Cornerstone Public Asset Fund Inc
- Assets
- $25.3m
- Revenue
- $6.3m
- Investments
- $0.0
- Employees
- 107
- Location
- Benton Harbor, MI
- Founding
- 05/2016
- Data as of
- 12/2022
- EIN
- 46-4405437
Organization Overview
Cornerstone Public Asset Fund Inc is located in Benton Harbor, MI. The organization was established in 2016. According to its NTEE Classification (C30) the organization is classified as: Natural Resources Conservation & Protection, under the broad grouping of Environment and related organizations. As of 12/2022, Cornerstone Public Asset Fund Inc employed 107 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cornerstone Public Asset Fund 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 Public Asset Fund Inc generated $6.3m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (19.6%) each year. All expenses for the organization totaled $5.6m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2021, Cornerstone Public Asset Fund Inc has awarded 15 individual grants totaling $4,401,750. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
CORNERSTONE PUBLIC ASSET FUND, INC. IS ENGAGED IN THE DEVELOPMENT AND IMPLEMENTATION OF ECONOMIC GROWTH IN PARTNERSHIP WITH LOCAL COMMUNITIES AND MUNICIPALITIES. IT OPERATES AS A SUPPORTING ORGANIZATION TO CORNERSTONE ALLIANCE, A PUBLIC CHARITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEE SCHEDULE O
WHIRLPOOL CORPORATION COMMUNITY CHARITY GOLF EVENT: THE WHIRLPOOL COMMUNITY CHARITY GOLF EVENT (WCCGE) IS CONDUCTED EACH SUMMER. OVER THE PAST 19 YEARS, THE WCCGE HAS RAISED OVER $28 MILLION TO SUPPORT AREA YOUTH IN THE COMMUNITY. THE FUNDRAISING FROM THE WCCGE HAS ENABLED THE EXPANSION AND GROWTH OF LOCAL ORGANIZATIONS, AND THE MONEY RAISED HELPS AROUND 10,000 YOUTH A YEAR. THESE ORGANIZATIONS INCLUDE THE BOYS & GIRLS CLUBS OF GREATER SOUTHWEST MICHIGAN, FIRST TEE OF BENTON HARBOR AND THE LOCAL PUBLIC SCHOOL FOUNDATIONS OF BENTON HARBOR, LAKESHORE AND ST. JOSEPH AS WELL AS OTHER YOUTH PROGRAMS AND ORGANIZATIONS.
MICHIGAN'S GREAT SOUTHWEST STRATEGIC LEADERSHIP COUNCIL: THE ROLE OF THE COUNCIL IS TO BRING LEADERS FROM BUSINESS, GOVERNMENT, NONPROFIT, AND EDUCATION TOGETHER TO WORK COLLABORATIVELY TO ACHIEVE THE MISSION OF THE COUNCIL. LEADERS ARE BASED LOCALLY IN BERRIEN COUNTY, MI AND ARE ALL VOLUNTEER PARTICIPANTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rob Cleveland Vice President | OfficerTrustee | 1 | $0 |
Pamela Klyn Vice President | OfficerTrustee | 1 | $0 |
Sam Abdelnour Director | Trustee | 1 | $0 |
Michael Todman Director | Trustee | 1 | $0 |
Jeff Fettig Director | Trustee | 1 | $0 |
Christopher Cook President/treasurer | Officer | 10 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Dickinson Wright Pllc Legal | 12/30/18 | $260,420 |
Kempersports Management Inc Golf Course Management | 12/30/18 | $187,114 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $4,142,934 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $374,460 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,517,394 |
| Total Program Service Revenue | $2,602,924 |
| Investment income | $5,474 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $23,049 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$1,260,720 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $451,043 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,344,021 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,108,000 |
| 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 | $1,174,272 |
| Pension plan accruals and contributions | $1,017 |
| Other employee benefits | $17,314 |
| Payroll taxes | $123,358 |
| Fees for services: Management | $28,250 |
| Fees for services: Legal | $7,848 |
| Fees for services: Accounting | $33,468 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $268,070 |
| Advertising and promotion | $126,758 |
| Office expenses | $7,940 |
| Information technology | $204 |
| Royalties | $0 |
| Occupancy | $173,760 |
| Travel | $3,969 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,988 |
| Interest | $3,930 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $583,205 |
| Insurance | $171,856 |
| All other expenses | $37,245 |
| Total functional expenses | $5,590,561 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,103,267 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $255,546 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $215,794 |
| Prepaid expenses and deferred charges | $85,825 |
| Net Land, buildings, and equipment | $21,830,691 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $848,305 |
| Total assets | $25,339,428 |
| Accounts payable and accrued expenses | $307,365 |
| Grants payable | $0 |
| Deferred revenue | $194,081 |
| 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 | $162,195 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,018,103 |
| Total liabilities | $1,681,744 |
| Net assets without donor restrictions | $23,657,684 |
| 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 | $25,339,428 |
Grants Awarded
Over the last fiscal year, Cornerstone Public Asset Fund Inc has awarded $2,108,000 in support to 8 organizations.
| Grant Recipient | Amount |
|---|---|
BOYS & GIRLS CLUBS OF BENTON HARBOR PURPOSE: GENERAL SUPPORT | $1,000,000 |
ST JOSEPH PUBLIC SCHOOLS FOUNDATION PURPOSE: GENERAL SUPPORT | $250,000 |
BENTON HARBOR EDUCATION FOUNDATION PURPOSE: GENERAL SUPPORT | $250,000 |
LAKESHORE EXCELLENCE FOUNDATION PURPOSE: GENERAL SUPPORT | $250,000 |
FIRST TEE OF BENTON HARBOR INC PURPOSE: GENERAL SUPPORT | $200,000 |
POW EDUCATIONAL FOUNDATION PURPOSE: GENERAL SUPPORT | $25,000 |