Summit Impact a Nonprofit Corporation

Analysis

Summit Impact a Nonprofit Corporation is a registered charity in United States, based in Lakeland, FL. It received its IRS tax-exemption ruling in October 2021, 5 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. 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, Summit Impact a Nonprofit Corporation reported income of $124k and spending of $786k, spending 633% of what it took in. Across the 3 years on record, from December 2021 to December 2023, income fell from $836k to $124k (-85%), an average of -62% a year. The sharpest change came in the year to December 2022, when income rose by 267%. Over the whole period it spent 56% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Summit Impact a Nonprofit Corporation sits at the 40th percentile: it is larger than about 40% of them. Against every charity in United States with reported income it ranks in the 43rd percentile, and in the 46th percentile within FL. Charities of a similar size with the same main cause include Exceeds Expectations Inc ($124k), The Main Street Gentry Association ($124k) and Family Peace Project Inc ($124k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% and program service revenue 0.1% of the total. Compensation of current officers, directors and key employees was $154k (20% of expenses). Other salaries and wages came to $369k. At year end it held assets of $1.5m against liabilities of $14k, net assets of $1.4m. It reported 3 employees.