Cornet Association Of America
- Assets
- $54.8m
- Revenue
- $1.7m
- Investments
- $0.0
- Employees
- 0
- Location
- Washington, DC
- Founding
- 09/2010
- Data as of
- 06/2024
- EIN
- 27-2521668
Organization Overview
Cornet Association Of America is located in Washington, DC. The organization was established in 2010. According to its NTEE Classification (S11) the organization is classified as: Single Organization Support, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cornet Association Of America is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 06/2024, Cornet Association Of America generated $1.7m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 3 years, the organization has seen revenues fall by an average of (67.9%) each year. All expenses for the organization totaled $477.0k during the year ending 06/2024. 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
TO SUPPORT, PROMOTE AND ADVANCE (1)MEDICAL SCIENCE AND HEALTH CARE, INNOVATION AND ALTERNATIVE FORMS OF EDUCATION; CONTINUED SCH O.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO SUPPORT, PROMOTE AND ADVANCE MEDICAL SCIENCE AND HEALTH CARE, PARTICULARLY FOR DEVELOPING AND REFINING INNOVATIVE MEANS OF PREVENTION, DIAGNOSIS, OR TREATMENT. TO SUPPORT, PROMOTE AND ADVANCE PRIMARY, SECONDARY, OR HIGHER EDUCATION AND ALTERNATIVE METHODS OF EDUCATION, PARTICULARLY FOR NEW FIELDS OF LEARNING OR ENHANCED UNDERSTANDING OR APPLICATION OF ESTABLISHED FIELDS;
TO SUPPORT, PROMOTE AND ADVANCE BIOLOGICAL, MARINE, AND ENVIRONMENTAL SCIENCE, PARTICULARLY AS THEY COMPLEMENT THE PURPOSES OF MEDICAL SCIENCE, HEALTH CARE, AND EDUCATION; (4) POLITICAL ACTIVITIES THAT FOSTER INDIVIDUAL RESPONSIBILITY AND BUSINESS DEVELOPMENT, ESPECIALLY IN SUPPORT OF THE OTHER PURPOSES; (5) PUBLIC PARKS AND LAND, INCLUDING NATURAL RESOURCE CONSERVATION; (6) AMATEUR ATHLETICS; (7) PERFORMING ARTS; (8) M USEUMS AND EDUCATIONAL FACILITIES, MAKING HISTORICAL MATERIALS OR ARTISTIC WORKS ACCESSIBLE TO OTHERS; (9) HISTORIC PRESERVATION AND REHABILITATION; AND (10) PROGRAMS THAT SUPPORT BEST PRACTICES AND MANAGEMENT CONTINUITY IN FAMILYBASED, COMMUNITYORIENTED PRIVATELY HELD BUSINESSES;
FOR FISCAL YEAR 2023, CORNET ASSOCIATION OF AMERICA HAS IDENTIFIED SEVERAL PROGRAMS OPERATED BY UNRELATED SECTION 501(C)(3) ORGANIZATIONS THAT WILL SUPPORT THE PRIMARY EDUCATIONAL MISSION. NOW THAT CORNET HAS AVAILABLE ASSETS, IT INTENDS TO MAKE DISTRIBUTIONS TO THESE UNRELATED EDUCATIONAL ORGANIZATIONS IN FISCAL YEAR 2023. SEE SCHEDULE O.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Donald D Kozusko Secretary Treasurer | OfficerTrustee | 0 | $0 |
George N Harris Jr President | OfficerTrustee | 1 | $0 |
Edwin J Broecker Vice President | OfficerTrustee | 0 | $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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $492,538 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $384,913 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,748,827 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $75,000 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $14,075 |
| Fees for services: Accounting | $15,800 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $70,610 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $301,559 |
| Total functional expenses | $477,044 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $226,827 |
| Savings and temporary cash investments | $698,250 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $42,710,642 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $11,159,883 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $54,795,602 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $0 |
| 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 | $54,795,602 |
| Total liabilities and net assets/fund balances | $54,795,602 |
Grants Awarded
Over the last fiscal year, Cornet Association Of America has awarded $75,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
MANHATTAN INSTITUTE FOR POLICY RESEARCH INC PURPOSE: General | $25,000 |
FOUNDATION FOR INDIVIDUAL RIGHTS & EXPRESSION INC PURPOSE: General | $50,000 |