Summer Rest Foundation EIN 56-6534008 Form 990 (PDF) Claim this org

Summer Rest Foundation

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A private foundation based in Raleigh, NC. It reported about $932K in revenue for 2024. For fiscal year 2024 it reported $932K in revenue, $564K in expenses, and $7.5M in net assets.Pt I

Type
Private foundation / grantmaker · Foundations & Grantmakers
Location
Raleigh, NC
Filings
5 on file (2020–2024)
Revenue
$932KFY2024
Expenses
$564K
Net assets
$7.5M
People
5
Filings
5
Updates
0
More identity details & actions ⌄
EIN  56-6534008 Private foundation / grantmaker Raleigh, NC
Form 990 (PDF)
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Size
$100K–1M
What they do
A private foundation based in Raleigh, NC. It reported about $932K in revenue for 2024.
Leadership
Sue M Turner · Board Chair
Money in and out
$932K revenue, $564K expenses
Bottom line
Grants paid & assets · FY2024
Total revenue
$932K
Pt VIII · Ln 12
Total expenses
$564K
Pt IX · Ln 25
Net assets
$7.5M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $369K
Total assets
7.8M
deployed as grants and operations
Grants paid
475K
in FY2024
Grants made
16grants
total in period
Payout rate
6%
of assets (5% rule)

Who They Fund

Part XV · grants paid · 16 grants · $475K · 2024–2024
Boys and Girls Clubs of Wake CountyFY2024$75,000
National Christian FoundationFY2024$40,000
Hope InternationalFY2024$30,000
Port City Community ChurchNC · FY2024$30,000
Institute for Faith and FamilyFY2024$30,000
Samaritans PurseNC · FY2024$20,000
Foundation of HopeFY2024$10,363
Baptist State Convention of NcFY2024$10,000
Wbs FoundationFY2024$10,000
Hospitality House of NorthwestFY2024$10,000
Cli Prison Alliance INCNC · FY2024$10,000
Blood Cancer United INCNY · FY2024$6,000
The Salvation Army of Cape FearFY2024$5,000

Grantmaking Profile

Patterns in foundation giving
Distinct granteesPart XV7
Average grantPart XV$30K
Median grantPart XV$30K
Largest grantPart XV$100K
Top cause focusNTEEReligion (12%)

Summary of the Filing

Part I · fiscal year 2024 · Form 990-PF
Revenue
$932K
FY2024▲ +29%
Expenses
$564K
FY2024▼ -12%
Total assets
$7.8M
FY2024▲ +4%
Total liabilities
$269K
FY2024▲ +36%
Total revenue
$932K
Pt VIII · Ln 12
Total expenses
$564K
Pt IX · Ln 25
Net assets
$7.5M
Pt X · Ln 32
Total assetsPt II$7.8M

Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CSummer Rest Foundation
EINHdr · item D56-6534008
Principal addressHdr · item CRaleigh, NC
WebsiteHdr · item Jnone reported
State of legal domicileHdr · item MNC
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFFoundations & Grantmakers (T21)
Ruling yearIRS BMFMar 1999

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1apending
Independent voting membersPt VI · Ln 1bpending
Conflict-of-interest policyPt VI · Ln 12a
Whistleblower policyPt VI · Ln 13
Document retention policyPt VI · Ln 14
CEO/top-official compensation independently reviewedPt VI · Ln 15a
Family or business relationships among officers/directorsPt VI · Ln 2

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
Board Chair
$0Pt VII · Sec A
$0Pt VII · Sec A
Executive Director
$0Pt VII · Sec A
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
See Summer Rest Foundation executive salaries →

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Statement of Revenue

Part VIII
Investment income$759K · 81%
Contributions & grants$173K · 19%
Investment income81%$759K
Contributions & grants19%$173K
Other revenue$247
Total revenueLn 12$932K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Grants & contributions paid $0.84 Operating & administrative $0.16
Grants & contributions paid84%$475K
Operating & administrative16%$89K
Total functional expensesLn 25$564K

Balance Sheet

Part X · end of year
CashLn 1$321K
Total assetsLn 16$7.8M
Total liabilitiesLn 26$269K
Total net assetsLn 32$7.5M
Months of cash on handcomputed6.8

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Payout rate
Grants paid $0 · Total assets $7.8M
0%
Where the money comes from
Contribution dependence
Contributions & grants — · Total revenue $932K
Government reliance
not reported
Earned-income share
not reported
Investment reliance
Investment income $0 · Total revenue $932K
0%
Program self-sufficiency
not reported
Growth & trend
Revenue growth (YoY)
This year $932K · Prior year $725K
+29%
Revenue CAGR
FY2020 $412K · FY2024 $932K
+23%
Net-asset trend (YoY)
End of year $7.5M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $932K · Expenses $564K
+40%
Liabilities-to-Assets
Total liabilities — · Total assets $7.8M
Net-asset ratio
Net assets $7.5M · Total assets $7.8M
97%
People & payroll
Highest Reported Total Compensation
Individual Sue M Turner · Reported title BOARD CHAIR · Highest reported compensation $0 · Total expenses $564K
0%
Personnel share
not reported
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Revenue growth 29%

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024 (Latest)$932K revenue · viewing · ⤓ 990 PDF
FY2023$725K revenue · ⤓ 990 PDF
FY2022$82K revenue · ⤓ 990 PDF
FY2021$624K revenue · ⤓ 990 PDF
FY2020$412K revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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