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Cornerstone Community Development Corp FY2023 filing

Tax-deductible

Huntington, WV501(c)(3)Housing EIN 81-5454306Revenue −$384K in FY2023

On file with the IRS2 Marisa Ln, 25701-8511 · Huntington, WVTax-exempt since Sep 2017Publicly supported charity — 170(b)(1)(A)(vi)

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To offer housing along with community development, management and operations of socialservices. Seek funding to provide housing to low income seniors, and specialneeds persons. Demolition and rehabilitation of existing structures, landdevelopment and construction.

501(c)(3) charity; gifts are tax-deductible.
100¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

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FY2023 · 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 7
filings with a surplus
Average surplus $53K a year · 16% of revenue · last 7 filings
Worth a look: a surplus in 3 of the last 7 filings.
Pt I · Ln 19 · 7 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
<1 mo
of spending, in cash
Worth a look: 0.8 months of spending in cash; under 1.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$0
0% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
4
of 4 voting members
Looks good: 4 of 4 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
−$384K
-456% vs prior year
Spent
$171K
To programs
100%
Net assets
$36K
By yearFY2018–FY2024
Revenue
−$384K
FY2023▼ -456%
Tap a bar for its year
Revenue by fiscal year
FY2018$93K
FY2019$176K
FY2020$53K
FY2021$559K
FY2022$108K
FY2023−$384K
FY2024$1.8M
Expenses
$171K
FY2023▲ +40%
Tap a bar for its year
Expenses by fiscal year
FY2018$105K
FY2019$58K
FY2020$96K
FY2021$141K
FY2022$122K
FY2023$171K
FY2024$1.3M
Net assets
$36K
FY2023▼ -94%
Tap a bar for its year
Net assets by fiscal year
FY2018$111K
FY2019$229K
FY2020$187K
FY2021$605K
FY2022$591K
FY2023$36K
FY2024$495K

From the FY2023 Form 990 · figures checked against the IRS filing · see the original

990 PDF Claim
You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Sep 2017.

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% · $171K

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

4 people listed on the 990.

Part VII, Section A · reportable compensation
Rocky Adkins
Board Member
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Randy Saunders
Vice Preside
$0Pt VII · Sec A
See Cornerstone Community Development Corp 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 15aNo

Programs and updates

Provides housing and community services for low-income seniors and those with special needs.

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1 program · $171K · in their own filed words · FY2023
01

To offer housing along with community development, management and operations of social services. Seek funding to provide housing to low income seniors, and special needs persons. Demolition and rehabilitation of existing structures, land development and construction.

$171Kprogram expense

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
−$384K
Ln 12
Gifts and grantsLn 1h$152K
Money outPt IX
$171K
Ln 25
Programscol B$171K
Owns and owesPt X
$36K
net assets · Ln 32
Cash and savingsLn 1–2$11K
Total assetsLn 16$36K
LiabilitiesLn 26$0
PeoplePt VI, VII
4
listed · VII A
PaidVII A0
Voting boardVI 1a4
IndependentVI 1b4
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$152K
Gains on assetsLn 7−$535K
Total revenueLn 12−$384K
Assets in detailPt X, end of year
CashLn 1$11K
Cash and savings togetherLn 1–2$11K
Total assetsLn 16$36K
LiabilitiesLn 26$0
Net assetsLn 32$36K
OperationsPt I, VI
EmployeesI 50
VolunteersI 610
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 FY23End FY23
Cash and savingsLn 1–2$8K$11K
Total assetsLn 16$1.5M$36K
LiabilitiesLn 26$948K$0
Net assetsLn 32$591K$36K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Accounting feesLn 11c$600$600
Other fees for servicesLn 11g$722$722
Advertising and promotionLn 12$450$450
Office expensesLn 13$36K$36K
InterestLn 20$46K$46K
Depreciation, depletion and amortizationLn 22$49K$49K
InsuranceLn 23$1K$1K
Other expenses (24a–d)Ln 24$37K$37K
Total functional expensesLn 25$171K$171K$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $1.8M$1.3M$459K$495K 990 PDF
FY2023 Viewing −$384K$171K−$555K$36K 990 PDF
FY2022 $108K$122K−$14K$591K 990 PDF
FY2021 $559K$141K$419K$605K 990 PDF
FY2020 $53K$96K−$43K$187K 990 PDF
FY2019 $176K$58K$119K$229K 990 PDF
FY2018 $93K$105K−$11K$111K 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 FY2023 990 (6 parts)
Part I · Summary −$383,818 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $107,794$151,674
I-9 Program service revenue$0
I-10 Investment income−$535,492
I-11 Other revenue$0
I-12 Total revenuePrior year $107,794−$383,818
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $122,247$170,904
I-18 Total expensesPrior year $122,247$170,904
I-19 Revenue less expensesPrior year −$14,453−$554,722
Part VI · Governance 4 of 4 board members independent, 3 to look at
VI-1a Voting members of the governing body4
VI-1b Independent voting members4
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
VI-12a Written conflict of interest policyYes
Part VIII · Statement of revenue −$383,818 across 4 lines filed
VIII-1f All other contributions, gifts and grants$151,674
VIII-1h Total contributions, gifts and grants$151,674
VIII-7 Net gain or loss on sales of assetsRelated to mission −$535,492−$535,492
VIII-12 Total revenueRelated to mission −$535,492−$383,818
Part IX · Statement of functional expenses $170,904 across 8 lines filed
IX-11c Accounting feesPrograms $600$600
IX-11g Other fees for servicesPrograms $722$722
IX-12 Advertising and promotionPrograms $450$450
IX-13 Office expensesPrograms $36,400$36,400
IX-20 InterestPrograms $45,597$45,597
IX-22 Depreciation, depletion and amortizationPrograms $48,680$48,680
IX-23 InsurancePrograms $1,206$1,206
IX-24 Other expenses (24a–d)Programs $37,249$37,249
IX-25 Total functional expensesPrograms $170,904 · Management $0 · Fundraising $0$170,904
Part X · Balance sheet $36,076 assets, 6 lines filed
X-1 Cash, non-interest-bearingStart of year $7,934$11,238
X-14 Intangible assetsStart of year $24,838$24,838
X-16 Total assetsStart of year $1,539,082$36,076
X-26 Total liabilitiesStart of year $948,284$0
X-32 Total net assets or fund balancesStart of year $590,798$36,076
X-33 Total liabilities and net assetsStart of year $1,539,082$36,076
Part XI · Reconciliation of net assets $36,076 net assets at year end
XI-1 Total revenue−$383,818
XI-2 Total expenses$170,904
XI-3 Revenue less expenses−$554,722
XI-4 Net assets at start of year$590,798
XI-10 Net assets at end of year$36,076

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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