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Cornerstone Academy

IRS exemption revoked

Snohomish, WAUnknown exempt organization EIN 65-1308343Revenue $594K in FY2020Latest filing we have: 2019. Newer ones may not be in our data yet. Filed since? Tell us.

On file with the IRSthecornerstoneacademy.orgSnohomish, WA

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Cornerstone Academy's mission is to provide a classical, Christian education that is parent supported, student centered and powered by passionate educators.

Form 990 Part I, line 1, FY2020. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 65-1308343) · Dispute this line
100¢ of each $1 spent went to programs.
Run by 20 volunteers and 24 employees.
Mission: Form 990 Part I, line 1 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2020 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
Revoked
IRS exemption revoked
The IRS revoked its tax exemption.
IRS Auto-Revocation List
Latest return
FY2020
latest Form 990
The latest return is for FY2020, 6 tax years back.
IRS e-file · Filing history
Spent on programs
100%
of spending
100% of spending went to programs.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$128K
to officers and key staff · 25% of spending
Pay to officers and key staff is 25% of spending.
Part VII, Section A
Cash reserves
3.5 mo
of spending, in cash
3.5 months of spending in cash.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$67K
42% of total assets
Liabilities are 42% of assets.
Pt X · Ln 26
Independent board members
7
of 7 voting members
7 of 7 voting members are independent.
Pt VI · Ln 1a–1b
In line with peersDifferent from peersFar from peersNo peer rangeNo data yetTap a box for the reason.
Revenue
$594K
Spent
$506K
To programs
100%
Net assets
$93K

From the FY2020 Form 990 (year ending June 2020) · figures checked against the IRS filing · see the original

990 PDF Follow Claim
IRS revoked this organization's tax-exempt status on November 15, 2023

Is it real?

No. The IRS revoked its tax exemption. Latest filing we have: FY2019.

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% · $506K

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

Something off? Claim to add context

Who runs it and what they're paid

7 people listed on the 990; $128K paid to officers and key staff (Part VII, Section A).

Part VII, Section A · reportable compensation
Kristofer Hvattum
Dean of Students & Secondary Teacher
$62,000Pt VII · Sec A
Tracy Whitfield
Director of Operations
$48,589Pt VII · Sec A
Michelle Jones
Head of School
$17,736Pt VII · Sec A
Hillary Starr
Board Officer
$0Pt VII · Sec A
Sarah Tainter
Board Officer
$0Pt VII · Sec A
Becky Gallagher
Board Officer
$0Pt VII · Sec A
Chuck Whitfield
Board Officer
$0Pt VII · Sec A
See Cornerstone Academy executive salaries →

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 15aNo

Programs and updates

Offers classical, Christian education with parent support and passionate teachers.

Questions for Cornerstone Academy

Tap to ask. Cornerstone Academy sees how many people are interested.

Your first name shows with your question. Cornerstone Academy answers here, for everyone.

3 programs · $428K · in their own filed words · FY2019
01

Teachers are our biggest resource for the school's success. We intentionally select teachers who are best able to support and further our mission.

Form 990 Part III, line 4, FY2019. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 65-1308343) · Dispute this line
$351Kprogram expense
02

Functioning day to day in our facility is a crucial part of our school's function and meeting the mission.

Form 990 Part III, line 4, FY2019. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 65-1308343) · Dispute this line
$55Kprogram expense
03

The curriculum and activities Cornerstone uses for the student's learning is very important to the long term success of meeting our graduation goals.

Form 990 Part III, line 4, FY2019. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 65-1308343) · Dispute this line
$21Kprogram expense

