Summit Downtown Inc
Summit Downtown Inc: Community Revitalization with Consistent Program Spending
EIN: 222852638 · Summit, NJ · NTEE: S300 · Updated: 2026-04-04
Is Summit Downtown Inc Legit?
Appears Legitimate
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Summit Downtown Inc directs 88% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Summit Downtown Inc
Summit Downtown Inc (EIN: 222852638) is a nonprofit organization based in Summit, NJ, classified under NTEE code S300. The organization reported total revenue of $500K and total assets of $433K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Summit Downtown Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Summit Downtown Inc with a Mission Score of 75 out of 100 (Good). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 7%
- programs: 88%
- fundraising: 5%
According to IRS 990 filings, Summit Downtown Inc allocates its expenses as follows: admin: 7%, programs: 88%, fundraising: 5%. With 88% directed toward programs, this reflects a strong commitment to its charitable mission.
Executive Compensation Analysis
Executive compensation appears reasonable given the organization's size and mission, with no excessive salaries reported in recent filings.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Strengths
The following positive indicators were identified for Summit Downtown Inc:
- Consistently high program spending, averaging 88% of expenses over the last five years, directly supports their mission.
- Healthy asset growth from $224,196 in 2019 to $407,376 in 2023, indicating strong financial management.
- Stable revenue streams, with a notable spike in 2020 likely due to pandemic-related support, demonstrating adaptability.
Frequently Asked Questions about Summit Downtown Inc
Is Summit Downtown Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Summit Downtown Inc (EIN: 222852638) appears legitimate. Mission Score: 75/100. 0 red flags identified, 3 strengths noted.
How does Summit Downtown Inc spend its money?
Summit Downtown Inc directs 88% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Summit Downtown Inc tax-deductible?
Summit Downtown Inc is registered as a tax-exempt nonprofit (EIN: 222852638). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What does Summit Downtown Inc do?
Summit Downtown Inc is a nonprofit organization in the Community Improvement sector, located in Summit, New Jersey. It is classified under NTEE code S300.
How much revenue does Summit Downtown Inc have?
Summit Downtown Inc reported total revenue of $500,276. Based on 13 IRS 990 filings on record.
What are Summit Downtown Inc's total assets?
Summit Downtown Inc holds total assets of $433,235 as reported in IRS 990 filings.
Where is Summit Downtown Inc located?
Summit Downtown Inc is based in Summit, New Jersey.
What is Summit Downtown Inc's EIN?
Summit Downtown Inc's Employer Identification Number (EIN) is 222852638. This is the unique tax ID assigned by the IRS for tax-exempt organizations.
What type of nonprofit is Summit Downtown Inc?
Summit Downtown Inc is classified under NTEE code S300 (Community Improvement).
Is Summit Downtown Inc a registered 501(c)(3)?
Yes, Summit Downtown Inc is recognized as a tax-exempt organization by the IRS. EIN: 222852638.
Does Summit Downtown Inc file IRS Form 990?
Yes, Summit Downtown Inc has 13 IRS Form 990 filings on record. The most recent covers tax period 202312.
What was Summit Downtown Inc's revenue in 2023?
In the 202312 filing period, Summit Downtown Inc reported total revenue of $518,724, total expenses of $460,582, and net assets of $407,376.
Is Summit Downtown Inc's revenue growing or declining?
Summit Downtown Inc's revenue is growing. Revenue went from $439,678 (202212) to $518,724 (202312), a +18.0% change. Based on 13 filings on record.
What is Summit Downtown Inc's most recent 990 filing?
The most recent IRS Form 990 filing for Summit Downtown Inc covers tax period 202312. It shows revenue of $518,724, expenses of $460,582, total assets of $407,376, and liabilities of N/A.
How much does Summit Downtown Inc spend on programs vs administration?
Based on IRS 990 analysis, Summit Downtown Inc allocates approximately 88% of expenses to program services, 7% to administrative costs, and 5% to fundraising. This indicates strong program focus.
Is Summit Downtown Inc a trustworthy charity?
