SUMMIT ACADEMY INCORPORATED: Form 990, tax year 2012

View the entire original 990 at ProPublica ↗

Organization: SUMMIT ACADEMY INCORPORATED (EIN 04-3778013)
Tax period: 2012-07-01 to 2013-06-30
Filed: 2014-02-17
IRS object ID: 201440489349301199
Schema version: 2012v2.3
Source: Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header
Form 990
Schedule A
Schedule D
Schedule E
Schedule K
Schedule L
Schedule O
Schedule R

Return header ReturnHeader

Field	Value	IRS element (for citing)
Timestamp	2014-02-17T15:52:28-06:00	Timestamp
Tax Period End Date	2013-06-30	TaxPeriodEndDate

Preparer Firm PreparerFirm

Preparer Firm Business Name PreparerFirmBusinessName

Field	Value	IRS element (for citing)
Business Name Line1	LARSON & COMPANY PC	BusinessNameLine1

Preparer Firm US Address PreparerFirmUSAddress

Field	Value	IRS element (for citing)
Address Line1	765 N MAIN ST	AddressLine1
City	SPANISH FORK	City
State	UT	State
ZIP Code	84660	ZIPCode

Field	Value	IRS element (for citing)
Return Type	990	ReturnType
Tax Period Begin Date	2012-07-01	TaxPeriodBeginDate

Filer Filer

Field	Value	IRS element (for citing)
EIN	043778013	EIN

Name Name

Field	Value	IRS element (for citing)
Business Name Line1	SUMMIT ACADEMY INCORPORATED	BusinessNameLine1

Field	Value	IRS element (for citing)
Name Control	SUMM	NameControl
Phone	8015724166	Phone

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	1285 EAST 13200 SOUTH	AddressLine1
City	DRAPER	City
State	UT	State
ZIP Code	84020	ZIPCode

Officer Officer

Field	Value	IRS element (for citing)
Name	DAVE CRANDALL	Name
Title	PRESIDENT	Title
Phone	8015724166	Phone
Date Signed	2014-02-17	DateSigned
Authorize Third Party	true	AuthorizeThirdParty

Preparer Preparer

Field	Value	IRS element (for citing)
Name	RUSSELL D OLSEN CPA	Name
Phone	8017983545	Phone
Date Prepared	2014-02-17	DatePrepared

Field	Value	IRS element (for citing)
Tax Year	2012	TaxYear
Build TS	2015-11-30 17:44:51Z	BuildTS

Form 990 IRS990

Field	Value	IRS element (for citing)
Name Of Principal Officer Person	DAVE CRANDALL	NameOfPrincipalOfficerPerson

Address Principal Officer US AddressPrincipalOfficerUS

Field	Value	IRS element (for citing)
Address Line1	1285 EAST 13200 SOUTH	AddressLine1
City	DRAPER	City
State	UT	State
ZIP Code	84020	ZIPCode

