Summit Academy Charter School FY2022 filing

Tax-deductible

Brooklyn, NY501(c)(3)Since 2009EducationEIN 26-4243160Revenue $5.0M in FY2022

On file with the IRSsummitacademycharterschool.org27 Huntington Street Rm 321, 11231-1824 · Brooklyn, NYTax-exempt since Jul 2010School — 170(b)(1)(A)(ii)

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Our mission: Summit Academy Charter School bridges the gap between aspirations and realities by preparing 6th through 12th grade students to gain acceptance to, excel in and graduate from college by using three pillars of success: mastery of core subjects, character building, and community leadership. By engaging students with an academically rigorous, college-preparatory curriculum and supporting them in a community focused on high academic achievement and strong character building, Summit Academy will prepare our young people to participate meaningfully in the greater economy and expand their choices and opportunities.our vision: Summit Academy develops academic excellence, instills character, and cultivates leadership. Our academic program and college preparatory curriculum are structured to accomplish two goals: (1) student acquisition and mastery of basic literacy, numeracy, and writing skills and (2) student application of basic skills to synthesize, analyze, apply, and make infe

501(c)(3) charity; gifts are tax-deductible.
90¢ of each $1 spent went to programs.
$437K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2022 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 6
filings with a surplus
Average surplus $116K a year · 2% of revenue · last 6 filings
Worth a look: a surplus in 3 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
90%
of spending
Looks good: 90% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$437K
to officers and key staff · 9% of spending
Looks good: pay to officers and key staff is 9% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
6 mo
of spending, in cash
Looks good: 6.2 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $50K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$285K
8% of total assets
Looks good: liabilities are 8% of assets; 50% or less.
Pt X · Ln 26
Independent board members
5
of 5 voting members
Looks good: 5 of 5 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$5.0M
-16% vs prior year
Spent
$4.8M
To programs
90%
Net assets
$3.2M
By yearFY2020–FY2025
Revenue
$5.0M
FY2022▼ -16%
Tap a bar for its year
Revenue by fiscal year
FY2020$5.5M
FY2021$6.0M
FY2022$5.0M
FY2023$4.9M
FY2024$5.7M
FY2025$6.2M
Expenses
$4.8M
FY2022▲ +7%
Tap a bar for its year
Expenses by fiscal year
FY2020$5.1M
FY2021$4.5M
FY2022$4.8M
FY2023$5.5M
FY2024$6.2M
FY2025$6.5M
Net assets
$3.2M
FY2022▲ +5%
Tap a bar for its year
Net assets by fiscal year
FY2020$1.6M
FY2021$3.1M
FY2022$3.2M
FY2023$2.6M
FY2024$2.2M
FY2025$1.9M

From the FY2022 Form 990 (year ending June 2022) · figures checked against the IRS filing · see the original

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You’re viewing the FY2022 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jul 2010.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

90 cents of each dollar spent went to programs.

Program services 90% · $4.3M Management & general 10% · $491K Fundraising 0% · $12K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

9 people listed on the 990; $437K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2021); the FY2022 filing did not itemize Part VII
Director of Community Supp
$182,000Pt VII · Sec A
Director of Finance and Op
$146,841Pt VII · Sec A
Principal
$108,129Pt VII · Sec A
Treasurer & Chair (as of Jan 2022)
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

Machael Spencer-Edwards’s $204K as Principal is at the 83rd percentile of top reported officer pay among 3394 $1–10M education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021FY2020
Latoya Massey———$108,129$209,450$54,030
Machael Spencer-Edwards$204,091$198,146$193,054———
Natasha Campbell$198,674$193,240$188,556$182,000$169,651$169,345
Samease Handshaw$168,431$160,919$154,499$146,841$134,834$136,260
Tremaine a Price$130,305—————
Termaine a Price—$121,943$116,202———
Edgar Mera————$113,488—
Kim Kisook$112,124$106,508————

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Prepares middle and high school students for college success through rigorous academics and character development.

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Provided by the organization

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1 program · $4.3M · in their own filed words · FY2021
01

The purpose of the school is to prepare students in grades six through twelve for educational success from middle school through college. This will be accomplished through a demanding data driven education based on high standards, structure, and accountability.

$4.3Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2024
Total grants receivedfrom 1 funder$50K

By the numbers

The FY2022 990, line by line.

