Cornerstone Foundation
- Assets
- $2.1m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 4
- Location
- Biloxi, MS
- Founding
- 04/1994
- Data as of
- 12/2021
- EIN
- 64-0819423
Organization Overview
Cornerstone Foundation is located in Biloxi, MS. The organization was established in 1994. According to its NTEE Classification (Q30) the organization is classified as: International Development, under the broad grouping of International, Foreign Affairs & National Security and related organizations. As of 12/2021, Cornerstone Foundation employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cornerstone Foundation 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 Foundation generated $1.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.3% each year. All expenses for the organization totaled $998.3k during the year ending 12/2021. While expenses have increased by 9.3% 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
BUILD A DIVERSE COMMUNITY OF CHRISTIAN BELIEVERS COOPERATING TO PROVIDE MEDICAL CARE, AND A CONSTANT, PRESENT, ON-GOING HEARING OF THE GOSPEL OF JESUS CHRIST TO THE PEOPLE OF THE NORTH COAST OF HONDURAS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOSPITAL LOMA DE LUZ CARED FOR 20,000 PATIENTS OF MINIMAL RESOURCES OFFERING FULL-TIME MEDICAL CARE OF THE HIGHEST QUALITY IN AREAS OF FAMILY PRACTICE, PEDIATRICS, CARDIOLOGY, INTERNAL MEDICINE, SURGERY, AND MATERNAL CHILD HEALTH AND DENTISTRY. MEDICAL CLINICS WERE OPEN 5 DAYS PER WEEK. EMERGENCY ROOM AND IN-PATIENT SERVICES WERE OFFERED 24/7/365. PERFORMED NUMEROUS OPERATIONS OF ALL KINDS.
ESCUELA EL CAMINO OFFERED CLASSES FOR FULL TIME STUDENTS INCLUDING GEOGRAPHY, ART, MUSIC AND READING. SUPPORT FOR ALL PUBLIC SCHOOLS IN THE AREA IN OBTAINING LIBRARIES, OFFERING SPECIAL PROGRAMS, AND HELPING CONSTRUCT/UPGRADE SCHOOLS. HELD WEEK LONG ANNUAL MISSIONARY KIDS CAMP FOR KIDS ALL OVER HONDURAS.
ONGOING HOUSING/CARE OF POOREST PATIENT FAMILIES AND PATIENTS FROM OTHER PARTS OF THE COUNTRY AT THE SANCTUARY CENTER AND CHILDRENS CENTER.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Jeff Mckenney President | Officer | 66 | $40,170 |
Rosanne Mckenney Comptroller | Trustee | 48 | $40,170 |
Sally Mahoney Communications | Trustee | 2 | $803 |
Bruce Coble Secretary | Officer | 6 | $0 |
Dr Wade Bishop Treasurer | Officer | 4 | $0 |
Ruth Bishop Personnel | Trustee | 0.5 | $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 | $1,171,824 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,171,824 |
| Total Program Service Revenue | $0 |
| Investment income | $1,909 |
| 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 | $1,173,733 |
| 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. | $80,340 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $76,159 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $31,367 |
| Payroll taxes | $9,598 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $11,460 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,061 |
| Advertising and promotion | $0 |
| Office expenses | $2,430 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $3,136 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,294 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $15,644 |
| Insurance | $6,493 |
| All other expenses | $7,768 |
| Total functional expenses | $998,289 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $641,319 |
| Savings and temporary cash investments | $407,313 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $686,663 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $326,585 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,061,880 |
| Accounts payable and accrued expenses | $21,655 |
| 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 | $11,633 |
| Total liabilities | $33,288 |
| Net assets without donor restrictions | $2,028,592 |
| 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 | $2,061,880 |
Grants Recieved
Over the last fiscal year, we have identified 7 grants that Cornerstone Foundation has recieved totaling $97,890.
| Awarding Organization | Amount |
|---|---|
Samaritans Purse Boone, NC PURPOSE: MEDICAL ASSIST. | $47,424 |
Schwab Charitable Fund San Francisco, CA PURPOSE: INTERNATIONAL, FOREIGN AFFAIRS | $25,000 |
Community Foundation Of West Kentucky Inc Paducah, KY PURPOSE: PROGRAM SUPPORT | $20,000 |
Norman Hugh And Regina S Mathews Fam Foundation Tr Jacksonville, FL PURPOSE: PROVIDE MEDICAL CARE IN HONDURAS | $2,500 |
Jkbae Foundation Wilmington, DE PURPOSE: OPERATING SUPPORT | $2,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $891 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Christian Medical & Dental Society Bristol, TN | $23,493,559 | $15,260,039 |
The Bill Gatton Foundation Bristol, TN | $0 | $23,969,446 |
A M G International Chattanooga, TN | $17,555,584 | $9,364,805 |
Baptist Medical & Dental Mission International Inc Hattiesburg, MS | $5,144,542 | $6,135,444 |
Remote Area Medical Rockford, TN | $17,905,708 | $7,264,096 |
Child Impact International Ooltewah, TN | $2,851,578 | $3,424,209 |
Mission Lazarus Nashville, TN | $6,420,184 | $2,859,370 |
The Orphans Hands Inc Clinton, TN | $1,620,944 | $2,071,380 |
Southern Institute For Appropriate Technology Lineville, AL | $2,273,362 | $1,411,428 |
African Leadership Inc Franklin, TN | $322,473 | $1,041,929 |
Cornerstone Foundation Biloxi, MS | $2,061,880 | $1,173,733 |
International Health Care Foundation Searcy, AR | $2,080,269 | $1,005,166 |