Summit Lake Bible Conference Inc

Analysis

Summit Lake Bible Conference Inc is a registered charity in United States, based in Wake Forest, NC. It received its IRS tax-exemption ruling in June 1971, 55 years ago. Its declared purposes cover religion-related, which this site groups under religion. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Summit Lake Bible Conference Inc reported income of $516k and spending of $700k, spending 136% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $793k to $516k (-35%), an average of -10% a year. The sharpest change came in the year to December 2021, when income rose by 89%. Over the whole period it spent 308% of the income it received.

Among 31,138 United States charities whose main cause is religion and that reported income, Summit Lake Bible Conference Inc sits at the 84th percentile: it is larger than about 84% of them. Against every charity in United States with reported income it ranks in the 71st percentile, and in the 70th percentile within NC. Charities of a similar size with the same main cause include Destiny Sports Mission Inc ($516k), True Life ($516k) and Prem Prakash Mandli USA Inc ($516k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 5.4% and program service revenue 94% of the total. Compensation of current officers, directors and key employees was $138k (20% of expenses). Other salaries and wages came to $99k. At year end it held assets of $842k against liabilities of $495k, net assets of $347k. It reported 17 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.