Cornerstone West Community Development Corporation
- Assets
- $4.5m
- Revenue
- $1.4m
- Investments
- $0.0
- Employees
- 0
- Location
- Wilmington, DE
- Founding
- 04/2000
- Data as of
- 06/2022
- EIN
- 51-0387484
Organization Overview
Cornerstone West Community Development Corporation is located in Wilmington, DE. The organization was established in 2000. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cornerstone West Community Development Corporation 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, Cornerstone West Community Development Corporation generated $1.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.8% each year. All expenses for the organization totaled $1.7m during the year ending 06/2022. While expenses have increased by 17.5% 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.
Since 2018, Cornerstone West Community Development Corporation has awarded 17 individual grants totaling $377,551. 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
COMMUNITY REVITALIZATION PROGRAM, HOME OWNERSHIP, DEVELOPMENT AND RENTAL FOR LOW TO MODERATE FAMILIES AND INDIVIDUALS
Describe the Organization's Program Activity:
Part 3 - Line 4a
COMMUNITY ENGAGEMENT & DEVELOPMENT - CORNERSTONE WEST CDC IS LEADING THE REVITALIZATION ACTIVITIES ON THE WEST SIDE OF WILMINGTON, INCLUDING A 10 YEAR PLAN TO IMPROVE AREA PARKS, AS WELL AS, CREATE OPPORTUNITIES FOR YOUTH WITHIN THE CITY OF WILMINGTON.
MISCELLANEOUS INCOME
ECONOMIC DEVELOPMENT - CORNERSTONE WEST CDC IMPLEMENTS PROGRAMS TO SUPPORT EXISTING BUSINESSES, ATTRACT NEW BUSINESSES, AND MAKE THE WEST SIDE A DESTINATION. THE TYPE OF WORK INCLUDES SMALL BUSINESS DEVELOPMENT, TECHNICAL ASSISTANCE, AND COMMERCIAL CORRIDOR IMPROVEMENT STRATEGIES. CORNERSTONE PARTNERS WITH LOCAL ORGANIZATIONS TO IMPLEMENT SUCCESSFUL MODELS FROM THE WEST SIDE OF WILMINGTON, IN OTHER PARTS OF WILMINGTON, AND IN THE STATE.
HOUSING - CORNERSTONE WEST CDC IS AN AFFORDABLE HOUSING DEVELOPER BUILDING HOUSING FOR FIRST-TIME HOMEBUYERS AND RENTAL HOUSING FOR SPECIAL NEEDS POPULATIONS, INCLUDING YOUTH AGING OUT OF FOSTER CARE. IN ADDITION, CORNERSTONE'S HOUSING PROGRAMS INCLUDE RENTAL HOUSING FOR 6 FAMILIES IN NEW CASTLE COUNTY AND A HOMEBUYER REPAIR PROGRAM, FOCUSING PRIMARILY ON SENIORS TO HELP THEM AGE IN PLACE IN THE WEST SIDE OF WILMINGTON.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James A Brunswick Jr Board Member | Trustee | 1 | $0 |
Alyssa Pietrobono Treasurer | OfficerTrustee | 1 | $0 |
Paul Calistro Jr Board Member | Trustee | 8.4 | $26,375 |
David Holden Secretary | OfficerTrustee | 1 | $0 |
Joe Westcott Chairperson | OfficerTrustee | 1 | $0 |
Joshua Novak Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $439,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $771,693 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,210,693 |
| Total Program Service Revenue | $102,834 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $84,710 |
| 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 | $1,403,158 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $188,634 |
| Grants and other assistance to domestic individuals. | $605,933 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $105,571 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $247,865 |
| Pension plan accruals and contributions | $15,907 |
| Other employee benefits | $41,705 |
| Payroll taxes | $39,945 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $120,401 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,940 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $10,900 |
| Travel | $10,330 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $3,205 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $75,263 |
| Insurance | $2,914 |
| All other expenses | $22,925 |
| Total functional expenses | $1,662,471 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,001,107 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $180,000 |
| Accounts receivable, net | $12,581 |
| 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 | $3,351,367 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,545,055 |
| Accounts payable and accrued expenses | $82,381 |
| Grants payable | $0 |
| Deferred revenue | $1,848,256 |
| 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 | $159,461 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $883,873 |
| Total liabilities | $2,973,971 |
| Net assets without donor restrictions | $1,051,061 |
| Net assets with donor restrictions | $520,023 |
| 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 | $4,545,055 |
Grants Awarded
Over the last fiscal year, Cornerstone West Community Development Corporation has awarded $30,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
BE READY CHURCH PURPOSE: TO ASSIST WITH COSTS ASSOCIATED WITH IMPROVING BUILDING'S APPEARANCE. | $15,000 |
PETER SPENCER FAMILY LIFE FOUNDATION PURPOSE: TO ASSIST WITH COSTS ASSOCIATED WITH IMPROVING BUILDING'S APPEARANCE. | $15,000 |