Field	Value	IRS element (for citing)
Gross Receipts	6726037	GrossReceipts
Group Return For Affiliates	false	GroupReturnForAffiliates
Organization501c3	X	Organization501c3
Web Site	WWW.2SUMMIT.ORG	WebSite
Type Of Organization Corporation	X	TypeOfOrganizationCorporation
Year Formation	2003	YearFormation
State Legal Domicile	UT	StateLegalDomicile
Activity Or Mission Description	TO MANAGE, OPERATE, GUIDE, DIRECT, AND PROMOTE A PUBLIC CHARTER SCHOOL FUNDED BY LOCAL, STATE, AND FEDERAL SOURCES.	ActivityOrMissionDescription
Nbr Voting Members Governing Body	5	NbrVotingMembersGoverningBody
Nbr Independent Voting Members	4	NbrIndependentVotingMembers
Total Nbr Employees	201	TotalNbrEmployees
Total Nbr Volunteers	260	TotalNbrVolunteers
Total Gross UBI	0	TotalGrossUBI
Contributions Grants Prior Year	5739904	ContributionsGrantsPriorYear
Contributions Grants Current Year	5789900	ContributionsGrantsCurrentYear
Program Service Revenue Prior Year	630199	ProgramServiceRevenuePriorYear
Program Service Revenue CY	857571	ProgramServiceRevenueCY
Investment Income Prior Year	20198	InvestmentIncomePriorYear
Investment Income Current Year	19859	InvestmentIncomeCurrentYear
Other Revenue Prior Year	15349	OtherRevenuePriorYear
Other Revenue Current Year	58707	OtherRevenueCurrentYear
Total Revenue Prior Year	6405650	TotalRevenuePriorYear
Total Revenue Current Year	6726037	TotalRevenueCurrentYear
Grants And Similar Amnts CY	0	GrantsAndSimilarAmntsCY
Benefits Paid To Members CY	0	BenefitsPaidToMembersCY
Salaries Etc Prior Year	4153003	SalariesEtcPriorYear
Salaries Etc Current Year	4151531	SalariesEtcCurrentYear
Total Prof Fundrsng Exp CY	0	TotalProfFundrsngExpCY
Total Fundrsng Exp Current Year	19249	TotalFundrsngExpCurrentYear
Other Expense Prior Year	2474185	OtherExpensePriorYear
Other Expenses Current Year	2534450	OtherExpensesCurrentYear
Total Expenses Prior Year	6627188	TotalExpensesPriorYear
Total Expenses Current Year	6685981	TotalExpensesCurrentYear
Revenues Less Expenses Prior Year	-221538	RevenuesLessExpensesPriorYear
Revenues Less Expenses CY	40056	RevenuesLessExpensesCY
Total Assets BOY	19808258	TotalAssetsBOY
Total Assets EOY	19473816	TotalAssetsEOY
Total Liabilities BOY	17674911	TotalLiabilitiesBOY
Total Liabilities EOY	17300413	TotalLiabilitiesEOY
Net Assets Or Fund Balances BOY	2133347	NetAssetsOrFundBalancesBOY
Net Assets Or Fund Balances EOY	2173403	NetAssetsOrFundBalancesEOY
Mission Description	TO MANAGE, OPERATE, GUIDE, DIRECT, AND PROMOTE A PUBLIC CHARTER SCHOOL FUNDED BY LOCAL, STATE, AND FEDERAL SOURCES.	MissionDescription
Significant New Program Services	false	SignificantNewProgramServices
Significant Change	false	SignificantChange
Expense	5231043	Expense
Description	OPERATION OF ONE CHARTER SCHOOL FOR STUDENTS FROM KINDERGARTEN THROUGH EIGTH GRADE.	Description

Activity2 Activity2

Field	Value	IRS element (for citing)
Expense	271846	Expense
Description	OPERATION OF A PRESCHOOL PROGRAM FOR THE BENEFIT OF STUDENTS.	Description

Activity3 Activity3

Field	Value	IRS element (for citing)
Expense	643756	Expense
Description	OPERATION OF A FOOD SERVICE PROGRAM FOR THE BENEFIT OF STUDENTS.	Description

