Cornerstone Initiative Inc
- Assets
- $189.6k
- Revenue
- $210.5k
- Investments
- $0.0
- Employees
- 5
- Location
- Huntsville, AL
- Founding
- 05/2013
- Data as of
- 12/2021
- EIN
- 27-5159255
Organization Overview
Cornerstone Initiative Inc is located in Huntsville, AL. The organization was established in 2013. According to its NTEE Classification (S47) the organization is classified as: Real Estate Associations, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Cornerstone Initiative Inc employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cornerstone Initiative Inc 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 12/2021, Cornerstone Initiative Inc generated $210.5k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.5% each year. All expenses for the organization totaled $219.8k during the year ending 12/2021. While expenses have increased by 3.9% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE CORNERSTONE INITIATIVE IS A FAITH-BASED NONPROFIT ORGANIZATION COMMITTED TO ENCOURAGING AND EQUIPPING MEN AND WOMEN IN MADISON COUNTY, ALABAMA AS THEY NAVIGATE A PATHWAY OUT OFPOVERTY TO A PLACE OF SUSTAINABLE SELF-SUFFICIENCY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CORNERSTONE INITIATIVE IS A FAITH-BASED NONPROFIT ORGANIZATUION COMMITTED TO ENCOURAGING AND EQUIPPINGMEN AND WOMEN IN MADISON COUNTY, ALABAMA AS THEY NAVIGATE A PATHWAY OUT OF POVERTY TO A PLACE OF SUSTAINABLE SELF-SUFFICIENCY.
SEE SCHEDULE O
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Harmony Heard Vice President | OfficerTrustee | 0 | $0 |
Shakira Ellis Board President | OfficerTrustee | 0 | $0 |
Bill Nash Secretary | OfficerTrustee | 0 | $0 |
Terry Boyd Treasurer | OfficerTrustee | 0 | $0 |
Caleb Ficken Director | Trustee | 0 | $0 |
Michael Armour Director | Trustee | 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 | $197,348 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $197,348 |
| Total Program Service Revenue | $0 |
| Investment income | $112 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $210,522 |
| 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. | $66,343 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $75,119 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $13,257 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| 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 | $0 |
| Advertising and promotion | $849 |
| Office expenses | $2,140 |
| Information technology | $10,336 |
| Royalties | $0 |
| Occupancy | $8,351 |
| Travel | $200 |
| 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 | $24,104 |
| All other expenses | $7,726 |
| Total functional expenses | $219,780 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $189,604 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $189,604 |
| 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 | $5,785 |
| Total liabilities | $5,785 |
| Net assets without donor restrictions | $183,819 |
| 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 | $189,604 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Cornerstone Initiative Inc has recieved totaling $25,962.
| Awarding Organization | Amount |
|---|---|
Community Foundation Of Greater Huntsville Huntsville, AL PURPOSE: NEIGHBORHOOD & COMMUNITY | $25,900 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $62 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Georgia Association Of Realtors Inc Atlanta, GA | $16,334,740 | $7,998,537 |
Grady Cass Incorporated Atlanta, GA | $161,041,116 | $0 |
The Georgia Health Sciences Foundation Inc Augusta, GA | $27,494,312 | $7,447,103 |
Greater Tampa Association Of Realto Rs Inc Tampa, FL | $22,775,410 | $5,538,850 |
Regional Properties Inc Miami, FL | $42,950,454 | $5,019,456 |
Northeast Florida Association Of Realtors Inc Jacksonville, FL | $16,813,505 | $4,406,893 |
Atlanta Realtors Association Inc Atlanta, GA | $8,002,087 | $2,853,636 |
Mississippi Association Of Realtors Incorporated Jackson, MS | $6,966,027 | $2,616,510 |
Boscobel Heights Development Company Inc Nashville, TN | $26,913,589 | $950,458 |
Houston Healthcare Properties Inc Warner Robins, GA | $28,129,794 | $1,213,722 |
Avow Real Estate Inc Naples, FL | $17,821,886 | $1,356,778 |
Jbdf Llc Jacksonville, FL | $15,734,913 | $6,993,364 |