Cornerstone Preparatory Academy
- Assets
- $12.0m
- Revenue
- $3.8m
- Investments
- $0.0
- Employees
- 83
- Location
- Acworth, GA
- Founding
- 06/2004
- Data as of
- 06/2023
- EIN
- 31-1832330
Organization Overview
Cornerstone Preparatory Academy is located in Acworth, GA. The organization was established in 2004. According to its NTEE Classification (B20) the organization is classified as: Elementary & Secondary Schools, under the broad grouping of Education and related organizations. As of 06/2023, Cornerstone Preparatory Academy employed 83 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cornerstone Preparatory Academy 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 06/2023, Cornerstone Preparatory Academy generated $3.8m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.7% each year. All expenses for the organization totaled $3.6m during the year ending 06/2023. While expenses have increased by 4.4% per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE STUDENTS (GRADES K-12) WITH A COMPREHENSIVE COLLEGE-PREPARATORY EDUCATION FROM A CHRISTIAN PERSPECTIVE, DEVELOPING THE STUDENT'S INDEPENDENT STUDY SKILLS, WORK ETHIC AND STUDY HABITS CRITICAL TO COLLEGE SUCCESS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
APPROXIMATELY 500 STUDENTS WERE SERVED AND PROVIDED WITH ELEMENTARY AND/OR SECONDARY SCHOOL EDUCATION - PROVIDED IN CHRISTIAN BASED, PARENT-INVOLVED AND TRADITIONALLY INSTRUCTED CLASSROOM SETTINGS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stephen Defrancesco Board Chairman | Trustee | 1 | $0 |
Bryan Galat Director | Trustee | 1 | $0 |
Erik Speer Treasurer | Trustee | 1 | $0 |
Alison Luke Director | Trustee | 1 | $0 |
Andrew Baines Vice Chair | Trustee | 1 | $0 |
Christian Pitts Director | Trustee | 1 | $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 | $13,067 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $13,067 |
| Total Program Service Revenue | $3,700,267 |
| Investment income | $40,417 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $49,483 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,803,234 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,848,603 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $137,101 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,494 |
| Office expenses | $56,504 |
| Information technology | $58,378 |
| 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 | $188,302 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $251,760 |
| Insurance | $30,575 |
| All other expenses | $292,743 |
| Total functional expenses | $3,631,402 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,425,283 |
| Savings and temporary cash investments | $60,945 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,550,735 |
| 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 | $13,294 |
| Net Land, buildings, and equipment | $6,902,080 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $21,450 |
| Other assets | $0 |
| Total assets | $11,973,787 |
| Accounts payable and accrued expenses | $16,677 |
| Grants payable | $0 |
| Deferred revenue | $2,862,625 |
| 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 | $4,002,402 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $6,881,704 |
| Net assets without donor restrictions | $5,092,083 |
| 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 | $11,973,787 |