Corenet Global Inc
- Assets
- $31.7m
- Revenue
- $13.4m
- Investments
- $70.0k
- Employees
- 33
- Location
- Atlanta, GA
- Founding
- 08/2014
- Data as of
- 03/2024
- EIN
- 52-2337734
Organization Overview
Corenet Global Inc is located in Atlanta, GA. The organization was established in 2014. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 03/2024, Corenet Global Inc employed 33 individuals. This organization is a parent organization of an affiliated group for tax-exemption purposes. Corenet Global Inc is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 03/2024, Corenet Global Inc generated $13.4m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.3%) each year. All expenses for the organization totaled $12.2m during the year ending 03/2024. As we would expect to see with falling revenues, expenses have declined by (1.6%) per year over the past 7 years. 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
CORENET GLOBAL, INC. IS A 501(C)(6) TAX-EXEMPT MEMBERSHIP ORGANIZATION FOCUSED ON EDUCATION, RESEARCH, CERTIFICATION, (THE MASTERS OF CORPORATE REAL ESTATE) AND NETWORKING FOR CORPORATE REAL ESTATE PROFESSIONALS. CORPORATE REAL ESTATE PROFESSIONALS MANAGE THE REAL ESTATE HELD BY A CORPORATION TO SUPPORT ITS CORE BUSINESS INCLUDING ACQUISITION, DESIGN AND EFFICIENT USE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SUMMITS ARE MEETINGS WITH EDUCATIONAL PROGRAMS TO LEARN MORE ABOUT CURRENT DEVELOPMENTS IN THE PROFESSION. CORENET HELD THREE SUMMIT AND 55 LEARNING EVENTS WITH 4,043 ATTENDEES.
EDP ARE TRAINING COURSES IN CRE TOPICS AND CAN LEAD TO A MCR DESIGNATION WITH SEVERAL CLASSES COMPLETED.
PARTNERSHIP IS A CORPORATE PROGRAM THAT ALLOWS THE COMPANIES TO GET RESEARCH, ATTEND SPECIAL FORUMS AND GET DISCOUNTS ON OTHER PROGRAMS AND MEMBERSHIPS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Chang Chair | OfficerTrustee | 1 | $0 |
Gloria Mamwa Immediate Past Chair | OfficerTrustee | 1 | $0 |
Jamie Leary-Erickson Treasurer | OfficerTrustee | 1 | $0 |
Mara Cummings Governance Committee Chair | OfficerTrustee | 1 | $0 |
Maria Russo-Fama Director | Trustee | 1 | $0 |
Erin Mical Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $754,316 |
| 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 | $754,316 |
| Total Program Service Revenue | $12,204,892 |
| Investment income | $564,358 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$85,521 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $13,438,045 |
| 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. | $2,429,721 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,875,904 |
| Pension plan accruals and contributions | $36,740 |
| Other employee benefits | $360,328 |
| Payroll taxes | $102,930 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $155,024 |
| Fees for services: Accounting | $44,849 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $37,772 |
| Fees for services: Other | $324,514 |
| Advertising and promotion | $239,249 |
| Office expenses | $229,387 |
| Information technology | $810,677 |
| Royalties | $0 |
| Occupancy | $377,375 |
| Travel | $119,530 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,222,147 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $264,577 |
| Insurance | $133,800 |
| All other expenses | $1,455,621 |
| Total functional expenses | $12,220,145 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,451,843 |
| Savings and temporary cash investments | $4,987,557 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $10,949,752 |
| 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 | $437,453 |
| Net Land, buildings, and equipment | $655,644 |
| Investments—publicly traded securities | $9,494,430 |
| Investments—other securities | $69,980 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $649,187 |
| Total assets | $31,695,846 |
| Accounts payable and accrued expenses | $13,658,339 |
| Grants payable | $0 |
| Deferred revenue | $3,630,135 |
| 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 | $0 |
| Total liabilities | $17,288,474 |
| Net assets without donor restrictions | $14,407,372 |
| 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 | $31,695,846 |