Cornerstone University
- Assets
- $108.7m
- Revenue
- $58.1m
- Investments
- $0.0
- Employees
- 1,201
- Location
- Grand Rapids, MI
- Founding
- 05/1994
- Data as of
- 05/2021
- EIN
- 38-1443369
Organization Overview
Cornerstone University is located in Grand Rapids, MI. The organization was established in 1994. According to its NTEE Classification (B43) the organization is classified as: Universities, under the broad grouping of Education and related organizations. As of 05/2022, Cornerstone University employed 1,201 individuals. This organization is a parent organization of an affiliated group for tax-exemption purposes. Cornerstone University 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 05/2021, Cornerstone University generated $58.1m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.7%) each year. All expenses for the organization totaled $50.2m during the year ending 05/2021. As we would expect to see with falling revenues, expenses have declined by (2.0%) per year over the past 7 years. 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
CORNERSTONE UNIVERSITY EXISTS TO EMPOWER MEN AND WOMEN TO EXCEL AS INFLUENCERS IN OUR WORLD FOR CHRIST BY OFFERING A STUDENT-FOCUSED LEARNING COMMUNITY WHERE JESUS CHRIST IS CENTRAL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ACADEMIC INSTRUCTION AND ACADEMIC SUPPORT MAKE UP THE EDUCATIONAL EXPENSES. THE UNIVERSITY HAS OVER 270 FULL- AND PART-TIME STAFF AND FACULTY. WE HAVE JUST UNDER 2000 STUDENTS ON A 120-ACRE CAMPUS AND ONLINE.
STUDENT SERVICES INCLUDES CAMPUS LIFE AND ACTIVITIES INCLUDING ATHLETICS, HEALTH COUNSELING SERVICES, ENROLLMENT SERVICES FINANCIAL AID, ETC. ORGANIZED ACTIVITIES INCLUDE SUMMER SPORTS CAMPS, GOLF OUTINGS, SPECIAL ACADEMIC AND ATHLETIC TRIPS, BANQUETS, AND OTHER MISCELLANEOUS ACTIVITIES. THROUGH THE CARES ACT, WE PROVIDED ELIGIBLE STUDENTS WITH 2,356,990 IN RELIEF GRANTS.
AUXILIARIES INCLUDE ROOM BOARD, APARTMENT RENTALS, HOSPITALITY EVENTS, AND RADIO MINISTRIES. CORNERSTONE RADIO MINISTRIES INCLUDES THE OPERATIONS OF FIVE NON-COMMERCIAL RADIO STATIONS WCSG - GRAND RAPIDS WITH SIGNALS ALSO IN KALAMAZOO, BENTON HARBOR AND BATTLE CREEK. 3,676,763 IS INCLUDED IN CONTRIBUTION REVENUE ON PART VIII, LINE 1F.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Gerson Moreno-Riano President | OfficerTrustee | 50 | $221,229 |
Peter Osborn Exec Vp/coo | Officer | 50 | $153,163 |
John Verberkmoes VP Dean Of Seminary | Officer | 50 | $126,719 |
Robert Sack VP Of Advancement | 50 | $114,864 | |
Maria Mccormick Nursing Faculty | 50 | $114,503 | |
Scott Stewart VP CFO | Officer | 50 | $111,782 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
The Bouma Corporation Construction Contractor | 5/30/22 | $310,448 |
Google Inc Advertising | 5/30/22 | $237,769 |
The Christman Company Construction Contractor | 5/30/22 | $1,529,217 |
Us Interactive Media Advertising | 5/30/22 | $193,810 |
Gilson Graphics Inc Printing Mailing Service | 5/30/22 | $207,031 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $14,553,985 |
| Investment income | $274,685 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$3,695 |
| Net Gain/Loss on Asset Sales | $1,457,538 |
| Net Income from Fundraising Events | -$33,288 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $58,079,674 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $13,631,987 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $784,855 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $16,511,197 |
| Pension plan accruals and contributions | $971,525 |
| Other employee benefits | $3,180,000 |
| Payroll taxes | $1,159,952 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $35,622 |
| Fees for services: Accounting | $56,900 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $10,944 |
| Fees for services: Investment Management | $38,000 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,053,647 |
| Office expenses | $6,104,160 |
| Information technology | $1,328,850 |
| Royalties | $0 |
| Occupancy | $1,201,788 |
| Travel | $380,383 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $79,404 |
| Interest | $272,342 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,104,386 |
| Insurance | $249,820 |
| All other expenses | $0 |
| Total functional expenses | $50,218,529 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $104,342 |
| Savings and temporary cash investments | $14,946,028 |
| Pledges and grants receivable | $3,168,573 |
| Accounts receivable, net | $1,166,143 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $497,803 |
| Inventories for sale or use | $117,598 |
| Prepaid expenses and deferred charges | $352,100 |
| Investments—publicly traded securities | $17,310,138 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $108,650,867 |
| Accounts payable and accrued expenses | $2,723,550 |
| Grants payable | $0 |
| Deferred revenue | $2,173,777 |
| Tax-exempt bond liabilities | $4,283,387 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $3,027,967 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $322,300 |
| Total liabilities | $12,530,981 |
| Net assets without donor restrictions | $0 |
| 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 |
| Total liabilities and net assets/fund balances | $96,119,886 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Cornerstone University has recieved totaling $1,000.
| Awarding Organization | Amount |
|---|---|
Niccum Educational Trust Foundation First National Bank Of Goshen Ttee Greenfield, IN PURPOSE: GENERAL | $750 |
Radiance Foundation Hickory Corners, MI PURPOSE: GENERAL PURPOSE - WCSG OUTREACH | $250 |
Endowment Analysis
| Beg. Balance | $15,675,882 |
| Earnings | -$1,000,143 |
| Net Contributions | $2,470,526 |
| Other Expense | $98,524 |
| Grants | $645,121 |
| Ending Balance | $16,402,620 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Franciscan University Of Steubenville Steubenville, OH | $297,369,155 | $157,148,850 |
Carthage College Kenosha, WI | $408,772,143 | $125,157,339 |
University Of Toledo Physicians Clinical Facility Inc Toledo, OH | $66,626,181 | $116,403,876 |
Otterbein University Westerville, OH | $236,973,881 | $106,500,900 |
University Of Evansville Evansville, IN | $383,851,853 | $114,850,213 |
Indiana Institute Of Technology Inc Fort Wayne, IN | $325,851,841 | $108,107,562 |
Andrews Academy Berrien Springs, MI | $217,758,414 | $91,457,423 |
Lawrence Technological University Southfield, MI | $206,424,495 | $77,203,633 |
Walsh University North Canton, OH | $125,540,692 | $81,110,683 |
Northwood University Midland, MI | $206,640,197 | $67,719,695 |
Franklin University Columbus, OH | $146,345,145 | $78,032,450 |
Tiffin University Tiffin, OH | $103,114,679 | $75,037,751 |