SUMMIT EDUCATIONAL FOUNDATION

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1986

Legal Domicile

Principal Officer

HEATHER THOMAS

Phone

9084008756

Tax Period

2023-07-01 to 2024-06-30

SUMMIT EDUCATIONAL FOUNDATION, founded in 1986, is a small nonprofit that reported $549K in total revenue in fiscal year 2023. Revenue fell 20% from the prior year — a significant decline worth monitoring. Expenses of $708K exceeded revenue, resulting in a 29% operating deficit.

Mission

TO MAINTAIN AND ENHANCE THE HIGH QUALITY OF A SUMMIT, NEW JERSEY PUBLIC SCHOOL EDUCATION THROUGH COMMUNITY FUNDING OF INNOVATIVE AND ESSENTIAL EDUCATIONAL GRANTS, A CLOSE WORKING RELATIONSHIP WITH THE SCHOOL DISTRICT, AND CAREFUL REVIEW, EVALUATION AND FINANCIAL OVERSIGHT OF SUPPORTED INITIATIVES.

Program Service Accomplishments

Program 1

Expenses: $365,012

THE ANNUAL FUND OF THE SUMMIT EDUCATION FOUNDATION ENCOURAGES AND FUNDS TEACHER AND DISTRICT-INITIATED PROGRAMS THAT ADVANCE THE CURRICULUM AND DISTRICT OBJECTIVES. DURING THE 2023-24 FISCAL YEAR, 64 GRANTS TOTALING $365,012 WERE AWARDED FROM THE ANNUAL FUND. THE LARGEST GRANT AWARDS FUNDED THE FOLLOWING INITIATIVES:REFLEX MATH - $40,035OPTIMIZING POTENTIAL: ENHANCING PRODUCTIVITY, WELL-BEING, AND LEARNING PREFERENCES THROUGH ADJUSTABLE STANDING DESKS - $36,243FLEXIBLE SEATING - $24,881BUILDING DYNAMITE READERS - $22,897DECODABLES FOR OUR ELLS - $15,647

Program 2

Expenses: $256,895

THE ENDOWMENT FUND OF THE SUMMIT EDUCATIONAL FOUNDATION PROVIDES FUNDING FOR STRATEGIC LONG-TERM INITIATIVES CRITICAL TO THE HEALTH OF THE DISTRICT AND ITS ABILITY TO PROVIDE AN EXCELLENT EDUCATIONAL EXPERIENCE FOR ITS STUDENTS. THE ENDOWMENT FUND WAS CREATED AS A WAY TO ENSURE FUTURE FUNDING TO DEVELOP NEW CURRICULUM INITIATIVES AND PROVIDE PROFESSIONAL DEVELOPMENT TO MEET THE NEEDS OF 21ST CENTURY LEARNERS. DURING THE FISCAL YEAR ENDED JUNE 30, 2024, GRANT AWARDED TOTALED $256,895. THE LARGEST GRANT AWARDS FUNDED THE FOLLOWING INITIATIVES:STEAM TEACHERS (DESIGN/INNOVATION TEACHER AND A THEATRE TECHNOLOGY & FILM TEACHER) AT LAWTON C. JOHNSON MIDDLE SCHOOL - $210,000ADJUSTABLE DESKS THAT PROMOTE STUDENT PRODUCTIVITY AND WELL-BEING - $46,000

Program 3

Expenses: $15,252

THE SUMMIT EDUCATIONAL FOUNDATION FUNDED SPECIFIC GRANTS WITH CONTRIBUTIONS RECEIVED SUBJECT TO DONOR-IMPOSED RESTRICTIONS.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $293,472

Program Service Revenue $0

Investment Income $136,255

Other Revenue $119,635

TOTAL REVENUE $549,362

Expense Breakdown

Grants Paid $637,159

Salaries & Benefits $0

Fundraising Expenses $42,226

Program Expenses $637,159

Other Expenses $71,025

TOTAL EXPENSES $708,184

Year-over-Year Comparison

	2023	2022	Change
Revenue	$549,362	$689,080	-0.2%
Expenses	$708,184	$656,474	+0.1%
Net Income	$-158,822	$32,606	-5.9%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MELISSA MADDEN	CO-PRESIDENT	10.00	Officer Director	$0	$0	$0
HEATHER THOMAS	CO-PRESIDENT	10.00	Officer Director	$0	$0	$0
AMY BURKE	SECRETARY	10.00	Officer Director	$0	$0	$0
THERESA COWING	TREASURER	5.00	Officer Director	$0	$0	$0
LESLEY ARLEIN	TRUSTEE	1.00	Director	$0	$0	$0
RACHEL CALLAHAN	TRUSTEE	1.00	Director	$0	$0	$0
MATTHEW CARDER	TRUSTEE	1.00	Director	$0	$0	$0
SUSAN DANIEL	TRUSTEE	1.00	Director	$0	$0	$0
CHELLE DONNELLY	TRUSTEE	1.00	Director	$0	$0	$0
JODI ENGLERT	TRUSTEE	1.00	Director	$0	$0	$0
TIM ERDAY	TRUSTEE	1.00	Director	$0	$0	$0
LAURA MADDEN	TRUSTEE	1.00	Director	$0	$0	$0
KEIRA MATHEY	TRUSTEE	1.00	Director	$0	$0	$0
JOHN MELL	TRUSTEE	1.00	Director	$0	$0	$0
PETE PARDO	TRUSTEE	1.00	Director	$0	$0	$0
LAUREN POST	TRUSTEE	1.00	Director	$0	$0	$0
DAWN REMPELL	TRUSTEE	1.00	Director	$0	$0	$0
TEAL RODRIGUEZ	TRUSTEE	1.00	Director	$0	$0	$0
KELLY STANTON	TRUSTEE	1.00	Director	$0	$0	$0
LORI TULLOCH	TRUSTEE	1.00	Director	$0	$0	$0
SUNITA VISWANATH	TRUSTEE	1.00	Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	No data	No data	No data	No data
2024	$549,362	$708,184	$6,988,462	$-158,822
2023	$689,080	$656,474	$6,545,923	$32,606
2022	$701,983	$1,399,481	$6,765,196	$-697,498
2021	$1,144,101	$807,298	$7,878,708	$336,803
2020	$418,954	$487,511	$6,267,521	$-68,557
2019	$672,958	$905,945	$6,442,003	$-232,987