Summit Academy Oic

Analysis

Summit Academy Oic is a registered charity in United States, based in Minneapolis, MN. It received its IRS tax-exemption ruling in March 1967, 59 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 2024, Summit Academy Oic reported income of $18.0m and spending of $15.4m, spending 86% of its income. Across the 5 years on record, from June 2020 to June 2024, income grew from $11.0m to $18.0m (+62%), an average of +13% a year. The sharpest change came in the year to June 2021, when income rose by 76%. Over the whole period it spent 85% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Summit Academy Oic sits at the 96th percentile: it is larger than about 96% of them. Against every charity in United States with reported income it ranks in the 97th percentile, and in the 97th percentile within MN. Charities of a similar size with the same main cause include Nyos Charter School Inc ($18.0m), Mountain Island Charter School Inc ($18.0m) and Sterling Education Inc ($17.9m).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 73% and program service revenue 27% of the total. Compensation of current officers, directors and key employees was $1.3m (8.3% of expenses). Other salaries and wages came to $6.2m. It paid $78k in professional fundraising fees. At year end it held assets of $21.8m against liabilities of $2.5m, net assets of $19.3m. It reported 183 employees.