Summit Corp

Not tax-deductible

Tulsa, OK501(c)(7)Since 1967EIN 73-0762818Revenue $8.3M in FY2024

On file with the IRSsummittulsa.com15 W 6th St Ste 2000, 74119-5414 · Tulsa, OKTax-exempt since Oct 1967

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Private Dining Club

Run by 16 volunteers and 104 employees.
Mission: Form 990 Part I, line 1 · People: Part I, lines 5–6

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FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(7)
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
No
Donations are not tax-deductible
Worth a look: the IRS does not list 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
0 of 5
filings with a surplus
Average deficit $748K a year · 12% of revenue · last 5 filings
Concern: a surplus in 0 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Pay to officers and key staff
$672K
to officers and key staff · 8% of spending
Looks good: pay to officers and key staff is 8% of spending; 15% or less.
Pt VII · Sec A
1 mo
of spending, in cash
Fine: 1.1 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
2
named funders · $13K
Fine: 2 funders name it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$15.3M
102% of total assets
Concern: liabilities are 102% of assets; over 80%.
Pt X · Ln 26
Independent board members
14
of 16 voting members
Looks good: 14 of 16 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$8.3M
+13% vs prior year
Spent
$8.9M
Net assets
−$370K
By yearFY2020–FY2024
Revenue
$8.3M
FY2024▲ +13%
Tap a bar for its year
Revenue by fiscal year
FY2020$3.3M
FY2021$5.2M
FY2022$7.1M
FY2023$7.4M
FY2024$8.3M
Expenses
$8.9M
FY2024▲ +8%
Tap a bar for its year
Expenses by fiscal year
FY2020$4.3M
FY2021$5.8M
FY2022$7.8M
FY2023$8.3M
FY2024$8.9M
Net assets
−$370K
FY2024▼ -260%
Tap a bar for its year
Net assets by fiscal year
FY2020$2.3M
FY2021$1.8M
FY2022$1.1M
FY2023$231K
FY2024−$370K

From the FY2024 Form 990 · 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: FY2024. IRS ruling in Oct 1967.

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

Who runs it and what they're paid

23 people listed on the 990; $672K paid to officers and key staff.

Part VII, Section A · reportable compensation
$243,404Pt VII · Sec A
Executive Chef
$200,793Pt VII · Sec A
General Manager
$120,297Pt VII · Sec A
Controller
$107,834Pt VII · Sec A
Until Mar Treasurer as of Apr 24
$0Pt VII · Sec A
Mar Secretary as of Apr 2024
$0Pt VII · Sec A
Ex-Officio Until Apr 2024
$0Pt VII · Sec A
$0Pt VII · Sec A

Compensation history total reportable pay by year · 4 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
R Jared Jordan$243,404$228,756$216,945$177,396$167,448
William Lyle$200,793$163,177$160,803$155,028$153,513
Derrick Shanklin$120,297————
April Stanton$107,834————

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

Summit Corp is a member-serving organization based in Tulsa, OK, formed in 1967.

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Provided by the organization

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1 program · in their own filed words · FY2024
01

The Summit is a noncommercial private dining club in Tulsa, Oklahoma and has the most breathtaking views overlooking the Tulsa skyline. The club is atop the Bank of America Building on the 30th, 31st and 32nd Floors. The majority of the revenue comes from food and beverage sales and dues and fees from members and non-members.

Pt IX · col B

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 · FY2025
Total grants receivedfrom 2 funders$13K
Grants paid · 1 grant · $10K · 2024–2024
Tulsa Ballet Theater INCOK · FY2024$10,354

