2024-09-18T14:19:44-05:00 2024-06-30 223604710 JAMES M WOOD CPA 603B OMNI DRIVE HILLSBOROUGH NJ 08844 990 2023-07-01 222871770 SUMMIT EDUCATIONAL FOUNDATION SUMM 9084008756 PO BOX 268 SUMMIT NJ 079020268 HEATHER THOMAS CO-PRESIDENT 9084008756 2024-09-18 1 0 JAMES M WOOD P00310420 9084311700 2024-09-18 X 2023 2024-08-08 14:25:15Z HEATHER THOMAS PO BOX 268 SUMMIT NJ 079020268 1906828 0 X SEFNJ.ORG X 1986 NJ TO MAINTAIN & ENHANCE A SUMMIT, NJ PUBLIC SCHOOL EDUCATION THROUGH COMMUNITY FUNDING OF GRANTS. 21 21 0 80 0 0 301024 293472 0 0 282454 136255 105602 119635 689080 549362 607484 637159 0 0 0 0 0 0 42226 48990 71025 656474 708184 32606 -158822 6545923 6988462 970615 858721 5575308 6129741 X TO MAINTAIN AND ENHANCE THE HIGH QUALITY OF A SUMMIT, NEW JERSEY PUBLIC SCHOOL EDUCATION THROUGH COMMUNITY FUNDING OF INNOVATIVE AND ESSENTIAL EDUCATIONAL GRANTS, A CLOSE WORKING RELATIONSHIP WITH THE SCHOOL DISTRICT, AND CAREFUL REVIEW, EVALUATION AND FINANCIAL OVERSIGHT OF SUPPORTED INITIATIVES. 0 0 365012 365012 THE ANNUAL FUND OF THE SUMMIT EDUCATION FOUNDATION ENCOURAGES AND FUNDS TEACHER AND DISTRICT-INITIATED PROGRAMS THAT ADVANCE THE CURRICULUM AND DISTRICT OBJECTIVES. DURING THE 2023-24 FISCAL YEAR, 64 GRANTS TOTALING $365,012 WERE AWARDED FROM THE ANNUAL FUND. THE LARGEST GRANT AWARDS FUNDED THE FOLLOWING INITIATIVES:REFLEX MATH - $40,035OPTIMIZING POTENTIAL: ENHANCING PRODUCTIVITY, WELL-BEING, AND LEARNING PREFERENCES THROUGH ADJUSTABLE STANDING DESKS - $36,243FLEXIBLE SEATING - $24,881BUILDING DYNAMITE READERS - $22,897DECODABLES FOR OUR ELLS - $15,647 256895 256895 THE ENDOWMENT FUND OF THE SUMMIT EDUCATIONAL FOUNDATION PROVIDES FUNDING FOR STRATEGIC LONG-TERM INITIATIVES CRITICAL TO THE HEALTH OF THE DISTRICT AND ITS ABILITY TO PROVIDE AN EXCELLENT EDUCATIONAL EXPERIENCE FOR ITS STUDENTS. THE ENDOWMENT FUND WAS CREATED AS A WAY TO ENSURE FUTURE FUNDING TO DEVELOP NEW CURRICULUM INITIATIVES AND PROVIDE PROFESSIONAL DEVELOPMENT TO MEET THE NEEDS OF 21ST CENTURY LEARNERS. DURING THE FISCAL YEAR ENDED JUNE 30, 2024, GRANT AWARDED TOTALED $256,895. THE LARGEST GRANT AWARDS FUNDED THE FOLLOWING INITIATIVES:STEAM TEACHERS (DESIGN/INNOVATION TEACHER AND A THEATRE TECHNOLOGY & FILM TEACHER) AT LAWTON C. JOHNSON MIDDLE SCHOOL - $210,000ADJUSTABLE DESKS THAT PROMOTE STUDENT PRODUCTIVITY AND WELL-BEING - $46,000 15252 15252 THE SUMMIT EDUCATIONAL FOUNDATION FUNDED SPECIFIC GRANTS WITH CONTRIBUTIONS RECEIVED SUBJECT TO DONOR-IMPOSED RESTRICTIONS. 