Summit Ministries Inc
Balance Sheet
Fiscal Year Start:
Jan 1
Assets in 2024 (Year End)
$16,969,305
Property, Plant, & Equipment (net)
56%
Investments
20%
Cash & Equivalents
18%
Prepaid Expenses
3%
Inventories
2%
Receivables (Non-Related)
2%
Other Assets
<1%
Related-Party Receivables
0%
Liabilities in 2024 (Year End)
$1,843,998
Payables & Accruals
60%
Deferred Revenue
40%
Grants Payable
0%
Tax-Exempt Bond Liabilities
0%
Custodial & Escrow Liabilities
0%
Notes Payable / Debt (Non-Related)
0%
Related-Party Payables
0%
Other Liabilities
0%
Assets
2023
2024
Change
Cash & Equivalents
$4,020,349
$2,982,953
-26%
Receivables (Non-Related)
$351,332
$281,771
-20%
Related-Party Receivables
-
$0
-
Inventories
$304,413
$301,946
-1%
Prepaid Expenses
$348,254
$481,534
+38%
Investments
$2,774,057
$3,325,550
+20%
Property, Plant, & Equipment (net)
$8,925,270
$9,519,151
+7%
Other Assets
$114,600
$76,400
-33%
Total Assets
$16,838,275
$16,969,305
+1%
Liabilities
2023
2024
Change
Payables & Accruals
$823,497
$1,109,190
+35%
Grants Payable
-
-
-
Deferred Revenue
$633,099
$734,808
+16%
Tax-Exempt Bond Liabilities
-
-
-
Custodial & Escrow Liabilities
-
-
-
Notes Payable / Debt (Non-Related)
-
-
-
Related-Party Payables
-
$0
-
Other Liabilities
$355,797
$0
-100%
Total Liabilities
$1,812,393
$1,843,998
+2%
Net assets
2023
2024
Change
Restricted Net Assets
$1,051,679
$738,734
-30%
Unrestricted Net Assets
$13,974,203
$14,386,573
+3%
Net assets
2023
2024
Change
Net assets
+$15,025,882
+$15,125,307
+1%
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