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$8.3M
Ln 12
Other incomeLn 4–11$4.1M
Fees for servicesLn 2g$4.1M
Investment incomeLn 3$60K
Money outPt IX
$8.9M
Ln 25
Owns and owesPt X
−$370K
net assets · Ln 32
Cash and savingsLn 1–2$792K
Total assetsLn 16$14.9M
LiabilitiesLn 26$15.3M
PeoplePt VI, VII
23
listed · VII A
PaidVII A4
Voting boardVI 1a16
IndependentVI 1b14
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$4.1M
Investment incomeLn 3$60K
Other incomeLn 4–11$4.1M
Gains on assetsLn 7−$9K
Total revenueLn 12$8.3M
Assets in detailPt X, end of year
CashLn 1$241K
SavingsLn 2$552K
Cash and savings togetherLn 1–2$792K
InvestmentsLn 11–13$1.4M
Land, buildings, equipmentLn 10c$4.7M
Other assetsLn 15$6.4M
Total assetsLn 16$14.9M
LiabilitiesLn 26$15.3M
Net assetsLn 32−$370K
OperationsPt I, VI
EmployeesI 5104
VolunteersI 616
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$309K$792K
InvestmentsLn 11–13$1.8M$1.4M
Land, buildings, equipmentLn 10c$5.4M$4.7M
Total assetsLn 16$16.0M$14.9M
LiabilitiesLn 26$15.8M$15.3M
Net assetsLn 32$231K−$370K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$10K
Pay of current officers, directors and key staffLn 5$645K
Other salaries and wagesLn 7$3.8M
Pension plan contributionsLn 8$84K
Other employee benefitsLn 9$469K
Payroll taxesLn 10$382K
Accounting feesLn 11c$23K
Investment management feesLn 11f$1K
Other fees for servicesLn 11g$76K
Advertising and promotionLn 12$160K
Office expensesLn 13$45K
Information technologyLn 14$56K
OccupancyLn 16$1.0M
InterestLn 20$240K
Depreciation, depletion and amortizationLn 22$795K
InsuranceLn 23$176K
Other expenses (24a–d)Ln 24$584K
All other expensesLn 24e$377K
Total functional expensesLn 25$8.9M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $8.3M$8.9M−$616K−$370K 990 PDF
FY2023 $7.4M$8.3M−$897K$231K 990 PDF
FY2022 $7.1M$7.8M−$674K$1.1M 990 PDF
FY2021 $5.2M$5.8M−$528K$1.8M 990 PDF
FY2020 $3.3M$4.3M−$1.0M$2.3M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support J · Pay O · Explanations
See the full FY2024 990 (6 parts)
Part I · Summary $8,278,577 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $3,589,334$4,083,899
I-10 Investment incomePrior year −$254,533$59,607
I-11 Other revenuePrior year $4,019,692$4,135,071
I-12 Total revenuePrior year $7,354,493$8,278,577
I-13 Grants and similar amounts paidPrior year $5,341$10,354
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $4,792,172$5,346,243
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $3,453,526$3,537,876
I-18 Total expensesPrior year $8,251,039$8,894,473
I-19 Revenue less expensesPrior year −$896,546−$615,896
Part VI · Governance 14 of 16 board members independent, 2 to look at
VI-1a Voting members of the governing body16
VI-1b Independent voting members14
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $8,278,577 across 5 lines filed
Lines not itemized here account for $4,257,194 of total revenue; see the IRS return.
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $3,885,334 · Unrelated business $74,000$3,959,334
VIII-3 Investment incomeUnrelated business $69,023$69,023
VIII-6 Net rental income or lossRelated to mission $1,978 · Unrelated business $464$2,442
VIII-7 Net gain or loss on sales of assetsExcluded from tax −$9,416−$9,416
VIII-12 Total revenueRelated to mission $7,333,771 · Unrelated business $954,222 · Excluded from tax −$9,416$8,278,577
Part IX · Statement of functional expenses $8,894,473 across 18 lines filed
IX-1 Grants to domestic organizations$10,354
IX-5 Pay of current officers, directors and key staff$645,331
IX-7 Other salaries and wages$3,765,395
IX-8 Pension plan contributions$84,429
IX-9 Other employee benefits$469,436
IX-10 Payroll taxes$381,652
IX-11c Accounting fees$23,250
IX-11f Investment management fees$1,483
IX-11g Other fees for services$76,224
IX-12 Advertising and promotion$159,691
IX-13 Office expenses$45,004
IX-14 Information technology$56,328
IX-16 Occupancy$1,004,245
IX-20 Interest$240,023
IX-22 Depreciation, depletion and amortization$794,802
IX-23 Insurance$175,667
IX-24 Other expenses (24a–d)$583,734
IX-24e All other expenses$377,425
IX-25 Total functional expenses$8,894,473
Part X · Balance sheet $14,937,717 assets, 16 lines filed
X-1 Cash, non-interest-bearingStart of year $222,673$240,623
X-2 Savings and temporary cash investmentsStart of year $85,865$551,726
X-4 Accounts receivableStart of year $1,237,409$1,215,128
X-8 Inventories for sale or useStart of year $363,504$384,614
X-9 Prepaid expenses and deferred chargesStart of year $101,579$111,785
X-10c Land, buildings and equipment, netStart of year $5,361,431$4,679,189
X-11 Publicly traded securitiesStart of year $1,808,810$1,391,348
X-15 Other assetsStart of year $6,845,334$6,363,304
X-16 Total assetsStart of year $16,026,605$14,937,717
X-17 Accounts payable and accrued expensesStart of year $636,903$687,572
X-19 Deferred revenueStart of year $1,555,508$1,760,279
X-25 Other liabilitiesStart of year $7,543,708$7,328,737
X-26 Total liabilitiesStart of year $15,796,014$15,307,540
X-27 Net assets without donor restrictionsStart of year $230,591−$369,823
X-32 Total net assets or fund balancesStart of year $230,591−$369,823
X-33 Total liabilities and net assetsStart of year $16,026,605$14,937,717
Part XI · Reconciliation of net assets −$369,823 net assets at year end
XI-1 Total revenue$8,278,577
XI-2 Total expenses$8,894,473
XI-3 Revenue less expenses−$615,896
XI-4 Net assets at start of year$230,591
XI-5 Net unrealized gains (losses) on investments$15,482
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$369,823

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

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