Summit Academy Oic

What it reported doing in 2024

Summit academy oic is a non-profit vocational training and educational center based in north minneapolis with 50 years' experience helping twin cities' residents in economically depressed neighborhoods acquire the tools they need to become educated, employed, and self-supporting. Summit academy is the only community-based vocational training and job-placement program in north minneapolis accredited by the council on occupational education and registered with the Minnesota higher education services office.at summit academy oic, we believe the best social service program in the world is a job. Graduates from our adult education programs are given the opportunity to lift themselves up from a life of poverty and hopelessness onto a path that will lead to a better life for themselves and their families. Where before, these men and women were limited by chronic unemployment, a complete lack of resources, and in many cases, a lack of faith in themselves, they now have the chance to fundamentally change their circumstances by increasing their income and their quality of life. When adults work full-time living-wage jobs, they become role models to young adults and children, families become more stable, and the cycle that has kept their communities poor and crime-ridden is broken. These positive changes continue to ripple out even further into the larger community as fewer social services and incarceration costs are incurred and graduates begin to pay taxes. After receiving training in community healthcare, energy efficiency and green construction, these graduates have gone on to work in jobs that directly improve Minnesota's infrastructure.summit academy offers adult education and support services that are tailored to the specific needs of the communities we serve. Our career and technology center provides pre-apprentice training in construction (hundred hard hats program), with specific tracks in carpentry and electrical work. The ctc also offers programs in medical administrative assistant , information technology careers and in 2024 we initiated training in financial services. In addition to the post secondary offerings summit offers a contextualized ged program that provides individuals without a high school diploma the opportunity to earn a ged in conjunction with attainting an advanced certificate in the aforementioned carrers. All career tracks are all supported with services that develop students' life skills and assist in job seeking, placement, and retention.in this fiscal year (july 1, 2024- june 30, 2025), summit's career and technology center served 765 adult students, and 590 obtained their ged or graduated with a vocational training certificate of completion. Over that time summit placed 239 adults in employment. Job earnings for all programs are at a median of $22 per hour.

Financial Efficiency

• Mission deployment rate: 98.5%; rating input score 99
• Program expense ratio: 77.7%; rating input score 78
• Fundraising efficiency: $5.59 raised per $1 spent on fundraising; rating input score 23; 23rd percentile among comparable filings

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
• Pay-setting controls: 4 of 6 controls in place; rating input score 67
  • Compensation committee: Pass
  • Independent consultant: Missing
  • Other Form 990s reviewed: Pass
  • Written employment contract: Missing
  • Compensation survey or study: Pass
  • Board or committee approval: Pass
• Foreign activity oversight: Limited
• Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
• Major donor itemization: Yes; rating input score 100
• 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: -26.8%; rating input score 3; 3rd percentile among comparable filings
• Total-asset coverage ratio: 1.31; rating input score 46; 46th percentile among comparable filings
• Liabilities to assets ratio: 0.18; rating input score 61; 61st percentile among comparable filings
• Officer compensation ratio: 12.9%; rating input score 12; 12th percentile among comparable filings

Growth

• Program expense growth: 8% per year; rating input score 100; 61st percentile among comparable filings
• Revenue growth: 8.8% per year; rating input score 100; 69th percentile among comparable filings
• Asset growth: 13.4% per year; rating input score 100; 77th percentile among comparable filings