SUMMIT ACADEMY CHARTER SCHOOL

EIN: 264243160 501(c)(3) Education

BROOKLYN, NY

Total Revenue
$6,200,134
Total Expenses
$6,510,776
Total Assets
$2,305,837
Net Assets
$1,852,266
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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
2009
Legal Domicile
NY
Principal Officer
TREMAINE PRICE
Phone
3472426710
Tax Period
2024-07-01 to 2025-06-30

SUMMIT ACADEMY CHARTER SCHOOL, founded in 2009, is a community nonprofit in the Education sector that reported $6.2M in total revenue in fiscal year 2024. Revenue grew 8% year-over-year, indicating healthy expansion.

Mission

SUMMIT ACADEMY CHARTER SCHOOL BRIDGES THE GAP BETWEEN ASPIRATIONS AND REALITIES BY PREPARING 6TH THROUGH 12TH GRADE STUDENTS TO GAIN ACCEPTANCE TO, EXCEL IN AND GRADUATE FROM COLLEGE BY USING THREE PILLARS OF SUCCESS: MASTERY OF CORE SUBJECTS, CHARACTER BUILDING, AND COMMUNITY LEADERSHIP. BY ENGAGING STUDENTS WITH AN ACADEMICALLY RIGOROUS, COLLEGE-PREPARATORY CURRICULUM AND SUPPORTING THEM IN A COMMUNITY FOCUSED ON HIGH ACADEMIC ACHIEVEMENT AND STRONG CHARACTER BUILDING, SUMMIT ACADEMY WILL PREPARE OUR YOUNG PEOPLE TO PARTICIPATE MEANINGFULLY IN THE GREATER ECONOMY AND EXPAND THEIR CHOICES AND OPPORTUNITIES.

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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%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $572,813
Program Service Revenue $5,601,476
Investment Income $25,845
Other Revenue $0
TOTAL REVENUE $6,200,134

Expense Breakdown

Grants Paid $0
Salaries & Benefits $4,984,619
Fundraising Expenses $14,841
Program Expenses $5,926,241
Other Expenses $1,526,157
TOTAL EXPENSES $6,510,776

Year-over-Year Comparison

2024 2023 Change
Revenue $6,200,134 $5,724,794 +0.1%
Expenses $6,510,776 $6,186,944 +0.1%
Net Income $-310,642 $-462,150 -0.3%
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

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Governance

Voting Members
7
Independent Members
7
Employees
61
Volunteers
7

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
6
$410,739
Total Directors
8
$0
Key Employees
1
$207,619
Highest Compensated
3
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
MICHAEL BERNARD TREASURER 1.00
Officer Director
$0 $0 $0
ALICIA MURRAY TRUSTEE 1.00
Director
$0 $0 $0
ALVIN YOUNG TRUSTEE 1.00
Director
$0 $0 $0
CYNTHIA MCCANTS BOARD VICE CHAIR 1.00
Officer Director
$0 $0 $0
KENNETH MONTOGEMERY BOARD CHAIR 1.00
Officer Director
$0 $0 $0
SHAROD TOMLINSON TRUSTEE - RESIGNED DURING YEAR 1.00
Director
$0 $0 $0
DR DUANE SLEET SECRETARY - JOINED DURING YEAR 1.00
Officer Director
$0 $0 $0
DR CASSANDRA ANDREWS-JACKSON TRUSTEE - JOINED DURING YEAR 1.00
Director
$0 $0 $0
NATASHA CAMPBELL DIRECTOR OF COMMUNITY SUPP 50.00
Officer
$198,674 $22,242 $220,916
SAMEASE HANDSHAW DIRECTOR OF FINANCE AND OP 50.00
Officer
$168,431 $21,392 $189,823
MACHAEL SPENCER-EDWARDS PRINCIPAL 50.00
Key Emp
$204,091 $3,528 $207,619
JONATHAN BURGER DIRECTOR OF LEARNING SUPPO 50.00
Highest
$110,558 $25,284 $135,842
TREMAINE A PRICE ASSISTANT PRINCIPAL (CURRENT PRINCIPAL) 50.00
Highest
$130,305 $12,642 $142,947
KIM KISOOK TEACHER 50.00
Highest
$112,124 $17,892 $130,016
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 $6,200,134 $6,510,776 $2,305,837 $-310,642
2024 $5,724,794 $6,186,944 $2,559,519 $-462,150
2023 $4,869,121 $5,465,969 $3,028,371 $-596,848
2022 $5,005,181 $4,842,753 $3,506,747 $162,428
2021 $5,981,816 $4,542,006 $3,461,945 $1,439,810
2020 $5,547,295 $5,084,768 $2,728,687 $462,527
2019 $5,969,419 $5,372,693 $1,701,641 $596,726
2018 $5,786,589 $5,643,262 $936,033 $143,327
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