Cornerstone Center For The Arts Inc
- Assets
- $2.7m
- Revenue
- $569.0k
- Investments
- $768.6k
- Employees
- 65
- Location
- Muncie, IN
- Founding
- 09/1990
- Data as of
- 12/2020
- EIN
- 35-1804398
Organization Overview
Cornerstone Center For The Arts Inc is located in Muncie, IN. The organization was established in 1990. According to its NTEE Classification (T31) the organization is classified as: Community Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 12/2021, Cornerstone Center For The Arts Inc employed 65 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cornerstone Center For The Arts 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 12/2020, Cornerstone Center For The Arts Inc generated $569.0k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (5.1%) each year. All expenses for the organization totaled $478.6k during the year ending 12/2020. As we would expect to see with falling revenues, expenses have declined by (8.3%) per year over the past 6 years. 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION WAS FORMED TO NURTURE COMMUNITY CONNECTIONS BY PROVIDING OPPORTUNITIES FOR CREATIVE EXPRESSION, EDUCATIONAL PROGRAMS, AND EVENTS IN A HISTORIC SETTING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE BUILDING IS THE HOME OF ART CLASSES FOR ALL AGES, INCLUDING STRING, PIANO, FLUTE, DANCE, VISUAL ARTS, AND SIGN LANGUAGE. COMMUNITY EVENTS ARE HOSTED THROUGHOUT THE YEAR, AND MEMBERS OF THE COMMUNITY BENEFIT FROM THE SPACE AVAILABLE TO RENT. THE ORGANIZATION SPONSORS VARIOUS CULTURAL PROGRAMS FOR CHILDREN AND ADULTS IN THE COMMUNITY. ENROLLMENT VARIES BY PROGRAM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Allison Bell Executive Di | Officer | 40 | $57,944 |
Barbara Schafer Chair | OfficerTrustee | 5 | $0 |
Ian Robertson Past Preside | OfficerTrustee | 5 | $0 |
Holly Juip Secretary | OfficerTrustee | 5 | $0 |
Carol Bradshaw Vice Preside | OfficerTrustee | 5 | $0 |
Patrick Burkey Treasurer | OfficerTrustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $388,322 |
| Investment income | $16,976 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $17,396 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $568,995 |
| Statement of Expenses | |
|---|---|
| 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. | $22,308 |
| Compensation to disqualified persons | $12,500 |
| Other salaries and wages | $173,129 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $23,366 |
| 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 | $7,786 |
| Fees for services: Other | $0 |
| Advertising and promotion | $916 |
| Office expenses | $12,546 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $66,171 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $17,065 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $69,197 |
| Insurance | $20,107 |
| All other expenses | $0 |
| Total functional expenses | $478,613 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $185,614 |
| Savings and temporary cash investments | $60,013 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,777 |
| 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 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $768,565 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,734,971 |
| Accounts payable and accrued expenses | $4,398 |
| Grants payable | $0 |
| Deferred revenue | $18,800 |
| 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 | $257,793 |
| Unsecured mortgages and notes payable | $15,000 |
| Other liabilities | $0 |
| Total liabilities | $295,991 |
| 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 |
| Total liabilities and net assets/fund balances | $2,438,980 |
Grants Recieved
Over the last fiscal year, we have identified 6 grants that Cornerstone Center For The Arts Inc has recieved totaling $355,142.
| Awarding Organization | Amount |
|---|---|
George And Frances Ball Foundation Muncie, IN PURPOSE: SUPPORT FOR ARTS EDUCATION PROGRAMS & INTERNET WIRING COSTS | $100,000 |
George And Frances Ball Foundation Muncie, IN PURPOSE: SUPPORT FOR ARTS EDUCATION PROGRAMS & INTERNET WIRING COSTS | $100,000 |
Community Foundation Of Muncie And Delaware County Inc Muncie, IN PURPOSE: OPERATING SUPPORT | $99,548 |
Ball Brothers Foundation Muncie, IN PURPOSE: MOVING AHEAD FOR 2022 & RE-ENERGIZING ARTS EDUCATION PROGRAMMING | $50,000 |
Schwab Charitable Fund San Francisco, CA PURPOSE: ARTS, CULTURE & HUMANITIES | $5,500 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $94 |
Endowment Analysis
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Greater Milwaukee Foundation Inc Milwaukee, WI | $1,114,706,959 | $151,763,598 |
Thrivent Charitable Impact & Investing Appleton, WI | $809,708,853 | $138,812,775 |
Central Indiana Community Foundation Inc Indianapolis, IN | $548,109,976 | $56,175,018 |
Greater Green Bay Community Foundation Inc Green Bay, WI | $158,723,657 | $42,186,646 |
The Community Foundation Of Louisville Inc Louisville, KY | $675,486,716 | $70,628,491 |
Community Foundation For The Fox Valley Region Inc Appleton, WI | $500,269,949 | $60,999,391 |
Madison Community Foundation Madison, WI | $285,628,719 | $40,248,600 |
Elks National Foundation Inc Chicago, IL | $936,472,552 | $62,047,958 |
Community Foundation Of The Ozarks Inc Springfield, MO | $393,798,423 | $57,110,719 |
Community Foundation Of Elkhart County Inc Elkhart, IN | $418,149,768 | $41,619,440 |
Blue Grass Community Foundation Inc Lexington, KY | $132,271,880 | $24,051,212 |
The Community Foundatio Of Louisville Depository Inc Louisville, KY | $29,429,716 | $18,203,702 |