liabilities / Revenue87th percentileNet Margin11th percentile

Revenue

Up

$5,554,980

Up $811,370 (+17%) from 2019

Expenses

Up

$7,158,443

Up $1,622,399 (+29%) from 2019

Net Income

Down

-$1,603,463

Down $811,029 (-102%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth72nd percentile

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

$15M$10M$5.0M$0-$5.0MAssets 2016: $100Liabilities 2016: $02016Assets 2017: $2,200Liabilities 2017: $02017Assets 2018: $414,276Liabilities 2018: $286,477Net Assets 2018: $127,7992018Assets 2019: $5,889,060Liabilities 2019: $6,553,695Net Assets 2019: -$664,6352019Assets 2020: $6,946,041Liabilities 2020: $9,214,139Net Assets 2020: -$2,268,0982020Assets 2021: $6,687,305Liabilities 2021: $10,089,466Net Assets 2021: -$3,402,1612021Assets 2022: $5,053,529Liabilities 2022: $7,933,890Net Assets 2022: -$2,880,3612022Assets 2023: $5,313,223Liabilities 2023: $8,775,169Net Assets 2023: -$3,461,9462023Assets 2024: $6,606,058Liabilities 2024: $10,617,596Net Assets 2024: -$4,011,5382024Assets 2025: $6,584,906Liabilities 2025: $10,434,000Net Assets 2025: -$3,849,0942025

Highlighted filing

2020

Assets$6,946,041
Liabilities$9,214,139
Net Assets-$2,268,098
Open 2020 Filing

Operations Trend

Revenue Growth74th percentile

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

$10M$5.0M$0-$5.0MRevenue 2016: $100Expenses 2016: $0Net Income 2016: $1002016Revenue 2017: $2,283Expenses 2017: $183Net Income 2017: $2,1002017Revenue 2018: $641,449Expenses 2018: $515,850Net Income 2018: $125,5992018Revenue 2019: $4,743,610Expenses 2019: $5,536,044Net Income 2019: -$792,4342019Revenue 2020: $5,554,980Expenses 2020: $7,158,443Net Income 2020: -$1,603,4632020Revenue 2021: $6,238,934Expenses 2021: $7,130,584Net Income 2021: -$891,6502021Revenue 2022: $6,609,108Expenses 2022: $6,087,308Net Income 2022: $521,8002022Revenue 2023: $7,673,089Expenses 2023: $8,254,674Net Income 2023: -$581,5852023Revenue 2024: $8,271,163Expenses 2024: $8,820,755Net Income 2024: -$549,5922024Revenue 2025: $9,892,952Expenses 2025: $9,397,765Net Income 2025: $495,1872025

Highlighted filing

2020

Revenue$5,554,980
Expenses$7,158,443
Net Income-$1,603,463
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Aug 1, 2019 to Jul 31, 2020
Signed
Oct 30, 2020
Return Version
2019v5.1
Gross Receipts
$5,573,365
Mission and Program Overview

Mission

To build a safe and educational community that emphasizes a love of learning, and inspires and empowers students to reach New Summits.

See Schedule O

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments-$1,271,787-
Land, Buildings, and Equipment, Net$264,109$239,704▼ $24,405
Cash and Non-Interest-Bearing Accounts$477,529$33,929▼ $443,600
Prepaid Expenses and Deferred Charges-$12,214-
Accounts Receivable$26,017$250▼ $25,767
Total Assets$5,889,060$6,946,041▲ $1,056,981
Other Assets Total$5,121,405$5,388,157▲ $266,752
Liabilities
Other Liabilities$6,240,694$8,276,023▲ $2,035,329
Unsecured Notes Loans Payable$66,134$362,755▲ $296,621
Accounts Payable and Accrued Expenses$246,867$353,360▲ $106,493
Deferred Revenue-$222,001-
Total Liabilities$6,553,695$9,214,139▲ $2,660,444
Net Assets / Fund Balance
Net Assets With Donor Restrictions$128,400$160,500▲ $32,100
Net Assets Without Donor Restrictions$-793,035$-2,428,598▼ $1,635,563
Total Net Assets Fund Balance$-664,635$-2,268,098▼ $1,603,463
Total Liabilities and Net Assets / Fund Balance$5,889,060$6,946,041▲ $1,056,981

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$117,375$72,616$189,991
Leasehold Improvements$112,329$8,095$120,424
Other Land Buildings$10,000-$10,000
Other Assets Org$5,356,157--
Compensation and Service Providers
Top Officer Pay55th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Kim McclellandExecutive DirectorFT$107,382$23,725$131,107