637159 1 1 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 6 0 1 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 X 21 21 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 0 0 0 NJ X KATIE WILLIAMS 9084008756 26 LINDEN PLACE SUMMIT NJ 07901 X MELISSA MADDEN CO-PRESIDENT 10.00 X X 0 0 0 HEATHER THOMAS CO-PRESIDENT 10.00 X X 0 0 0 AMY BURKE SECRETARY 10.00 X X 0 0 0 THERESA COWING TREASURER 5.00 X X 0 0 0 LESLEY ARLEIN TRUSTEE 1.00 X 0 0 0 RACHEL CALLAHAN TRUSTEE 1.00 X 0 0 0 MATTHEW CARDER TRUSTEE 1.00 X 0 0 0 SUSAN DANIEL TRUSTEE 1.00 X 0 0 0 CHELLE DONNELLY TRUSTEE 1.00 X 0 0 0 JODI ENGLERT TRUSTEE 1.00 X 0 0 0 TIM ERDAY TRUSTEE 1.00 X 0 0 0 LAURA MADDEN TRUSTEE 1.00 X 0 0 0 KEIRA MATHEY TRUSTEE 1.00 X 0 0 0 JOHN MELL TRUSTEE 1.00 X 0 0 0 PETE PARDO TRUSTEE 1.00 X 0 0 0 LAUREN POST TRUSTEE 1.00 X 0 0 0 DAWN REMPELL TRUSTEE 1.00 X 0 0 0 TEAL RODRIGUEZ TRUSTEE 1.00 X 0 0 0 KELLY STANTON TRUSTEE 1.00 X 0 0 0 LORI TULLOCH TRUSTEE 1.00 X 0 0 0 SUNITA VISWANATH TRUSTEE 1.00 X 0 0 0 0 0 0 0 0 0 0 0 293472 293472 149799 149799 1300245 1313789 -13544 -13544 -13544 163312 43677 119635 119635 549362 -13544 0 269434 637159 637159 17262 17262 28388 28388 1361 1361 1825 1825 COMPUTER TECHNOLOGY 14257 0 7079 7178 STATIONERY & PRINTING 3770 0 0 3770 BANK FEES 3551 0 901 2650 LICENSES & PERMITS 371 0 371 0 240 240 708184 637159 28799 42226 30578 32900 653776 683599 100000 50000 9770 8344 5751799 6213619 6545923 6988462 8800 11750 961815 846971 970615 858721 X 5085351 5626669 489957 503072 5575308 6129741 6545923 6988462 -158822 713255 0 X X 0 1 X 1 0 X 203881 245757 380009 193715 273248 1296610 203881 245757 380009 193715 273248 1296610 1296610 121451 110965 126900 139335 149799 648450 26904 121228 116597 107309 20224 392262 2337322 722490 0.55470 0.52570 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 5548114 -50000 849510 -222463 6125161 5166330 -50000 599777 -167993 5548114 6946616 155274 -1048276 -887284 5166330 5391271 1692656 -137311 6946616 5343702 3000 311192 -266623 5391271 0.91790 0.08210 0 0 0 INVESTMENT SECURITIES 6213619 F 6213619 X 1306294 713255 43677 756932 549362 0 549362 751861 43677 43677 708184 0 708184 PART V, LINE 4: TO FUND STRATEGIC LONG-TERM INITIATIVES CRITICAL TO THE HEALTH OF THE SUMMIT, NEW JERSEY PUBLIC SCHOOL DISTRICT AND TO ITS ABILITY, TO