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← SUMMIT EDUCATION INITIATIVE

Form 990 for tax year 2023

Filed by SUMMIT EDUCATION INITIATIVE.

Totals

Total revenue
$1,582,772
Total expenses
$1,601,901
Contributions and grants received
$1,271,443
Grants paid
$0
Program service revenue
$231,850
Investment income
$69,273
Other revenue
$10,206
Total assets, end of year
$2,104,978
Total liabilities, end of year
$245,978
Net assets or fund balances, end of year
$1,859,000
Program services expenses (Part IX)
$1,100,170
Management and general expenses
$354,852
Fundraising expenses
$146,879
Program service expenses (Part III)
$1,100,170

Program services were 68.7% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $106,049

  • 1f · All other contributions, gifts and grants

    $1,165,394

  • 2a · Program service revenue: CONTRACTED SERVICES

    total $231,850 · related or exempt $231,850

  • 3 · Investment income

    total $40,909 · excluded $40,909

  • 7a · Gross sales of assets other than inventory

    securities $365,073

  • 7b · Less cost or other basis and sales expenses

    securities $336,709

  • 7c · Gain or loss

    securities $28,364

  • 7d · Net gain or loss

    total $28,364 · excluded $28,364

  • 11a · Other revenue: MISCELLANEOUS INCOME

    total $10,206 · excluded $10,206

  • 11e · Other revenue, total

    $10,206

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $337,014 · program services $223,937 · management and general $71,207 · fundraising $41,870

  • 7 · Other salaries and wages

    total $493,226 · program services $327,736 · management and general $104,213 · fundraising $61,277

  • 8 · Pension plan contributions

    total $42,901 · program services $27,028 · management and general $11,154 · fundraising $4,719

  • 9 · Other employee benefits

    total $157,919 · program services $99,489 · management and general $41,059 · fundraising $17,371

  • 10 · Payroll taxes

    total $67,808 · program services $42,720 · management and general $17,630 · fundraising $7,458

  • 11a · Fees: management

    total $35,000 · program services $17,500 · management and general $17,500

  • 11b · Fees: legal

    total $1,154 · program services $577 · management and general $577

  • 11c · Fees: accounting

    total $26,948 · program services $13,474 · management and general $13,474

  • 11f · Fees: investment management

    total $12,172 · program services $6,086 · management and general $6,086

  • 11g · Fees: other

    total $14,386 · program services $7,193 · management and general $7,193

  • 12 · Advertising and promotion

    total $33,642 · program services $21,867 · fundraising $11,775

  • 13 · Office expenses

    total $12,255 · program services $9,805 · management and general $1,837 · fundraising $613

  • 14 · Information technology

    total $82,176 · program services $41,088 · management and general $41,088

  • 16 · Occupancy

    total $699 · program services $559 · management and general $105 · fundraising $35

  • 19 · Conferences, conventions and meetings

    total $4,633 · program services $4,633

  • 20 · Interest

    total $111 · management and general $111

  • 22 · Depreciation, depletion and amortization

    total $7,383 · program services $5,907 · management and general $1,107 · fundraising $369

  • 23 · Insurance

    total $10,658 · program services $10,103 · management and general $555

  • 24a · Other expenses: PROGRAM SUPPLIES AND MA

    total $194,422 · program services $194,422

  • 24b · Other expenses: MISC

    total $33,093 · program services $17,337 · management and general $15,115 · fundraising $641

  • 24c · Other expenses: PROFESSIONAL DEVELOPMEN

    total $16,199 · program services $16,199

  • 24d · Other expenses: EQUIPMENT RENTALS

    total $11,713 · program services $9,371 · management and general $1,756 · fundraising $586

  • 24e · All other expenses

    total $6,389 · program services $3,139 · management and general $3,085 · fundraising $165

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $190,067 · end of year $481,076

  • 4 · Accounts receivable

    beginning of year $248,261 · end of year $224,020

  • 9 · Prepaid expenses and deferred charges

    beginning of year $91,900 · end of year $64,845

  • 10a · Land, buildings and equipment: cost or other basis

    $129,959

  • 10b · Land, buildings and equipment: accumulated depreciation

    $122,001

  • 10c · Land, buildings and equipment, net

    beginning of year $9,061 · end of year $7,958

  • 12 · Investments: other securities

    beginning of year $1,402,056 · end of year $1,221,213

  • 15 · Other assets

    beginning of year $61,783 · end of year $105,866

  • 17 · Accounts payable and accrued expenses

    beginning of year $192,356 · end of year $204,222

  • 25 · Other liabilities

    beginning of year $0 · end of year $41,756

  • 27 · Net assets without donor restrictions

    beginning of year $1,663,897 · end of year $1,309,858

  • 28 · Net assets with donor restrictions

    beginning of year $146,875 · end of year $549,142

Mission and programs · 2023

Mission

OUR VISION IS TO DRAMATICALLY IMPROVE INDIVIDUAL AND REGIONAL PROSPERITY THROUGH INCREASED EDUCATIONAL ATTAINMENT.

