Cornerstone College Of Virginia
- Assets
- $442.8k
- Revenue
- $377.8k
- Investments
- $0.0
- Employees
- 15
- Location
- Fredericksburg, VA
- Founding
- 04/1970
- Data as of
- 06/2022
- EIN
- 23-7044656
Organization Overview
Cornerstone College Of Virginia is located in Fredericksburg, VA. The organization was established in 1970. As of 06/2022, Cornerstone College Of Virginia employed 15 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cornerstone College Of Virginia is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Cornerstone College Of Virginia generated $377.8k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 15.5% each year . All expenses for the organization totaled $566.3k during the year ending 06/2022. While expenses have increased by 17.8% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TEACHING BIBLE STUDENTS
Describe the Organization's Program Activity:
Part 3 - Line 4a
TEACHING BIBLE STUDENTS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Jonathan Henry Secretary | OfficerTrustee | 40 | $68,458 |
Dr Chris Vanbuskirk Treasurer | OfficerTrustee | 10 | $31,600 |
Dr Richard Barnett Chair | OfficerTrustee | 2 | $0 |
Dr Fritz Raymond Board Member | Trustee | 5 | $0 |
Dr Joseph Holmes Board Member | Trustee | 2 | $0 |
Dr Sanja Hudson Board Member | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $47,229 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $47,229 |
| Total Program Service Revenue | $49,182 |
| Investment income | $2,945 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $74,458 |
| Net Gain/Loss on Asset Sales | $202,001 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $377,765 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $100,058 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $171,277 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $23,389 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,592 |
| Fees for services: Accounting | $650 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $668 |
| Advertising and promotion | $28,165 |
| Office expenses | $9,459 |
| Information technology | $14,890 |
| Royalties | $0 |
| Occupancy | $23,918 |
| Travel | $5,629 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $6,225 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $18,473 |
| Insurance | $6,669 |
| All other expenses | $40,356 |
| Total functional expenses | $566,289 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $119,516 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,586 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $249,462 |
| Investments—publicly traded securities | $66,215 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $442,779 |
| Accounts payable and accrued expenses | $17,672 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $156,225 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $173,897 |
| Net assets without donor restrictions | $268,882 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $442,779 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Cornerstone College Of Virginia has recieved totaling $200,000.
| Awarding Organization | Amount |
|---|---|
Community Foundation Of The Rappahannock River Region Inc Fredericksburg, VA PURPOSE: MARKETING | $200,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Kentucky Christian University Inc Grayson, KY | $38,563,521 | $22,232,558 |
C S Lewis Institute Inc Springfield, VA | $1,257,084 | $1,763,570 |
Institute For Islamic Christian And Jewish Studies Inc Baltimore, MD | $24,101,686 | $1,725,359 |
University Christian Ministries Inc Charlottesville, VA | $8,351,732 | $3,362,822 |
Cornerstone College Of Virginia Fredericksburg, VA | $442,779 | $377,765 |
Rappahannock Westminster Canterbury Foundation Irvington, VA | $10,825,083 | $1,146,003 |
Biblical Theological Seminary Of Poland Memphis, TN | $166,177 | $553,180 |
Southland Bible Institute Ashland, KY | $1,425,293 | $374,267 |
Washington Theological Consortium Washington, DC | $573,231 | $243,221 |
American Open University Inc Alexandria, VA | $533,754 | $60,517 |
Carolina Bible Institute Inc Pine Level, NC | $66,772 | $0 |
Christian Vocation Project Of Memorial Episcopal Church Inc Baltimore, MD | $341,158 | $0 |