Cornerstone Housing For Adults With Disabilities
- Assets
- $39.1m
- Revenue
- $5.7m
- Investments
- $0.0
- Employees
- 0
- Location
- North Hollywood, CA
- Founding
- 11/2019
- Data as of
- 12/2023
- EIN
- 84-2737310
Organization Overview
Cornerstone Housing For Adults With Disabilities is located in North Hollywood, CA. The organization was established in 2019. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cornerstone Housing For Adults With Disabilities 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 12/2023, Cornerstone Housing For Adults With Disabilities generated $5.7m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (12.3%) each year. All expenses for the organization totaled $1.1m during the year ending 12/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE ADULT LIVING FOR THOSE WHO HAVE INTELLECTUAL & DEVELOPMENTAL DISABILITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION INTENDS TO DEVELOP AND OPERATE SUBSIDIZED HOUSING FOR PERSONS IN THE GREATER LOS ANGELES COMMUNITY WITH RECOGNIZED PHYSICAL OR MENTAL DISABILITIES OR DEVELOPMENTAL DISORDERS, WHO HAVE LIMITED FINANCIAL RESOURCES AND ARE DEPENDENT TO SOME EXTENT ON PUBLIC AND CHARITABLE ASSISTANCE. THE ORGANIZATION BEGAN A CAPITAL CAMPAIGN TO RAISE FUNDS TO DEVELOP A CENTER THAT INCLUDES MORE THAN 60 INDIVIDUAL APARTMENTS, PROGRAM, FITNESS, AND KITCHEN AND DINING AREAS, AS WELL AS LEASED RETAIL SPACE. DURING THE YEAR ENDED DECEMBER 31, 2020, THE ORGANIZATION ACQUIRED THE LAND AND BUILDING THAT WILL BE TRANSFORMED INTO THE CENTER. DURING FISCAL YEAR 2021, THE CONSTRUCTION PROJECT BEGAN TO TRANSFORM THE LOCATION INTO THE INTENDED COMMUNITY WHICH IS EXPECTED TO BE COMPLETED IN 2025.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kambiz Babaoff President | OfficerTrustee | 1 | $0 |
Scott Krieger Secretary | OfficerTrustee | 1 | $0 |
Jonathan M Glaser Director | Trustee | 1 | $0 |
Eric Schwartz Treasurer | OfficerTrustee | 1 | $0 |
Steve Savitsky Director | Trustee | 1 | $0 |
Stephen Darrison Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Tikva-etta & Lazear Israel Center For Th Non-profit Management | 12/30/22 | $120,474 |
Frymer Development Inc Demolition Of Building | 12/30/22 | $157,119 |
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 | $5,270,854 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,270,854 |
| Total Program Service Revenue | $0 |
| Investment income | $332,186 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $53,006 |
| 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 | $5,680,609 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $33,630 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $183,661 |
| Office expenses | $3,890 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $104,813 |
| 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 | $0 |
| Insurance | $3,017 |
| All other expenses | $0 |
| Total functional expenses | $1,062,505 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $194,543 |
| Savings and temporary cash investments | $8,712,887 |
| Pledges and grants receivable | $5,792,507 |
| Accounts receivable, net | $96,531 |
| 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 | $1,118 |
| Net Land, buildings, and equipment | $24,187,276 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $99,749 |
| Total assets | $39,084,611 |
| Accounts payable and accrued expenses | $790,683 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $9,570,939 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $1,055,582 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $90,262 |
| Total liabilities | $11,507,466 |
| Net assets without donor restrictions | $19,474,994 |
| Net assets with donor restrictions | $8,102,151 |
| 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 | $39,084,611 |