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Nonprofiteer
← CORNERSTONE WEST COMMUNITY DEVELOPMENT CORPORATION

Form 990 for tax year 2022

Filed by CORNERSTONE WEST COMMUNITY DEVELOPMENT CORPORATION.

Totals

Total revenue
$1,179,736
Total expenses
$1,702,663
Contributions and grants received
$1,014,626
Grants paid
$457,090
Program service revenue
$101,486
Investment income
$0
Other revenue
$63,624
Total assets, end of year
$4,648,927
Total liabilities, end of year
$3,600,770
Net assets or fund balances, end of year
$1,048,157
Program services expenses (Part IX)
$1,583,778
Management and general expenses
$118,885
Fundraising expenses
$0
Program service expenses (Part III)
$1,583,778

Program services were 93.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $529,352

  • 1f · All other contributions, gifts and grants

    $485,274

  • 2a · Program service revenue: PROGRAM INCOME

    total $101,486 · related or exempt $101,486

  • 6a · Gross rents

    real property $59,909

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $59,909

  • 6d · Net rental income or loss

    total $59,909 · excluded $59,909

  • 11a · Other revenue: MISCELLANEOUS

    total $3,715 · related or exempt $3,715

  • 11e · Other revenue, total

    $3,715

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $225,822 · program services $225,822

  • 2 · Grants to domestic individuals

    total $231,268 · program services $231,268

  • 5 · Compensation of officers, directors and key employees

    total $127,140 · program services $127,140

  • 7 · Other salaries and wages

    total $348,820 · program services $324,436 · management and general $24,384

  • 9 · Other employee benefits

    total $65,573 · program services $61,991 · management and general $3,582

  • 10 · Payroll taxes

    total $43,643 · program services $41,295 · management and general $2,348

  • 11c · Fees: accounting

    total $39,575 · management and general $39,575

  • 12 · Advertising and promotion

    total $813 · program services $813

  • 16 · Occupancy

    total $13,401 · management and general $13,401

  • 17 · Travel

    total $5,103 · program services $2,000 · management and general $3,103

  • 20 · Interest

    total $4,974 · program services $4,484 · management and general $490

  • 22 · Depreciation, depletion and amortization

    total $124,828 · program services $124,828

  • 23 · Insurance

    total $4,301 · program services $4,301

  • 24a · Other expenses: PROFESSIONAL FEES

    total $270,884 · program services $262,880 · management and general $8,004

  • 24b · Other expenses: PROGRAM FEES/SUPPLIES

    total $96,302 · program services $88,114 · management and general $8,188

  • 24c · Other expenses: REPAIRS AND MAINTENANCE

    total $37,885 · program services $28,114 · management and general $9,771

  • 24d · Other expenses: STIPENDS

    total $34,080 · program services $34,080

  • 24e · All other expenses

    total $28,251 · program services $22,212 · management and general $6,039

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,001,107 · end of year $1,050,552

  • 3 · Pledges and grants receivable

    beginning of year $180,000 · end of year $0

  • 4 · Accounts receivable

    beginning of year $12,581 · end of year $184,185

  • 9 · Prepaid expenses and deferred charges

    beginning of year $0 · end of year $1,968

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

    $4,207,431

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

    $796,877

  • 10c · Land, buildings and equipment, net

    beginning of year $3,351,367 · end of year $3,410,554

  • 15 · Other assets

    beginning of year $0 · end of year $1,668

  • 17 · Accounts payable and accrued expenses

    beginning of year $82,381 · end of year $432,013

  • 19 · Deferred revenue

    beginning of year $1,848,256 · end of year $1,748,256

  • 23 · Secured mortgages and notes payable

    beginning of year $159,461 · end of year $74,687

  • 25 · Other liabilities

    beginning of year $883,873 · end of year $1,345,814

  • 27 · Net assets without donor restrictions

    beginning of year $1,051,061 · end of year $771,338

  • 28 · Net assets with donor restrictions

    beginning of year $520,023 · end of year $276,819

Mission and programs · 2022

Mission

CORNERSTONE WEST CDC'S MISSION IS TO BUILD AFFORDABLE HOUSING TO MEET THE NEEDS OF THE NEW CASTLE COUNTY RESIDENTS AND TO SERVE AS A PROACTIVE CATALYST FOR COMMUNITY REVITALIZATION.

