Lake Summit Foundation

Analysis

Lake Summit Foundation is a registered charity in United States, based in Hendersonvlle, NC. It received its IRS tax-exemption ruling in September 1987, 39 years ago. 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 2022, Lake Summit Foundation reported income of $351k and spending of $89k, leaving 75% of income unspent that year. Across the 4 years on record, from December 2019 to December 2022, income grew from $96k to $351k (+264%), an average of +54% a year. The sharpest change came in the year to December 2021, when income rose by 653%. Over the whole period it spent 54% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Lake Summit Foundation sits at the 63rd percentile: it is larger than about 63% of them. Against every charity in United States with reported income it ranks in the 64th percentile, and in the 63rd percentile within NC. Charities of a similar size with the same main cause include Elizabeth S Ludgate Test Trust ($351k), 100 Reporters ($351k) and Little League Baseball Inc ($351k).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 89% of the total. At year end it held assets of $2.0m against liabilities of $0, net assets of $2.0m.