Cornerstone Bible Institute is located in Hot Springs, SD. The organization was established in 1993. According to its NTEE Classification (X21) the organization is classified as: Protestant, under the broad grouping of Religion-Related and related organizations. As of 06/2022, Cornerstone Bible Institute employed 20 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cornerstone Bible Institute 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 Bible Institute generated $227.3k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (7.7%) each year. All expenses for the organization totaled $232.8k during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (6.8%) 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
RELIGIOUS EDUCATION: THE BIBLE INSTITUTE OFFERS A 3 YEAR DEGREE (96 HOURS) IN BIBLE STUDIES, WITH MINORS IN PASTORAL MINISTRIES, MISSIONS, CHRISTIAN EDUCATION, AND MUSIC STUDIES. THE INSTITUTE SERVES ABOUT 36 FULL AND PART-TIME STUDENTS
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE BIBLE INSTITUTE OFFERS A 3 YEAR DEGREE (96 HOURS) IN BIBLE STUDIES, WITH MINORS IN PASTORAL MINISTRIES, MISSIONS, CHRISTIAN EDUCATION, AND MUSIC STUDIES. THE INSTITUTE SERVES ABOUT 36 FULL AND PART-TIME STUDENTS.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Matt Parker Vice President | OfficerTrustee | 2 | $0 |
David Brewer Secretary | OfficerTrustee | 2 | $0 |
Steven Deford President | OfficerTrustee | 2 | $0 |
Steve Johnson Treasurer | Officer | 2 | $0 |
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 | $227,226 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $227,226 |
Total Program Service Revenue | $0 |
Investment income | $104 |
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 | $227,330 |
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. | $0 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $164,789 |
Pension plan accruals and contributions | $0 |
Other employee benefits | $0 |
Payroll taxes | $3,444 |
Fees for services: Management | $0 |
Fees for services: Legal | $650 |
Fees for services: Accounting | $0 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $0 |
Advertising and promotion | $0 |
Office expenses | $13,001 |
Information technology | $4,656 |
Royalties | $0 |
Occupancy | $26,884 |
Travel | $450 |
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 | $0 |
Insurance | $11,323 |
All other expenses | $0 |
Total functional expenses | $232,760 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $103,411 |
Savings and temporary cash investments | $0 |
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 | $508,501 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $0 |
Total assets | $611,912 |
Accounts payable and accrued expenses | $0 |
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 | $0 |
Net assets without donor restrictions | $0 |
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 | $611,912 |
Total liabilities and net assets/fund balances | $611,912 |
Over the last fiscal year, we have identified 1 grants that Cornerstone Bible Institute has recieved totaling $3,000.
Awarding Organization | Amount |
---|---|
Mitchell Gantz Educational & Charitable Trust 604 Thornton, CO PURPOSE: SCHOLARSHIP | $3,000 |
Organization Name | Assets | Revenue |
---|---|---|
Immanuel Lutheran Corporation Of Kalispell Montana Kalispell, MT | $74,381,473 | $25,428,001 |
Association Of Hutterian Brethren Churches Inc Aberdeen, SD | $14,512,217 | $27,857,692 |
Good Shepherd Lutheran Community Blair, NE | $4,394,791 | $5,136,170 |
International Messengers Clear Lake, IA | $5,781,763 | $6,946,691 |
American Lutheran Church Elk Horn, IA | $6,340,352 | $5,973,020 |
Training Leaders International Minneapolis, MN | $2,737,195 | $5,107,369 |
Thrivent Financial for Lutherans Foundation Minneapolis, MN | $0 | $8,333,726 |
Nebraska Lutheran Outdoor Ministries Inc Ashland, NE | $11,165,008 | $3,788,912 |
Vision Beyond Borders Inc Casper, WY | $1,888,675 | $2,473,457 |
Lutheran Brethren Woodland Lodge Inc Fergus Falls, MN | $3,043,872 | $1,494,856 |
Saint Benedict Center Schuyler, NE | $23,442,378 | $3,304,045 |
Lutherans For Life Nevada, IA | $1,509,638 | $1,790,858 |