Based on AI analysis of IRS 990 data, Summit Downtown Inc appears trustworthy. Mission Score: 75/100 (Good). No red flags identified. 3 strengths noted.
What are Summit Downtown Inc's strengths?
Positive indicators for Summit Downtown Inc include: Consistently high program spending, averaging 88% of expenses over the last five years, directly supports their mission.. Healthy asset growth from $224,196 in 2019 to $407,376 in 2023, indicating strong financial management.. Stable revenue streams, with a notable spike in 2020 likely due to pandemic-related support, demonstrating adaptability.. These findings are derived from AI analysis of the organization's financial filings.
How does Summit Downtown Inc compensate executives?
Executive compensation appears reasonable given the organization's size and mission, with no excessive salaries reported in recent filings. Executive compensation data is sourced from IRS 990 filings, which require disclosure of officer, director, and key employee pay.
How did Summit Downtown Inc manage to maintain such a high program spending percentage despite fluctuating revenues, particularly the significant drop after 2020?
The organization appears to have effectively managed its operational costs and administrative overhead, allowing a consistent allocation of the majority of its budget towards programs even as total revenue varied. This suggests a disciplined approach to resource allocation.
Filing History
IRS 990 filing history for Summit Downtown Inc showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Summit Downtown Inc's revenue has grown by 80.7%, moving from $287K to $519K. Total assets increased by 187.2% over the same period, from $142K to $407K. Total functional expenses rose by 57.2%, from $293K to $461K. In its most recent filing year (2023), Summit Downtown Inc reported a surplus of $58K, with revenue exceeding expenses.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. | |
|---|---|---|---|---|---|---|
| 2023 | $519K | $461K | $407K | $0 | — | — |
| 2022 | $440K | $453K | $349K | $0 | — | View 990 |
| 2021 | $403K | $371K | $362K | $0 | — | View 990 |
| 2020 | $1.3M | $1.2M | $331K | $0 | — | View 990 |
| 2019 | $318K | $335K | $224K | $0 | — | View 990 |
| 2018 | $451K | $355K | $243K | $0 | — | View 990 |
| 2017 | $322K | $361K | $146K | $0 | — | View 990 |
| 2016 | $410K | $349K | $186K | $0 | — | View 990 |
| 2015 | $322K | $323K | $125K | $0 | — | View 990 |
| 2014 | $317K | $325K | $127K | $0 | — | View 990 |
| 2013 | $333K | $336K | $134K | $0 | — | View 990 |
| 2012 | $301K | $305K | $137K | $0 | — | View 990 |
| 2011 | $287K | $293K | $142K | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $519K, expenses of $461K, and assets of $407K (revenue +18.0% year-over-year).
- 2022: Revenue of $440K, expenses of $453K, and assets of $349K (revenue +9.2% year-over-year).
- 2021: Revenue of $403K, expenses of $371K, and assets of $362K (revenue -68.2% year-over-year).
- 2020: Revenue of $1.3M, expenses of $1.2M, and assets of $331K (revenue +298.2% year-over-year).
- 2019: Revenue of $318K, expenses of $335K, and assets of $224K (revenue -29.5% year-over-year).
- 2018: Revenue of $451K, expenses of $355K, and assets of $243K (revenue +40.3% year-over-year).
- 2017: Revenue of $322K, expenses of $361K, and assets of $146K (revenue -21.5% year-over-year).
- 2016: Revenue of $410K, expenses of $349K, and assets of $186K (revenue +27.3% year-over-year).
- 2015: Revenue of $322K, expenses of $323K, and assets of $125K (revenue +1.5% year-over-year).
- 2014: Revenue of $317K, expenses of $325K, and assets of $127K (revenue -4.7% year-over-year).
- 2013: Revenue of $333K, expenses of $336K, and assets of $134K (revenue +10.7% year-over-year).
- 2012: Revenue of $301K, expenses of $305K, and assets of $137K (revenue +4.7% year-over-year).
- 2011: Revenue of $287K, expenses of $293K, and assets of $142K.
Data Sources and Methodology
This transparency report for Summit Downtown Inc is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.