Summit Education Initiative

Analysis

Summit Education Initiative is a registered charity in United States, based in Akron, OH. It received its IRS tax-exemption ruling in December 1996, 30 years ago. Its declared purposes cover education, which this site groups under education and training. 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 2023, Summit Education Initiative reported income of $1.2m and spending of $1.7m, spending 142% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $1.4m to $1.2m (-18%), an average of -4.7% a year. The sharpest change came in the year to June 2020, when income rose by 34%. Over the whole period it spent 100% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Summit Education Initiative sits at the 77th percentile: it is larger than about 77% of them. Against every charity in United States with reported income it ranks in the 81st percentile, and in the 81st percentile within OH. Charities of a similar size with the same main cause include New York State Network for Youth Success Inc ($1.2m), South Carolina Independent Colleges and Universities Inc ($1.2m) and Israel21c ($1.2m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 91% and program service revenue 1.6% of the total. Compensation of current officers, directors and key employees was $211k (12% of expenses). Other salaries and wages came to $591k. At year end it held assets of $2.0m against liabilities of $192k, net assets of $1.8m. It reported 14 employees.