Cornerstone Preparatory School Inc
- Assets
- $53.3k
- Revenue
- $451.0k
- Investments
- $0.0
- Employees
- 18
- Location
- Madisonville, KY
- Founding
- 12/2019
- Data as of
- 06/2022
- EIN
- 84-1843718
Organization Overview
Cornerstone Preparatory School Inc is located in Madisonville, KY. The organization was established in 2019. According to its NTEE Classification (B20) the organization is classified as: Elementary & Secondary Schools, under the broad grouping of Education and related organizations. As of 06/2022, Cornerstone Preparatory School Inc employed 18 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cornerstone Preparatory School Inc 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 Preparatory School Inc generated $451.0k in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 63.8% each year .
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
CORNERSTONE PREPARATORY SCHOOL OFFERS A DISTINCTLY DIFFERENT EDUCATION FOR KINDERGARTEN THROUGH 12TH GRADE. FULLY-ACCREDITED EDUCATION IS OFFERED THROUGH THE LENS OF A BIBLICAL WORLD VIEW WHICH PREPARES OUR STUDENTS FOR COLLEGE, CAREER, AND LIFE. IT IS OUR HOPE THAT STUDENTS WHO ARE GRADUATED FROM CORNERSTONE PREP WILL DEVELOP EXEMPLARY STRENGTHS, BE READY TO SUCCEED IN WHATEVER PATH THEY CHOOSE IN LIFE, AND FULLY CONTRIBUTE TO OUR COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INITIALLY ORGANIZED IN MAY 2019, CORNERSTONE PREP HAS COMPLETED THE THIRD YEAR OF OFFERING FULLY-ACCREDITED EDUCATION TO KINDERGARTEN THROUGH 12TH GRADE. THIS EDUCATION IS OFFERED THROUGH THE LENS OF A BIBLICAL WORLD VIEW WHICH PREPARES OUR STUDENTS FOR COLLEGE, CAREER, AND LIFE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Aimee Laffoon President | Trustee | 2 | $0 |
Anthony Knight Treasurer | Trustee | 2 | $0 |
Tim Morgan Vice President | Trustee | 2 | $0 |
Cliff Nance Director | Trustee | 2 | $0 |
Tanya Bowman Director | Trustee | 2 | $0 |
Lara Hunt Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $212,458 |
| Investment income | $0 |
| 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 | $450,964 |
| Statement of Expenses | |
|---|---|
| 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 to disqualified persons | $0 |
| Other salaries and wages | $321,583 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $28,621 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,277 |
| 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 | $992 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $322 |
| Travel | $0 |
| 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 | $8,155 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $442,348 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,494 |
| 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 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $53,277 |
| 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 | $2,956 |
| Total liabilities | $2,956 |
| Net assets without donor restrictions | $50,321 |
| 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 |
| Total liabilities and net assets/fund balances | $50,321 |