Cornerstone Of Topeka Inc
- Assets
- $9.4m
- Revenue
- $1.6m
- Investments
- $0.0
- Employees
- 7
- Location
- Topeka, KS
- Founding
- 04/1987
- Data as of
- 12/2021
- EIN
- 48-1021157
Organization Overview
Cornerstone Of Topeka Inc is located in Topeka, KS. The organization was established in 1987. 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 Topeka Inc employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cornerstone Of Topeka 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 12/2021, Cornerstone Of Topeka Inc generated $1.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.8% each year. All expenses for the organization totaled $1.1m during the year ending 12/2021. While expenses have increased by 2.3% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
ALL CORNERSTONE EFFORTS ARE DIRECTED TOWARD INTERRUPTING THE CYCLE OF HOMELESSNESS, PROVIDING DECENT, SAFE, ACCESSIBLE AND AFFORDABLE HOUSING OF CHOICE TO MODERATE AND LOW-INCOME HOUSEHOLDS, AND REVITALIZING TOPEKA NEIGHBORHOODS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
A COMBINED TRANSITIONAL HOUSING PROGRAM (THP) AND AFFORDABLE HOUSING PROGRAM (AHP) CURRENTLY ARE OPERATED AS ONE PROGRAM BY THE ORGANIZATION.TRANSITIONAL HOUSING PROGRAM (THP) - PROVIDES TEMPORARY HOUSING (UP TO 6 MONTHS) TO HOMELESS PERSONS AND FAMILIES WITH CHILDREN IN ORDER TO HELP THEM OBTAIN PERMANENT HOUSING. ADMISSION TO THE PROGRAM IS BY REFERRAL FROM A SHELTER OR SOCIAL SERVICE AGENCY. SELECTION CRITERIA APPLY. THE PROGRAM IS TARGETED TO BREAKING THE CYCLE OF HOMELESSNESS.AFFORDABLE HOUSING PROGRAM (AHP) - HAS AN INVENTORY OF OVER 160 UNITS OF BELOW-MARKET RENTAL HOUSING. (SEE SCHEDULE O) ALL OF THE HOMES AND APARTMENTS ARE RENT-RESTRICTED, AND AVAILABLE ONLY TO LOW-INCOME HOUSEHOLDS EARNING AT OR BELOW 80% OF AREA MEDIAN INCOME. SOME UNITS ARE FURTHER RESTRICTED TO LOWER INCOME, OR FOR SPECIAL NEEDS SUCH AS HOMELESS OR DISABLED. WHILE HOME OWNERSHIP OPPORTUNITIES ARE NO LONGER A PRIMARY ACTIVITY OF CORNERSTONE, THE ORGANIZATION WILL CONSIDER PURCHASE OF ITS HOMES BY QUALIFIED TENANTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Matthew Baldwin Board Member | Trustee | 1 | $0 |
Dianne Deuser Board Member | Trustee | 1 | $0 |
Charles Franks Board Member | Trustee | 1 | $0 |
Wayne French Board Member | Trustee | 1 | $0 |
Anne Mcinerney Board Member | Trustee | 1 | $0 |
Mirida Osborne Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $656,962 |
| All other contributions, gifts, grants, and similar amounts not included above | $40,902 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $697,864 |
| Total Program Service Revenue | $899,013 |
| Investment income | $297 |
| 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 | $1,597,174 |
| 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. | $70,204 |
| Compensation of current officers, directors, key employees. | $22,168 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $215,736 |
| Pension plan accruals and contributions | $5,754 |
| Other employee benefits | $51,668 |
| Payroll taxes | $22,066 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $854 |
| Fees for services: Accounting | $15,075 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,857 |
| Advertising and promotion | $452 |
| Office expenses | $22,132 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $299,482 |
| Travel | $969 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,459 |
| Interest | $24,382 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $206,511 |
| Insurance | $74,184 |
| All other expenses | $13,260 |
| Total functional expenses | $1,057,948 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $130,996 |
| Savings and temporary cash investments | $287,044 |
| Pledges and grants receivable | $96,841 |
| Accounts receivable, net | $2,058 |
| 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 | $5,607 |
| Net Land, buildings, and equipment | $8,289,448 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $548,000 |
| Total assets | $9,359,994 |
| Accounts payable and accrued expenses | $174,671 |
| Grants payable | $0 |
| Deferred revenue | $299,623 |
| 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 | $1,138,342 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $784,420 |
| Total liabilities | $2,397,056 |
| Net assets without donor restrictions | $2,484,901 |
| Net assets with donor restrictions | $4,478,037 |
| 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 | $9,359,994 |