Cornerstone Broadcasting Corporation
- Assets
- $940.4k
- Revenue
- $420.9k
- Investments
- $0.0
- Employees
- 4
- Location
- Port Orange, FL
- Founding
- 06/1995
- Data as of
- 12/2021
- EIN
- 59-3237140
Organization Overview
Cornerstone Broadcasting Corporation is located in Port Orange, FL. The organization was established in 1995. According to its NTEE Classification (X80) the organization is classified as: Religious Media & Communications, under the broad grouping of Religion-Related and related organizations. As of 12/2021, Cornerstone Broadcasting Corporation employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cornerstone Broadcasting 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 12/2021, Cornerstone Broadcasting Corporation generated $420.9k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.8% each year. All expenses for the organization totaled $410.9k 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
24 HOURS PER DAY, 7 DAYS PER WEEK, RELIGIOUS BROADCASTING OF PROGRAMS AND MUSIC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
24 HOURS PER DAY, 7 DAYS PER WEEK, RELIGIOUS BROADCASTING OF PROGRAMS AND MUSIC.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Powell President | OfficerTrustee | 40 | $59,000 |
Paul Francis Director | Officer | 0 | $0 |
Denis W Shelly Director | Officer | 0 | $0 |
Cindy Jaeger Director | Officer | 0 | $0 |
Louis Mueller Director | Officer | 0 | $0 |
Frank Reynolds Director | Officer | 0 | $0 |
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 | $403,666 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $403,666 |
| Total Program Service Revenue | $0 |
| Investment income | $7,290 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $1,100 |
| Net Gain/Loss on Asset Sales | $8,887 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $420,943 |
| 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. | $59,000 |
| Compensation of current officers, directors, key employees. | $14,750 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $93,877 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $12,530 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $4,900 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $512 |
| Office expenses | $11,000 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $78,341 |
| Travel | $29 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $37,070 |
| Insurance | $21,090 |
| All other expenses | $27,571 |
| Total functional expenses | $410,915 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $106,526 |
| Savings and temporary cash investments | $21,325 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $10,901 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $422,669 |
| Investments—publicly traded securities | $301,582 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $75,833 |
| Other assets | $1,546 |
| Total assets | $940,382 |
| Accounts payable and accrued expenses | $49,108 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $49,108 |
| Net assets without donor restrictions | $891,274 |
| 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 | $940,382 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Cornerstone Broadcasting Corporation has recieved totaling $3,600.
| Awarding Organization | Amount |
|---|---|
Kendrick Foundation T-14999 State Street Bank & Trust Company Tr Dallas, TX PURPOSE: UNRESTRICTED GENERAL | $3,572 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $28 |
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