The Summit Medical Group Foundation Inc

Nonprofit profile at a glance

EIN
463355413
IRS 990 coverage
2014–2024
Forms available
Form 990 2024, Form 990-EZ 2013
Location
New Providence, NJ, USA
Phone
9082778788
Rating
77
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Fund Raising and/or Fund Distribution

Official website

Reported finances

Revenue
$1,438,010
Expenses
$964,385
Assets
$9,637,898
Liabilities
$368,434

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

14 people listed

Executive titles in this filing

  • ADAM F BARRISON MD (PRESIDENT - TRUSTEE)
  • JOSEPH FINOCCHIARO (EXECUTIVE DIRECTOR)

People named in this filing

  • ADAM F BARRISON MD (PRESIDENT - TRUSTEE)
  • JEFFREY LE BENGER MD (CHAIRMAN - TRUSTEE)
  • LAURA BALSAMINI PHARMD BCPS (SECRETARY - TRUSTEE)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Improve access to healthcare for underserved individuals in our community and help educate and inspire our current and future healthcare leaders.

What it reported doing in 2024

Expenses incurred in improving access to healthcare for underserved individuals in our community and helping educate and inspire our current and future healthcare leaders.

Operating model

Revenue model
Donor-supported. 79% of the money available for current operations came from contributions and gifts.
Distribution model
Hybrid. The nonprofit split its reported program spending across 57% for direct work, and 43% for grants.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 63
  • Transparency & Controls: 82
  • Accountability: 88
  • Sustainability: 84
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 62.2%; rating input score 62
  • Program expense ratio: 75.3%; rating input score 75
  • Fundraising efficiency: $7.81 raised per $1 spent on fundraising; rating input score 30; 30th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 93.3%; rating input score 93; 22nd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 67.1%; rating input score 67; 32nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Scored; rating input score 0

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 5 of 7 controls in place; rating input score 71
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 32.9%; rating input score 86; 86th percentile among comparable filings
  • Total-asset coverage ratio: 9.99; rating input score 92; 92nd percentile among comparable filings
  • Liabilities to assets ratio: 0.04; rating input score 55; 55th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: 12.6% per year; rating input score 100; 70th percentile among comparable filings
  • Revenue growth: 18.5% per year; rating input score 100; 84th percentile among comparable filings
  • Asset growth: 28.9% per year; rating input score 100; 90th percentile among comparable filings

Details

  • Where the money goes: 62.2% of revenue deployed · 75.3% of spending went to programs
  • Governance: 13 of 13 board members independent · 5 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $727K in reported program spending
  • Leadership: top reported pay $0 · 14 people listed
  • Highest-paid contractors: 2 contractors listed · $459K reported
  • Consistency: 24 of 25 current checks pass · 1 finding to review
  • Schedules: 7 filed schedules · includes major donors, grants, and related organizations
  • Filing history: 10 filing years from 2014 to 2024
  • Contacts: How to reach this organization
  • Money network: 7 filed money-flow records
  • Related organizations: 7 filed related-organization links
  • 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.

  • Moderate — Financial Efficiency: Fundraising efficiency scored 30/100.
  • Review — Accountability: Governance controls: 2 of 7 not reported.
  • High — Transparency & Controls: Related-party transparency scored 0/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Review — Sustainability: Liabilities to assets ratio scored 55/100.