1The main four
Money inPt VIII
$5.0M
Ln 12
Fees for servicesLn 2g$4.2M
Gifts and grantsLn 1h$841K
Investment incomeLn 3$2K
Money outPt IX
$4.8M
Ln 25
Programscol B$4.3M
Managementcol C$491K
Fundraisingcol D$12K
Owns and owesPt X
$3.2M
net assets · Ln 32
Cash and savingsLn 1–2$2.5M
Total assetsLn 16$3.5M
LiabilitiesLn 26$285K
PeoplePt VI, VII
9
listed · VII A
PaidVII A3
Voting boardVI 1a5
IndependentVI 1b5
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$841K
Government grantsLn 1e$841K
Fees for servicesLn 2g$4.2M
Investment incomeLn 3$2K
Total revenueLn 12$5.0M
Assets in detailPt X, end of year
CashLn 1$2.5M
Cash and savings togetherLn 1–2$2.5M
Land, buildings, equipmentLn 10c$336K
Other assetsLn 15$75K
Total assetsLn 16$3.5M
LiabilitiesLn 26$285K
Net assetsLn 32$3.2M
OperationsPt I, VI
EmployeesI 567
VolunteersI 67
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY22End FY22
Cash and savingsLn 1–2$3.0M$2.5M
Land, buildings, equipmentLn 10c$199K$336K
Total assetsLn 16$3.5M$3.5M
LiabilitiesLn 26$402K$285K
Net assetsLn 32$3.1M$3.2M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$381K$139K$232K$10K
Other salaries and wagesLn 7$2.7M$2.6M$63K
Pension plan contributionsLn 8$40K$40K
Other employee benefitsLn 9$340K$326K$15K
Payroll taxesLn 10$247K$223K$22K$1K
Accounting feesLn 11c$22K$22K
Other fees for servicesLn 11g$317K$209K$108K$18
Advertising and promotionLn 12$43K$42K$964
Office expensesLn 13$50K$48K$2K
Information technologyLn 14$121K$115K$6K
Depreciation, depletion and amortizationLn 22$89K$84K$4K
InsuranceLn 23$59K$56K$3K
Other expenses (24a–d)Ln 24$442K$429K$13K$742
All other expensesLn 24e$950$915$35
Total functional expensesLn 25$4.8M$4.3M$491K$12K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $6.2M$6.5M−$311K$1.9M 990 PDF
FY2024 $5.7M$6.2M−$462K$2.2M 990 PDF
FY2023 $4.9M$5.5M−$597K$2.6M 990 PDF
FY2022 Viewing $5.0M$4.8M$162K$3.2M 990 PDF
FY2021 $6.0M$4.5M$1.4M$3.1M 990 PDF
FY2020 $5.5M$5.1M$463K$1.6M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2022 990 (6 parts)
Part I · Summary $5,005,181 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $1,099,471$840,928
I-9 Program service revenuePrior year $4,882,338$4,162,475
I-10 Investment incomePrior year $7$1,778
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $5,981,816$5,005,181
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $2,743,558$3,698,684
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $1,798,448$1,144,069
I-18 Total expensesPrior year $4,542,006$4,842,753
I-19 Revenue less expensesPrior year $1,439,810$162,428
Part VI · Governance 5 of 5 board members independent, no flags
VI-1a Voting members of the governing body5
VI-1b Independent voting members5
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $5,005,181 across 6 lines filed
VIII-1e Government grants$840,675
VIII-1f All other contributions, gifts and grants$253
VIII-1h Total contributions, gifts and grants$840,928
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $4,162,475$4,162,475
VIII-3 Investment incomeExcluded from tax $1,778$1,778
VIII-12 Total revenueRelated to mission $4,162,475 · Unrelated business $0 · Excluded from tax $1,778$5,005,181
Part IX · Statement of functional expenses $4,842,753 across 14 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $138,649 · Management $231,646 · Fundraising $10,418$380,713
IX-7 Other salaries and wagesPrograms $2,628,487 · Management $62,754$2,691,241
IX-8 Pension plan contributionsPrograms $39,677$39,677
IX-9 Other employee benefitsPrograms $325,582 · Management $14,639$340,221
IX-10 Payroll taxesPrograms $223,417 · Management $22,301 · Fundraising $1,114$246,832
IX-11c Accounting feesManagement $22,000$22,000
IX-11g Other fees for servicesPrograms $209,279 · Management $107,683 · Fundraising $18$316,980
IX-12 Advertising and promotionPrograms $42,220 · Management $964$43,184
IX-13 Office expensesPrograms $47,520 · Management $2,322$49,842
IX-14 Information technologyPrograms $114,794 · Management $6,042$120,836
IX-22 Depreciation, depletion and amortizationPrograms $84,260 · Management $4,435$88,695
IX-23 InsurancePrograms $56,250 · Management $2,961$59,211
IX-24 Other expenses (24a–d)Programs $428,626 · Management $13,003 · Fundraising $742$442,371
IX-24e All other expensesPrograms $915 · Management $35$950
IX-25 Total functional expensesPrograms $4,339,676 · Management $490,785 · Fundraising $12,292$4,842,753
Part X · Balance sheet $3,506,747 assets, 11 lines filed
X-1 Cash, non-interest-bearingStart of year $2,992,384$2,510,596
X-3 Pledges and grants receivableStart of year $189,549$548,891
X-9 Prepaid expenses and deferred chargesStart of year $6,000$36,114
X-10c Land, buildings and equipment, netStart of year $198,849$335,975
X-15 Other assetsStart of year $75,163$75,171
X-16 Total assetsStart of year $3,461,945$3,506,747
X-17 Accounts payable and accrued expensesStart of year $402,467$284,841
X-26 Total liabilitiesStart of year $402,467$284,841
X-27 Net assets without donor restrictionsStart of year $3,059,478$3,221,906
X-32 Total net assets or fund balancesStart of year $3,059,478$3,221,906
X-33 Total liabilities and net assetsStart of year $3,461,945$3,506,747
Part XI · Reconciliation of net assets $3,221,906 net assets at year end
XI-1 Total revenue$5,005,181
XI-2 Total expenses$4,842,753
XI-3 Revenue less expenses$162,428
XI-4 Net assets at start of year$3,059,478
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$3,221,906

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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