Cornerstone Of Hope Inc
- Assets
- $634.4k
- Revenue
- $152.1k
- Investments
- $0.0
- Employees
- 3
- Location
- Janesville, WI
- Founding
- 07/2014
- Data as of
- 12/2022
- EIN
- 46-4074247
Organization Overview
Cornerstone Of Hope Inc is located in Janesville, WI. The organization was established in 2014. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. As of 12/2022, Cornerstone Of Hope Inc employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cornerstone Of Hope 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 12/2022, Cornerstone Of Hope Inc generated $152.1k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (29.2%) each year. All expenses for the organization totaled $166.9k 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
TO WITNESS TO AND IMPLEMENT THE GOSPEL OF JESUS CHRIST IN WISCONSIN AND THROUGHOUT THE UNITED STATES AND THE WORLD BY WORKING WITH ECONOMICALLY DISADVANTAGED PEOPLE TO HELP THEM TO CREATE A BETTER HUMAN HABITAT IN WHICH TO LIVE AND WORK; TO COOPERATE WITH OTHER CHARITABLE ORGANIZATIONS, THROUGH GRANTS AND OTHERWISE, WHICH ARE WORKING TO DEVELOP A BETTER HUMAN HABITAT FOR ECONOMICALLY DISADVANTAGED PEOPLE; TO COMMUNICATE THE GOSPEL OF JESUS CHRIST BY MEANS OF THE SPOKEN AND WRITTEN WORD.
Describe the Organization's Program Activity:
Part 3 - Line 4a
NEW HOME CONSTRUCTION - CORNERSTONE OF HOPE (CSOH) HELPS FAMILIES WHO DO NOT QUALIFY FOR A CONVENTIONAL MORTGAGE AND ARE IN NEED OF A HELPING HAND TO REACH THEIR GOAL OF HOME OWNERSHIP. HOMES ARE SOLD AT NO-INTEREST ON 30-YEAR MORTGAGES TO THE FAMILY AFTER THEY HAVE COMPLETED THEIR SWEAT EQUITY HOURS. HOMES ARE APPROXIMATELY 1,100 SQUARE FEET IN SIZE WITH THREE BEDROOMS, ONE BATHROOM, KITCHEN, LIVING ROOM AND DINING AREAS. FAMILIES LEARN HOW TO MAINTAIN AND CARE FOR THEIR HOME. HOMEOWNERS ARE SET UP TO SUCCEED WITH PAYMENTS THAT INCLUDE REAL ESTATE TAXES, INSURANCE AND PRINCIPAL AT OR BELOW 30% OF THEIR MONTHLY TAKE HOME PAY.
HOME SUPPLY OUTLET - THE RETAIL STORES ACCEPT DONATIONS OF NEW AND USED SALE-ABLE BUILDING MATERIALS SUCH AS CABINETS, FLOORING, DOORS, WINDOWS, LUMBER, AS WELL AS LIGHTING AND PLUMBING FIXTURES. CORNERSTONE OF HOPE HAS RECYCLED OVER A TON OF MATERIALS FROM THE STORE EACH MONTH THAT WOULD OTHERWISE HAVE BEEN PLACED IN A LANDFILL. SOME MATERIALS ARE USED TO BUILD AND REPAIR HOMES IN ROCK AND JEFFERSON COUNTIES. THE REMINDER IS SOLD TO THE PUBLIC AT 50-75% OFF THE RETAIL PRICE AND THOSE FUNDS ARE USED TO BUILD AND REPAIR THE HOMES OF LOW- TO MIDDLE-INCOME FAMILIES.
PRODUCE FOR PANTRIES - CORNERSTONE OF HOPE HELPS INDIVIDUALS AND FAMILIES THROUGHOUT SOUTH CENTRAL WI TO RAISE HIGH QUALITY FRUITS AND VEGETABLES FOR THEMSELVES, THEIR NEIGHBORS, AND AREA PANTRIES. GARDENERS ARE GIVEN UP TO TWO FREE GARDEN BEDS WITH THE SOIL, SEEDS AND PLANTS NEEDED TO PLANT EACH BED. THEY ARE TAUGHT HOW FOOD GROWS, THE IMPORTANCE OF PROPER NUTRITION AND CREATIVE WAYS TO ADD HEALTHY FOODS TO THEIR DIETS. LOCAL BUSINESSES, SCHOOLS AND COMMUNITY GARDENS HAVE JOINED CORNERSTONE OF HOPE TO GROW NUTRITIOUS FOOD FOR FAMILIES IN NEED. IN 2022 WE PRODUCED THOUSANDS OF POUNDS OF PRODUCE DONATED TO AREA PANTRIES, SENIOR CENTERS AND ORGANIZATIONS PROVIDING MEALS TO PERSONS IN NEED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Matt Hirsch President | OfficerTrustee | 1 | $0 |
Noah Thompson Secretary/treasurer | OfficerTrustee | 1 | $0 |
Terry Duller Director | Trustee | 1 | $0 |
David Thomas Executive Director | Officer | 40 | $64,500 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $16,909 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $17,433 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $34,342 |
| Total Program Service Revenue | $119,680 |
| Investment income | $440 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$2,316 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $152,146 |
| 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. | $64,500 |
| Compensation of current officers, directors, key employees. | $17,950 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $59,574 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $779 |
| Payroll taxes | $9,492 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,500 |
| 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 | $10,365 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $9,026 |
| Travel | $3,470 |
| 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 | $2,228 |
| All other expenses | $850 |
| Total functional expenses | $166,924 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $152,594 |
| Savings and temporary cash investments | $4,411 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,499 |
| 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 | $22,024 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $453,830 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $634,358 |
| Accounts payable and accrued expenses | $6,727 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $6,146 |
| 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 | $12,873 |
| Net assets without donor restrictions | $621,485 |
| 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 | $634,358 |