Cornerstone Preparatory Academy
- Assets
- $10.2m
- Revenue
- $3.8m
- Investments
- $0.0
- Employees
- 79
- Location
- Acworth, GA
- Founding
- 06/2004
- Data as of
- 06/2021
- EIN
- 31-1832330
Organization Overview
Cornerstone Preparatory Academy is located in Acworth, GA. The organization was established in 2004. 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 06/2021, Cornerstone Preparatory Academy employed 79 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cornerstone Preparatory 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 06/2021, Cornerstone Preparatory Academy generated $3.8m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 3.8% each year. All expenses for the organization totaled $3.3m during the year ending 06/2021. While expenses have increased by 4.4% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE STUDENTS (GRADES K-12) WITH A COMPREHENSIVE COLLEGE-PREPARATORY EDUCATION FROM A CHRISTIAN PERSPECTIVE, DEVELOPING THE STUDENT'S INDEPENDENT STUDY SKILLS, WORK ETHIC AND STUDY HABITS CRITICAL TO COLLEGE SUCCESS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
APPROXIMATELY 500 STUDENTS WERE SERVED AND PROVIDED WITH ELEMENTARY AND/OR SECONDARY SCHOOL EDUCATION - PROVIDED IN CHRISTIAN BASED, PARENT-INVOLVED AND TRADITIONALLY INSTRUCTED CLASSROOM SETTINGS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Holly Guice Director | Trustee | 1 | $3,000 |
Bryan Galat Director | Trustee | 1 | $0 |
Stephen Defrancesco Board Chairman | Trustee | 1 | $0 |
Erik Speer Treasurer | Trustee | 1 | $0 |
Andrew Baines Vice Chair | Trustee | 1 | $0 |
Christian Pitts Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $335,556 |
| All other contributions, gifts, grants, and similar amounts not included above | $5,346 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $340,902 |
| Total Program Service Revenue | $3,472,725 |
| Investment income | $4,855 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $16,205 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,834,687 |
| 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. | $146,025 |
| Compensation of current officers, directors, key employees. | $73,450 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,576,410 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $128,448 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $850 |
| Office expenses | $46,977 |
| Information technology | $38,087 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,732 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $183,860 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $253,961 |
| Insurance | $34,878 |
| All other expenses | $239,279 |
| Total functional expenses | $3,330,406 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,564,421 |
| Savings and temporary cash investments | $1,366,219 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $35,632 |
| 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 | $26,522 |
| Net Land, buildings, and equipment | $7,225,383 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $31,450 |
| Other assets | $0 |
| Total assets | $10,249,627 |
| Accounts payable and accrued expenses | $19,805 |
| Grants payable | $0 |
| Deferred revenue | $1,467,385 |
| 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 | $4,370,842 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $5,858,032 |
| Net assets without donor restrictions | $4,391,595 |
| Net assets with donor restrictions | $0 |
| 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 | $10,249,627 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Cornerstone Preparatory Academy has recieved totaling $5,910.
| Awarding Organization | Amount |
|---|---|
Schwab Charitable Fund San Francisco, CA PURPOSE: EDUCATION | $5,500 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $410 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Ashley Hall Foundation Charleston, SC | $53,552,404 | $18,962,378 |
Canterbury School Corporation Fort Myers, FL | $32,236,169 | $23,638,435 |
Heathwood Hall Episcopal School Columbia, SC | $39,181,921 | $20,445,816 |
Brookstone School Inc Columbus, GA | $71,035,506 | $24,481,396 |
Greenville Renewable Energy Education Charter School Greenville, SC | $26,163,515 | $17,750,984 |
Lincoln Charter School Inc Denver, NC | $10,014,512 | $18,722,799 |
The Masters Academy Of Central Florida Inc Oviedo, FL | $26,482,967 | $18,246,673 |
Savannah Christian Preparatory School Inc Savannah, GA | $28,769,990 | $18,697,901 |
Saint Edwards School Vero Beach, FL | $54,149,022 | $17,250,987 |
Capstone Education Group Inc Memphis, TN | $24,521,664 | $20,250,688 |
Strong Rock Christian School Inc Locust Grove, GA | $18,179,980 | $18,285,975 |
Fellowship Christian School Inc Roswell, GA | $48,536,188 | $18,034,878 |