Commonwealth Cornerstone Group
- Assets
- $72.6m
- Revenue
- $12.9m
- Investments
- $0.0
- Employees
- 0
- Location
- Harrisburg, PA
- Founding
- 01/2010
- Data as of
- 06/2022
- EIN
- 42-1637418
Organization Overview
Commonwealth Cornerstone Group is located in Harrisburg, PA. The organization was established in 2010. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Commonwealth Cornerstone Group 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 06/2022, Commonwealth Cornerstone Group generated $12.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 26.4% each year . All expenses for the organization totaled $431.9k during the year ending 06/2022. 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
TO MAKE LOANS TO QUALIFIED BUSINESSES FOR THE DEVELOPMENT AND OR REHABILITATION OF REAL ESTATE, WHOSE REDEVELOPMENT IS CRITICAL FOR THE REVITALIZATION OF LOWER INCOME COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION MADE LOANS TO QUALIFIED BUSINESSES FOR THE DEVELOPMENT AND OR REHABILITATION OF REAL ESTATE, INCLUDING MIXED USE PROPERTIES WHOSE REDEVELOPMENT IS CRITICAL FOR THE REVITALIZATION OF LOWER INCOME COMMUNITIES; TO FINANCE COMMUNITY FACILITIES THAT PROVIDE SERVICES NOT CURRENTLY AVAILABLE TO RESIDENTS IN THOSE COMMUNITIES; AND TO FINANCE THE DEVELOPMENT OF WEALTH-CREATING SINGLEFAMILY HOMES THAT ENHANCE LOW INCOME COMMUNITIES. THE ORGANIZATION WAS THE RECIPIENT OF $60,000,000 OF NMTC ALLOCATION RECEIVED IN ROUND IV AND ADDITIONAL ALLOCATIONS OF $60,000,000, $28,000,000, $45,000,000, $33,000,000, $45,000,000, $80,000,000, AND $55,000,000 IN THE SIXTH, EIGHTH, TENTH, ELEVENTH, TWELFTH, THIRTEENTH, AND FIFTEENTH ROUNDS, RESPECTIVELY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Steven O'neill Program Operations Director | Officer | 2 | $0 |
Wendy Gessner Executive Director | Officer | 37.5 | $0 |
Tracy Horetsky Secretary | Officer | 2 | $0 |
Stephanie Willow Program Officer | Officer | 0 | $0 |
Brian A Hudson Governing Board Chair - Tr (outgoing) | Trustee | 0 | $0 |
Dan Reisteter Governing Board Member - T | Trustee | 0.1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $11,182,670 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $11,182,670 |
| Total Program Service Revenue | $1,756,964 |
| Investment income | $27 |
| 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 | $12,939,661 |
| 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 | $163,409 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $43,515 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $188,505 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $3,075 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $3,023 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $29,171 |
| All other expenses | $0 |
| Total functional expenses | $431,938 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,018,120 |
| Savings and temporary cash investments | $48,249,338 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $73,270 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $23,162,411 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $9,708 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $18,281 |
| Intangible assets | $0 |
| Other assets | $86,119 |
| Total assets | $72,617,247 |
| Accounts payable and accrued expenses | $0 |
| 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 | $37,066,139 |
| Total liabilities | $37,066,139 |
| Net assets without donor restrictions | $35,551,108 |
| 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 | $72,617,247 |
Grants Awarded
Over the last fiscal year, Commonwealth Cornerstone Group has awarded $1,000,000 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
Harrisburg, PA PURPOSE: SUPPORT ITS MISSION OF COMMUNITY DEVELOPMENT IN THE CITY OF HARRISBURG, PA. | $350,000 |
Harrisburg, PA PURPOSE: SUPPORT ITS MISSION OF COMMUNITY DEVELOPMENT IN THE CITY OF HARRISBURG, PA. | $350,000 |
Glenside, PA PURPOSE: FINANCIAL COUNSELING AND OTHER SERVICES TO LOW-INCOME COMMUNITIES IN PA. | $150,000 |
Glenside, PA PURPOSE: FINANCIAL COUNSELING AND OTHER SERVICES TO LOW-INCOME COMMUNITIES IN PA. | $150,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Marshall University Research Corporation Huntington, WV | $66,297,155 | $55,595,334 |
Pidc-Developement Management Corporation Philadelphia, PA | $0 | $30,722,052 |
Calvert Impact Capital Inc Bethesda, MD | $679,643,317 | $23,234,500 |
Delaware River Waterfront Corporation Philadelphia, PA | $26,551,411 | $24,883,136 |
T R W I B Inc Pittsburgh, PA | $14,392,055 | $22,959,509 |
Wright Brothers Institute Inc Dayton, OH | $23,307,656 | $22,085,089 |
Pidc Financing Corp Philadelphia, PA | $6,556,052 | $18,403,713 |
Insitech Inc Warren, NJ | $450,270 | $14,466,949 |
The Convention And Visitors Bureau Of Greater Cleveland Inc Cleveland, OH | $25,296,918 | $17,425,666 |
Ridc Regional Growth Fund Pittsburgh, PA | $36,670,171 | $9,947,122 |
Columbus Downtown Development Corporation Columbus, OH | $118,710,723 | $12,117,471 |
Delaware County Economic Development Oversight Board Media, PA | $2,255,958 | $10,697,300 |