Summit Academy Charter School

Analysis

Summit Academy Charter School is a registered charity in United States, based in Brooklyn, NY. It received its IRS tax-exemption ruling in July 2010, 16 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Summit Academy Charter School reported income of $4.9m and spending of $5.5m, spending 112% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $6.0m to $4.9m (-18%), an average of -5.0% a year. The sharpest change came in the year to June 2022, when income dropped by 16%. Over the whole period it spent 92% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Summit Academy Charter School sits at the 89th percentile: it is larger than about 89% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 89th percentile within NY. Charities of a similar size with the same main cause include Paradise Valley Christian School ($4.9m), Al-Madinah School ($4.9m) and Bay Area Hybrid College Initiative ($4.9m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 15% and program service revenue 85% of the total. Compensation of current officers, directors and key employees was $595k (11% of expenses). Other salaries and wages came to $2.5m. At year end it held assets of $3.0m against liabilities of $403k, net assets of $2.6m. It reported 50 employees.