Field	Value	IRS element (for citing)
Total Program Service Expense	6146645	TotalProgramServiceExpense
Described In501 C3	true	DescribedIn501C3
Schedule B Required	false	ScheduleBRequired
Political Activities	false	PoliticalActivities
Lobbying Activities	false	LobbyingActivities
Subject To Proxy Tax	false	SubjectToProxyTax
Donor Advised Funds	false	DonorAdvisedFunds
Conservation Easements	false	ConservationEasements
Collections Of Art	false	CollectionsOfArt
Credit Counseling	false	CreditCounseling
Term Or Permanent Endowments	false	TermOrPermanentEndowments
Report Land Bldg Equip	true	ReportLandBldgEquip
Report Invest Oth Securities	false	ReportInvestOthSecurities
Report Prog Rel Invest	false	ReportProgRelInvest
Report Other Assets	false	ReportOtherAssets
Report Other Liabilities	true	ReportOtherLiabilities
Report Fin48 Footnote	false	ReportFin48Footnote
Independent Audit Financial Stmt	true	IndependentAuditFinancialStmt
Consolidated Audit Financial Stmt	false	ConsolidatedAuditFinancialStmt
School	true	School
Foreign Office	false	ForeignOffice
Foreign Activities	false	ForeignActivities
More Than5000 K To Organizations	false	MoreThan5000KToOrganizations
More Than5000 K To Individuals	false	MoreThan5000KToIndividuals
Professional Fundraising	false	ProfessionalFundraising
Fundraising Activities	false	FundraisingActivities
Gaming	false	Gaming
Hospital	false	Hospital
Grants To Organizations	false	GrantsToOrganizations
Grants To Individuals	false	GrantsToIndividuals
Schedule J Required	false	ScheduleJRequired
Tax Exempt Bonds	true	TaxExemptBonds
Invest Tax Exempt Bonds	false	InvestTaxExemptBonds
Escrow Account	false	EscrowAccount
On Behalf Of Issuer	false	OnBehalfOfIssuer
Excess Benefit Transaction	false	ExcessBenefitTransaction
Prior Excess Benefit Transaction	false	PriorExcessBenefitTransaction
Loan To Officer Or DQP	false	LoanToOfficerOrDQP
Grant To Related Person	false	GrantToRelatedPerson
Bsnss Rltnshp With Organization	false	BsnssRltnshpWithOrganization
Bsnss Rltnshp Thru Family Member	true	BsnssRltnshpThruFamilyMember
Officer Entity With Bsnss Rltnshp	false	OfficerEntityWithBsnssRltnshp
Deductible Non Cash Contributions	false	DeductibleNonCashContributions
Deductible Contributions Of Art	false	DeductibleContributionsOfArt
Terminated	false	Terminated
Partial Liquidation	false	PartialLiquidation
Disregarded Entity	false	DisregardedEntity
Related Entity	true	RelatedEntity
Related Org Controlled Entity	false	RelatedOrgControlledEntity
Transfers To Exempt Non Chrtbl Org	false	TransfersToExemptNonChrtblOrg
Activities Conducted Partnership	false	ActivitiesConductedPartnership
Schedule O Required	true	ScheduleORequired
Number Forms Transmitted With1096	15	NumberFormsTransmittedWith1096
Number W2 G Included	0	NumberW2GIncluded
Compliance With Backup Witholding	false	ComplianceWithBackupWitholding
Number Of Employees	201	NumberOfEmployees
Employment Tax Returns Filed	true	EmploymentTaxReturnsFiled
Unrelated Business Income	false	UnrelatedBusinessIncome
Foreign Financial Account	false	ForeignFinancialAccount
Prohibited Tax Shelter Trans	false	ProhibitedTaxShelterTrans
Taxable Party Notification	false	TaxablePartyNotification
Non Deductible Contributions	false	NonDeductibleContributions
Indoor Tanning Services	false	IndoorTanningServices
Info In Schedule O Part VI	X	InfoInScheduleOPartVI
Nbr Voting Governing Body Members	5	NbrVotingGoverningBodyMembers
Number Independent Voting Members	4	NumberIndependentVotingMembers
Family Or Business Relationship	true	FamilyOrBusinessRelationship
Delegation Of Management Duties	false	DelegationOfManagementDuties
Changes To Organizing Docs	false	ChangesToOrganizingDocs
Material Diversion Or Misuse	false	MaterialDiversionOrMisuse
Members Or Stockholders	false	MembersOrStockholders
Election Of Board Members	false	ElectionOfBoardMembers
Decisions Subject To Approval	false	DecisionsSubjectToApproval
Minutes Of Governing Body	true	MinutesOfGoverningBody
Minutes Of Committees	true	MinutesOfCommittees
Officer Mailing Address	false	OfficerMailingAddress
Local Chapters	false	LocalChapters
Form990 Provided To Governing Body	true	Form990ProvidedToGoverningBody
Conflict Of Interest Policy	true	ConflictOfInterestPolicy
Annual Disclosure Covered Persons	true	AnnualDisclosureCoveredPersons
Regular Monitoring Enforcement	true	RegularMonitoringEnforcement
Whistleblower Policy	true	WhistleblowerPolicy
Document Retention Policy	true	DocumentRetentionPolicy
Compensation Process CEO	true	CompensationProcessCEO
Compensation Process Other	true	CompensationProcessOther
Investment In Joint Venture	false	InvestmentInJointVenture
Upon Request	X	UponRequest

The Books Are In Care Of TheBooksAreInCareOf

Field	Value	IRS element (for citing)
Name Person	STEPHANIE ARCHIBALD	NamePerson
Telephone Number	8015714166	TelephoneNumber

Address US AddressUS

Field	Value	IRS element (for citing)
Address Line1	1285 EAST 13200 SOUTH	AddressLine1
City	DRAPER	City
State	UT	State
ZIP Code	84020	ZIPCode

Form990 Part VII Section A Form990PartVIISectionA (7 entries)

