The Summit School Incorporated FY2021 filing

Tax-deductible

Winston Salem, NC501(c)(3)Since 1938EducationEIN 56-0547519Revenue $18.7M in FY2021

On file with the IRSsummitschool.com2100 Reynolda Rd, 27106-5115 · Winston Salem, NCTax-exempt since Sep 1942School — 170(b)(1)(A)(ii)

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To provide a challenging curriculum within a caring enviroment to help students develop their full potential.

501(c)(3) charity; gifts are tax-deductible.
64¢ of each $1 spent went to programs.
$522K 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

FY2021 · 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
5 of 6
filings with a surplus
Average surplus $2.0M a year · 10% of revenue · last 6 filings
Fine: a surplus in 5 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
64%
of spending
Worth a look: 64% of spending went to programs; under 65%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$522K
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
3 mo
of spending, in cash
Fine: 2.7 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
4
named funders · $694K
Looks good: 4 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$12.5M
27% of total assets
Looks good: liabilities are 27% of assets; 50% or less.
Pt X · Ln 26
Independent board members
23
of 23 voting members
Looks good: 23 of 23 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$18.7M
+5% vs prior year
Spent
$16.9M
To programs
64%
Net assets
$34.0M
By yearFY2020–FY2025
Revenue
$18.7M
FY2021▲ +5%
Tap a bar for its year
Revenue by fiscal year
FY2020$17.8M
FY2021$18.7M
FY2022$18.8M
FY2023$18.1M
FY2024$26.9M
FY2025$23.5M
Expenses
$16.9M
FY2021▼ -1%
Tap a bar for its year
Expenses by fiscal year
FY2020$17.1M
FY2021$16.9M
FY2022$17.5M
FY2023$18.8M
FY2024$20.3M
FY2025$20.8M
Net assets
$34.0M
FY2021▲ +22%
Tap a bar for its year
Net assets by fiscal year
FY2020$27.8M
FY2021$34.0M
FY2022$31.9M
FY2023$31.7M
FY2024$39.4M
FY2025$43.0M

From the FY2021 Form 990 (year ending June 2021) · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Sep 1942.

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

Where the money goes

64 cents of each dollar spent went to programs.

Program services 64% · $10.9M Management & general 33% · $5.6M Fundraising 3% · $451K

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

23 people listed on the 990; $522K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
Head of School
$284,400Pt VII · Sec A
Director of Finance
$129,917Pt VII · Sec A
Director of Development
$107,448Pt VII · Sec A
Trustee
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A

Dr Michael J Ebeling’s $397K as Head of School is at the 80th percentile of top reported officer pay among 3683 $10–100M 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 · 7 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021FY2020
Dr Michael J Ebeling$397,363$354,748$307,569$295,830——
Michael Ebeling————$284,400$232,576
Carter Sturkie$155,174$144,080$136,518$132,095$129,917$117,212
Cindy Kluttz$117,627$108,273————
Jeanne Sayers——$114,633$110,874$107,448—
Christopher Culp$112,757$105,896$101,796———
Tom Gething$103,862—————

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

Educate students with a challenging curriculum in a caring environment to foster their full potential.

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Provided by the organization

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1 program · $10.9M · in their own filed words · FY2020
01

Educational instruction for JR. Kindergarten through ninth grade, including after-school programs, bus services, and cafeteria program. Approximately 557 students are enrolled.

$10.9Mprogram expense

Funders

Who pays for it.

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

Grants

Schedule I · received and paid
Grants received · FY2024
See all 4 funders →
Grants paid · 12 grants · $14.7M · 2019–2024
Unitemized GrantFY2024$1,799,882
Unitemized GrantFY2024$999,119
Unitemized GrantFY2023$1,524,308
Unitemized GrantFY2023$1,067,632
Unitemized GrantFY2022$1,497,524
Unitemized GrantFY2022$783,378
Unitemized GrantFY2021$1,339,107
Unitemized GrantFY2021$857,535
Unitemized GrantFY2020$1,393,718
Unitemized GrantFY2020$922,169
Unitemized GrantFY2019$1,562,179
Unitemized GrantFY2019$989,969

By the numbers

The FY2021 990, line by line.