PROVIDE AN EXCELLENT EDUCATIONAL EXPERIENCE FOR ITS STUDENTS. PART X, LINE 2: SEF'S ACCOUNTING POLICY IS TO DISCLOSE CONTINGENCIES RELATING TO UNCERTAIN TAX POSITIONS WHEN A LIABILITY IS PROBABLE AND ESTIMABLE. SEF IS NOT AWARE OF ANY VIOLATION OF TAX STATUS OR EXPOSURE TO UNCERTAIN TAX POSITIONS THAT COULD REQURE DISCLOSURE OR WHICH COULD AFFECT ITS LIQUIDITY OR FUTURE CASH FLOWS. PART XI, LINE 2D - OTHER ADJUSTMENTS: EXPENSES NETTED UNDER GAMING ACTIVITIES 43,677. PART XII, LINE 2D - OTHER ADJUSTMENTS: EXPENSES NETTED UNDER GAMING ACTIVITIES 43,677. SPRING FOR EXCELLENCE 146288 146288 35557 PARTNER'S NIGHT 17024 17024 8120 163312 163312 43677 43677 119635 NJ 1 0 0 0 0 0 1 SUMMIT BOARD OF EDUCATION 90 MAPLE STREET SUMMIT NJ 07901 226002333 637159 0 EDUCATION PART I, LINE 2: AFTER THE ORIGINAL GRANT HAS BEEN REVIEWED BY THE GRANTS COMMITTEE, APPROVED BY THE SEF BOARD AND AWARDED TO THE APPLICANT, BOTH SEF AND THE BOE RECORD A DETAILED ACCOUNTING FOR EACH GRANT BY GRANT NAME, GRANT CYCLE AND TOTAL DOLLAR AMOUNT AWARDED. QUARTERLY, SEF AND THE BOE RECONCILE SPENDING BY SPECIFIC GRANT BASED ON WHAT HAS BEEN PAID OUT FOR EACH GRANT THROUGH THE BOE ACCOUNTS PAYABLE SYSTEM. THE SEF TREASURER REVIEWS THE BILL LINE BY LINE AND COMPARES THE SEF RECORDED BEGINNING BALANCE, AMOUNT BILLED AND ENDING BALANCE TO THE BOE BALANCES. ANY DIFFERENCES ARE RESEARCHED BY THE SEF TREASURER AND THE BOE ACCOUNTS PAYABLE REPRESENTATIVE. GRANTS THAT REMAIN OPEN FOR OVER 18 MONTHS ARE REVIEWED BY THE SEF TREASURER, BOE ACCOUNTS PAYABLE REPRESENTATIVE, SEF GRANTS COMMITTEE AND ORIGINAL GRANT APPLICANT, IF NECESSARY, TO DETERMINE WHETHER THAT THE GRANT SHOULD REMAIN OPEN OR SHOULD BE CLOSED. FORM 990, PART VI, SECTION B, LINE 11B AN ELECTRONIC VERSION OF FORM 990 IS MADE AVAILABLE TO TRUSTEES FOR A 7-DAY COMMENT PERIOD. ABSENT COMMENTS, THE 990 IS FILED. FORM 990, PART VI, SECTION B, LINE 12C EACH NEW TRUSTEE OR OFFICER IS GIVEN A COPY OF THE CONFLICT OF INTEREST POLICY. FURTHER EACH TRUSTEE IS BOUND TO MAKE FULL DISCLOSURE OF INTERESTS, RELATIONSHIPS, AND HOLDINGS THAT COULD POTENTIALLY RESULT IN A CONFLICT OF INTEREST ON A CONTINUAL BASIS. FORM 990, PART VI, SECTION C, LINE 19 UPON REQUEST PART XII, LINE 2C DURING THE YEAR ENDED JUNE 30, 2024, THE SUMMIT EDUCATIONAL FOUNDATION CHARTERED AN AUDIT COMMITTEE WHICH HAS FORMAL RESPONSIBILITY FOR THE OVERSIGHT OF THE FINANCIAL STATEMENT AUDIT.