2011-05-12T16:56:03-05:00 2010-06-30 RSM MCGLADREY INC 1185 AVENUE OF THE AMERICAS NEW YORK NY 100362602 990 2009-07-01 264243160 SUMMIT ACADEMY CHARTER SCHOOL SUMM 3472426710 27 HUNTINGTON STREET No 321 BROOKLYN NY 11231 NATASHA CAMPBELL 3472426710 2011-05-12 1 MARTIN GREIF 2123721000 2009 2016-02-24 21:20:13Z NATASHA CAMPBELL 27 HUNTINGTON STREET No 321 BROOKLYN NY 11231 1969005 0 X WWW.SUMMITACADEMYCHARTERSCHOOL.ORG X 2009 NY SUMMIT ACADEMY IS A TUITION FREE, COLLEGE PREPARATORY PUBLIC CHARTER SCHOOL FOR 6TH THROUGH 12TH GRADE STUDENTS. THE SCHOOL BRIDGES THE GAP BETWEEN ASPIRATIONS AND REALITIES BY PREPARING 6TH THROUGH 12TH GRADE STUDENTS TO GAIN ACCEPTANCE TO, EXCEL IN AND GRADUATE FROM COLLEGE. 6 6 16 0 0 0 633366 1335629 10 0 1969005 0 0 1089932 0 19848 645436 1735368 233637 317558 714374 43074 206253 274484 508121 THE PURPOSE OF THE SCHOOL IS TO PREPARE STUDENTS IN GRADE SIX THROUGH TWELVE FOR EDUCATIONAL SUCCESS FROM MIDDLE SCHOOL THROUGH COLLEGE, THROUGH A DEMANDING EDUCATION BASED ON HIGH STANDARDS, STRUCTURE AND ACCOUNTABILITY. 0 0 1398639 1335629 THE PURPOSE OF THE SCHOOL IS TO PREPARE STUDENTS IN GRADES SIX THROUGH TWELVE FOR EDUCATIONAL SUCCESS FROM MIDDLE SCHOOL THROUGH COLLEGE. THIS WILL BE ACCOMPLISHED THROUGH A DEMANDING DATA-DRIVEN EDUCATION BASED ON HIGH STANDARDS, STRUCTURE, AND ACCOUNTABILITY. THE SCHOOL CURRENTLY SERVES APPROXIMATELY 170 STUDENTS IN GRADES SIX AND SEVEN WITH A GROWTH PLAN THAT INCLUDES ADDING A GRADE EACH YEAR UNTIL CAPACITY IS MET AT TWELFTH GRADE AND APPROXIMATELY 700 STUDENTS. 1398639 1 1 0 0 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 3 0 1 16 1 0 0 0 0 0 0 0 0 0 6 6 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X SAMEASE HANDSHAW 3472426710 27 HUNTINGTON STREET No 321 BROOKLYN NY 11231 ROBERT BRISSETT 5.00 X X 0 0 0 GENE MOORE 5.00 X X 0 0 0 FLOYD MITCHELL 5.00 X X 0 0 0 DOROTHY SHIELDS 5.00 X 0 0 0 CHACKA PILGRIM 5.00 X 0 0 0 JOHN BURNETT 5.00 X 0 0 0 NATASHA CAMPBELL 50.00 X 86072 0 2995 SEMEASE HANDSHAW 50.00 X 38000 0 2729 SHAHARA JACKSON 50.00 X 79500 0 229 86072 0 2995 0 0 0 0 CHARTER SCHOOL BUSINESS MANAGEMENT INC 237 W 35TH STREET NEW YORK NY 10001 FINANCIAL AND BUSINESS 112328 1 633315 51 633366 PER PUPIL FEES 900099 1335629 1335629 1335629 10 10 1969005 1335629 0 10 360620 293892 61245 5483 568187 463051 96497 8639 7438 6061 1264 113 84720 69044 14387 1289 68967 56205 11713 1049 50 50 73982 73982 93746 76208 16138 1400 40775 39733 1042 241811 238732 2521 558 31843 29614 2229 13973 13794 179 28260 26282 1978 5390 5013 377 STAFF DEVELOPMENT 95000 73625 21375 MISCELLANEOUS 10000 10000 STUDENT MEALS 4004 4004 REPAIRS AND MAINTENANCE 3635 3381 254 DUES AND SUBSCRIPTIOMS 1650 1650 1317 1317 1735368 1398639 316881 19848 275222 237572 20003 20013 20463 175332 7468 298274 28260 1870 270014 0 3975 317558 714374 43074 206253 43074 206253 X 224484 508121 50000 0 274484 508121 317558 714374 X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 218043 28260 189783 80231 80231 270014 1969005 1735368 233637 0 233637 1969005 0 1969005 0 1969005 1735368 0 1735368 0 1735368 Part X: Description of Uncertain Tax Positions Under FIN 48: ON JULY 1, 2009, SUMMIT ACADEMY CHARTER SCHOOL ("THE