Cornerstone Schools Association
- Assets
- $7.4m
- Revenue
- $911.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Detroit, MI
- Founding
- 12/1993
- Data as of
- 07/2024
- EIN
- 38-2995984
Organization Overview
Cornerstone Schools Association is located in Detroit, MI. The organization was established in 1993. According to its NTEE Classification (B20) the organization is classified as: Elementary & Secondary Schools, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cornerstone Schools Association 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 07/2024, Cornerstone Schools Association generated $911.6k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (21.8%) each year. All expenses for the organization totaled $1.5m during the year ending 07/2024. As we would expect to see with falling revenues, expenses have declined by (16.9%) per year over the past 9 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
CORNERSTONE WILL, THROUGH PARTNERSHIP WITH FAMILIES, SCHOOLS, THE BUSINESS COMMUNITY, AND A BROAD AND BELOVED COMMUNITY, SUPPORT THE EFFORT TO BUILD A MODEL OF EXCELLENCE IN URBAN EDUCATION BY ENCOURAGING THE CREATION OF CENTERS OF HOPE FOR THE CHILDREN OF DETROIT WHICH WILL PREPARE STUDENTS TO LIVE THE COMPLETE LIFE THROUGH ACADEMICS, ATHLETICS AND AFTER SCHOOL ACTIVITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ASSOCIATION FOCUSES ON WAYS TO ASSIST CORNERSTONE EDUCATION GROUP ("CEG") IN ITS EDUCATIONAL MISSION AS WELL AS OFFERING CHRIST CENTERED ACTIVITIES TO STUDENTS AND PARENTS ON A VOLUNTARY BASIS OUTSIDE OF REGULAR SCHOOL HOURS. THE ASSOCIATION ALSO LEASES FACILITIES TO CEG AT ITS NEVADA CAMPUS AND COLLECTS LICENSING FEES TO FUND ITS MISSION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Carol Mansfield Director | Trustee | 2 | $0 |
Joe Thorrez Director | Trustee | 2 | $0 |
Kathleen Thorrez Director | Trustee | 2 | $0 |
Tatiana Grant Director | Trustee | 2 | $0 |
Mike Carr Chairman | Officer | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Small Business Association Of Michigan Health Care | 7/30/16 | $345,659 |
Rdm Associates Accounting Services | 7/30/16 | $211,047 |
Service 1st Maintenance Janitorial Services | 7/30/16 | $155,538 |
Ovations Dining Services Llc Food Service | 7/30/16 | $152,306 |
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 | $74,775 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $74,775 |
| Total Program Service Revenue | $836,787 |
| Investment income | $24 |
| 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 | $911,586 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $361,315 |
| Fees for services: Accounting | $53,506 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $172,367 |
| Advertising and promotion | $0 |
| Office expenses | $35,021 |
| Information technology | $20,613 |
| Royalties | $0 |
| Occupancy | $17,710 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $52,979 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $597,591 |
| Insurance | $20,035 |
| All other expenses | $0 |
| Total functional expenses | $1,454,919 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $91,186 |
| Savings and temporary cash investments | $2,970 |
| Pledges and grants receivable | $216,801 |
| 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 | $7,091,634 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $7,402,591 |
| Accounts payable and accrued expenses | $93,947 |
| 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 | $0 |
| Total liabilities | $93,947 |
| Net assets without donor restrictions | $7,246,461 |
| Net assets with donor restrictions | $62,183 |
| 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 | $7,402,591 |