Summit Homeschool Academy
Nonprofit profile at a glance
- EIN
- 881892691
- IRS 990 coverage
- 2023–2024
- Forms available
- Form 990 2024, Form 990-EZ 2022
- Location
- Castle Rock, CO, USA
- Phone
- 3035150727
- Rating
- 69
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Elementary, Secondary Education, K - 12
Reported finances
- Revenue
- $988,970
- Expenses
- $778,634
- Assets
- $368,402
- Liabilities
- $64,000
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
6 people listed
Executive titles in this filing
- Bill Cadman (Board President)
Highest reported compensation
- Richelle McKim (Director): $91,154 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Summit Homeschool Academy is a classical, co-laboring, academic enrichment program. Our mission is to serve homeschool families by providing a plug-and-play program. We are committed to delivering a classical education, which values moral character and wonder in learning. We are also committed to developing local friendships, a rich parent community and supporting education freedom. Our vision is to equip families with the resources they need, to choose homeschool and instill their own worldview into their child's mind, heart and life... Our core virtues are adopted from the principals of natural law as found in the teachings of Dr. Martin Luther King Jr: Freedom, Perseverance, Hope, Justice, Conscience (This is a drop-off program, where parents co-labor with teachers by teaching at-home lessons or supporting homework. We pace the program to deliver a year of lessons in 32 weeks.)
What it reported doing in 2024
Collaboratively and classically educated K-12 students in core academic classes with an average NPR of 72%
Operating model
- Revenue model
- Other-operating. 92% of the money available for current operations came from other operating revenue.
- 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
SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. A relatively small share of voting board members are independent and some filing-based governance responses are negative or unanswered.
Rating breakdown
- Financial Efficiency: 77
- Transparency & Controls: 81
- Accountability: 31
- Sustainability: 50
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 78.7%; rating input score 79
- Program expense ratio: 100%; rating input score 100
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 90%; rating input score 90; 5th 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: 0%; rating input score 0; 5th percentile among comparable filings
- Governance controls: 6 of 8 controls in place; rating input score 75
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: NotApplicable
- Other executive compensation review process: Pass
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Missing
- Independent financial-statement audit: Fail
Sustainability
- Operating margin: 21.3%; rating input score 77; 77th percentile among comparable filings
- Total-asset coverage ratio: 0.47; rating input score 22; 22nd percentile among comparable filings
- Liabilities to assets ratio: 0.17; rating input score 34; 34th percentile among comparable filings
- Officer compensation ratio: 11.7%; rating input score 31; 31st percentile among comparable filings
Growth
- Program expense growth: 74.5% per year; rating input score 100; 98th percentile among comparable filings
- Revenue growth: 73.5% per year; rating input score 100; 98th percentile among comparable filings
- Asset growth: 81.1% per year; rating input score 100; 98th percentile among comparable filings
Details
- Where the money goes: 78.7% of revenue deployed · 100% of spending went to programs
- Governance: 0 of 6 board members independent · 6 of 8 filing controls reported
- Programs: 1 filed program accomplishment · $779K in reported program spending
- Leadership: top reported pay $91K · 6 people listed
- Consistency: 19 of 19 current checks pass
- Schedules: 3 filed schedules
- Filing history: 2 filing years from 2023 to 2024
- Contacts: How to reach this organization
- Money network: 2 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 — Accountability: Independent voting board scored 0/100.
- Review — Accountability: Governance controls: Independent financial-statement audit not reported.
- High — Sustainability: Total-asset coverage ratio scored 22/100.
- Moderate — Sustainability: Officer compensation ratio scored 31/100.
- Moderate — Sustainability: Liabilities to assets ratio scored 34/100.