SCHOOL") ADOPTED THE ACCOUNTING STANDARD ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, WHICH ADDRESSES THE DETERMINATION OF WHETHER TAX BENEFITS CLAIMED OR EXPECTED TO BE CLAIMED ON A TAX RETURN SHOULD BE RECORDED IN THE FINANCIAL STATEMENTS. UNDER THIS GUIDANCE, THE SCHOOL MAY RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES, BASED ON TECHNICAL MERITS OF THE POSITION. THE TAX BENEFITS RECOGNIZED IN THE FINANCIAL STATEMENTS FROM SUCH A POSITION ARE MEASURED BASED ON THE LARGEST BENEFIT THAT HAS A GREATER THAN 50% LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT. THE GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES ALSO ADDRESSES DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES ON INCOME TAXES, AND ACCOUNTING IN INTERIM PERIODS. MANAGEMENT EVALUATED THE SCHOOL'S TAX POSITIONS AND CONCLUDED THAT THE SCHOOL HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENTS TO THE FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE. 1 1 1 SUMMIT ACADEMY PUBLICIZED OUR RADICALLY NONDISCRIMINATORY POLICY DURING THE REGISTRATION PERIOD BY LISTING THE POLICY IN OUR NEWSPAPER ADVERTISEMENT, ENROLLMENT APPLICATIONS AND ON OUR PUBLIC WEBSITE. 1 1 1 1 0 0 0 0 0 0 0 0 1 0 THE ORGANIZATION RECEIVED A FEDERAL PLANNING GRANT FROM THE NYS EDUCATION DEPARTMENT. THE GRANT AMOUNT WAS $633,315 FOR THE FISCAL YEAR ENDED 6/30/10. 1 Form 990, Part VI, Section B, line 11 THE 990 IS REVIEWED BY THE EXECUTIVE DIRECTOR. AFTER THE 990 HAS BEEN REVIEWED A COPY IS THEN FORWARDED ELECTRONICALLY TO EACH BOARD MEMBER PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. Form 990, Part VI, Section B, line 12c EACH OFFICER, TRUSTEE, AND KEY EMPLOYEE SHALL DISCLOSE IN WRITING ANNUALLY ALL CONFLICTS TO THE BOARD PRIOR TO THE DISCUSSION OF THE UNDERLYING MATTER OR TRANSACTION BY THE BOARD AND SHALL DRAW TO THE ATTENTION OF THE BOARD SUCH CONFLICT AT ANY SUBSEQUENT MEETINGS AT WHICH SUCH MATTER OR TRANSACTION IS DISCUSSED. FOLLOWING SUCH DISCLOSURE, A TRUSTEE SHALL BE ENTITLED TO TAKE PART IN THE DISCUSSIONS OF THE BOARD CONCERNING SUCH MATTER OR TRANSACTION AND SHALL BE CONSIDERED IN DETERMINING WHETHER A QUORUM IS PRESENT, BUT SHALL NOT BE ENTITLED TO VOTE ON THE APPLICABLE MATTER OR TRANSACTION. THE QUESTION OF WHETHER A CONFLICT EXISTS SHALL, IN THE ABSENCE OF CERTAINTY, BE DETERMINED BY THE VOTE OF A MAJORITY OF DISINTERESTED DIRECTORS PRESENT AT THE MEETING CALLED FOR THE PURPOSE OF DISCUSSING THE TRANSACTION OR MATTER TO WHICH THE CONFLICT RELATES. Form 990, Part VI, Section B, line 15 THE BOARD OF DIRECTORS OF SUMMIT ACADEMY CHARTER SCHOOL DETERMINED AND APPROVED THE SALARIES OF THE EXECUTIVE DIRECTOR AND PRINCIPAL OF THE SCHOOL TO ENSURE SALARIES ARE COMPARABLE WITH THOSE OF OTHER SCHOOLS WITHIN THE CITY IN WHICH THE SCHOOL OPERATES. Form 990, Part VI, Section C, line 19 THE DOCUMENTS REFERRED TO IN THIS SECTION ARE MADE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 2C THE BOARD OF TRUSTEES ASSUMES THE RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF INDEPENDENT ACCOUNTANTS. FRIENDS OF SUMMIT INC 51 SAINT JOHNS PLACE BROOKLYN NY 11217 262054485 FUNDRAISING NY 501(c)(3) Line 7 N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0