TitleTitle	Average Hours Per WeekAverageHoursPerWeek	Individual Trustee Or DirectorIndividualTrusteeOrDirector	Reportable Comp From OrganizationReportableCompFromOrganization	Reportable Comp From Related OrgsReportableCompFromRelatedOrgs	Other CompensationOtherCompensation	OfficerOfficer
DAVE CRANDALL
CHAIRMAN	2.00	X	0	0	0
GREG HUGHES
BOARD MEMBER	1.00	X	0	0	0
STEVE FAIRBANKS
BOARD MEMBER	2.00	X	0	0	0
WHITNEY POGUE
BOARD MEMBER	1.00	X	0	0	0
HOLLY SONNTAG
BOARD MEMBER	1.00	X	0	0	0
TROY WALKER
BOARD MEMBER	2.00	X	0	0	0
STEVE CRANDALL
EXECUTIVE DI	40.00		98398	0	0	X

Field	Value	IRS element (for citing)
Total Reportable Comp From Org	98398	TotalReportableCompFromOrg
Formers Listed	false	FormersListed
Total Comp GT150 K	false	TotalCompGT150K
Compensation From Other Sources	false	CompensationFromOtherSources
Government Grants	5704426	GovernmentGrants
All Other Contributions	85474	AllOtherContributions
Total Contributions	5789900	TotalContributions

Program Service Revenue ProgramServiceRevenue (3 entries)

DescriptionDescription	Total Revenue ColumnTotalRevenueColumn	Related Or Exempt Function IncomeRelatedOrExemptFunctionIncome
FOOD SERVICES	419255	419255
ACCOUNTING AND MANAGEMENT	222970	222970
SCHOOL	215346	215346

Field	Value	IRS element (for citing)
Total Program Service Revenue	857571	TotalProgramServiceRevenue

Investment Income InvestmentIncome

Field	Value	IRS element (for citing)
Total Revenue Column	19859	TotalRevenueColumn
Related Or Exempt Function Income	19859	RelatedOrExemptFunctionIncome

Gross Rents GrossRents

Field	Value	IRS element (for citing)
Real	24231	Real

Rental Income Or Loss RentalIncomeOrLoss

Field	Value	IRS element (for citing)
Real	24231	Real

Net Rental Income Or Loss NetRentalIncomeOrLoss

Field	Value	IRS element (for citing)
Total Revenue Column	24231	TotalRevenueColumn
Related Or Exempt Function Income	24231	RelatedOrExemptFunctionIncome

Other Revenue Misc OtherRevenueMisc

Field	Value	IRS element (for citing)
Total Revenue Column	34476	TotalRevenueColumn
Related Or Exempt Function Income	34476	RelatedOrExemptFunctionIncome

Field	Value	IRS element (for citing)
Total Other Revenue	34476	TotalOtherRevenue

Total Revenue TotalRevenue

Field	Value	IRS element (for citing)
Total Revenue Column	6726037	TotalRevenueColumn
Related Or Exempt Function Income	936137	RelatedOrExemptFunctionIncome

Other Salaries And Wages OtherSalariesAndWages

Field	Value	IRS element (for citing)
Total	3085687	Total
Program Services	2830117	ProgramServices
Management And General	255235	ManagementAndGeneral
Fundraising	335	Fundraising

Other Employee Benefits OtherEmployeeBenefits

Field	Value	IRS element (for citing)
Total	1065844	Total
Program Services	995060	ProgramServices
Management And General	70682	ManagementAndGeneral
Fundraising	102	Fundraising

Fees For Services Other FeesForServicesOther

Field	Value	IRS element (for citing)
Total	173149	Total
Program Services	124366	ProgramServices
Management And General	48738	ManagementAndGeneral
Fundraising	45	Fundraising

Information Technology InformationTechnology

Field	Value	IRS element (for citing)
Total	323878	Total
Program Services	304012	ProgramServices
Management And General	19835	ManagementAndGeneral
Fundraising	31	Fundraising

Interest Interest

Field	Value	IRS element (for citing)
Total	1029070	Total
Program Services	946058	ProgramServices
Management And General	80049	ManagementAndGeneral
Fundraising	2963	Fundraising

Depreciation Depletion DepreciationDepletion

Field	Value	IRS element (for citing)
Total	408276	Total
Program Services	375340	ProgramServices
Management And General	31761	ManagementAndGeneral
Fundraising	1175	Fundraising

Other Expenses OtherExpenses (4 entries)

DescriptionDescription	TotalTotal	Program ServicesProgramServices	Management And GeneralManagementAndGeneral	FundraisingFundraising
SUPPLIES SCHOOL	300908	273047	13282	14579
SUPPLIES FOOD SERVICES	260041	260041
SUPPLIES NON SCHOOL PROGR	19979	19979
PROPERTY SCHOOL	13842	13600	233	9

