The Cornerstone Christian Academy
- Assets
- $7.4m
- Revenue
- $8.2m
- Investments
- $0.0
- Employees
- 46
- Location
- Philadelphia, PA
- Founding
- 10/1988
- Data as of
- 06/2022
- EIN
- 23-2499985
Organization Overview
The Cornerstone Christian Academy is located in Philadelphia, PA. The organization was established in 1988. 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 Christian Academy employed 46 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cornerstone Christian Academy 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 Christian Academy generated $8.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 19.7% each year . All expenses for the organization totaled $4.1m during the year ending 06/2022. While expenses have increased by 7.1% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO EDUCATE CHILDREN INCLUDING THOSE FROM AT-RISK NEIGHBORHOODS, IN AN ENVIRONMENT THAT PROVIDES THE HIGHEST STANDARDS FOR ACADEMIC ACHIEVEMENT AND SPIRITUAL DEVELOPMENT
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO EDUCATE CHILDREN INCLUDING THOSE FROM AT-RISK NEIGHBORHOODS, IN AN ENVIRONMENT THAT PROVIDES THE HIGHEST STANDARDS FOR ACADEMIC ACHIEVEMENT AND SPIRITUAL DEVELOPMENT. PROVIDED OVER $1,159,000 OF FINANCIAL AID TO EDUCATIONAL NEEDS OF INNER CITY CHILDREN FROM LOW INCOME FAMILIES AT THE BEGINNING OF THE SCHOOL YEAR 2021/22, 163 STUDENTS HAVE BEEN ENROLLED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Wayne Geisser Chairman | OfficerTrustee | 6 | $0 |
Mary Clampet Secretary | OfficerTrustee | 1 | $0 |
Wanda Odom Vice Chair | OfficerTrustee | 1.5 | $0 |
Ronald Bond Board Member | Trustee | 0.5 | $0 |
Donnell Sheppard Board Member | Trustee | 0.5 | $0 |
Kenneth C Frazier ESQ Board Member | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $368,370 |
| All other contributions, gifts, grants, and similar amounts not included above | $6,088,540 |
| Noncash contributions included in lines 1a–1f | $709,889 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,456,910 |
| Total Program Service Revenue | $1,588,300 |
| Investment income | $165,952 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,692 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,243,681 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,159,875 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $186,309 |
| Compensation of current officers, directors, key employees. | $65,410 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,403,424 |
| Pension plan accruals and contributions | $7,750 |
| Other employee benefits | $157,003 |
| Payroll taxes | $118,762 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $14,271 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $31,902 |
| Fees for services: Other | $115,684 |
| Advertising and promotion | $0 |
| Office expenses | $60,895 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $379,590 |
| 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 | $82,500 |
| Insurance | $58,410 |
| All other expenses | $11,959 |
| Total functional expenses | $4,050,124 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $55,895 |
| Savings and temporary cash investments | $475,052 |
| Pledges and grants receivable | $3,034,239 |
| Accounts receivable, net | $1,404 |
| 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 | $8,560 |
| Net Land, buildings, and equipment | $569,630 |
| Investments—publicly traded securities | $3,234,135 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $7,378,915 |
| Accounts payable and accrued expenses | $216,221 |
| 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 | $0 |
| Total liabilities | $216,221 |
| Net assets without donor restrictions | $2,132,130 |
| Net assets with donor restrictions | $5,030,564 |
| 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 | $7,378,915 |