Cornerstone Public Asset Fund Inc
- Assets
- $24.6m
- Revenue
- $6.3m
- Investments
- $0.0
- Employees
- 97
- Location
- Benton Harbor, MI
- Founding
- 05/2016
- Data as of
- 12/2021
- EIN
- 46-4405437
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.
Form
990
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) | Role | Hours | Compensation |
|---|---|---|---|
Josh Doxtator General Manager | 40 | $150,872 | |
D Jeffery Noel President | OfficerTrustee | 0.25 | $0 |
Ron Griesinger Secretary | OfficerTrustee | 0.25 | $0 |
Jeff Gilbertson Vice President | OfficerTrustee | 0.25 | $0 |
Rob Cleveland Director | Trustee | 0.25 | $0 |
Mike Todman Director | Trustee | 0.25 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Dickinson Wright Pllc Legal | 12/30/18 | $260,420 |
Kempersports Management Inc Golf Course Management | 12/30/18 | $187,114 |
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 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,298,750 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,256,394 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $94,664 |
| Payroll taxes | $161,900 |
| Fees for services: Management | $15,835 |
| Fees for services: Legal | $1,780 |
| Fees for services: Accounting | $61,843 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $267,413 |
| Advertising and promotion | $75,450 |
| Office expenses | $16,843 |
| Information technology | $21,461 |
| Royalties | $0 |
| Occupancy | $223,959 |
| Travel | $65,294 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $70,715 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $687,833 |
| Insurance | $58,294 |
| All other expenses | $275,691 |
| Total functional expenses | $7,096,668 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,009,568 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $356,981 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $147,841 |
| Prepaid expenses and deferred charges | $29,237 |
| Net Land, buildings, and equipment | $23,070,643 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $24,614,270 |
| Accounts payable and accrued expenses | $334,151 |
| Grants payable | $0 |
| Deferred revenue | $427,166 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $761,317 |
| Net assets without donor restrictions | $23,852,953 |
| 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 | $24,614,270 |
Grants Awarded
Over the last fiscal year, Cornerstone Public Asset Fund Inc has awarded $2,293,750 in support to 7 organizations.
| Grant Recipient | Amount |
|---|---|
Benton Harbor, MI PURPOSE: GENERAL SUPPORT | $1,200,000 |
St Joseph, MI PURPOSE: GENERAL SUPPORT | $250,000 |
St Joseph, MI PURPOSE: GENERAL SUPPORT | $250,000 |
Stevensville, MI PURPOSE: GENERAL SUPPORT | $250,000 |
Benton Harbor, MI PURPOSE: GENERAL SUPPORT | $200,000 |
Benton Harbor, MI PURPOSE: GENERAL SUPPORT | $93,750 |
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 Organization | Amount |
|---|---|
Whirlpool Foundation Benton Harbor, MI PURPOSE: STRATGEIC GRANT | $1,210,000 |
Cornerstone Public Asset Fund Inc Benton Harbor, MI PURPOSE: GENERAL SUPPORT | $50,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Cornerstone Public Asset Fund Inc Benton Harbor, MI | $24,614,270 | $6,310,481 |
Whitetails Unlimited Inc Sturgeon Bay, WI | $13,644,275 | $8,358,134 |
Hamilton Parks Conservancy Hamilton, OH | $2,890,560 | $3,817,000 |
Huron Pines Resource Conservation And Development Council Inc Gaylord, MI | $4,807,919 | $3,607,333 |
Conservation Resource Alliance Traverse City, MI | $3,905,468 | $2,483,413 |
Alliance Of Rouge Communities Canton, MI | $577,080 | $2,458,495 |
Seeds Traverse City, MI | $908,858 | $2,507,504 |
Natural Resources Foundation Of Wisconsin Inc Madison, WI | $20,136,945 | $3,445,267 |
Rooted Wi Inc Madison, WI | $3,633,286 | $971,353 |
Wabash River Enhancement Corp Lafayette, IN | $8,389,745 | $1,419,428 |
North Country Trail Association Incorporated Lowell, MI | $1,231,091 | $1,591,571 |
Secore International Inc Hilliard, OH | $715,222 | $1,487,925 |