The Summit Medical Group Foundation Inc

Analysis

The Summit Medical Group Foundation Inc is a registered charity in United States, based in New Providence, NJ. It received its IRS tax-exemption ruling in April 2014, 12 years ago. Its declared purposes cover health care, 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, The Summit Medical Group Foundation Inc reported income of $7.8m and spending of $2.6m, leaving 67% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $3.7m to $7.8m (+112%), an average of +21% a year. The sharpest change came in the year to December 2023, when income rose by 363%. Over the whole period it spent 63% of the income it received.

Among 40,470 United States charities whose main cause is health and saving lives and that reported income, The Summit Medical Group Foundation Inc sits at the 82nd percentile: it is larger than about 82% of them. Against every charity in United States with reported income it ranks in the 94th percentile, and in the 95th percentile within NJ. Charities of a similar size with the same main cause include Ascension Depaul Services ($7.8m), Rockford Ambulance Inc ($7.8m) and Magdala Foundation Magdala House ($7.8m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 91% of the total. At year end it held assets of $9.2m against liabilities of $375k, net assets of $8.8m.