Activities or mission (Part I)

COMMUNITY REVITALIZATION PROGRAM, HOME OWNERSHIP, DEVELOPMENT AND RENTAL FOR LOW TO MODERATE INCOME FAMILIES AND INDIVIDUALS.

  • COMMUNITY ENGAGEMENT & DEVELOPMENT - CORNERSTONE WEST CDC IS LEADING THE REVITALIZATION ACTIVITIES ON THE WEST SIDE OF WILMINGTON, INCLUDING A 10 YEAR PLAN TO IMPROVE AREA PARKS, AS WELL AS CREATE OPPORTUNITIES FOR YOUTH WITHIN THE CITY OF WILMINGTON.

    Expenses $474,024 · Grants $20,000

  • ECONOMIC DEVELOPMENT - CORNERSTONE WEST CDC IMPLEMENTS PROGRAMS TO SUPPORT EXISTING BUSINESSES, ATTRACT NEW BUSINESSES, AND MAKE THE WEST SIDE A DESTINATION. THE TYPE OF WORK INCLUDES SMALL BUSINESS DEVELOPMENT, TECHNICAL ASSISTANCE, AND COMMERCIAL CORRIDOR IMPROVEMENT STRATEGIES. CORNERSTONE PARTNERS WITH LOCAL ORGANIZATIONS TO IMPLEMENT SUCCESSFUL MODELS FROM THE WEST SIDE OF WILMINGTON, IN OTHER PARTS OF WILMINGTON, AND IN THE STATE.

    Expenses $503,323 · Grants $205,822

  • HOUSING - CORNERSTONE WEST CDC IS AN AFFORDABLE HOUSING DEVELOPER BUILDING HOUSING FOR FIRST-TIME HOMEBUYERS AND RENTAL HOUSING FOR SPECIAL NEEDS POPULATIONS, INCLUDING YOUTH AGING OUT OF FOSTER CARE. IN ADDITION, CORNERSTONE'S HOUSING PROGRAMS INCLUDE RENTAL HOUSING FOR 6 FAMILIES IN NEW CASTLE COUNTY AND A HOMEBUYER REPAIR PROGRAM, FOCUSING PRIMARILY ON SENIORS TO HELP THEM AGE IN PLACE IN THE WEST SIDE OF WILMINGTON.

    Expenses $606,431 · Grants $231,268 · Revenue $101,486

  • Revenue $3,715

As filed on the 2022 return.

Listed in Part VII

  • Sarah Lester

    PRESIDENT & CEO

    Total calculated
    $81,283
    From this org
    $81,283
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Joe Westcott

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Alyssa Pietrobono

    VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Paul F Calistro Jr

    DIRECTOR

    Total calculated
    $134,373
    From this org
    $26,990
    From related orgs
    $107,383
    Other
    $0
    Hours/week
    10

  • Joshua J Novak

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • David Kim

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Da'Shon Jones

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Damali Thomas

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Andrew Disabatino

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

  • VISION LEARNING CENTER

    $15,391

    BUSINESS REVITALIZATION

  • HELL'S BELLES BAKE SHOP

    $11,193

    BUSINESS REVITALIZATION

  • WALTER'S STEAKHOUSE

    $11,000

    BUSINESS REVITALIZATION

  • BE READY CHURCH

    $10,000

    TO ASSIST WITH COSTS ASSOCIATED WITH IMPROVING BUILDING'S APPEARANCE.

  • PETER SPENCER FAMILY LIFE FOUNDATION

    $10,000

    TO ASSIST WITH COSTS ASSOCIATED WITH IMPROVING BUILDING'S APPEARANCE.

  • 3 AMIGOS MEXICAN GRILL

    $9,959

    BUSINESS REVITALIZATION

  • LOPEZ LA ESPIGA

    $8,627

    BUSINESS REVITALIZATION

  • TACO HOUSE & PIZZA

    $7,236

    BUSINESS REVITALIZATION

  • MRS RABINO'S RESTAURANT

    $5,500

    BUSINESS REVITALIZATION

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • WEST END NEIGHBORHOOD HOUSE INC

    501(C)(3) · TO ASSIST INDIVIDUALS IN ACHIEVING SELF-SUFFICIENCY · DE

Provenance

Return type
form_990
Tax year
2022
Filed
15 May 2024
IRS schema version
2022v5.0
Source object
202441369349314444

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