Summit Academy
Legal name: Summit Academy Incorporated
Nonprofit profile at a glance
- EIN
- 043778013
- IRS 990 coverage
- 2010–2024
- Official website data refreshed
- Aug 2026
- Forms available
- Form 990 2024
- Location
- Draper, UT, United States
- Phone
- 8015729007
- Rating
- 86
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Charter Schools
Reported finances
- Revenue
- $33,242,867
- Expenses
- $30,374,682
- Assets
- $82,852,696
- Liabilities
- $74,072,987
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
16 people listed
Executive titles in this filing
- Molly Hart (CEO)
- Alana Johnson (CEO)
Highest reported compensation
- Molly Hart (CEO): $147,059 total reported compensation
- Tanner Polatis (Information Technology): $121,355 total reported compensation
- Brad Wilkinson (CFO): $117,754 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
The mission is to provide a K-12 education. At Summit Academy, we provide a rigorous educational environment based on the principles of high academic achievement and specialized instruction for the benefit of all students. Kindergarten Kindergarten builds the foundation for other grades! Students learn many foundational skills including letters, numbers, reading, writing, addition, subtraction, the list goes on and on! Summit Academy was the first charter school in Draper. It was founded in 2004 with the help of Members of the Draper Community. Our Story Since 2004.
What it reported doing in 2024
K-12 education.
Operating model
- Revenue model
- Grant-funded. 92% of the money available for current operations came from government grants.
- Distribution model
- Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
The verdict
STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Liabilities are high compared with assets.
Rating breakdown
- Financial Efficiency: 76
- Transparency & Controls: 90
- Accountability: 100
- Sustainability: 62
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 82.8%; rating input score 83
- Program expense ratio: 90%; rating input score 90
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
- Pay-setting controls: Limited
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Limited
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
- Governance controls: 9 of 9 controls in place; rating input score 100
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: Pass
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 8.6%; rating input score 64; 64th percentile among comparable filings
- Total-asset coverage ratio: 2.73; rating input score 72; 72nd percentile among comparable filings
- Liabilities to assets ratio: 0.89; rating input score 10; 10th percentile among comparable filings
- Officer compensation ratio: 2%; rating input score 77; 77th percentile among comparable filings
Growth
- Program expense growth: 9.4% per year; rating input score 100; 68th percentile among comparable filings
- Revenue growth: 10.8% per year; rating input score 100; 77th percentile among comparable filings
- Asset growth: 11.9% per year; rating input score 100; 72nd percentile among comparable filings
Details
- What they do: 1 operating location identified
- Where the money goes: 82.8% of revenue deployed · 90% of spending went to programs
- Governance: 7 of 7 board members independent · 9 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $27.4M in reported program spending
- Leadership: top reported pay $147K · 16 people listed
- Highest-paid contractors: 5 contractors listed · $1.3M reported
- Consistency: 29 of 29 current checks pass
- Schedules: 6 filed schedules
- Filing history: 14 filing years from 2010 to 2024
- Contacts: How to reach this organization
- Money network: 5 filed money-flow records
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Sustainability: Liabilities to assets ratio scored 10/100.