Summit School INC FY2024 filing

Tax-deductible

Elgin, IL501(c)(3)Since 1968EIN 36-2660101

Summit school provides a highly individualized and structured setting for elementary, junior high and high school students.

501(c)(3) charity; gifts are tax-deductible.
88¢ of each $1 spent went to programs.
$131K 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

FY2024 · 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
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
1 of 5
filings with a surplus
Average deficit $257K a year · 8% of revenue · last 5 filings
Concern: a surplus in 1 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
88%
of spending
Looks good: 88% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$131K
to officers and key staff · 3% of spending
Looks good: pay to officers and key staff is 3% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
<1 mo
of spending, in cash
Concern: 0.2 months of spending in cash; under 2 weeks.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$169K
3% of total assets
Looks good: liabilities are 3% of assets; 50% or less.
Pt X · Ln 26
Independent board members
6
of 6 voting members
Looks good: 6 of 6 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$4.3M
+42% vs prior year
Spent
$4.4M
To programs
88%
Net assets
$5.0M
By yearFY2020–FY2024
Revenue
$4.3M
FY2024▲ +42%
Revenue by fiscal year
FY2020$2.9M
FY2021$2.7M
FY2022$2.7M
FY2023$3.0M
FY2024$4.3M
FY2024$4.7M
Expenses
$4.4M
FY2024▲ +34%
Expenses by fiscal year
FY2020$2.9M
FY2021$3.0M
FY2022$3.3M
FY2023$3.3M
FY2024$4.4M
FY2024$5.1M
Net assets
$5.0M
FY2024▲ +3%
Net assets by fiscal year
FY2020$5.9M
FY2021$6.2M
FY2022$5.1M
FY2023$4.8M
FY2024$5.0M
FY2024$4.8M

From the FY2024 Form 990 (year ending August 2024) · figures checked against the IRS filing · see the original

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You’re viewing the FY2024 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Aug 1970.

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

Where the money goes

88 cents of each dollar spent went to programs.

Program services 88% · $3.9M Management & general 12% · $508K

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

Who runs it and what they're paid

8 people listed on the 990; $131K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
President
$131,477Pt VII · Sec A
Treasurer (thru 12/2023)
$0Pt VII · Sec A
Treasurer
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A

Compensation history total reportable pay by year · 3 named individuals · Part VII

NameFY2024FY2024FY2023FY2022FY2021FY2020
Steve Baldwin$164,770$131,477$117,883$101,973$6,630—
Rebecca Gillie——$59,089$55,924$51,966—
Karen Romano—————$53,309

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

Educates elementary through high school students in a structured, individualized setting.

Provided by the organization

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2 program services account for $3.9M of program spending, described in the organization's own filed words · FY2023.
01

The learning disability program is designed to both remediate specific learning disabilities and present the student with the content knowledge found in the regular high school curriculum.

$3.4Mprogram expense
02

Summit center provides a positive learning environment through structured play activities for children ages 3-7. Summit center includes several programs designed to assist children with diverse developmental and educational problems and needs.

