Cornerstone Charter Academy
- Assets
- $33.7m
- Revenue
- $12.9m
- Investments
- $0.0
- Employees
- 150
- Location
- Greensboro, NC
- Founding
- 05/2013
- Data as of
- 06/2021
- EIN
- 45-4013739
Organization Overview
Cornerstone Charter Academy is located in Greensboro, NC. The organization was established in 2013. According to its NTEE Classification (B29) the organization is classified as: Charter Schools, under the broad grouping of Education and related organizations. As of 06/2021, Cornerstone Charter Academy employed 150 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cornerstone Charter 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 Charter Academy generated $12.9m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 17.1% each year . All expenses for the organization totaled $11.6m during the year ending 06/2021. While expenses have increased by 19.7% per year over the past 5 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO OPERATE A PUBLIC CHARTER SCHOOL FOR THE EDUCATION OF CHILDREN.
Describe the Organization's Program Activity:
THE SCHOOL IS A PUBLIC CHARTER SCHOOL OPERATED FOR THE EDUCATION OF CHILDREN FOR THE DEPARTMENT OF PUBLIC INSTRUCTION FOR THE STATE OF NORTH CAROLINA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joe Caraher School Director | OfficerTrustee | 40 | $118,000 |
Claire Dobbs Finance Manager | OfficerTrustee | 40 | $60,537 |
Tony Wilkins Treasurer/vpres | OfficerTrustee | 20 | $0 |
Jonetta Appling Secretary | OfficerTrustee | 8 | $0 |
Cyndie Swindlehurst President | OfficerTrustee | 8 | $0 |
Chris Gorham Treasurer | OfficerTrustee | 8 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $11,819,592 |
| All other contributions, gifts, grants, and similar amounts not included above | $18,337 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $11,837,929 |
| Total Program Service Revenue | $0 |
| Investment income | $370,149 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $469,960 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $12,869,644 |
| 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. | $178,537 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,392,089 |
| Pension plan accruals and contributions | $1,475,042 |
| Other employee benefits | $631,326 |
| Payroll taxes | $417,151 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $43,167 |
| Fees for services: Accounting | $8,700 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $96,668 |
| Information technology | $123,845 |
| Royalties | $0 |
| Occupancy | $171,253 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,571 |
| Interest | $1,177,928 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $551,548 |
| Insurance | $58,258 |
| All other expenses | $63,379 |
| Total functional expenses | $11,615,056 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,405,737 |
| Savings and temporary cash investments | $1,896,932 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $201,114 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,271,589 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $13,949 |
| Net Land, buildings, and equipment | $19,728,786 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,204,625 |
| Total assets | $33,722,732 |
| Accounts payable and accrued expenses | $616,878 |
| Grants payable | $0 |
| Deferred revenue | $3,849,665 |
| 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 | $22,053,709 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $12,788,263 |
| Total liabilities | $39,308,515 |
| Net assets without donor restrictions | -$5,585,783 |
| 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 | $33,722,732 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Cornerstone Charter Academy has recieved totaling $10,122.
| Awarding Organization | Amount |
|---|---|
North Carolina High School Athletic Chapel Hill, NC PURPOSE: TO SUBSIDIZE SCHOOL COSTS. | $10,122 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Drew Charter School Inc Atlanta, GA | $34,692,137 | $41,952,542 |
North Carolina Charter Educational Foundation Inc Mooresville, NC | $93,431,533 | $35,029,413 |
Lead Public Schools Inc Nashville, TN | $24,033,254 | $42,742,487 |
Kipp Nashville Nashville, TN | $80,824,528 | $47,985,945 |
Georgia Connections Academy Charter School Inc Duluth, GA | $22,514,475 | $38,349,918 |
Kindezi School Inc Atlanta, GA | $19,750,427 | $21,363,051 |
Kipp Enc Public Schools Gaston, NC | $35,993,575 | $43,410,261 |
Gestalt Community Schools Memphis, TN | $46,137,229 | $27,266,737 |
Foothills Education Center Inc Athens, GA | $29,237,884 | $30,776,964 |
Kipp Memphis Inc Memphis, TN | $24,468,081 | $25,479,805 |
Valor Collegiate Academies Nashville, TN | $48,008,126 | $29,376,935 |
Triad Math And Science Academy Company Greensboro, NC | $12,436,639 | $25,994,464 |