All Other Expenses AllOtherExpenses

Field	Value	IRS element (for citing)
Total	5307	Total
Program Services	5025	ProgramServices
Management And General	272	ManagementAndGeneral
Fundraising	10	Fundraising

Total Functional Expenses TotalFunctionalExpenses

Field	Value	IRS element (for citing)
Total	6685981	Total
Program Services	6146645	ProgramServices
Management And General	520087	ManagementAndGeneral
Fundraising	19249	Fundraising

Cash Non Interest Bearing CashNonInterestBearing

Field	Value	IRS element (for citing)
BOY	420680	BOY
EOY	489419	EOY

Savings And Temp Cash Investments SavingsAndTempCashInvestments

Field	Value	IRS element (for citing)
BOY	1088061	BOY
EOY	1096407	EOY

Pledges And Grants Receivable PledgesAndGrantsReceivable

Field	Value	IRS element (for citing)
BOY	100510	BOY

Accounts Receivable AccountsReceivable

Field	Value	IRS element (for citing)
BOY	178361	BOY
EOY	188365	EOY

Other Notes Loans Receivable Net OtherNotesLoansReceivableNet

Field	Value	IRS element (for citing)
BOY	200000	BOY
EOY	329225	EOY

Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges

Field	Value	IRS element (for citing)
BOY	33557	BOY
EOY	33557	EOY

Field	Value	IRS element (for citing)
Land Buildings Equipment Basis	17497444	LandBuildingsEquipmentBasis
Land Bldg Equipment Accum Deprec	2142524	LandBldgEquipmentAccumDeprec

Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet

Field	Value	IRS element (for citing)
BOY	15713940	BOY
EOY	15354920	EOY

Investments Pub Traded Securities InvestmentsPubTradedSecurities

Field	Value	IRS element (for citing)
BOY	1598068	BOY
EOY	1596513	EOY

Other Assets Total OtherAssetsTotal

Field	Value	IRS element (for citing)
BOY	475081	BOY
EOY	385410	EOY

Total Assets TotalAssets

Field	Value	IRS element (for citing)
BOY	19808258	BOY
EOY	19473816	EOY

Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses

Field	Value	IRS element (for citing)
BOY	621357	BOY
EOY	520501	EOY

Deferred Revenue DeferredRevenue

Field	Value	IRS element (for citing)
BOY	127574	BOY
EOY	128667	EOY

Tax Exempt Bond Liabilities TaxExemptBondLiabilities

Field	Value	IRS element (for citing)
BOY	16910000	BOY
EOY	16558631	EOY

Mort Notes Pybl Secured Invest Prop MortNotesPyblSecuredInvestProp

Field	Value	IRS element (for citing)
BOY	15980	BOY
EOY	12953	EOY

Other Liabilities OtherLiabilities

Field	Value	IRS element (for citing)
EOY	79661	EOY

Total Liabilities TotalLiabilities

Field	Value	IRS element (for citing)
BOY	17674911	BOY
EOY	17300413	EOY

Field	Value	IRS element (for citing)
Follow SFAS117	X	FollowSFAS117

Unrestricted Net Assets UnrestrictedNetAssets

Field	Value	IRS element (for citing)
BOY	2133347	BOY
EOY	2173403	EOY

Total Net Assets Fund Balances TotalNetAssetsFundBalances

Field	Value	IRS element (for citing)
BOY	2133347	BOY
EOY	2173403	EOY

Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances

Field	Value	IRS element (for citing)
BOY	19808258	BOY
EOY	19473816	EOY

Field	Value	IRS element (for citing)
Reconcilation Revenue Expenses	40056	ReconcilationRevenueExpenses
Method Of Accounting Accrual	X	MethodOfAccountingAccrual
Accountant Compile Or Review	false	AccountantCompileOrReview
FS Audited	true	FSAudited

FS Audited Basis FSAuditedBasis

Field	Value	IRS element (for citing)
Financial Statement Separate	X	FinancialStatementSeparate

Field	Value	IRS element (for citing)
Audit Committee	true	AuditCommittee

Schedule A IRS990ScheduleA

Field	Value	IRS element (for citing)
School170b1 Aii	X	School170b1Aii

Schedule D IRS990ScheduleD

Land Land

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	3687146	OtherCostOrOtherBasis
Book Value	3687146	BookValue

Buildings Buildings

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	13103307	OtherCostOrOtherBasis
Depreciation	1607588	Depreciation
Book Value	11495719	BookValue

