Cornerstone Charter Academy
- Assets
- $36.9m
- Revenue
- $13.9m
- Investments
- $0.0
- Employees
- 152
- Location
- Greensboro, NC
- Founding
- 05/2013
- Data as of
- 06/2022
- 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 06/2022, Cornerstone Charter Academy employed 152 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 06/2022, Cornerstone Charter Academy generated $13.9m in total revenue. This represents relatively stable growth, over the past 3 years the organization has increased revenue by an average of 7.8% each year. All expenses for the organization totaled $12.1m during the year ending 06/2022. While expenses have increased by 5.3% per year over the past 3 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
2022
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 |
|---|---|---|---|
Erina Byers Director | Trustee | 1 | $0 |
Cyndie Swindlehurst President | OfficerTrustee | 8 | $0 |
Tony Wilkins Vice President | OfficerTrustee | 8 | $0 |
Joe Caraher School Director | OfficerTrustee | 40 | $107,833 |
John Lawrence School Director | OfficerTrustee | 40 | $98,982 |
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 | $12,834,633 |
| All other contributions, gifts, grants, and similar amounts not included above | $109,096 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $12,943,729 |
| Total Program Service Revenue | $55,071 |
| Investment income | $113,958 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $439,430 |
| 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 | $13,898,113 |
| 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. | $267,328 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,068,037 |
| Pension plan accruals and contributions | $1,756,654 |
| Other employee benefits | $91,326 |
| Payroll taxes | $480,512 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,458 |
| 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 | $83,221 |
| Information technology | $126,585 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $46,423 |
| Interest | $1,161,831 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $575,289 |
| Insurance | $68,257 |
| All other expenses | $131,467 |
| Total functional expenses | $12,085,015 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,770,140 |
| Savings and temporary cash investments | $3,921,347 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $525,278 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,403,726 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $68,158 |
| Net Land, buildings, and equipment | $19,442,560 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $6,795,265 |
| Total assets | $36,926,474 |
| Accounts payable and accrued expenses | $641,086 |
| Grants payable | $0 |
| Deferred revenue | $7,060,278 |
| 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 | $21,624,540 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $12,001,244 |
| Total liabilities | $41,327,148 |
| Net assets without donor restrictions | -$4,400,674 |
| 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 | $36,926,474 |