Summit Terrace Development Corporation

Analysis

Summit Terrace Development Corporation is a registered charity in United States, based in Akron, OH. It received its IRS tax-exemption ruling in September 1995, 31 years ago. Its declared purposes cover mental health and crisis intervention, which this site groups under health and saving lives. 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 December 2023, Summit Terrace Development Corporation reported income of $147k and spending of $200k, spending 136% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $138k to $147k (+6.7%), an average of +1.6% a year. Over the whole period it spent 124% of the income it received.

Among 40,470 United States charities whose main cause is health and saving lives and that reported income, Summit Terrace Development Corporation sits at the 35th percentile: it is larger than about 35% of them. Against every charity in United States with reported income it ranks in the 47th percentile, and in the 47th percentile within OH. Charities of a similar size with the same main cause include Right Hand Foundation Inc ($147k), Toby House II ($147k) and Diversity International Charities ($147k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 2.7% and program service revenue 97% of the total. At year end it held assets of $723k against liabilities of $29k, net assets of $694k.

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.