Equipment Equipment

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	706991	OtherCostOrOtherBasis
Depreciation	534936	Depreciation
Book Value	172055	BookValue

Field	Value	IRS element (for citing)
Total Of Book Value Land Buildings	15354920	TotalOfBookValueLandBuildings

Other Liabilities OtherLiabilities

Field	Value	IRS element (for citing)
Description	ACCRUED INTEREST	Description
Amount	$79,661	Amount

Field	Value	IRS element (for citing)
Total Of Amounts	79661	TotalOfAmounts
Tot Revenue Etc Audited Fincl Stmt	6726037	TotRevenueEtcAuditedFinclStmt
Revenue Subtotal	6726037	RevenueSubtotal
Total Revenue Per Form990	6726037	TotalRevenuePerForm990
Tot Expenses Etc Audited Fincl Stmt	6685981	TotExpensesEtcAuditedFinclStmt
Expenses Subtotal	6685981	ExpensesSubtotal
Total Expenses Per Form990	6685981	TotalExpensesPerForm990

Schedule E IRS990ScheduleE

Field	Value	IRS element (for citing)
Nondiscriminatory Policy Stmt	true	NondiscriminatoryPolicyStmt
Policy Statement In Brochures Etc	true	PolicyStatementInBrochuresEtc
Policy Publ Via Broadcast Media	false	PolicyPublViaBroadcastMedia
Maint Racial Composition Records	true	MaintRacialCompositionRecords
Maint Scholarships Records	true	MaintScholarshipsRecords
Maint Copies Of Brochures Etc	true	MaintCopiesOfBrochuresEtc
Maint Copies Of All Solicitations	true	MaintCopiesOfAllSolicitations
Discriminate Race Students Rights	false	DiscriminateRaceStudentsRights
Discriminate Race Admiss Policies	false	DiscriminateRaceAdmissPolicies
Discriminate Race Emplmn Faculty	false	DiscriminateRaceEmplmnFaculty
Discriminate Race Scholarships	false	DiscriminateRaceScholarships
Discriminate Race Educ Policies	false	DiscriminateRaceEducPolicies
Discriminate Race Use Of Fclts	false	DiscriminateRaceUseOfFclts
Discriminate Race Athletic Prog	false	DiscriminateRaceAthleticProg
Discriminate Race Other Acty	false	DiscriminateRaceOtherActy
Government Financial Aid Received	true	GovernmentFinancialAidReceived
Government Financial Aid Revoked	false	GovernmentFinancialAidRevoked
Compliance With Rev Proc7550	true	ComplianceWithRevProc7550

Form990 Schedule E Part II Form990ScheduleEPartII (2 entries)

IdentifierIdentifier	Return ReferenceReturnReference	ExplanationExplanation
PUBLICATION OF NONDISCRIMINATORY POLICY IN MEDIA EXPLANATION	SCHEDULE E LINE 3	THE ORGANIZATION IS EXCUSED FROM FORMAL COMPLIANCE WITH REV PROC 7550 AS LONG AS THE SCHOOLS CHARTER AGREEMENT WITH THE STATE OF UTAH REMAINS IN EFFECT
FINANCIAL AID OR GOVERNMENT ASSISTANCE EXPLANATION	SCHEDULE E LINE 6	THE ORGANIZATION RECEIVES STATE AND FEDERAL GRANTS TO OPERATE SCHOOL

Schedule K IRS990ScheduleK

Form990 Schedule K Part I Form990ScheduleKPartI

Field	Value	IRS element (for citing)
Bond Reference	A	BondReferenceCd

Issuer Name IssuerName

Field	Value	IRS element (for citing)
Business Name Line1	STATE CHARTER SCHOOL FINANCE AUTHOR	BusinessNameLine1
Business Name Line2	STATE CHARTER SCHOOL FINANCE AUTHOR	BusinessNameLine2

Field	Value	IRS element (for citing)
Issuer EIN	261275269	IssuerEIN
CUSIP Number	91754TAF0	CUSIPNumber
Date Issued	2007-12-13	DateIssued
Issue Price	17707784	IssuePrice
Description Of Purpose	PURCHASE FACILITIES	DescriptionOfPurpose
Defeased	false	Defeased
On Behalf Of Issuer	false	OnBehalfOfIssuer
Pool Financing	false	PoolFinancing

