Cornerstone West Community Development Corporation
- Assets
- $3.7m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Wilmington, DE
- Founding
- 04/2000
- Data as of
- 06/2021
- EIN
- 51-0387484
Organization Overview
Cornerstone West Community Development Corporation is located in Wilmington, DE. The organization was established in 2000. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cornerstone West Community Development Corporation 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 West Community Development Corporation generated $1.5m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 12.0% each year . All expenses for the organization totaled $1.3m during the year ending 06/2021. While expenses have increased by 15.4% per year over the past 6 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.
Since 2018, Cornerstone West Community Development Corporation has awarded 18 individual grants totaling $427,073. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
COMMUNITY REVITALIZATION PROGRAM, HOME OWNERSHIP, DEVELOPMENT AND RENTAL FOR LOW TO MODERATE INCOME FAMILIES AND INDIVIDUALS
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOME OWNERSHIP & RENTAL - CORNERSTONE PROVIDES VARIOUS AFFORDABLE HOUSING AND RENTAL OPPORTUNITIES PRIMARILY TO LOW TO MODERATE INCOME FAMILIES. IN ADDITION, CORNERSTONE PROVIDES HOME OWNERSHIP COUNSELING AND EDUCATION.
NEIGHBORHOOD REVITALIZATION - CORNERSTONE IS SPEARHEADING REVITALIZATION ACTIVITIES ON THE WEST SIDE OF WILMINGTON, INCLUDING A COMPREHENSIVE 10 YEAR PLAN TO IMPROVE AREA PARKS, PROMOTE GROWTH OF LOCAL BUSINESSES, STRENGTHEN HOUSING OPPORTUNITIES, AND CREATE OPPORTUNITIES FOR YOUTH.
MISCELLANEOUS INCOME
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sarah Lester President | OfficerTrustee | 1 | $71,589 |
Paul Calistro Jr Board Member | Trustee | 1 | $18,320 |
Andrew Disabatino Vice-President | OfficerTrustee | 1 | $0 |
Joe Westcott Chairperson | OfficerTrustee | 1 | $0 |
David Holden Secretary | OfficerTrustee | 1 | $0 |
Alyssa Pietrobono Treasurer | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $123,884 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,302,124 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,426,008 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $73,244 |
| 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 | $1,532,987 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $95,708 |
| Grants and other assistance to domestic individuals. | $444,563 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $89,909 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $200,553 |
| Pension plan accruals and contributions | $8,114 |
| Other employee benefits | $22,914 |
| Payroll taxes | $38,438 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $72,136 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $4,136 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $12,657 |
| Travel | $3,929 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $4,512 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $76,354 |
| Insurance | $347 |
| All other expenses | $8,329 |
| Total functional expenses | $1,276,050 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $689,934 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $81,083 |
| Accounts receivable, net | $8,603 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $150,000 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $5,795 |
| Net Land, buildings, and equipment | $2,600,323 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $138,674 |
| Total assets | $3,674,412 |
| Accounts payable and accrued expenses | $154,339 |
| Grants payable | $0 |
| Deferred revenue | $1,180,964 |
| 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 | $332,638 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $176,074 |
| Total liabilities | $1,844,015 |
| Net assets without donor restrictions | $1,103,620 |
| Net assets with donor restrictions | $726,777 |
| 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 | $3,674,412 |
Grants Awarded
Over the last fiscal year, Cornerstone West Community Development Corporation has awarded $62,001 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
Wilmington, DE PURPOSE: TO ASSIST WITH COSTS ASSOCIATED WITH IMPROVING BUILDING'S APPEARANCE. | $30,001 |
Wilmington, DE PURPOSE: TO ASSIST WITH COSTS ASSOCIATED WITH IMPROVING BUILDING'S APPEARANCE. | $20,000 |
Dover, DE PURPOSE: TO ASSIST WITH COSTS ASSOCIATED WITH IMPROVING BUILDING'S APPEARANCE AND SECURITY. | $12,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Cornerstone West Community Development Corporation has recieved totaling $40,000.
| Awarding Organization | Amount |
|---|---|
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $40,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Frontline Community Services Inc Beltsville, MD | $6,957,560 | $20,985,182 |
Shared Support South Inc Warrington, PA | $9,549,705 | $20,704,692 |
Viecare Butler Llc Cranberry Township, PA | $15,820,808 | $20,591,438 |
Valley View Haven Inc Belleville, PA | $35,512,325 | $21,268,828 |
Montgomery Housing Partnership Inc Silver Spring, MD | $117,127,971 | $17,924,784 |
The Arc Morris County Chapter Nj Inc Morris Plains, NJ | $23,360,035 | $22,219,596 |
Pathways To Housing Pa Philadelphia, PA | $7,362,789 | $17,371,070 |
Reach Riverside Development Corporation Wilmington, DE | $31,775,413 | $42,220,664 |
Enterprise Community Loan Fund Inc Columbia, MD | $332,804,742 | $25,996,753 |
Alfa Development Inc Newfoundland, NJ | $12,469,438 | $16,200,874 |
National Lutheran Inc Frederick, MD | $5,736,572 | $7,111,650 |
Community Action Agency Of Delaware County Inc Boothwyn, PA | $15,976,339 | $8,682,122 |