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Financial Information

CARES Act – Emergency Assistance for Students with Title IV Eligibility – UPDATED MAY 13, 2021

On April 10, 2020, Summit Academy OIC signed and returned to the U.S. Department of Education, a Certification and Agreement with the assurance that Summit Academy OIC will use the funds to provide no less than 50% of funds received under Section 18004(a)(1) of the Cares Act to provide Emergency Financial Aid Grants to Students.

Summit Academy OIC was allocated $1,272,165 of which 50% ($636,083) is designated for direct aid to students. Funds were made available to Summit by the Department of Education on April 26, 2020 and began to disburse funds to eligible students. On January 17, 2021, an additional $636,083was made available for emergency student assistance, bringing the total available for student assistance to $1,272,166.  On May 13, 2021 a third award was made in the amount of $1,668,685 bring the Cumulative Award to $2,940,851. Funds for qualified expenditures must be disbursed by 1/16/2022.

Summit Academy has enacted policies and procedures for students to apply for emergency funds. Students must complete this form to apply for emergency funds. Below is the report of distributed funds to date.

Quarterly CARES Act Reporting – June 30, 2021

Quarterly CARES Act Reporting – April 6, 2021

Quarterly CARES Act Reporting – January 7, 2021

Quarterly CARES Act Reporting – October 31, 2020

Summit Academy 990-Public Inspection Copy-2018

Summit Academy 990-Public Inspection Copy-2017

Summit Academy 990-Public Inspection Copy-2016

Financial Statements – Years ended June 30, 2017 and 2016

Financial Statements – Years ended June 30, 2018 and 2017

Financial Statements – Years ended June 30, 2019 and 2018

Summit Academy is proud to be recognized as a four-star charity by Charity Navigator. America’s premier independent charity evaluator, Charity Navigator works to advance a more efficient and responsive philanthropic marketplace by evaluating the financial health of America’s largest charities.

If you have any questions, call us 612-377-0150 or email info@saoic.org.