Summit Agency Inc

Analysis

Summit Agency Inc is a registered charity in United States, based in Worcester, MA. It received its IRS tax-exemption ruling in October 2007, 19 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 2023, Summit Agency Inc reported income of $2.5m and spending of $3.1m, spending 122% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $1.9m to $2.5m (+36%), an average of +7.9% a year. The sharpest change came in the year to June 2023, when income rose by 22%. Over the whole period it spent 118% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Summit Agency Inc sits at the 84th percentile: it is larger than about 84% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 87th percentile within MA. Charities of a similar size with the same main cause include Ladera Education Institute ($2.5m), Seek Ye First Ministries Inc ($2.5m) and Chief Executive Leadership Institute of the Yale School of Ma ($2.5m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 1.8% and program service revenue 98% of the total. Compensation of current officers, directors and key employees was $71k (2.3% of expenses). Other salaries and wages came to $1.8m. At year end it held assets of $390k against liabilities of $2.5m, net assets of -$2.1m. 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.