Civic Intelligence

New Summit Academy

990 • Fiscal year 2019 • EIN 81-2978989

Aug 01, 2018 to Jul 31, 2019 • Filed on Jun 03, 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

94th percentile

1.11x

Higher debt load relative to assets than 94% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Liabilities / Revenue

85th percentile

1.38x

Higher debt load relative to revenue than 85% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Net Margin

14th percentile

-17%

Higher net margin than 14% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

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.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Asset Growth

100th percentile

1322%

Faster asset growth than 100% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2018 to 2019

Revenue Growth

99th percentile

640%

Faster revenue growth than 99% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets94th percentile

Assets

Up

$5,889,060

Up $5,474,784 (+1322%) from 2018

Net Assets

Down

-$664,635

Down $792,434 (-620%) from 2018

Liabilities

Up

$6,553,695

Up $6,267,218 (+2188%) from 2018

Revenue And Expenses
Liabilities / Revenue85th percentileNet Margin14th percentile

Revenue

Up

$4,743,610

Up $4,102,161 (+640%) from 2018

Expenses

Up

$5,536,044

Up $5,020,194 (+973%) from 2018

Net Income

Down

-$792,434

Down $918,033 (-731%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth100th 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

2019

Assets$5,889,060
Liabilities$6,553,695
Net Assets-$664,635
Open 2019 Filing

Operations Trend

Revenue Growth99th 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

2019

Revenue$4,743,610
Expenses$5,536,044
Net Income-$792,434
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Aug 1, 2018 to Jul 31, 2019
Signed
Jun 3, 2020
Return Version
2018v3.1
Gross Receipts
$4,769,645
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.

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

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$172,876$477,529▲ $304,653
Land, Buildings, and Equipment, Net$0$264,109▲ $264,109
Accounts Receivable$241,400$26,017▼ $215,383
Total Assets$414,276$5,889,060▲ $5,474,784
Other Assets Total$0$5,121,405▲ $5,121,405
Liabilities
Other Liabilities$0$6,240,694▲ $6,240,694
Accounts Payable and Accrued Expenses$286,477$246,867▼ $39,610
Unsecured Notes Loans Payable-$66,134-
Total Liabilities$286,477$6,553,695▲ $6,267,218
Net Assets / Fund Balance
Temporarily Rstr Net Assets$12,400$128,400▲ $116,000
Unrestricted Net Assets$115,399$-793,035▼ $908,434
Total Net Assets Fund Balance$127,799$-664,635▼ $792,434
Total Liabilities and Net Assets / Fund Balance$414,276$5,889,060▲ $5,474,784

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$155,373$34,618$189,991
Leasehold Improvements$108,736$2,982$111,718
Other Assets Org$5,089,405--
Compensation and Service Providers
Top Officer Pay21st percentile

Board Members and Trustees

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

Revenue Composition

Contributions and Grants
$347,186
Program Service Revenue
$4,326,125
Investment Income
$0
Other Revenue
$70,299
All Other Contributions
$85,012
Change in Net Assets
$-792,434
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$3,616,068
Other Expenses$1,919,976
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,317,082$564,464-$1,881,546
Pension Plan Contributions$1,064,701$456,300-$1,521,001
Fees for Services Other$562,949$60,170-$623,119
Occupancy$323,186$35,910-$359,096
All Other Expenses$190,894$16,069-$206,963
Other Employee Benefits$131,845$56,505-$188,350
Other Expenses$111,400$12,867-$111,400
Information Technology$73,009$8,112-$81,121
Office Expenses-$43,836-$43,836
Depreciation Depletion$26,320$11,280-$37,600
Advertising-$35,714-$35,714
Payroll Taxes$17,620$7,551-$25,171
Fees for Services Legal-$23,139-$23,139
Total Functional Expenses$4,190,439$1,345,605$0$5,536,044
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$87,898
Fundraising Direct Expenses$26,035
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Gala$43,471$43,471$26,035$17,436
Total Events$87,898$87,898$26,035$61,863
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$3,732,668
Deferred Inflows$2,321,602
Net OPEB Liabilities$186,424
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 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
No
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
2020-06-03
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
67
Volunteers
94

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 IX, line 11G

“Purchased Services - Students: Program service expenses 13,648. Management and general expenses 0. Fundraising expenses 0. Total expenses 13,648. Purchased Services - Admin: Program service expenses 7,775. Management and general expenses 0. Fundraising expenses 0. Total expenses 7,775. Other Purchased Services: Program service expenses 519,525. Management and general expenses 57,725. Fundraising expenses 0. Total expenses 577,250. Consulting: Program service expenses 22,001. Management and general expenses 2,445. Fundraising expenses 0. Total expenses 24,446.”

