Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $61,911

• 1d · Related organizations

  $72,398

• 1e · Government grants (contributions)

  $229,762

• 1f · All other contributions, gifts and grants

  $5,647,456

• 1g · Noncash contributions included above

  $177,729

• 2a · Program service revenue: Tuition Fee Revenue

  total $37,956,749 · related or exempt $37,956,749

• 2b · Program service revenue: Organized Activity Revenue

  total $427,748 · related or exempt $427,748

• 2c · Program service revenue: Auxiliary Revenue

  total $7,876,919 · related or exempt $7,876,919

• 2f · All other program service revenue

  total $823,808 · related or exempt $823,808 · unrelated business $0 · excluded $0

• 3 · Investment income

  total $428,410 · unrelated business -$261 · excluded $428,671

• 6a · Gross rents

  real property $278,315 · personal property $95,027

• 6b · Less rental expenses

  real property $133,781 · personal property $13,518

• 6c · Rental income or loss

  real property $144,534 · personal property $81,509

• 6d · Net rental income or loss

  total $226,043 · unrelated business $81,509 · excluded $144,534

• 7a · Gross sales of assets other than inventory

  securities $4,306,103 · other assets $3,007,146

• 7b · Less cost or other basis and sales expenses

  securities $4,131,383 · other assets $3,264,912

• 7c · Gain or loss

  securities $174,720 · other assets -$257,766

• 7d · Net gain or loss

  total -$83,046 · excluded -$83,046

• 8a · Fundraising events: contributions included on line 1c

  $61,911

• 8b · Fundraising events: direct expenses

  $28,739

• 8c · Net income from fundraising events

  total -$28,739 · excluded -$28,739

• 11d · All other revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 11e · Other revenue, total

  $0

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $16,183,816 · program services $16,183,816

• 5 · Compensation of officers, directors and key employees

  total $957,500 · program services $731,224 · management and general $173,545 · fundraising $52,731

• 7 · Other salaries and wages

  total $17,173,221 · program services $13,114,846 · management and general $3,112,616 · fundraising $945,759

• 8 · Pension plan contributions

  total $751,455 · program services $459,825 · management and general $256,297 · fundraising $35,333

• 9 · Other employee benefits

  total $3,351,469 · program services $2,050,806 · management and general $1,143,077 · fundraising $157,586

• 10 · Payroll taxes

  total $1,210,106 · program services $740,479 · management and general $412,728 · fundraising $56,899

• 11b · Fees: legal

  total $234,184 · program services $4,031 · management and general $230,153

• 11c · Fees: accounting

  total $46,050 · management and general $46,050

• 11e · Fees: professional fundraising services

  total $62,917 · fundraising $62,917

• 11f · Fees: investment management

  total $75,736 · management and general $75,736

• 11g · Fees: other

  total $0 · program services $0 · management and general $0 · fundraising $0

• 12 · Advertising and promotion

  total $2,026,217 · program services $2,003,823 · fundraising $22,394

• 13 · Office expenses

  total $5,572,926 · program services $4,702,918 · management and general $530,764 · fundraising $339,244

• 14 · Information technology

  total $1,430,703 · program services $146,001 · management and general $1,284,702

• 16 · Occupancy

  total $1,232,035 · program services $602,110 · management and general $629,925

• 17 · Travel

  total $666,409 · program services $592,986 · management and general $34,579 · fundraising $38,844

• 19 · Conferences, conventions and meetings

  total $88,013 · program services $73,867 · management and general $9,654 · fundraising $4,492

• 20 · Interest

  total $38,103 · program services $36,198 · management and general $1,905

• 22 · Depreciation, depletion and amortization

  total $3,588,344 · program services $3,444,810 · management and general $143,534

• 23 · Insurance

  total $306,344 · program services $294,090 · management and general $12,254

• 24a · Other expenses: Organized Activities Expenses

  total $330,940 · program services $311,765 · fundraising $19,175

• 24e · All other expenses

  total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $106,229 · end of year $91,531

• 2 · Savings and temporary cash investments

  beginning of year $11,884,936 · end of year $15,016,256

• 3 · Pledges and grants receivable

  beginning of year $1,851,945 · end of year $760,536

• 4 · Accounts receivable

  beginning of year $1,479,382 · end of year $1,659,624

• 5 · Loans and receivables from officers and key people

  beginning of year $0 · end of year $0

• 6 · Loans and receivables from disqualified persons

  beginning of year $0 · end of year $0

• 7 · Other notes and loans receivable

  beginning of year $349,290 · end of year $277,608

• 8 · Inventories for sale or use

  beginning of year $40,242 · end of year $20,930

• 9 · Prepaid expenses and deferred charges

  beginning of year $528,270 · end of year $820,069

• 10a · Land, buildings and equipment: cost or other basis

  $131,220,282

• 10b · Land, buildings and equipment: accumulated depreciation

  $62,850,050

• 10c · Land, buildings and equipment, net

  beginning of year $70,859,965 · end of year $68,370,232

• 11 · Investments: publicly traded securities

  beginning of year $17,586,129 · end of year $18,208,851

• 12 · Investments: other securities

  beginning of year $0

• 13 · Investments: program-related

  beginning of year $0

• 15 · Other assets

  beginning of year $0 · end of year $0

• 17 · Accounts payable and accrued expenses

  beginning of year $2,666,236 · end of year $2,716,378

• 19 · Deferred revenue

  beginning of year $1,565,340 · end of year $1,730,234

• 20 · Tax-exempt bond liabilities

  beginning of year $2,120,000

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 23 · Secured mortgages and notes payable

  beginning of year $359,544 · end of year $2,752,628

• 25 · Other liabilities

  beginning of year $208,266 · end of year $261,161

• 27 · Net assets without donor restrictions

  beginning of year $52,508,934 · end of year $51,136,415

• 28 · Net assets with donor restrictions

  beginning of year $45,258,068 · end of year $46,628,821

The filer's explanations (Part III)

Schedule J, Part I, Line 1a Travel for companions

Occasional travel by the President or Advancement executives require their spouses to travel with them for donor meetings that are essential to the business of the University. This benefit is not treated as compensation.

Schedule J, Part I, Line 1a Health or social club dues or initiation fees

The Board of Trustees considers the President's membership at a local country club to be critical to the furthering of business of the University. The benefit is listed as a taxable compensation on the employee's W-2 form.

Schedule J, Part I, Line 4a Severance or change-of-control payment

Jonathan Greer - $114,100 John Verberkmoes - $141,138

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• Asia Biblical Theological Seminary LLC

  Provides education to students in southeast Asia · MI · income $105,949 · assets $265,641

  Directly controlled by Cornerstone University