Cornerstone Housing For Adults With Disabilities
- Assets
- $21.8m
- Revenue
- $3.5m
- Investments
- $0.0
- Employees
- 0
- Location
- North Hollywood, CA
- Founding
- 11/2019
- Data as of
- 12/2021
- EIN
- 84-2737310
Organization Overview
Cornerstone Housing For Adults With Disabilities is located in North Hollywood, CA. The organization was established in 2019. 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 Housing For Adults With Disabilities 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 Housing For Adults With Disabilities generated $3.5m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 2 years, the organization has seen revenues fall by an average of (40.0%) each year. All expenses for the organization totaled $539.8k 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
TO PROVIDE ADULT LIVING FOR THOSE WHO HAVE INTELLECTUAL & DEVELOPMENTAL DISABILITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CORNERSTONE HOUSING FOR ADULTS WITH DISABILITIES (THE ORGANIZATION) IS A CALIFORNIA NONPROFIT ORGANIZATION FOUNDED IN JUNE 2019 AND IS HEADQUARTERED IN NORTH HOLLYWOOD, CALIFORNIA. THE ORGANIZATION INTENDS TO DEVELOP AND OPERATE SUBSIDIZED HOUSING FOR PERSONS IN THE GREATER LOS ANGELES COMMUNITY WITH RECOGNIZED PHYSICAL OR MENTAL DISABILITIES OR DEVELOPMENTAL DISORDERS, WHO HAVE LIMITED FINANCIAL RESOURCES AND ARE DEPENDENT TO SOME EXTENT ON PUBLIC AND CHARITABLE ASSISTANCE.THE ORGANIZATION ACQUIRED THE LAND AND BUILDING THAT WILL BE TRANSFORMED INTO THE CENTER. DURING FISCAL YEAR 2021, THE CONSTRUCTION PROJECT BEGAN TO TRANSFORM THE LOCATION INTO THE INTENDED COMMUNITY WHICH IS EXPECTED TO BE COMPLETED IN FISCAL YEAR 2023.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cathy Gott Until 062021 Director | Trustee | 1 | $55,367 |
Kambiz Babaoff President | OfficerTrustee | 1 | $0 |
Eric Schwartz Director | Trustee | 1 | $0 |
Steve Savitsky Director | Trustee | 1 | $0 |
Steve Darrison Director | Trustee | 1 | $0 |
Avi Ryzman Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ensemble Services Llc Development Fees | 12/30/21 | $217,175 |
Max Development Llc Project Management | 12/30/21 | $114,364 |
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 | $3,458,465 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,458,465 |
| Total Program Service Revenue | $0 |
| Investment income | $7,857 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $3,466,322 |
| 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. | $55,367 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $30,440 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $225,435 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $6,276 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $11,258 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $19,464 |
| Insurance | $13,761 |
| All other expenses | $0 |
| Total functional expenses | $539,786 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $174,387 |
| Savings and temporary cash investments | $2,560,312 |
| Pledges and grants receivable | $4,097,649 |
| Accounts receivable, net | $0 |
| 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 | $9,510 |
| Net Land, buildings, and equipment | $15,002,095 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $21,843,953 |
| Accounts payable and accrued expenses | $39,701 |
| 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 | $9,600,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $9,639,701 |
| Net assets without donor restrictions | $4,292,807 |
| Net assets with donor restrictions | $7,911,445 |
| 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 | $21,843,953 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Cornerstone Housing For Adults With Disabilities has recieved totaling $132,680.
| Awarding Organization | Amount |
|---|---|
Morgan Stanley Global Impact Funding Trust Inc Indianapolis, IN PURPOSE: UNRESTRICTED GENERAL SUPPORT | $80,000 |
| $52,500 | |
Chubb Charitable Foundation Philadelphia, PA PURPOSE: MATCHING GIFTS | $180 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Elwyn California San Jose, CA | $38,347,314 | $73,477,787 |
City Of Scottsdale Municipal Property Corp Scottsdale, AZ | $479,997,584 | $48,828,086 |
Habitat For Humanity International Inc Oakland, CA | $41,053,789 | $44,589,163 |
National Community Renaissance Of California Rancho Cucamonga, CA | $192,617,949 | $51,023,842 |
Bridge Housing Corporation San Francisco, CA | $222,728,888 | $38,426,338 |
Baywood Apartments Inc Hayward, CA | $6,801,146 | $110,627 |
Eden Development Inc Hayward, CA | $30,040,019 | $4,613,123 |
Habitat For Humanity International Inc Bellflower, CA | $37,732,130 | $31,053,929 |
Reach Community Development Inc Portland, OR | $100,210,196 | $29,644,026 |
Millennium Housing Corporation Costa Mesa, CA | $189,019,442 | $31,052,319 |
Chinatown Community Development Center Inc San Francisco, CA | $109,257,292 | $38,436,421 |
Self Help Enterprises Visalia, CA | $105,976,522 | $29,798,676 |