Board Members and Trustees

NameTitle
Aaron SaltBoard Chair
Anthony BachmannMember
Doug DowneyMember
Michelle RuehlMember
Eric DavisTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$260,553
Program Service Revenue
$5,222,069
Investment Income
$3,700
Other Revenue
$68,658
All Other Contributions
$9,521
Change in Net Assets
$-1,603,463
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$4,813,880
Other Expenses$2,344,563
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Pension Plan Contributions$3,099,622$1,328,409-$4,428,031
Occupancy$671,126$74,570-$745,696
All Other Expenses$336,560$24,162-$360,722
Other Employee Benefits$146,826$62,925-$209,751
Current Officers, Directors, Trustees, and Key Employees$100,374$43,018-$143,392
Other Expenses$114,394$14,123-$114,394
Information Technology$92,294$10,255-$102,549
Payroll Taxes$22,894$9,812-$32,706
Advertising-$21,476-$21,476
Office Expenses-$14,405-$14,405
Fees for Services Other$8,110$901-$9,011
Fees for Services Legal-$8,164-$8,164
Total Functional Expenses$5,463,532$1,694,911$0$7,158,443
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$62,524
Fundraising Direct Expenses$18,385
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Gala$28,965$28,965$18,385$10,580
Total Events$62,524$62,524$18,385$44,139
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Net Pension Liabilities$5,076,489
Deferred Inflows$2,950,088
Net OPEB Liabilities$249,446
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
No
Other officer compensation reviewed
No
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

“Form 990 is reviewed by the Finance Committee and made avaialble to the board before filing. The board is presented the 990 at a board meeting, which may occur after the return is filed.”

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

“The board and officers are required to disclose any potential conflicts of interest as defined by the School's policy and in accordance with District 20 policies. Any potential conflict is brought to the board for resolution and if a conflict is determined to exist the involved person is recused from the meeting and may not vote on the matter.”

Form 990, Part VI, Section C, line 19

“Governing documents, conflict of interest policy and financial statements are available upon request. Certain information is available on the School's website in compliance with the Financial Transparency Act.”

Filing and Contact Details

Filer

Filer Name
New Summit Academy
EIN
81-2978989
Phone
7197494010
Address
7899 Lexington Drive, Colorado Springs, CO 80920

Signing Officer

Name
Aaron Salt
Title
Board Chair
Phone
7197494010
Signed
2020-10-30
Discuss with paid preparer
No

Organization Details

Principal Officer
Aaron Salt
Formed
2016
Legal Domicile
Co
Voting Board Members
5
Independent Board Members
5
Employees
100
Volunteers
50

Preparer

Firm
Hoelting & Company Inc
Address
31 E Platte Ave Ste 300, Colorado Springs, CO 80903
Preparer
Thomas G Sistare
Phone
7196301091
Supplemental Narrative

Additional Explanations

Form 990, Part I, Line 1:

“To build a safe educational community that emphasizes a love of learning, and inspires and empowers students to reach New Summits.”

