The Summit Foundation A Nj Nonprofit Corporation
The Summit Foundation: Strong Financials, Consistent Program Spending
EIN: 221948007 · Summit, NJ · Updated: 2026-04-04
Is The Summit Foundation A Nj Nonprofit Corporation Legit?
Appears Legitimate
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
The Summit Foundation A Nj Nonprofit Corporation directs 80% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About The Summit Foundation A Nj Nonprofit Corporation
The Summit Foundation A Nj Nonprofit Corporation (EIN: 221948007) is a nonprofit organization based in Summit, NJ. The organization reported total revenue of $13.8M and total assets of $20.7M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of The Summit Foundation A Nj Nonprofit Corporation'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 The Summit Foundation A Nj Nonprofit Corporation with a Mission Score of 85 out of 100 (Excellent). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 10%
- programs: 80%
- fundraising: 10%
According to IRS 990 filings, The Summit Foundation A Nj Nonprofit Corporation allocates its expenses as follows: admin: 10%, programs: 80%, fundraising: 10%. With 80% directed toward programs, this reflects a strong commitment to its charitable mission.
Executive Compensation Analysis
Executive compensation details are not explicitly provided in the available summary data, preventing a specific assessment of individual salaries.
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 The Summit Foundation A Nj Nonprofit Corporation:
- Consistent revenue generation, with a notable increase to $1,555,253 in 2023.
- Healthy asset base, growing to $19,435,836 in 2023.
- Low liability and debt, indicating strong financial health.
Frequently Asked Questions about The Summit Foundation A Nj Nonprofit Corporation
Is The Summit Foundation A Nj Nonprofit Corporation a legitimate charity?
Based on AI analysis of IRS 990 filings, The Summit Foundation A Nj Nonprofit Corporation (EIN: 221948007) appears legitimate. Mission Score: 85/100. 0 red flags identified, 3 strengths noted.
How does The Summit Foundation A Nj Nonprofit Corporation spend its money?
The Summit Foundation A Nj Nonprofit Corporation directs 80% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to The Summit Foundation A Nj Nonprofit Corporation tax-deductible?
The Summit Foundation A Nj Nonprofit Corporation is registered as a tax-exempt nonprofit (EIN: 221948007). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What does The Summit Foundation A Nj Nonprofit Corporation do?
The Summit Foundation A Nj Nonprofit Corporation is a nonprofit organization in the Unknown sector, located in Summit, New Jersey. It is classified under NTEE code Unknown.
How much revenue does The Summit Foundation A Nj Nonprofit Corporation have?
The Summit Foundation A Nj Nonprofit Corporation reported total revenue of $13,808,222. Based on 12 IRS 990 filings on record.
What are The Summit Foundation A Nj Nonprofit Corporation's total assets?
The Summit Foundation A Nj Nonprofit Corporation holds total assets of $20,717,541 as reported in IRS 990 filings.
Where is The Summit Foundation A Nj Nonprofit Corporation located?
The Summit Foundation A Nj Nonprofit Corporation is based in Summit, New Jersey.
What is The Summit Foundation A Nj Nonprofit Corporation's EIN?
The Summit Foundation A Nj Nonprofit Corporation's Employer Identification Number (EIN) is 221948007. This is the unique tax ID assigned by the IRS for tax-exempt organizations.
What type of nonprofit is The Summit Foundation A Nj Nonprofit Corporation?
The Summit Foundation A Nj Nonprofit Corporation is classified under NTEE code Unknown (Unknown).
Is The Summit Foundation A Nj Nonprofit Corporation a registered 501(c)(3)?
The Summit Foundation A Nj Nonprofit Corporation appears in IRS records (EIN: 221948007). Check the IRS Tax Exempt Organization Search for the most current determination letter status.
Does The Summit Foundation A Nj Nonprofit Corporation file IRS Form 990?
Yes, The Summit Foundation A Nj Nonprofit Corporation has 12 IRS Form 990 filings on record. The most recent covers tax period 202312.
What was The Summit Foundation A Nj Nonprofit Corporation's revenue in 2023?
In the 202312 filing period, The Summit Foundation A Nj Nonprofit Corporation reported total revenue of $1,555,253, total expenses of $1,499,902, and net assets of $19,435,836.
Is The Summit Foundation A Nj Nonprofit Corporation's revenue growing or declining?
The Summit Foundation A Nj Nonprofit Corporation's revenue is growing. Revenue went from $1,086,760 (202212) to $1,555,253 (202312), a +43.1% change. Based on 12 filings on record.
What is The Summit Foundation A Nj Nonprofit Corporation's most recent 990 filing?
The most recent IRS Form 990 filing for The Summit Foundation A Nj Nonprofit Corporation covers tax period 202312. It shows revenue of $1,555,253, expenses of $1,499,902, total assets of $19,435,836, and liabilities of N/A.
