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The Cornerstone Initiative

Tax-deductible

Huntsville, AL501(c)(3)Community Development EIN 27-5159255Revenue $327K in FY2024

On file with the IRScornerstone-al.comPo Box 391, 35804-0391 · Huntsville, ALTax-exempt since May 2013Publicly supported charity — 170(b)(1)(A)(vi)

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The CornerStone Initiative is a faith-based nonprofit organization committed to encouraging and equipping men and women in Madison County, Alabama as they navigate a pathway out ofpoverty to a place of sustainable self-sufficiency.

501(c)(3) charity; gifts are tax-deductible.
100¢ of each $1 spent went to programs.
Run by 100 volunteers and 5 employees.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 5
filings with a surplus
Average surplus $36K a year · 14% of revenue · last 5 filings
Worth a look: a surplus in 3 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
15 mo
of spending, in cash
Looks good: 15.3 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
3
named funders · $28K
Looks good: 3 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$7K
2% of total assets
Looks good: liabilities are 2% of assets; 50% or less.
Pt X · Ln 26
Independent board members
9
of 9 voting members
Looks good: 9 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$327K
+2% vs prior year
Spent
$256K
To programs
100%
Net assets
$319K
By yearFY2020–FY2024
Revenue
$327K
FY2024▲ +2%
Tap a bar for its year
Revenue by fiscal year
FY2020$261K
FY2021$211K
FY2022$217K
FY2023$319K
FY2024$327K
Expenses
$256K
FY2024▲ +5%
Tap a bar for its year
Expenses by fiscal year
FY2020$205K
FY2021$220K
FY2022$228K
FY2023$244K
FY2024$256K
Net assets
$319K
FY2024▲ +29%
Tap a bar for its year
Net assets by fiscal year
FY2020$193K
FY2021$184K
FY2022$173K
FY2023$248K
FY2024$319K

From the FY2024 Form 990 · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in May 2013.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

100 cents of each dollar spent went to programs.

Program services 100% · $256K

Form 990 Part IX, line 25. Every line is in By the numbers.

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Who runs it and what they're paid

9 people listed on the 990.

Part VII, Section A · reportable compensation
Terry Boyd
Board President
$0Pt VII · Sec A
Docquinn Taylor
Vice President
$0Pt VII · Sec A
Sarah Collins
Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A
David Myrick
Director
$0Pt VII · Sec A
Johann Moore
Director
$0Pt VII · Sec A
Jane Daniel
Director
$0Pt VII · Sec A
Bill Nash
Spiritual Director
$0Pt VII · Sec A
See The Cornerstone Initiative executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Helps Madison County residents escape poverty and achieve self-sufficiency.

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Provided by the organization

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2 programs · $256K · in their own filed words · FY2024
01

The CornerStone Initiative is a faith-based nonprofit organizatuion committed to encouraging and equipping men and women in Madison County, Alabama as they navigate a pathway out of poverty to a place of sustainable self-sufficiency.

$256Kprogram expense
02

See schedule o

Pt IX · col B

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2024
Community Foundation of Greater HuntsvilleFY2024$15K
Trideum Foundation INCFY2024$8K
Fidelity Investments Charitable Gift FundFY2024$5K
Total grants receivedfrom 3 funders$28K
See all 3 funders →

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$327K
Ln 12
Gifts and grantsLn 1h$320K
Investment incomeLn 3$5K
Other incomeLn 4–11$2K
Money outPt IX
$256K
Ln 25
Programscol B$256K
Owns and owesPt X
$319K
net assets · Ln 32
Cash and savingsLn 1–2$326K
Total assetsLn 16$326K
LiabilitiesLn 26$7K
PeoplePt VI, VII
9
listed · VII A
PaidVII A0
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$320K
Fundraising eventsLn 1c$117K
Investment incomeLn 3$5K
Other incomeLn 4–11$2K
Total revenueLn 12$327K
Assets in detailPt X, end of year
CashLn 1$326K
Cash and savings togetherLn 1–2$326K
Total assetsLn 16$326K
LiabilitiesLn 26$7K
Net assetsLn 32$319K
OperationsPt I, VI
EmployeesI 55
VolunteersI 6100
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$257K$326K
Total assetsLn 16$257K$326K
LiabilitiesLn 26$8K$7K
Net assetsLn 32$248K$319K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$177K$177K
Other employee benefitsLn 9$26K$26K
Payroll taxesLn 10$14K$14K
Accounting feesLn 11c$750$750
Advertising and promotionLn 12$3K$3K
Office expensesLn 13$5K$5K
OccupancyLn 16$4K$4K
InsuranceLn 23$1K$1K
Other expenses (24a–d)Ln 24$13K$13K
All other expensesLn 24e$12K$12K
Total functional expensesLn 25$256K$256K$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $327K$256K$71K$319K 990 PDF
FY2023 $319K$244K$75K$248K 990 PDF
FY2022 $217K$228K−$11K$173K 990 PDF
FY2021 $211K$220K−$9K$184K 990 PDF
FY2020 $261K$205K$55K$193K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2024 990 (6 parts)
Part I · Summary $327,112 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $291,310$319,572
I-9 Program service revenue$0
I-10 Investment income$5,433
I-11 Other revenuePrior year $27,926$2,107
I-12 Total revenuePrior year $319,236$327,112
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $184,392$216,436
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $59,505$39,654
I-18 Total expensesPrior year $243,897$256,090
I-19 Revenue less expensesPrior year $75,339$71,022
Part VI · Governance 9 of 9 board members independent, 2 to look at
VI-1a Voting members of the governing body9
VI-1b Independent voting members9
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $327,112 across 7 lines filed
VIII-1c Fundraising events$117,265
VIII-1f All other contributions, gifts and grants$202,307
VIII-1h Total contributions, gifts and grants$319,572
VIII-3 Investment incomeRelated to mission $5,433$5,433
VIII-8 Net income from fundraising events$0
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $2,107$2,107
VIII-12 Total revenueRelated to mission $7,540 · Unrelated business $0 · Excluded from tax $0$327,112
Part IX · Statement of functional expenses $256,090 across 10 lines filed
IX-7 Other salaries and wagesPrograms $176,597$176,597
IX-9 Other employee benefitsPrograms $26,329$26,329
IX-10 Payroll taxesPrograms $13,510$13,510
IX-11c Accounting feesPrograms $750$750
IX-12 Advertising and promotionPrograms $3,233$3,233
IX-13 Office expensesPrograms $5,401$5,401
IX-16 OccupancyPrograms $4,487$4,487
IX-23 InsurancePrograms $1,497$1,497
IX-24 Other expenses (24a–d)Programs $12,625$12,625
IX-24e All other expensesPrograms $11,661$11,661
IX-25 Total functional expensesPrograms $256,090 · Management $0 · Fundraising $0$256,090
Part X · Balance sheet $326,014 assets, 7 lines filed
X-1 Cash, non-interest-bearingStart of year $256,575$326,014
X-16 Total assetsStart of year $256,575$326,014
X-25 Other liabilitiesStart of year $8,351$6,768
X-26 Total liabilitiesStart of year $8,351$6,768
X-27 Net assets without donor restrictionsStart of year $248,224$319,246
X-32 Total net assets or fund balancesStart of year $248,224$319,246
X-33 Total liabilities and net assetsStart of year $256,575$326,014
Part XI · Reconciliation of net assets $319,246 net assets at year end
XI-1 Total revenue$327,112
XI-2 Total expenses$256,090
XI-3 Revenue less expenses$71,022
XI-4 Net assets at start of year$248,224
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$319,246

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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