Summit Educational Foundation Inc

Analysis

Summit Educational Foundation Inc is a registered charity in United States, based in Summit, NJ. It received its IRS tax-exemption ruling in June 1988, 38 years ago. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2024, Summit Educational Foundation Inc reported income of $549k and spending of $708k, spending 129% of what it took in. Across the 5 years on record, from June 2020 to June 2024, income grew from $419k to $549k (+31%), an average of +7.0% a year. The sharpest change came in the year to June 2021, when income rose by 173%. Over the whole period it spent 116% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Summit Educational Foundation Inc sits at the 70th percentile: it is larger than about 70% of them. Against every charity in United States with reported income it ranks in the 72nd percentile, and in the 76th percentile within NJ. Charities of a similar size with the same main cause include Don Babin Evangelistic Association Inc ($549k), Bolling Haxall House Foundation ($549k) and West Bend Community & Alumni Scholarship Foundation Inc ($549k).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 53% of the total. At year end it held assets of $7.0m against liabilities of $859k, net assets of $6.1m.