How much does The Summit Foundation A Nj Nonprofit Corporation spend on programs vs administration?
Based on IRS 990 analysis, The Summit Foundation A Nj Nonprofit Corporation allocates approximately 80% of expenses to program services, 10% to administrative costs, and 10% to fundraising. This indicates strong program focus.
Is The Summit Foundation A Nj Nonprofit Corporation a trustworthy charity?
Based on AI analysis of IRS 990 data, The Summit Foundation A Nj Nonprofit Corporation appears trustworthy. Mission Score: 85/100 (Excellent). No red flags identified. 3 strengths noted.
What are The Summit Foundation A Nj Nonprofit Corporation's strengths?
Positive indicators for The Summit Foundation A Nj Nonprofit Corporation include: Consistent revenue generation, with a notable increase to $1,555,253 in 2023.. Healthy asset base, growing to $19,435,836 in 2023.. Low liability and debt, indicating strong financial health.. These findings are derived from AI analysis of the organization's financial filings.
How does The Summit Foundation A Nj Nonprofit Corporation compensate executives?
Executive compensation details are not explicitly provided in the available summary data, preventing a specific assessment of individual salaries. Executive compensation data is sourced from IRS 990 filings, which require disclosure of officer, director, and key employee pay.
How has The Summit Foundation managed to maintain a strong asset base despite fluctuating revenues over the years?
The foundation has consistently managed its expenses below its assets, allowing for growth even in years with lower revenue. For example, in 2020, with revenue at $758,069 and expenses at $1,318,827, the asset base still grew from $18,575,010 to $19,435,836, suggesting effective investment strategies or other income sources not detailed in the summary.
Filing History
IRS 990 filing history for The Summit Foundation A Nj Nonprofit Corporation showing financial trends over 12 years of public records:
Over 12 years of IRS 990 filings (2011–2023), The Summit Foundation A Nj Nonprofit Corporation's revenue has grown by 63.2%, moving from $953K to $1.6M. Total assets increased by 49.7% over the same period, from $13.0M to $19.4M. Total functional expenses rose by 55.1%, from $967K to $1.5M. In its most recent filing year (2023), The Summit Foundation A Nj Nonprofit Corporation reported a surplus of $55K, with revenue exceeding expenses.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. | |
|---|---|---|---|---|---|---|
| 2023 | $1.6M | $1.5M | $19.4M | $0 | — | — |
| 2022 | $1.1M | $1.1M | $17.8M | $0 | — | View 990 |
| 2021 | $1.5M | $1.2M | $21.0M | $0 | — | View 990 |
| 2020 | $758K | $1.3M | $18.6M | $0 | — | View 990 |
| 2018 | $2.0M | $1.0M | $16.3M | $0 | — | View 990 |
| 2017 | $4.1M | $1.4M | $17.3M | $0 | — | View 990 |
| 2016 | $947K | $809K | $16.2M | $0 | — | View 990 |
| 2015 | $981K | $1.1M | $15.4M | $0 | — | View 990 |
| 2014 | $1.4M | $814K | $16.6M | $0 | — | View 990 |
| 2013 | $1.1M | $799K | $15.6M | $0 | — | View 990 |
| 2012 | $778K | $744K | $13.7M | $0 | — | View 990 |
| 2011 | $953K | $967K | $13.0M | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $1.6M, expenses of $1.5M, and assets of $19.4M (revenue +43.1% year-over-year).
- 2022: Revenue of $1.1M, expenses of $1.1M, and assets of $17.8M (revenue -27.0% year-over-year).
- 2021: Revenue of $1.5M, expenses of $1.2M, and assets of $21.0M (revenue +96.3% year-over-year).
- 2020: Revenue of $758K, expenses of $1.3M, and assets of $18.6M (revenue -61.2% year-over-year).
- 2018: Revenue of $2.0M, expenses of $1.0M, and assets of $16.3M (revenue -52.6% year-over-year).
- 2017: Revenue of $4.1M, expenses of $1.4M, and assets of $17.3M (revenue +334.9% year-over-year).
- 2016: Revenue of $947K, expenses of $809K, and assets of $16.2M (revenue -3.5% year-over-year).
- 2015: Revenue of $981K, expenses of $1.1M, and assets of $15.4M (revenue -30.7% year-over-year).
- 2014: Revenue of $1.4M, expenses of $814K, and assets of $16.6M (revenue +34.5% year-over-year).
- 2013: Revenue of $1.1M, expenses of $799K, and assets of $15.6M (revenue +35.4% year-over-year).
- 2012: Revenue of $778K, expenses of $744K, and assets of $13.7M (revenue -18.4% year-over-year).
- 2011: Revenue of $953K, expenses of $967K, and assets of $13.0M.
Data Sources and Methodology
This transparency report for The Summit Foundation A Nj Nonprofit Corporation 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.