Summit Foundation

EIN: 300595477 501(c)(3)

Charlotte, NC

Total Revenue
$447,080,568
Total Expenses
$446,711,946
Total Assets
$4,924,079
Net Assets
$4,924,079
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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
MI
Principal Officer
RENE PALACIO
Phone
7045871403
Tax Period
2023-01-01 to 2023-12-31

Summit Foundation, founded in 2009, is a major nonprofit that reported $447.1M in total revenue in fiscal year 2023. Revenue surged 446958% from the prior year, signaling strong growth momentum.

Mission

THE FOUNDATION SEEKS TO FURTHER THE KINGDOM OF GOD BY SUPPORTING BENEFICIARY ORGANIZATIONS AS AN INTEGRAL PART OF THE EVANGELICAL PURPOSES OF THE BENEFICIARY ORGANIZATIONS AND THE WORLDWIDE EVANGELICAL CHRISTIAN MISSIONS AND ACTIVITIES BEING CARRIED ON BY THE BENEFICIARY ORGANIZATIONS.

Program Service Accomplishments

Program 1
Expenses: $446,693,346

The Foundation supports beneficiary organization's programs through grants.

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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 (2023)

Revenue Breakdown

Contributions & Grants $446,300,000
Program Service Revenue $0
Investment Income $780,568
Other Revenue $0
TOTAL REVENUE $447,080,568

Expense Breakdown

Grants Paid $446,677,500
Salaries & Benefits $0
Fundraising Expenses $0
Program Expenses $446,693,346
Other Expenses $34,446
TOTAL EXPENSES $446,711,946

Year-over-Year Comparison

2023 2022 Change
Revenue $447,080,568 $100,005 +4469.6%
Expenses $446,711,946 $112,362 +3974.6%
Net Income $368,622 $-12,357 -30.8%
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
3
Independent Members
2
Employees
N/A
Volunteers
2

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
2
$85,804
Total Directors
3
$85,804
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
RENE PALACIO PRESIDENT & Director 1.0
Officer Director
$0 $26,400 $85,804
FRED ELY SECRETARY & TREASURER 2.0
Officer Director
$0 $0 $0
RONALD WILLIAMS Director 1.0
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
2024 No data No data No data No data
2023 $447,080,568 $446,711,946 $4,924,079 $368,622
2022 $100,005 $112,362 $3,995,741 $-12,357
2021 $100,005 $127,532,699 $3,419,609 $-127,432,694
2020 $15 $351,941 $50,851,473 $-351,926
2019 $3,500,235 $4,232,148 $51,203,610 $-731,913
2018 $4,200,192 $3,234,467 $51,910,523 $965,725
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