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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Net Pension Liabilities
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2Net OPEB Liabilities
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0264109
IRS990ScheduleD/TotalBookValueOtherAssetsAmt05121405
IRS990ScheduleD/TotalLiabilityAmt06240694
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/DirectExpenseSummaryEventsAmt026035
IRS990ScheduleG/FundraisingEventInformationGrp/Event1Nm0Gala
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent1Amt043471
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsOtherEventsAmt044427
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsTotalAmt087898
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueEvent1Amt043471
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueOtherEventsAmt044427
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueTotalEventsAmt087898
IRS990ScheduleG/FundraisingEventInformationGrp/NetIncomeSummaryAmt061863
IRS990ScheduleG/FundraisingEventInformationGrp/OthDirectExpnssTotalEventsAmt026035
IRS990ScheduleG/FundraisingEventInformationGrp/OtherDirectExpensesEvent1Amt026035
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Form 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/ExplanationTxt1The 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/ExplanationTxt2Governing 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/ExplanationTxt3Purchased Services - Students: Program service expenses 13,648. Management and general expenses 0. Fundraising expenses 0. Total expenses 13,648. Purchased Services - Admin: Program service expenses 7,775. Management and general expenses 0. Fundraising expenses 0. Total expenses 7,775. Other Purchased Services: Program service expenses 519,525. Management and general expenses 57,725. Fundraising expenses 0. Total expenses 577,250. Consulting: Program service expenses 22,001. Management and general expenses 2,445. Fundraising expenses 0. Total expenses 24,446.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section C, line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part IX, line 11g
IRS990/SchoolOperatingInd01
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TemporarilyRstrNetAssetsGrp/BOYAmt012400
IRS990/TemporarilyRstrNetAssetsGrp/EOYAmt0128400
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0414276
IRS990/TotalAssetsEOYAmt05889060
IRS990/TotalAssetsGrp/BOYAmt0414276
IRS990/TotalAssetsGrp/EOYAmt05889060
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0347186
IRS990/TotalEmployeeCnt067
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt01345605
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt04190439
IRS990/TotalFunctionalExpensesGrp/TotalAmt05536044
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0286477
IRS990/TotalLiabilitiesEOYAmt06553695
IRS990/TotalLiabilitiesGrp/BOYAmt0286477
IRS990/TotalLiabilitiesGrp/EOYAmt06553695
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0127799
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-664635
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt04190439
IRS990/TotalProgramServiceRevenueAmt04326125
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt061863
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt04334561
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt04743610
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt094
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0414276
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt05889060
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0115399
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0-793035
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt066134
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/BuildTS02020-09-23 17:36:50Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd00
ReturnHeader/BusinessOfficerGrp/PersonNm0Aaron Salt
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Board Chair
ReturnHeader/BusinessOfficerGrp/PhoneNum07197494010
ReturnHeader/BusinessOfficerGrp/SignatureDt02020-06-03
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
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId04889534E3CAE48350EA6946590079B72B252D52D
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId04889534E3CAE48350EA6946590079B72B252D52D
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt050.78.194.108
ReturnHeader/FilingSecurityInformation/IPDt02020-06-03
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0MD
ReturnHeader/FilingSecurityInformation/IPTm011:14:52
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0300514455
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0Hoelting & Company Inc
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt031 E Platte Ave Ste 300
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Colorado Springs
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0CO

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$5,889,060
Liabilities
$6,553,695
Net assets
-$664,635
Revenue
$4,743,610
Expenses
$5,536,044
Net income
-$792,434
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