1The main four
Money inPt VIII
$18.7M
Ln 12
Fees for servicesLn 2g$14.4M
Gifts and grantsLn 1h$3.1M
Investment incomeLn 3$975K
Money outPt IX
$16.9M
Ln 25
Programscol B$10.9M
Managementcol C$5.6M
Fundraisingcol D$451K
Owns and owesPt X
$34.0M
net assets · Ln 32
Cash and savingsLn 1–2$3.8M
Total assetsLn 16$46.5M
LiabilitiesLn 26$12.5M
PeoplePt VI, VII
23
listed · VII A
PaidVII A3
Voting boardVI 1a23
IndependentVI 1b23
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$3.1M
Government grantsLn 1e$1.9M
Noncash giftsLn 1g$179K
Fundraising eventsLn 1c$339K
Fees for servicesLn 2g$14.4M
Investment incomeLn 3$975K
Other incomeLn 4–11$207K
Gains on assetsLn 7$612K
Total revenueLn 12$18.7M
Assets in detailPt X, end of year
CashLn 1$3.5M
SavingsLn 2$294K
Cash and savings togetherLn 1–2$3.8M
InvestmentsLn 11–13$24.6M
Land, buildings, equipmentLn 10c$17.4M
Other assetsLn 15$408K
Total assetsLn 16$46.5M
LiabilitiesLn 26$12.5M
Net assetsLn 32$34.0M
OperationsPt I, VI
EmployeesI 5356
VolunteersI 6100
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 FY21End FY21
Cash and savingsLn 1–2$3.2M$3.8M
InvestmentsLn 11–13$20.9M$24.6M
Land, buildings, equipmentLn 10c$18.0M$17.4M
Total assetsLn 16$43.1M$46.5M
LiabilitiesLn 26$15.3M$12.5M
Net assetsLn 32$27.8M$34.0M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$2.4M$2.4M
Pay of current officers, directors and key staffLn 5$463K$31K$322K$109K
Other salaries and wagesLn 7$7.0M$5.8M$852K$317K
Pension plan contributionsLn 8$300K$300K
Other employee benefitsLn 9$1.1M$1.1M
Payroll taxesLn 10$545K$423K$123K
Legal feesLn 11b$36K$36K
Accounting feesLn 11c$59K$59K
Investment management feesLn 11f$105K$105K
Other fees for servicesLn 11g$1.6M$838K$785K
Advertising and promotionLn 12$27K$27K
Office expensesLn 13$731K$222K$485K$24K
Information technologyLn 14$78K$78K
OccupancyLn 16$370K$370K
TravelLn 17$19K$19K
Conferences, conventions and meetingsLn 19$89K$20K$69K
InterestLn 20$237K$237K
Depreciation, depletion and amortizationLn 22$1.0M$908K$103K
InsuranceLn 23$93K$14K$79K
Other expenses (24a–d)Ln 24$628K$210K$418K
All other expensesLn 24e$4K$4K
Total functional expensesLn 25$16.9M$10.9M$5.6M$451K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $23.5M$20.8M$2.6M$43.0M 990 PDF
FY2024 $26.9M$20.3M$6.6M$39.4M 990 PDF
FY2023 $18.1M$18.8M−$766K$31.7M 990 PDF
FY2022 $18.8M$17.5M$1.3M$31.9M 990 PDF
FY2021 Viewing $18.7M$16.9M$1.8M$34.0M 990 PDF
FY2020 $17.8M$17.1M$691K$27.8M 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 FY2021 990 (6 parts)
Part I · Summary $18,682,492 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $1,851,706$3,146,059
I-9 Program service revenuePrior year $15,097,087$14,355,035
I-10 Investment incomePrior year $852,368$974,665
I-11 Other revenuePrior year $37,329$206,733
I-12 Total revenuePrior year $17,838,490$18,682,492
I-13 Grants and similar amounts paidPrior year $2,552,148$2,448,675
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $9,571,298$9,363,959
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $5,024,205$5,108,300
I-18 Total expensesPrior year $17,147,651$16,920,934
I-19 Revenue less expensesPrior year $690,839$1,761,558
Part VI · Governance 23 of 23 board members independent, no flags
VI-1a Voting members of the governing body23
VI-1b Independent voting members23
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 $18,682,492 across 11 lines filed
VIII-1c Fundraising events$339,085
VIII-1e Government grants$1,875,000
VIII-1f All other contributions, gifts and grants$931,974
VIII-1g Noncash contributions (included above)$178,949
VIII-1h Total contributions, gifts and grants$3,146,059
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $14,355,035$14,355,035
VIII-3 Investment incomeExcluded from tax $362,993$362,993