Activities or mission (Part I)

OUR MISSION IS TO SIGNIFICANTLY INCREASE THE PROPORTION OF STUDENTS WHO GRADUATE FROM HIGH SCHOOL READY FOR SUCCESS.

  • ACADEMIC READINESS: THE FIRST PRIORITY IS ENSURING THESE YOUNG PEOPLE ARE READY TO TAKE THE ACT, FOR A SECOND TIME, IN THE FALL OF THEIR SENIOR YEAR. AN INTENSIVE TWO-WEEK SUMMER ACADEMY PROVIDES THEM WITH MATH AND READING SKILL DEVELOPMENT AND USEFUL TEST-TAKING STRATEGIES. A FOLLOW-UP EVENT, MATHPALOOZA, REVIEWS KEY MATH SKILLS TO ENSURE STUDENTS HAVE MASTERED THE CONTENT.ASPIRATION BUILDING: THE GAP IS MORE THAN ACADEMIC; IT IS ALSO SOCIAL AND CULTURAL. MENTORS HELP REMOVE BARRIERS AND SHEPHERD THESE YOUNG PEOPLE FROM THEIR JUNIOR YEAR OF HIGH SCHOOL THROUGH ENROLLMENT IN A POSTSECONDARY INSTITUTION.ESTIMATES OF STUDENTS IMPACTED:PRE-SCHOOL AND KINDERGARTEN READINESS (ALL STUDENTS WHO PARTICIPATED IN THE TRANSITION SKILLS SUMMARY IN PRESCHOOL, COMBINED WITH STUDENTS ENROLLED IN KINDERGARTEN): 6,679THIRD GRADE READING (STUDENTS ENROLLED IN GRADES 1 THROUGH 3): 14,3948TH GRADE MATH (STUDENTS ENROLLED IN GRADES 5 THROUGH 8, OUR TARGET GRADE LEVELS TO PREPARE FOR 8TH GRADE MATH): 19,492NINTH GRADE SUCCESS + COLLEGE AND CAREER READINESS (STUDENTS ENROLLED IN GRADES 9-12, THE POPULATION SERVED THROUGH THE READY HIGH SCHOOL NETWORK): 19,251COLLEGE MATRICULATION AND PERSISTENCE (COUNT OF STUDENTS FROM THE CLASSES OF 2022AND 2023WHOM WE FOLLOWED THROUGH THE NATIONAL STUDENT CLEARINGHOUSE IN ORDER TO MEASURE MATRICULATION AND PERSISTENCE): 7059

    Expenses $1,100,170 · Revenue $231,850

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • ANDREW DUFF

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • ANGELA MOSES

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • BRADLEY VIRGIN

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    11

  • EVAN SCOCOS

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • ILENE SHAPIRO

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • JARED PENNINGTON PHD PA-C

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • JASON WINKLER

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • JENNIFER DALE FOX

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • JOHN DEARBORN

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • JOHN WIENCEK PHD

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • JOSEPH IACANO

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • KIMESHA FLONNOY

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • LADA GIBSON-SHREVE PHD

    VICE-CHAIR

    Total calculated
    $0
    Hours/week
    1

  • MARK WULKAN MD

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • MICHAEL TEFS EDD

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • PAM HICKSON-STEVENSON

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • SAMUEL PIERRE-LOUIS

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • SHANA LEE

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • STEVE MILLARD

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • STEVEN DIMENGO

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • TIA RAMLOW

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • VINCENT JEFFRIES EDD

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • WM GLENN LEPPO

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • DAVID W JAMES

    EXECUTIVE DIRECTOR

    Total calculated
    $234,087
    From this org
    $180,000
    From related orgs
    $0
    Other
    $54,087
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $180,000
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $54,087
    Filer's total
    $234,087

  • KAYE ROWE

    SENIOR DIRECTOR OF FINANCE

    Total calculated
    $90,000
    From this org
    $84,000
    From related orgs
    $0
    Other
    $6,000
    Hours/week
    40

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2023
Filed
13 May 2025
IRS schema version
2023v6.0
Source object
202511349349302591

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