Form990 Schedule K Part II Form990ScheduleKPartII

Field	Value	IRS element (for citing)
Bond Reference	A	BondReferenceCd
Total Proceeds	17787048	TotalProceeds
Amount In Reserve Fund	1253650	AmountInReserveFund
Capitalized Interest	327250	CapitalizedInterest
Issuance Costs From Proceeds	353138	IssuanceCostsFromProceeds
Working Capital Expenditures	227636	WorkingCapitalExpenditures
Capital Expenditures	15625374	CapitalExpenditures
Year Of Subst Completion	2008	YearOfSubstCompletion
Current Refunding	false	CurrentRefunding
Advance Refunding	false	AdvanceRefunding
Final Allocation Made	true	FinalAllocationMade
Adequate Books And Recds Maintaind	true	AdequateBooksAndRecdsMaintaind

Form990 Schedule K Part III Form990ScheduleKPartIII

Field	Value	IRS element (for citing)
Bond Reference	A	BondReferenceCd
Owning Bond Financed Property	false	OwningBondFinancedProperty
Any Lease Arrangements	false	AnyLeaseArrangements
Mngment Cntrct Bond Financd Prprty	false	MngmentCntrctBondFinancdPrprty
Any Research Agreements	false	AnyResearchAgreements
Bond Iss Meet Prvt Security Pay Test	false	BondIssMeetPrvtSecurityPayTest
Change In Use Bond Financed Prop	false	ChangeInUseBondFinancedProp
Remedial Action Taken	false	RemedialActionTaken
Non Qualified Bond Remed Procdrs	false	NonQualifiedBondRemedProcdrs

Form990 Schedule K Part IV Form990ScheduleKPartIV

Field	Value	IRS element (for citing)
Bond Reference	A	BondReferenceCd
Form8038 T Filed	true	Form8038TFiled
Variable Rate Issue	false	VariableRateIssue
Hedge Identified In Books And Recds	false	HedgeIdentifiedInBooksAndRecds
Gross Proceeds Invested In GIC	false	GrossProceedsInvestedInGIC
Gross Proceeds Invested	false	GrossProceedsInvested
Written Proc To Monitor Reqs	false	WrittenProcToMonitorReqs

Form990 Schedule K Part V Form990ScheduleKPartV

Field	Value	IRS element (for citing)
Bond Reference	A	BondReferenceCd
Proc To Undertk Corrective Action	false	ProcToUndertkCorrectiveAction

Form990 Schedule K Part VI Form990ScheduleKPartVI

Field	Value	IRS element (for citing)
Identifier	DIFFERENCES IN ISSUE PRICE EXPLANATION	Identifier
Return Reference	SCHEDULE K	ReturnReference
Explanation	STATE CHARTER SCHOOL FINANCE AUTHOR PART II LINE 3 TOTAL PROCEEDS EXCEEDS TOTAL ISSUE PRICE BECAUSE OF INTEREST EARNINGS	Explanation

Schedule L IRS990ScheduleL

Form990 Schedule L Part IV Form990ScheduleLPartIV

Name Of Interested Person NameOfInterestedPerson

Field	Value	IRS element (for citing)
Name Person	STEVE CRANDALL	NamePerson

Field	Value	IRS element (for citing)
Relationship	RELATIVE-BOARD	Relationship
Amount Of Transaction	98398	AmountOfTransaction
Description Of Transaction	EMPLOYEE	DescriptionOfTransaction
Sharing Of Revenues	false	SharingOfRevenues

Form990 Schedule L Part V Form990ScheduleLPartV

Field	Value	IRS element (for citing)
Identifier	ADDITIONAL INFORMATION	Identifier
Return Reference	SCHEDULE L PART V	ReturnReference
Explanation	AS IDENTIFIED IN PART VI SECTION A LINE 2 AND DETAILED IN SCHEDULE O STEVE CRANDALL EXECUTIVE DIRECTOR IS THE BROTHER OF DAVE CRANDALL BOARD PRESIDENT STEVES COMPENSATION AS AN EMPLOYEE OF THE SCHOOL IS LISTED ABOVE IN PART IV	Explanation

Schedule O IRS990ScheduleO

General Explanation GeneralExplanation (6 entries)

