Summit School Inc

Analysis

Summit School Inc is a registered charity in United States, based in Elgin, IL. It received its IRS tax-exemption ruling in August 1970, 56 years ago. 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 August 2023, Summit School Inc reported income of $3.0m and spending of $3.3m, spending 110% of what it took in. Across the 5 years on record, from August 2019 to August 2023, income grew from $2.6m to $3.0m (+13%), an average of +3.2% a year. Over the whole period it spent 109% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Summit School Inc sits at the 88th percentile: it is larger than about 88% of them. Against every charity in United States with reported income it ranks in the 89th percentile, and in the 89th percentile within IL. Charities of a similar size with the same main cause include Impacting Veterans Lives Inc ($3.0m), Rocky Mount Family YMCA Inc ($3.0m) and Omaha Christian Academy ($3.0m).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 18% and program service revenue 74% of the total. Compensation of current officers, directors and key employees was $175k (5.3% of expenses). Other salaries and wages came to $2.1m. At year end it held assets of $4.9m against liabilities of $103k, net assets of $4.8m. It reported 53 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.