Cornerstone Alliance
- Assets
- $8.7m
- Revenue
- $1.9m
- Investments
- $0.0
- Employees
- 11
- Location
- Benton Harbor, MI
- Founding
- 03/1988
- Data as of
- 12/2021
- EIN
- 38-2772476
Organization Overview
Cornerstone Alliance is located in Benton Harbor, MI. The organization was established in 1988. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Cornerstone Alliance employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cornerstone Alliance 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 Alliance generated $1.9m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.3%) each year. All expenses for the organization totaled $2.2m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (24.4%) per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE O
Describe the Organization's Program Activity:
Part 3 - Line 4a
CORNERSTONE ALLIANCE IS AN ECONOMIC DEVELOPMENT ORGANIZATION (EDO) ENGAGED IN ACTIVITIES TO IMPROVE THE ECONOMIC PERFORMANCE OF MICHIGAN'S GREAT SOUTHWEST. THE 2022-2024 STRATEGIC PLAN IS FOCUSED ON FOUR INITIATIVES: ECONOMIC GROWTH, PHYSICAL DEVELOPMENT, COMMUNITY LEADERSHIP AND ORGANIZATIONAL DEVELOPMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Cleveland President/ceo | Officer | 40 | $261,838 |
Christina Frank VP Of Extrnal Affairs | 40 | $108,650 | |
John Janick Chair | OfficerTrustee | 1 | $0 |
Bryan Von Dorpowski Treasurer | OfficerTrustee | 1 | $0 |
Michael Todman Vice Chair | OfficerTrustee | 1 | $0 |
Joel Gebbie Director | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $360,867 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,297,226 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,658,093 |
| Total Program Service Revenue | $215,002 |
| Investment income | $12,229 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$4,719 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,908,285 |
| 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. | $283,256 |
| Compensation of current officers, directors, key employees. | $28,326 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $535,625 |
| Pension plan accruals and contributions | $28,231 |
| Other employee benefits | $62,327 |
| Payroll taxes | $59,323 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $50,172 |
| Fees for services: Accounting | $112,068 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $532,195 |
| Advertising and promotion | $23,293 |
| Office expenses | $0 |
| Information technology | $3,722 |
| Royalties | $0 |
| Occupancy | $149,274 |
| Travel | $27,388 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $75,992 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $77,024 |
| Insurance | $15,928 |
| All other expenses | $0 |
| Total functional expenses | $2,156,063 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $27,100 |
| Savings and temporary cash investments | $3,077,895 |
| Pledges and grants receivable | $944,250 |
| Accounts receivable, net | $176,579 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $76,452 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $135,454 |
| Net Land, buildings, and equipment | $3,100,850 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,173,460 |
| Total assets | $8,712,040 |
| Accounts payable and accrued expenses | $84,471 |
| Grants payable | $0 |
| Deferred revenue | $31,375 |
| 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 | $692,913 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,289,877 |
| Total liabilities | $2,098,636 |
| Net assets without donor restrictions | $5,572,869 |
| Net assets with donor restrictions | $1,040,535 |
| 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 | $8,712,040 |
Grants Awarded
Over the last fiscal year, Cornerstone Alliance has awarded $367,370 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
Benton Harbor, MI PURPOSE: POPULATION GROWTH | $200,000 |
BERRIEN COUNTY TREASURER PURPOSE: ST JOE RIVER WATERWAY PROJECT | $147,370 |
NORMAN HOLDING LLC PURPOSE: SMALL BUSINESS FACADE GRANT | $10,000 |
ADVANCED IMPORT REPAIR LLC PURPOSE: SMALL BUSINESS FACADE GRANT | $10,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Cornerstone Alliance has recieved totaling $65,000.
| Awarding Organization | Amount |
|---|---|
Berrien Community Foundation Inc St Joseph, MI PURPOSE: ECONOMIC DEVELOPMENT, BUSINESS SERVICE, COVID RECOVERY SUPPORT, GENERAL SUPPORT, WATERVLIET PARK PROJECT | $65,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Visit Indy Inc Indianapolis, IN | $20,981,890 | $14,589,218 |
The Convention And Visitors Bureau Of Greater Cleveland Inc Cleveland, OH | $25,296,918 | $17,425,666 |
Columbus Downtown Development Corporation Columbus, OH | $118,710,723 | $12,117,471 |
Wisconsin Dells Visitor & Convention Bureau Wisconsin Dells, WI | $26,952,168 | $17,110,395 |
Metropolitan Detroit Convention & Vistors Bureau Detroit, MI | $36,765,048 | $14,015,809 |
Detroit Economic Growth Corp Detroit, MI | $7,209,211 | $10,420,774 |
Lawrence Economic Development Corporation South Point, OH | $62,339,240 | $9,945,474 |
Wbd Inc Madison, WI | $14,868,892 | $9,399,155 |
Southwest Michigan First Corporation Kalamazoo, MI | $10,945,070 | $8,560,798 |
Wenonah Park Properties Inc Bay City, MI | $22,411,152 | $7,079,713 |
Applied Research Institute Bloomington, IN | $3,329,526 | $9,074,163 |
Grand Rapids-Kent Cty Convention Center & Vistors Bureau Grand Rapids, MI | $10,130,209 | $9,465,987 |