Summit Foundation

Analysis

Summit Foundation is a registered charity in United States, based in Charlotte, NC. It received its IRS tax-exemption ruling in August 2010, 16 years ago. The IRS classifies it as a supporting organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Summit Foundation reported income of $447.1m and spending of $446.7m, spending 100% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $3.5m to $447.1m (+12673%), an average of +236% a year. The sharpest change came in the year to December 2021, when income rose by 666600%. Over the whole period it spent 128% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Summit Foundation sits at the 100th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 100th percentile, and in the 100th percentile within NC. Charities of a similar size with the same main cause include Easter Seals Southern California Inc ($445.0m), Tri-Counties Association for the Developmentally Disabled Inc ($452.7m) and Long Island University ($438.6m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. At year end it held assets of $4.9m against liabilities of $0, net assets of $4.9m.