$526Kprogram expense

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By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$4.3M
Ln 12
Fees for servicesLn 2g$3.4M
Gifts and grantsLn 1h$711K
Investment incomeLn 3$123K
Money outPt IX
$4.4M
Ln 25
Programscol B$3.9M
Managementcol C$508K
Owns and owesPt X
$5.0M
net assets · Ln 32
Cash and savingsLn 1–2$90K
Total assetsLn 16$5.2M
LiabilitiesLn 26$169K
PeoplePt VI, VII
8
listed · VII A
PaidVII A1
Voting boardVI 1a6
IndependentVI 1b6
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$711K
Government grantsLn 1e$643K
Fees for servicesLn 2g$3.4M
Investment incomeLn 3$123K
Other incomeLn 4–11$31K
Gains on assetsLn 7$31K
Total revenueLn 12$4.3M
Assets in detailPt X, end of year
CashLn 1$90K
SavingsLn 2$0
Cash and savings togetherLn 1–2$90K
InvestmentsLn 11–13$3.1M
Land, buildings, equipmentLn 10c$1.5M
Total assetsLn 16$5.2M
LiabilitiesLn 26$169K
Net assetsLn 32$5.0M
OperationsPt I, VI
EmployeesI 564
VolunteersI 610
Fiscal year endsHeaderAugust
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 FY24End FY24
Cash and savingsLn 1–2$107K$90K
InvestmentsLn 11–13$3.0M$3.1M
Land, buildings, equipmentLn 10c$1.6M$1.5M
Total assetsLn 16$4.9M$5.2M
LiabilitiesLn 26$103K$169K
Net assetsLn 32$4.8M$5.0M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$158K$158K
Other salaries and wagesLn 7$2.9M$2.8M$118K
Pension plan contributionsLn 8$47K$45K$2K
Other employee benefitsLn 9$147K$141K$6K
Payroll taxesLn 10$226K$206K$20K
Accounting feesLn 11c$176K$49K$127K
Investment management feesLn 11f$29K$29K
Other fees for servicesLn 11g$203K$203K
Office expensesLn 13$13K$12K$453
OccupancyLn 16$104K$99K$5K
Conferences, conventions and meetingsLn 19$8K$7K$194
Depreciation, depletion and amortizationLn 22$141K$134K$7K
InsuranceLn 23$40K$38K$2K
Other expenses (24a–d)Ln 24$229K$196K$33K
Total functional expensesLn 25$4.4M$3.9M$508K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Viewing $4.3M$4.4M−$140K$5.0M 990 PDF
FY2023 $3.0M$3.3M−$301K$4.8M 990 PDF
FY2022 $2.7M$3.3M−$561K$5.1M 990 PDF
FY2021 $2.7M$3.0M−$286K$6.2M 990 PDF
FY2020 $2.9M$2.9M$2K$5.9M 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 FY2024 990 (4 parts)
Part VIII · Statement of revenue $4,264,216 across 8 lines filed
Lines not itemized here account for $850 of total revenue; see the IRS return.
VIII-1e Government grants$642,533
VIII-1f All other contributions, gifts and grants$68,013
VIII-1h Total contributions, gifts and grants$710,546
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $3,399,825$3,399,825
VIII-3 Investment incomeExcluded from tax $91,968$91,968
VIII-6 Net rental income or lossExcluded from tax $29,738$29,738
VIII-7 Net gain or loss on sales of assetsExcluded from tax $31,289$31,289
VIII-12 Total revenueRelated to mission $3,399,825 · Unrelated business $0 · Excluded from tax $153,845$4,264,216
Part IX · Statement of functional expenses $4,404,207 across 14 lines filed
IX-5 Pay of current officers, directors and key staffManagement $158,097$158,097
IX-7 Other salaries and wagesPrograms $2,765,536 · Management $117,595$2,883,131
IX-8 Pension plan contributionsPrograms $45,029 · Management $1,662$46,691
IX-9 Other employee benefitsPrograms $141,397 · Management $5,602$146,999
IX-10 Payroll taxesPrograms $206,395 · Management $19,783$226,178
IX-11c Accounting feesPrograms $48,957 · Management $127,228$176,185
IX-11f Investment management feesManagement $29,348$29,348
IX-11g Other fees for servicesPrograms $202,558$202,558
IX-13 Office expensesPrograms $12,455 · Management $453$12,908
IX-16 OccupancyPrograms $98,862 · Management $5,203$104,065
IX-19 Conferences, conventions and meetingsPrograms $7,397 · Management $194$7,591
IX-22 Depreciation, depletion and amortizationPrograms $133,532 · Management $7,028$140,560
IX-23 InsurancePrograms $38,393 · Management $2,021$40,414
IX-24 Other expenses (24a–d)Programs $196,105 · Management $33,377$229,482
IX-25 Total functional expensesPrograms $3,896,616 · Management $507,591 · Fundraising $0$4,404,207
Part X · Balance sheet $5,172,315 assets, 13 lines filed
X-1 Cash, non-interest-bearingStart of year $76,677$90,027
X-2 Savings and temporary cash investmentsStart of year $30,055$0
X-3 Pledges and grants receivableStart of year $29,320$112,756
X-4 Accounts receivableStart of year $253,324$276,738
X-9 Prepaid expenses and deferred chargesStart of year $7,879$20,552
X-10c Land, buildings and equipment, netStart of year $1,575,738$1,524,681
X-11 Publicly traded securitiesStart of year $2,973,665$3,147,561
X-16 Total assetsStart of year $4,946,658$5,172,315
X-17 Accounts payable and accrued expensesStart of year $103,344$169,013
X-26 Total liabilitiesStart of year $103,344$169,013
X-27 Net assets without donor restrictionsStart of year $4,843,314$5,003,302
X-32 Total net assets or fund balancesStart of year $4,843,314$5,003,302
X-33 Total liabilities and net assetsStart of year $4,946,658$5,172,315
Part XI · Reconciliation of net assets $5,003,302 net assets at year end
XI-1 Total revenue$4,264,216
XI-2 Total expenses$4,404,207
XI-3 Revenue less expenses−$139,991
XI-4 Net assets at start of year$4,843,314
XI-5 Net unrealized gains (losses) on investments$299,979
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$5,003,302

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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