IdentifierIdentifier	Return ReferenceReturnReference	ExplanationExplanation
RELATED PARTY INFORMATION AMONG OFFICERS	FORM 990, PAGE 6, PART VI, LINE 2	DAVID CRANDALL STEVE CRANDALL BOARD PRES DIRECTOR
ORGANIZATION'S PROCESS USED TO REVIEW FORM 990	FORM 990, PAGE 6, PART VI, LINE 11B	REVIEWED BY MEMBERS FO THE BOARD AND APPROVED PRIOR TO FILING FORM.
ENFORCEMENT OF CONFLICTS POLICY	FORM 990, PAGE 6, PART VI, LINE 12C	BOARD SUBMITS FORMS WHICH ARE REVIEWED ANNUALLY.
COMPENSATION PROCESS FOR TOP OFFICIAL	FORM 990, PAGE 6, PART VI, LINE 15A	THE BOARD RECEIVES COMPENSATION AMOUNTS AND APPROVES.
COMPENSATION PROCESS FOR OFFICERS	FORM 990, PAGE 6, PART VI, LINE 15B	THE BOARD RECEIVES COMPENSATION AMOUNTS AND APPROVES.
GOVERNING DOCUMENTS DISCLOSURE EXPLANATION	FORM 990, PAGE 6, PART VI, LINE 19	DOCUMENTS ARE AVAILABLE UPON REQUEST.

Schedule R IRS990ScheduleR

Form990 Schedule R Part II Form990ScheduleRPartII

Name Of Disregarded Entity NameOfDisregardedEntity

Field	Value	IRS element (for citing)
Business Name Line1	SUMMIT ACADEMY HIGH SCHOOL	BusinessNameLine1

Address US AddressUS

Field	Value	IRS element (for citing)
Address Line1	1225 EAST 13200 SOUTH	AddressLine1
City	DRAPER	City
State	UT	State
ZIP Code	84020	ZIPCode

Field	Value	IRS element (for citing)
EIN	271884849	EIN
Primary Activities	PUB SCHOOL	PrimaryActivities
Legal Domicile State	UT	LegalDomicileState
Exempt Code Section	501C3	ExemptCodeSection
Public Charity Status	2	PublicCharityStatus

Direct Controlling Entity Name DirectControllingEntityName

Field	Value	IRS element (for citing)
Business Name Line1	NA	BusinessNameLine1

Field	Value	IRS element (for citing)
Controlled Org	false	ControlledOrg

Field	Value	IRS element (for citing)
Receipt Of Int Ann Rents Royalties	false	ReceiptOfIntAnnRentsRoyalties
Gift Grant Or Cap Contr To Other Org	false	GiftGrantOrCapContrToOtherOrg
Gift Grant Or Cap Contr Fr Other Org	false	GiftGrantOrCapContrFrOtherOrg
Loans Or Guarantees To Other Org	true	LoansOrGuaranteesToOtherOrg
Loans Or Guarantees From Other Org	false	LoansOrGuaranteesFromOtherOrg
Dividends Related Organization	false	DividendsRelatedOrganization
Sale Of Assets To Other Org	false	SaleOfAssetsToOtherOrg
Purchase Of Assets From Other Org	false	PurchaseOfAssetsFromOtherOrg
Exchange Of Assets	false	ExchangeOfAssets
Rental Of Facilities To Other Orgs	false	RentalOfFacilitiesToOtherOrgs
Rental Of Facilities Fr Other Orgs	true	RentalOfFacilitiesFrOtherOrgs
Perform Of Services For Other Orgs	false	PerformOfServicesForOtherOrgs
Perform Of Services By Other Orgs	false	PerformOfServicesByOtherOrgs
Sharing Of Facilities	false	SharingOfFacilities
Sharing Of Paid Employees	false	SharingOfPaidEmployees
Reimbursement Paid To Other Org	false	ReimbursementPaidToOtherOrg
Reimbursement Paid By Other Org	true	ReimbursementPaidByOtherOrg
Other Transfer To Other Org	false	OtherTransferToOtherOrg
Other Transfer From Other Org	false	OtherTransferFromOtherOrg

Transactions Related Orgs Table TransactionsRelatedOrgsTable (4 entries)

Transaction TypeTransactionType	Amount InvolvedAmountInvolved	Method Of Amt DeterminationMethodOfAmtDetermination
SUMMIT ACADEMY HIGH SCHOOL
K	224452	RECEIVED FOR FOOD SERVICE
SUMMIT ACADEMY HIGH SCHOOL
K	222970	RECEIVED FOR MGMT SERVICE
SUMMIT ACADEMY HIGH SCHOOL
D	200000	LOAN TO HIGH SCHOOL
SUMMIT ACADEMY HICH SCHOOL
Q	129225	ADVANCE TO HIGH SCHOOL