Cornerstone Theater Company Inc
- Assets
- $2.1m
- Revenue
- $921.9k
- Investments
- $0.0
- Employees
- 30
- Location
- Los Angeles, CA
- Founding
- 05/1995
- Data as of
- 06/2022
- EIN
- 95-4493498
Organization Overview
Cornerstone Theater Company Inc is located in Los Angeles, CA. The organization was established in 1995. According to its NTEE Classification (A65) the organization is classified as: Theater, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 06/2022, Cornerstone Theater Company Inc employed 30 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cornerstone Theater Company 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 06/2022, Cornerstone Theater Company Inc generated $921.9k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.2%) each year. All expenses for the organization totaled $831.4k during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (5.0%) per year over the past 7 years. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
CORNERSTONE THEATER COMPANY COLLABORATES WITH COMMUNITIES. OUR WORK REFLECTS COMPLEXITY, DISRUPTS ASSUMPTIONS, WELCOMES DIFFERENCE, AND AMPLIFIES JOY. BY COMBINING THE ARTISTRY OF PEOPLE WITH MANY LEVELS OF THEATRICAL EXPERIENCE, WE ACT UPON THE CONVICTION THAT ARTISTIC EXPRESSION IS CIVIC ENGAGEMENT AND THAT ACCESS TO A CREATIVE FORUM IS ESSENTIAL TO THE WELLNESS AND HEALTH OF EVERY INDIVIDUAL AND COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THROUGH THE ARTISTIC PRACTICE OF COMMISSIONING AND PRODUCING NEW PLAYS, BOTH ORIGINAL WORKS AND CONTEMPORARY ADAPTATIONS OF CLASSICS, WHICH COMBINE THE ARTISTRY OF PROFESSIONAL AND COMMUNITY COLLABORATORS, CORNERSTONE BUILDS BRIDGES BETWEEN DIVERSE COMMUNITIES. A TEAM OF PROFESSIONAL THEATER MAKERS AND CORNERSTONE ENSEMBLE MEMBERS ENGAGE COMMUNITY MEMBERS TO PARTICIPATE IN ALL ASPECTS OF THE PLAY DEVELOPMENT PROCESS, FROM SCRIPT DEVELOPMENT TO PERFORMANCE TO BACKSTAGE SUPPORT.
CORNERSTONE PROVIDES TRAINING PROGRAMS THAT CREATE OPPORTUNITIES FOR BOTH NEW AND ESTABLISHED ARTISTS TO DEEPEN THEIR KNOWLEDGE OF COMMUNITY ENGAGED THEATER. THE TRAININGS RELY ON PARTICIPANTS' INPUT AND CREATIVITY FOR ACTIVITIES AND CONVERSATIONS THAT INCLUDE AN INTRODUCTION TO CORNERSTONE'S THIRTY SIX YEAR HISTORY, HANDS-ON EXERCISES FOR CHOOSING AND ENGAGING COMMUNITIES, STORY GATHERING, SCRIPT WRITING AND ADAPTATION, AUDITIONS, CASTING AND DESIGN. TWO DAY INTENSIVES ARE HELD TWICE A YEAR AT CORNERSTONE AND THROUGHOUT THE NATION AS TAILORED PROGRAMS TO MEET THE NEEDS OF NON PROFITS, CORPORATIONS AND UNIVERSITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
April Ibarra Director | Trustee | 1 | $0 |
Clementine Bordeaux Secretary | OfficerTrustee | 1 | $4,813 |
Mark Valdez Chair/ Artist | OfficerTrustee | 2 | $5,000 |
Leanna Hallman Director | Trustee | 1 | $0 |
Elizabeth Kennedy Director | Trustee | 1 | $0 |
Sarah Lang Treasurer | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $273,031 |
| All other contributions, gifts, grants, and similar amounts not included above | $474,351 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $747,382 |
| Total Program Service Revenue | $77,995 |
| Investment income | $6,431 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $70,326 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $921,906 |
| 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. | $232,113 |
| Compensation of current officers, directors, key employees. | $35,695 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $260,464 |
| Pension plan accruals and contributions | $1,836 |
| Other employee benefits | $19,769 |
| Payroll taxes | $40,276 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $20,235 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $21,000 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $51,115 |
| Advertising and promotion | $8,600 |
| Office expenses | $12,599 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $22,020 |
| Travel | $55,365 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $4,380 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $18,812 |
| Insurance | $39,857 |
| All other expenses | $0 |
| Total functional expenses | $831,447 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $501,071 |
| Savings and temporary cash investments | $528,788 |
| Pledges and grants receivable | $314,038 |
| 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 | $0 |
| Net Land, buildings, and equipment | $34,436 |
| Investments—publicly traded securities | $659,335 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $23,828 |
| Total assets | $2,061,496 |
| Accounts payable and accrued expenses | $74,475 |
| 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 | $50,303 |
| Total liabilities | $124,778 |
| Net assets without donor restrictions | $352,251 |
| Net assets with donor restrictions | $1,584,467 |
| 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 | $2,061,496 |