Cornerstone Alliance
- Assets
- $9.0m
- Revenue
- $3.2m
- Investments
- $0.0
- Employees
- 12
- Location
- Benton Harbor, MI
- Founding
- 03/1988
- Data as of
- 12/2022
- 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 12/2022, Cornerstone Alliance employed 12 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 12/2022, Cornerstone Alliance generated $3.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.5% each year. All expenses for the organization totaled $3.5m during the year ending 12/2022. 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
2022
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.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Janick Chair | OfficerTrustee | 1 | $0 |
Michael Todman Vice Chair | OfficerTrustee | 1 | $0 |
Bryan Von Dorpowski Treasurer | OfficerTrustee | 1 | $0 |
Christopher Cook Director | Trustee | 1 | $0 |
Gloria Ender Director | Trustee | 1 | $0 |
Scott Geik Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $489,326 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,470,043 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,959,369 |
| Total Program Service Revenue | $252,882 |
| Investment income | $14,095 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$32,175 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,194,171 |
| 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. | $406,491 |
| Compensation of current officers, directors, key employees. | $53,736 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $568,060 |
| Pension plan accruals and contributions | $26,706 |
| Other employee benefits | $79,660 |
| Payroll taxes | $68,532 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $47,087 |
| Fees for services: Accounting | $150,835 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,553,450 |
| Advertising and promotion | $132,585 |
| Office expenses | $20,034 |
| Information technology | $69,996 |
| Royalties | $0 |
| Occupancy | $169,570 |
| Travel | $38,537 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $76,904 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $67,968 |
| Insurance | $30,063 |
| All other expenses | $0 |
| Total functional expenses | $3,537,824 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $398 |
| Savings and temporary cash investments | $4,040,156 |
| Pledges and grants receivable | $657,310 |
| Accounts receivable, net | $139,341 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $41,977 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $21,802 |
| Net Land, buildings, and equipment | $3,142,624 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $956,277 |
| Total assets | $8,999,885 |
| Accounts payable and accrued expenses | $123,621 |
| Grants payable | $0 |
| Deferred revenue | $2,060,514 |
| 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 | $70,269 |
| Total liabilities | $2,947,317 |
| Net assets without donor restrictions | $5,206,233 |
| Net assets with donor restrictions | $846,335 |
| 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 | $8,999,885 |
Grants Awarded
Over the last fiscal year, Cornerstone Alliance has awarded $367,370 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
RENAISSANCE DEVELOPMENT FUND 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 |