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Nonprofiteer
← SUMMIT ACADEMY INCORPORATED

Form 990 for tax year 2022

Filed by SUMMIT ACADEMY INCORPORATED.

Totals

Total revenue
$22,760,375
Total expenses
$22,656,351
Contributions and grants received
$20,832,297
Grants paid
$0
Program service revenue
$1,109,385
Investment income
$406,792
Other revenue
$411,901
Total assets, end of year
$63,233,109
Total liabilities, end of year
$56,421,768
Net assets or fund balances, end of year
$6,811,341
Program services expenses (Part IX)
$19,883,790
Management and general expenses
$2,772,561
Fundraising expenses
$0
Program service expenses (Part III)
$19,883,790

Program services were 87.8% 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)

    $20,749,884

  • 1f · All other contributions, gifts and grants

    $82,413

  • 1g · Noncash contributions included above

    $6,558

  • 2a · Program service revenue: PRESCHOOL FEES

    total $507,863 · related or exempt $507,863

  • 2b · Program service revenue: FOOD SALES

    total $451,874 · related or exempt $451,874

  • 2c · Program service revenue: STUDENT FEES

    total $149,648 · related or exempt $149,648

  • 3 · Investment income

    total $406,792 · excluded $406,792

  • 6a · Gross rents

    real property $132,673

  • 6c · Rental income or loss

    real property $132,673

  • 6d · Net rental income or loss

    total $132,673 · excluded $132,673

  • 8a · Fundraising events: gross income

    $52,251

  • 8b · Fundraising events: direct expenses

    $12,161

  • 8c · Net income from fundraising events

    total $40,090 · excluded $40,090

  • 11a · Other revenue: OTHER REVENUE

    total $239,138 · related or exempt $239,138

  • 11e · Other revenue, total

    $239,138

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $224,313 · program services $224,313

  • 7 · Other salaries and wages

    total $11,433,033 · program services $9,957,720 · management and general $1,475,313

  • 8 · Pension plan contributions

    total $1,837,000 · program services $1,837,000

  • 9 · Other employee benefits

    total $1,160,790 · program services $592,266 · management and general $568,524

  • 10 · Payroll taxes

    total $861,769 · program services $861,769

  • 11c · Fees: accounting

    total $27,909 · management and general $27,909

  • 11g · Fees: other

    total $1,051,138 · program services $868,219 · management and general $182,919

  • 12 · Advertising and promotion

    total $74,553 · program services $74,553

  • 14 · Information technology

    total $348,979 · program services $348,979

  • 16 · Occupancy

    total $515,268 · program services $436,557 · management and general $78,711

  • 17 · Travel

    total $36,951 · program services $36,951

  • 19 · Conferences, conventions and meetings

    total $69,203 · program services $69,203

  • 20 · Interest

    total $2,004,072 · program services $1,758,956 · management and general $245,116

  • 22 · Depreciation, depletion and amortization

    total $1,052,107 · program services $995,642 · management and general $56,465

  • 23 · Insurance

    total $69,671 · program services $69,671

  • 24a · Other expenses: SUPPLIES AND MATERIALS

    total $672,893 · program services $537,069 · management and general $135,824

  • 24b · Other expenses: FOOD

    total $587,504 · program services $587,504

  • 24c · Other expenses: REPAIRS AND MAINTENANCE

    total $401,521 · program services $401,521

  • 24d · Other expenses: TEXTBOOKS AND EQUIPMENT

    total $185,101 · program services $185,101

  • 24e · All other expenses

    total $42,576 · program services $40,796 · management and general $1,780

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $504,975 · end of year $8,405,538

  • 2 · Savings and temporary cash investments

    beginning of year $5,627,947 · end of year $9,525,922

  • 3 · Pledges and grants receivable

    end of year $269,499

  • 4 · Accounts receivable

    beginning of year $377,555 · end of year $28,362

  • 7 · Other notes and loans receivable

    beginning of year $1,012,358 · end of year $951,429

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

    $49,585,511

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

    $8,239,386

  • 10c · Land, buildings and equipment, net

    beginning of year $41,869,579 · end of year $41,346,125

  • 11 · Investments: publicly traded securities

    beginning of year $7,762,174

  • 15 · Other assets

    beginning of year $3,602,815 · end of year $2,706,234

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,710,221 · end of year $3,402,749

  • 19 · Deferred revenue

    beginning of year $476,724 · end of year $5,541,654

  • 20 · Tax-exempt bond liabilities

    beginning of year $38,030,000 · end of year $37,055,000

  • 25 · Other liabilities

    beginning of year $11,795,191 · end of year $10,422,365

  • 27 · Net assets without donor restrictions

    beginning of year $2,097,775 · end of year $6,811,341

  • 28 · Net assets with donor restrictions

    beginning of year $5,647,492

Mission and programs · 2022

Mission

TO MANAGE, OPERATE, GUIDE, DIRECT, AND PROMOTE A PUBLIC CHARTER SCHOOL FUNDED BY LOCAL, STATE, AND FEDERAL SOURCES.

  • OPERATION OF A CHARTER SCHOOL FOR STUDENTS FROM KINDERGARTEN THROUGH EIGHTH GRADE

    Expenses $17,451,791 · Revenue $149,648

  • OPERATION OF PROGRAMS FOR THE BENEFIT OF STUDENTS

    Expenses $677,466 · Revenue $507,863

  • OPERATION OF A FOOD SERVICCE PROGRAM FOR THE BENEFIT OF STUDENTS

    Expenses $1,754,533 · Revenue $451,874

As filed on the 2022 return.

Listed in Part VII

  • Jon Eborn

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    8

  • Robyn Derbidge

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    8

  • Joel Woodruff

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    8

  • Marcia Whitman

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    8

  • Chelsea Welch

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    8

  • Bob Zentner

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    8

  • Michael Clark

    DIRECTOR

    Total calculated
    $117,238
    From this org
    $108,193
    From related orgs
    $0
    Other
    $9,045
    Hours/week
    32 + 8 related

  • Brad Wilkinson

    BUSINESS ADM

    Total calculated
    $116,120
    From this org
    $116,120
    From related orgs
    $0
    Other
    $0
    Hours/week
    32 + 8 related

  • Tanner Polatis

    IT

    Total calculated
    $113,101
    From this org
    $113,101
    From related orgs
    $0
    Other
    $0
    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.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2022
Filed
12 January 2024
IRS schema version
2022v5.0
Source object
202420409349300907

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