VIII-6 Net rental income or lossExcluded from tax $82,136$82,136
VIII-7 Net gain or loss on sales of assetsRelated to mission $645,898 · Excluded from tax −$34,226$611,672
VIII-8 Net income from fundraising eventsExcluded from tax $124,597$124,597
VIII-12 Total revenueRelated to mission $15,000,933 · Unrelated business $0 · Excluded from tax $535,500$18,682,492
Part IX · Statement of functional expenses $16,920,934 across 21 lines filed
IX-2 Grants to domestic individualsPrograms $2,448,675$2,448,675
IX-5 Pay of current officers, directors and key staffPrograms $31,278 · Management $322,198 · Fundraising $109,473$462,949
IX-7 Other salaries and wagesPrograms $5,785,771 · Management $852,050 · Fundraising $317,152$6,954,973
IX-8 Pension plan contributionsManagement $300,365$300,365
IX-9 Other employee benefitsManagement $1,100,408$1,100,408
IX-10 Payroll taxesPrograms $422,502 · Management $122,762$545,264
IX-11b Legal feesManagement $36,147$36,147
IX-11c Accounting feesManagement $58,660$58,660
IX-11f Investment management feesManagement $104,612$104,612
IX-11g Other fees for servicesPrograms $837,722 · Management $785,289$1,623,011
IX-12 Advertising and promotionManagement $26,996$26,996
IX-13 Office expensesPrograms $221,530 · Management $485,039 · Fundraising $23,945$730,514
IX-14 Information technologyManagement $77,731$77,731
IX-16 OccupancyManagement $370,458$370,458
IX-17 TravelManagement $18,557$18,557
IX-19 Conferences, conventions and meetingsPrograms $19,743 · Management $69,209$88,952
IX-20 InterestManagement $236,770$236,770
IX-22 Depreciation, depletion and amortizationPrograms $908,204 · Management $102,942$1,011,146
IX-23 InsurancePrograms $13,785 · Management $78,785$92,570
IX-24 Other expenses (24a–d)Programs $210,058 · Management $417,802$627,860
IX-24e All other expensesPrograms $4,316$4,316
IX-25 Total functional expensesPrograms $10,903,584 · Management $5,566,780 · Fundraising $450,570$16,920,934
Part X · Balance sheet $46,496,346 assets, 20 lines filed
X-1 Cash, non-interest-bearingStart of year $2,690,743$3,489,805
X-2 Savings and temporary cash investmentsStart of year $510,712$294,364
X-3 Pledges and grants receivableStart of year $340,408$135,918
X-4 Accounts receivableStart of year $174,670$152,603
X-9 Prepaid expenses and deferred chargesStart of year $117,137$62,664
X-10c Land, buildings and equipment, netStart of year $17,986,803$17,362,903
X-11 Publicly traded securitiesStart of year $1,771,802$1,653,191
X-12 Other securitiesStart of year $19,125,910$22,936,933
X-15 Other assetsStart of year $402,785$407,965
X-16 Total assetsStart of year $43,120,970$46,496,346
X-17 Accounts payable and accrued expensesStart of year $1,015,116$935,474
X-19 Deferred revenueStart of year $720,315$785,722
X-20 Tax-exempt bond liabilitiesStart of year $10,898,546$10,206,355
X-24 Unsecured notes and loans payableStart of year $1,875,000$0
X-25 Other liabilitiesStart of year $722,221$462,804
X-26 Total liabilitiesStart of year $15,300,005$12,529,885
X-27 Net assets without donor restrictionsStart of year $18,674,927$23,214,160
X-28 Net assets with donor restrictionsStart of year $9,146,038$10,752,301
X-32 Total net assets or fund balancesStart of year $27,820,965$33,966,461
X-33 Total liabilities and net assetsStart of year $43,120,970$46,496,346
Part XI · Reconciliation of net assets $33,966,461 net assets at year end
XI-1 Total revenue$18,682,492
XI-2 Total expenses$16,920,934
XI-3 Revenue less expenses$1,761,558
XI-4 Net assets at start of year$27,820,965
XI-5 Net unrealized gains (losses) on investments$4,122,396
XI-9 Other changes in net assets$261,542
XI-10 Net assets at end of year$33,966,461

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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