Raw XML AppendixShowing 400 of 420 raw XML fields

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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IRS990ScheduleD/EquipmentGrp/DepreciationAmt072616
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0189991
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt0112329
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt08095
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt0120424
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt032000
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt15356157
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0Deposits
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1Deferred Outflows
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt010000
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt010000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt02950088
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt15076489
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt2249446
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Deferred Inflows
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Net Pension Liabilities
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2Net OPEB Liabilities
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0239704
IRS990ScheduleD/TotalBookValueOtherAssetsAmt05388157
IRS990ScheduleD/TotalLiabilityAmt08276023
IRS990ScheduleE/ComplianceWithRevProc7550Ind01
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd00
IRS990ScheduleE/DiscriminateRaceAthltProgInd00
IRS990ScheduleE/DiscriminateRaceEducPlcyInd00
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd00
IRS990ScheduleE/DiscriminateRaceOtherActyInd00
IRS990ScheduleE/DiscriminateRaceSchsInd00
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd00
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd00
IRS990ScheduleE/GovernmentFinancialAidRcvdInd01
IRS990ScheduleE/GovernmentFinancialAidRvkdInd00
IRS990ScheduleE/MaintainCpyOfAllSolInd01
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd01
IRS990ScheduleE/MaintainRacialCompRecsInd01
IRS990ScheduleE/MaintainScholarshipsRecsInd01
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd01
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd01
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd01
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0The nondiscriminatory policy is publicized in marketing communications and on the School's website to make it known to all parts of the general community it serves.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule E, Part I, Line 3
IRS990ScheduleG/FundraisingEventInformationGrp/DirectExpenseSummaryEventsAmt018385
IRS990ScheduleG/FundraisingEventInformationGrp/Event1Nm0Gala
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent1Amt028965
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsOtherEventsAmt033559
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsTotalAmt062524
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueEvent1Amt028965
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueOtherEventsAmt033559
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueTotalEventsAmt062524
IRS990ScheduleG/FundraisingEventInformationGrp/NetIncomeSummaryAmt044139
IRS990ScheduleG/FundraisingEventInformationGrp/OthDirectExpnssTotalEventsAmt018385
IRS990ScheduleG/FundraisingEventInformationGrp/OtherDirectExpensesEvent1Amt018385
IRS990ScheduleG/FundraisingEventInformationGrp/OtherEventsTotalCnt01
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0To build a safe educational community that emphasizes a love of learning, and inspires and empowers students to reach New Summits.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Form 990 is reviewed by the Finance Committee and made avaialble to the board before filing. The board is presented the 990 at a board meeting, which may occur after the return is filed.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The board and officers are required to disclose any potential conflicts of interest as defined by the School's policy and in accordance with District 20 policies. Any potential conflict is brought to the board for resolution and if a conflict is determined to exist the involved person is recused from the meeting and may not vote on the matter.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Governing documents, conflict of interest policy and financial statements are available upon request. Certain information is available on the School's website in compliance with the Financial Transparency Act.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part I, Line 1:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section C, line 19
IRS990/SchoolOperatingInd01
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt05889060
IRS990/TotalAssetsEOYAmt06946041
IRS990/TotalAssetsGrp/BOYAmt05889060
IRS990/TotalAssetsGrp/EOYAmt06946041
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0260553
IRS990/TotalEmployeeCnt0100
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt01694911
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt05463532
IRS990/TotalFunctionalExpensesGrp/TotalAmt07158443
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt06553695
IRS990/TotalLiabilitiesEOYAmt09214139
IRS990/TotalLiabilitiesGrp/BOYAmt06553695
IRS990/TotalLiabilitiesGrp/EOYAmt09214139
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-664635
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-2268098
IRS990/TotalOtherCompensationAmt023725
IRS990/TotalProgramServiceExpensesAmt05463532
IRS990/TotalProgramServiceRevenueAmt05222069
IRS990/TotalReportableCompFromOrgAmt0107382
IRS990/TotalRevenueGrp/ExclusionAmt047839
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt05246588
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt05554980
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt050
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt05889060
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt06946041
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt066134
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt0362755
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt07899 Lexington Drive
IRS990/USAddress/CityNm0Colorado Springs
IRS990/USAddress/StateAbbreviationCd0CO
IRS990/USAddress/ZIPCd080920
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt05
IRS990/WebsiteAddressTxt0www.newsummitcharter.org
IRS990/WhistleblowerPolicyInd01
ReturnHeader/BuildTS02021-01-29 14:40:06Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd00
ReturnHeader/BusinessOfficerGrp/PersonNm0Aaron Salt
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Board Chair
ReturnHeader/BusinessOfficerGrp/PhoneNum07197494010
ReturnHeader/BusinessOfficerGrp/SignatureDt02020-10-30
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0New Summit Academy
ReturnHeader/Filer/BusinessNameControlTxt0NEWS
ReturnHeader/Filer/EIN0812978989
ReturnHeader/Filer/PhoneNum07197494010
ReturnHeader/Filer/USAddress/AddressLine1Txt07899 Lexington Drive
ReturnHeader/Filer/USAddress/CityNm0Colorado Springs
ReturnHeader/Filer/USAddress/StateAbbreviationCd0CO
ReturnHeader/Filer/USAddress/ZIPCd080920

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$6,946,041
Liabilities
$9,214,139
Net assets
-$2,268,098
Revenue
$5,554,980
Expenses
$7,158,443
Net income
-$1,603,463
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.58$10.4$3.85$9.89$9.40$0.50
2024Detailed filing. Detailed filing data is available for this year.$6.61$10.6$4.01$8.27$8.82$0.55
2023Detailed filing. Detailed filing data is available for this year.$5.31$8.78$3.46$7.67$8.25$0.58
2022Detailed filing. Detailed filing data is available for this year.$5.05$7.93$2.88$6.61$6.09$0.52
2021Summary only. Only limited summary data is available for this year.$6.69$10.1$3.40$6.24$7.13$0.89
2020Detailed filing. Detailed filing data is available for this year.$6.95$9.21$2.27$5.55$7.16$1.60
2019Detailed filing. Detailed filing data is available for this year.$5.89$6.55$0.66$4.74$5.54$0.79
2018Summary only. Only limited summary data is available for this year.$0.41$0.29$0.13$0.64$0.52$0.13
2017Summary only. Only limited summary data is available for this year.$0.00$0.00$0.00$0.00$0.00
2016Summary only. Only limited summary data is available for this year.$0.00$0.00$0.00$0.00$0.00