Cornerstone Broadcasting Corporation
- Assets
- $901.9k
- Revenue
- $467.1k
- Investments
- $0.0
- Employees
- 4
- Location
- Port Orange, FL
- Founding
- 06/1995
- Data as of
- 12/2022
- EIN
- 59-3237140
Organization Overview
Cornerstone Broadcasting Corporation is located in Port Orange, FL. The organization was established in 1995. According to its NTEE Classification (X80) the organization is classified as: Religious Media & Communications, under the broad grouping of Religion-Related and related organizations. As of 12/2022, Cornerstone Broadcasting Corporation employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cornerstone Broadcasting 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 12/2022, Cornerstone Broadcasting Corporation generated $467.1k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.0% each year. All expenses for the organization totaled $493.1k during the year ending 12/2022. While expenses have increased by 1.5% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
24 HOURS PER DAY, 7 DAYS PER WEEK, RELIGIOUS BROADCASTING OF PROGRAMS AND MUSIC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
24 HOURS PER DAY, 7 DAYS PER WEEK, RELIGIOUS BROADCASTING OF PROGRAMS AND MUSIC.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Powell President | OfficerTrustee | 40 | $59,300 |
Cindy Ray Secretary | Officer | 0 | $0 |
Paul Francis Director | Officer | 0 | $0 |
Denis W Shelly Director | Officer | 0 | $0 |
Louis Mueller Director | Officer | 0 | $0 |
Mark Mcgrane Director | Officer | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $467,144 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $467,144 |
| Total Program Service Revenue | $0 |
| Investment income | $7,028 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $1,300 |
| Net Gain/Loss on Asset Sales | -$8,356 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $467,116 |
| 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. | $61,118 |
| Compensation of current officers, directors, key employees. | $15,280 |
| Compensation to disqualified persons | $126,476 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $14,358 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $5,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,517 |
| Office expenses | $8,892 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $85,033 |
| Travel | $86 |
| 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 | $40,498 |
| Insurance | $19,851 |
| All other expenses | $39,474 |
| Total functional expenses | $493,143 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $99,040 |
| Savings and temporary cash investments | $21,351 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $11,607 |
| 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 | $418,994 |
| Investments—publicly traded securities | $278,864 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $70,483 |
| Other assets | $1,546 |
| Total assets | $901,885 |
| Accounts payable and accrued expenses | $53,625 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $53,625 |
| Net assets without donor restrictions | $848,260 |
| 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 | $901,885 |