SCHEDULE O
(Form 990 or 990-EZ)

Department of the Treasury
Internal Revenue Service
Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
MediumBullet Attach to Form 990 or 990-EZ.
MediumBullet Go to www.irs.gov/Form990 for the latest information.
OMB No. 1545-0047
2020
Open to Public
Inspection
Name of the organization
SUMMIT ACADEMY MANAGEMENT
 
Employer identification number

34-1938197
Return Reference Explanation
FORM 990, PART III, LINE 1 BRIEF DESCRIPTION OF ORGANIZATION'S MISSION: IT IS THE MISSION OF SUMMIT ACADEMY MANAGEMENT TO DESIGN, DEVELOP, AND DELIVER EDUCTIONAL OPPORTUNITIES IN A THERAPUTIC ENVIRONMENT SO EVERYONE CAN LEARN.
FORM 990, PART VI, SECTION A, LINE 6 AS A NOT-FOR-PROFIT CORPORATION SUMMIT ACADEMY MANAGEMENT DOES NOT HAVE PARTNERS OR SHAREHOLDERS. IT DOES HOWEVER HAVE MEMBERS DESIGNATED BY EACH OF THE SCHOOLS IT REPRESENTS.
FORM 990, PART VI, SECTION A, LINE 7A THESE DESIGNATED MEMBERS FROM EACH SCHOOL NOMINATE AND MAY ELECT VOTING MEMBERS OF SUMMITY ACADEMY MANAGEMENT'S GOVERNING BODY.
FORM 990, PART VI, SECTION A, LINE 8B NOT EVERY COMMITTEE OF THE ORGANIZATION THAT MEETS IS OBLIGATED TO KEEP WRITTEN DOCUMENTS. HOWEVER, OFFICIAL MINUTES ARE ALWAYS RECORDED FOR MEETINGS IN THE AREAS OF FINANCE AND OFFICIAL POLICY.
FORM 990, PART VI, SECTION B, LINE 11B FINANCIAL INFORMATION IS PROVIDED TO AN INDEPENDENT ACCOUNTING FIRM. THE FIRM PREPARES THE TAX RETURN. ONCE PREPARED, THE DOCUMENTS ARE REVIEWED BY THE FINANCE COMMITTEE. THIS COMMITTEE CONSISTS OF THE TREASURER/VP OF FINANCE, CEO, AND TWO OTHER BOARD MEMBERS WHOM ARE CERTIFIED PUBLIC ACCOUNTANTS. THE COMMITTEE REVIEWS THE RETURN AND IF CHANGES OR CORRECTIONS ARE DEEMED NEEDED, THEY'RE RECOMMENDED TO THE ENTIRE BOARD WHO THEN APPROVES AND RECOMMENDS THOSE ALTERATIONS TO THE ACCOUNTING FIRM BEFORE THE RETURN IS FILED WITH THE APPROPRIATE TAXING AUTHORITIES.
FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION ENFORCES ITS CONFLICT OF INTEREST POLICY BY HAVING EACH DIRECTOR AND OFFICER ANNUALLY SIGN A STATEMENT WHICH AFFIRMS THERE WAS NO CONFLICT OF INTEREST AND GIVES OPPORTUNITY TO DISCLOSE ANY POSSIBLE CONFLICTS. THE ORGANZIATION ALSO UTILIZES PERIODIC REVIEWS TO RANDOMLY MONITOR POTENTIAL CONFLICTS.THE DETAILS AND DEFINITIONS ARE OUTLINED IN GREATER DETAIL IN THE ORGANIZATION'S WRITTEN POLICY.
FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION HAS UTILIZED COMPENSATION COMPARABILITY REPORTS PROVIDED BY AN INDEPENDENT ACCOUNTING FIRM IN PAST YEARS TO REVIEW COMPENSATION.
FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS FORM 1023 AND MOST RECENTLY FILED TAX-EXEMPT RETURNS AVAILABLE TO THE PUBLIC AS REQUIRED. THESE DOCUMENTS DISCLOSE INFORMATION REGARDING THE ORGANIZATION'S POLICIES AND GOVERNANCE STRUCTURE.
FORM 990, PART XI, LINE 9: RESTATEMENT TO CONVERT TO CASH BASIS -6,105,650. CORRECTION OF PRIOR YEAR ERROR -593,674.
FORM 990, PART XI, LINE 2C FINANCIAL REPORTING: THE ORGANIZATION HAS A FINANCE COMMITTEE THAT IS RESPONSIBLE FOR SELECTING AN INDEPENDENT ACCOUNTING FIRM AND REVIEWING IT'S FINANCIAL REPORTS AND RETURNS. THIS COMMITTEE CONSISTS OF THE TREASURER/VP OF FINANCE, CEO, AND TWO OTHER BOARD MEMBERS WHOM ARE CERTIFIED PUBLIC ACCOUNTANTS.
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 51056K
Schedule O (Form 990 or 990-EZ) 2020


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