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$594K
Ln 12
Fees for servicesLn 2g$594K
Money outPt IX
$506K
Ln 25
Programscol B$506K
Owns and owesPt X
$93K
net assets · Ln 32
Cash and savingsLn 1–2$150K
Total assetsLn 16$160K
LiabilitiesLn 26$67K
PeoplePt VI, VII
7
listed · VII A
PaidVII A3
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$594K
Total revenueLn 12$594K
Assets in detailPt X, end of year
CashLn 1$150K
Cash and savings togetherLn 1–2$150K
Accounts receivableLn 4$7K
Land, buildings, equipmentLn 10c$3K
Total assetsLn 16$160K
LiabilitiesLn 26$67K
Net assetsLn 32$93K
OperationsPt I, VI
EmployeesI 524
VolunteersI 620
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$117K$150K
Land, buildings, equipmentLn 10c$7K$3K
Total assetsLn 16$453K$160K
LiabilitiesLn 26$446K$67K
Net assetsLn 32$8K$93K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$63K$63K
Pay of officers and key staff (Part IX, line 5)Ln 5$128K$128K
Other salaries and wagesLn 7$190K$190K
Payroll taxesLn 10$34K$34K
Office expensesLn 13$17K$17K
OccupancyLn 16$55K$55K
Depreciation, depletion and amortizationLn 22$3K$3K
InsuranceLn 23$3K$3K
Other expenses (24a–d)Ln 24$13K$13K$0$0
Total functional expensesLn 25$506K$506K$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2020 Latest ViewingFiled with the IRS May 13, 2021 $594K$506K$88K$93K 990 PDF

Schedules filed Part IV

I · Grants O · Explanations
See the full FY2020 990
Part I · Summary $593,891 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $28,760$0
I-9 Program service revenuePrior year $473,673$593,891
I-10 Investment incomePrior year $0$0
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $502,433$593,891
I-13 Grants and similar amounts paidPrior year $53,648$63,079
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $364,636$351,447
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $78,662$91,534
I-18 Total expensesPrior year $496,946$506,060
I-19 Revenue less expensesPrior year $5,487$87,831
Part VI · Governance 7 of 7 board members independent, 4 to look at
VI-1a Voting members of the governing body7
VI-1b Independent voting members7
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $593,891 across 3 lines filed
VIII-1h Total contributions, gifts and grants$0
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $593,891 · Unrelated business $0 · Excluded from tax $0$593,891
VIII-12 Total revenueRelated to mission $593,891 · Unrelated business $0 · Excluded from tax $0$593,891
Part IX · Statement of functional expenses $506,060 across 9 lines filed
IX-2 Grants to domestic individualsPrograms $63,079$63,079
IX-5 Pay of officers and key staff (Part IX, line 5)Programs $128,325$128,325
IX-7 Other salaries and wagesPrograms $189,560$189,560
IX-10 Payroll taxesPrograms $33,562$33,562
IX-13 Office expensesPrograms $16,514$16,514
IX-16 OccupancyPrograms $55,195$55,195
IX-22 Depreciation, depletion and amortizationPrograms $3,354$3,354
IX-23 InsurancePrograms $3,131$3,131
IX-24 Other expenses (24a–d)Programs $13,340 · Management $0 · Fundraising $0$13,340
IX-25 Total functional expensesPrograms $506,060 · Management $0 · Fundraising $0$506,060
Part X · Balance sheet $159,905 assets, 12 lines filed
X-1 Cash, non-interest-bearingStart of year $116,643$149,585
X-4 Accounts receivableStart of year $320,598$6,953
X-10c Land, buildings and equipment, netStart of year $6,751$3,367
X-16 Total assetsStart of year $453,392$159,905
X-17 Accounts payable and accrued expensesStart of year $10,888$62,076
X-19 Deferred revenueStart of year $389,298$5,050
X-26 Total liabilitiesStart of year $445,705$67,126
X-29 Capital stock or trust principalStart of year $0$0
X-30 Paid-in or capital surplusStart of year $0$0
X-31 Retained earnings or endowmentStart of year $7,687$92,779
X-32 Total net assets or fund balancesStart of year $7,687$92,779
X-33 Total liabilities and net assetsStart of year $453,392$159,905
Part XI · Reconciliation of net assets $92,779 net assets at year end
XI-1 Total revenue$593,891
XI-2 Total expenses$506,060
XI-3 Revenue less expenses$87,831
XI-4 Net assets at start of year$7,687
XI-5 Net unrealized gains (losses) on investments$0
XI-6 Donated services and use of facilities$0
XI-7 Investment expenses$0
XI-8 Prior period adjustments−$2,739
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$92,779

Form 990 e-file FY2020 from the IRS (about our sources) · Classification, formation year and address from the IRS Business Master File

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