Overview
What is The Summit Foundation?
The Summit Foundation, established in Summit, New Jersey, is a nonprofit organization dedicated to fostering philanthropy and addressing the public charitable, educational, or benevolent needs of its local community. This philanthropic entity employs a rigorous application review process to grant funds to deserving organizations, distributing a substantial sum of $705,155 to 37 agencies and $45,016 to 28 donor-advised funds. Furthermore, The Summit Foundation awards scholarships to 44 students, contributing $156,488 to their educational pursuits. As a tax-exempt community foundation, its mission involves utilizing competitive grants and donor wishes to cater to the needs of its service area.
Official website here: www.summitforever.org
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 97% (Four-Star out of Four Star rating)
The Summit Foundation has earned an impressive Four-Star rating from Charity Navigator, highlighting its strong performance in accountability and finance. With a score of 83% in this area, the organization demonstrates robust financial health and governance practices, including a 100% independent board and no material diversion of assets. This solid financial standing is further evidenced by an excellent program expense ratio of nearly 90%, indicating a high level of funding directed toward its mission.
In addition to its financial strengths, the foundation excels in leadership and adaptability with a perfect score of 100%. This reflects a well-structured strategy and effective operational leadership, which contribute positively to its overall impact. The organization's commitment to feedback collection and usage also stands out, showcasing its dedication to community engagement and responsiveness to stakeholder input.
However, a notable limitation is the absence of a whistleblower policy, which is important for maintaining transparency and integrity. Despite this, the foundation's overall scoring and feedback suggest a highly effective organization dedicated to its mission and responsive to both challenges and community needs.
This AI summary has been generated from information found on Charity Navigator.
Is The Summit Foundation legitimate?
The Summit Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. The Summit Foundation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
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Official website here: www.summitforever.org
What is the mission statement of The Summit Foundation?
The Summit Foundation, a tax-exempt community foundation, promotes philanthropy in its region. Its mission involves fostering charitable, educational, and benevolent needs through competitive grants and the wishes of its donors. The foundation employs a rigorous application review process to grant funds, distributing over $700,000 to various agencies in the past. Additionally, it provides support to donor-advised funds, awarding funds to 28 organizations. Furthermore, The Summit Foundation awards scholarships to deserving students, providing financial assistance to 44 recipients. Lastly, it facilitates donor-advised distributions to support various funds, demonstrating its commitment to serving its community.
Official website here: www.summitforever.org
Who is the CEO of The Summit Foundation?
Dana Turk is the President of The Summit Foundation.
Official website here: www.summitforever.org
What is the revenue of The Summit Foundation?
The Summit Foundation's revenue in 2022 was $1,086,760.
Official website here: www.summitforever.org
Who are the executives of The Summit Foundation and what are their salaries?
There 20 volunteers at The Summit Foundation.
Here are 21 key members and their salaries:
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Official website here: www.summitforever.org
Where can I find the form 990 for The Summit Foundation?
The Summit Foundation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.summitforever.org
Learn more at the official website: www.summitforever.org
Mission Statement of The Summit Foundation
The Summit Foundation, a tax-exempt community organization, serves as a catalyst for philanthropy in its region. Its mission is to address the public charitable, educational, or benevolent needs of the community. The foundation accomplishes this by employing a rigorous application review process to grant funds to deserving agencies. Through competitive grants and the wishes of its donors, The Summit Foundation plays a pivotal role in meeting the needs of the community. Additionally, the foundation awards scholarships to deserving students, furthering its commitment to education and community development. By utilizing a combination of competitive grants, donor-advised funds, and scholarships, The Summit Foundation demonstrates its dedication to fostering philanthropy and uplifting the community.
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Impact
October, 2024
The Summit Foundation significantly enhances the philanthropic landscape of the greater Summit, NJ area by addressing essential charitable, educational, and benevolent needs within the community. In recent initiatives, the foundation has granted $705,155 to 37 agencies through a thorough application review process, ensuring that funds are directed to impactful projects and services. Additionally, it has allocated $45,016 to 28 agencies via donor advised funds, allowing individuals to support causes they are passionate about.
The foundation's commitment to education is evident through its distribution of $93,323 in scholarships to 44 deserving student recipients, empowering the next generation with the resources they need to pursue their academic goals. Furthermore, it has facilitated $156,488 in donor advised distributions to six funds, maximizing the impact of community-driven philanthropy.
Through these efforts, The Summit Foundation is able to foster a culture of giving and ensure that the community's diverse needs are met, reinforcing the importance of collective support and investment in the region's growth and well-being.
This information is meant to be a general summary of The Summit Foundation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $523,730
- Gross Receipts: $3,670,541
Assets and Liabilities:
- Total Assets: $17,845,068
- Total Liabilities: $0
- Net Assets: $17,845,068
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Organization Details
Founding Year
1972
Phone
(646) 369-5516Principal Officer
Dana Turk
Main Address
PO BOX 867, SUMMIT, NJ, 079020867
Website
www.summitforever.orgNTEE Category
Code: T31 - Philanthropy
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