Summit Ministries Inc

Analysis

Summit Ministries Inc is a registered charity in United States, based in Manitou SPGS, CO. It received its IRS tax-exemption ruling in March 2019, 7 years ago. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Summit Ministries Inc reported income of $13.6m and spending of $13.9m, spending 102% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $8.6m to $13.6m (+59%), an average of +12% a year. The sharpest change came in the year to December 2021, when income rose by 79%. Over the whole period it spent 92% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Summit Ministries Inc 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 96th percentile, and in the 97th percentile within CO. Charities of a similar size with the same main cause include Community Medicine Foundation ($13.6m), Maria College ($13.6m) and Capper Foundation ($13.6m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 62% and program service revenue 32% of the total. Compensation of current officers, directors and key employees was $633k (4.5% of expenses). Other salaries and wages came to $4.7m. At year end it held assets of $16.8m against liabilities of $1.8m, net assets of $15.0m. It reported 226 employees.