Cornerstone Public Asset Fund Inc

Organization Overview

Cornerstone Public Asset Fund Inc is located in Benton Harbor, MI. The organization was established in 2016. According to its NTEE Classification (C30) the organization is classified as: Natural Resources Conservation & Protection, under the broad grouping of Environment and related organizations. As of 12/2021, Cornerstone Public Asset Fund Inc employed 97 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cornerstone Public Asset Fund Inc 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 12/2021, Cornerstone Public Asset Fund Inc generated $6.3m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (22.1%) each year. All expenses for the organization totaled $7.1m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

CORNERSTONE PUBLIC ASSET FUND, INC. IS ENGAGED IN THE DEVLOPMENT AND IMPLEMENTATION OF ECONOMIC GROWTH IN PARTNERSHIP WITH LOCAL COMMUNITIES AND MUNICIPALITIES. IT OPERATES AS A SUPPORTING ORGANIZATION TO CORNERSTONE ALLIANCE, A PUBLIC CHARITY.

Describe the Organization's Program Activity:

Part 3 - Line 4a

SEE SCHEDULE O


CARE COUNTS GRANTS: WHIRLPOOL BRAND'S CARE COUNTS CAMPAIGNPROVIDES LAUNDRY UNITS TO SCHOOLS IN LOW INCOME COMMUNITIES TOASSIST TEACHERS AND STAFF WASH CLOTHES FOR THEIR STUDENTS. IN ANEFFORT TO REDUCE ABSENTEEISM, THE PROGRAM IS ALSO FINDING THATTRUANCY RATES ARE LOWER AND THAT PARTICIPATION IN CLASSROOMS, ASWELL AS GRADES, ARE HIGHER. AS AN EXTENSION OF THIS PROGRAM,WHIRLPOOL BRAND PROVIDES GRANTS TO SOME SCHOOLS TO HELP THEMPREPARE FOR THE LAUNDRY UNITS AND/OR TO PURCHASE SUPPLIES NEEDEDTO DO LAUNDRY.


MICHIGAN'S GREAT SOUTHWEST STRATEGIC LEADERSHIP COUNCIL: THE ROLE OF THE COUNCIL IS TO BRING LEADERS FROM BUSINESS, GOVERNMENT, NONPROFIT, AND EDUCATION TOGETHER TO WORK COLLABORATIVELY TO ACHIEVE THE MISSION OF THE COUNCIL. LEADERS ARE BASED LOCALLY IN BERRIEN COUNTY, MI AND ARE ALL VOLUNTEER PARTICIPANTS.


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Board, Officers & Key Employees

Name (title)Compensation
Josh Doxtator
General Manager
$150,872
D Jeffery Noel
President
$0
Jeff Gilbertson
Vice President
$0
Ron Griesinger
Secretary
$0
Sam Abdelnour
Director
$0
Rob Cleveland
Director
$0

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Dickinson Wright Pllc
Legal
$260,420
Kempersports Management Inc
Golf Course Management
$187,114
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $0
All other contributions, gifts, grants, and similar amounts not included above$3,376,321
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$3,376,321
Total Program Service Revenue$2,861,355
Investment income $0
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $19,200
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 $53,605
Miscellaneous Revenue$0
Total Revenue $6,310,481

Grants Awarded

Over the last fiscal year, Cornerstone Public Asset Fund Inc has awarded $2,293,750 in support to 7 organizations.

Grant RecipientAmount

BOYS & GIRLS CLUBS OF BENTON HARBOR

Org PageRecipient Profile

Benton Harbor, MI

PURPOSE: GENERAL SUPPORT

$1,200,000

BENTON HARBOR EDUCATION FOUNDATION

Org PageRecipient Profile

St Joseph, MI

PURPOSE: GENERAL SUPPORT

$250,000

ST JOSEPH PUBLIC SCHOOLS FOUNDATION

Org PageRecipient Profile

St Joseph, MI

PURPOSE: GENERAL SUPPORT

$250,000

LAKESHORE EXCELLENCE FOUNDATION

Org PageRecipient Profile

Stevensville, MI

PURPOSE: GENERAL SUPPORT

$250,000

FIRST TEE OF BENTON HARBOR

Org PageRecipient Profile

Benton Harbor, MI

PURPOSE: GENERAL SUPPORT

$200,000

KINEXUS YOUTH SOLUTIONS INC

Org PageRecipient Profile

Benton Harbor, MI

PURPOSE: GENERAL SUPPORT

$93,750
View Grant Profile

Grants Recieved

Over the last fiscal year, we have identified 2 grants that Cornerstone Public Asset Fund Inc has recieved totaling $1,260,000.

Awarding OrganizationAmount
Whirlpool Foundation

Benton Harbor, MI

PURPOSE: STRATGEIC GRANT

$1,210,000
Cornerstone Public Asset Fund Inc

Benton Harbor, MI

PURPOSE: GENERAL SUPPORT

$50,000
View Grant Recipient Profile

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