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Nonprofiteer
← CORNERSTONE RENTER EQUITY INC

Form 990 for tax year 2023

Filed by CORNERSTONE RENTER EQUITY INC.

Totals

Total revenue
$889,138
Total expenses
$1,061,804
Contributions and grants received
$637,314
Grants paid
$30,295
Program service revenue
$224,047
Investment income
$6,584
Other revenue
$21,193
Total assets, end of year
$5,244,077
Total liabilities, end of year
$2,260,567
Net assets or fund balances, end of year
$2,983,510
Program services expenses (Part IX)
$862,197
Management and general expenses
$138,634
Fundraising expenses
$60,973
Program service expenses (Part III)
$862,197

Program services were 81.2% 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.

  • 1a · Federated campaigns

    $170,000

  • 1e · Government grants (contributions)

    $41,069

  • 1f · All other contributions, gifts and grants

    $426,245

  • 2a · Program service revenue: LOW INCOME HOUSING

    total $198,597 · related or exempt $198,597

  • 2b · Program service revenue: MANAGEMENT FEES

    total $25,450 · related or exempt $25,450

  • 3 · Investment income

    total $6,584 · excluded $6,584

  • 11a · Other revenue: OTHER INCOME

    total $21,193 · related or exempt $21,193

  • 11e · Other revenue, total

    $21,193

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $30,295 · program services $30,295

  • 5 · Compensation of officers, directors and key employees

    total $116,735 · program services $96,456 · management and general $15,209 · fundraising $5,070

  • 7 · Other salaries and wages

    total $284,498 · program services $215,402 · management and general $14,481 · fundraising $54,615

  • 8 · Pension plan contributions

    total $4,876 · program services $4,876

  • 9 · Other employee benefits

    total $27,327 · program services $27,327

  • 10 · Payroll taxes

    total $29,953 · program services $25,168 · management and general $4,785

  • 11c · Fees: accounting

    total $16,400 · management and general $16,400

  • 11g · Fees: other

    total $5,321 · program services $2,490 · management and general $2,831

  • 12 · Advertising and promotion

    total $353 · management and general $353

  • 13 · Office expenses

    total $18,914 · program services $3,000 · management and general $15,914

  • 14 · Information technology

    total $9,400 · management and general $9,400

  • 16 · Occupancy

    total $23,119 · management and general $23,119

  • 19 · Conferences, conventions and meetings

    total $6,488 · management and general $6,488

  • 20 · Interest

    total $210 · program services $210

  • 22 · Depreciation, depletion and amortization

    total $183,982 · program services $176,652 · management and general $7,330

  • 23 · Insurance

    total $2,767 · management and general $2,767

  • 24a · Other expenses: PROPERTY MANAGEMENT EXP

    total $174,817 · program services $174,817

  • 24b · Other expenses: RENTER EQUITY

    total $71,735 · program services $71,735

  • 24c · Other expenses: RESIDENT PROGRAM EXPENS

    total $30,287 · program services $30,287

  • 24d · Other expenses: OTHER COSTS

    total $24,327 · program services $3,482 · management and general $19,557 · fundraising $1,288

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $144,199 · end of year $149,349

  • 2 · Savings and temporary cash investments

    beginning of year $368,663 · end of year $314,680

  • 3 · Pledges and grants receivable

    beginning of year $262,500 · end of year $220,833

  • 4 · Accounts receivable

    beginning of year $11,459 · end of year $15,231

  • 7 · Other notes and loans receivable

    beginning of year $364,948 · end of year $364,948

  • 9 · Prepaid expenses and deferred charges

    beginning of year $48,631 · end of year $40,225

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

    $4,617,825

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

    $2,116,929

  • 10c · Land, buildings and equipment, net

    beginning of year $2,661,770 · end of year $2,500,896

  • 13 · Investments: program-related

    beginning of year $1,600,001 · end of year $1,600,001

  • 15 · Other assets

    beginning of year $36,460 · end of year $37,914

  • 17 · Accounts payable and accrued expenses

    beginning of year $44,926 · end of year $55,455

  • 24 · Unsecured notes and loans payable

    beginning of year $2,204,154 · end of year $2,090,071

  • 25 · Other liabilities

    beginning of year $93,375 · end of year $115,041

  • 27 · Net assets without donor restrictions

    beginning of year $2,893,684 · end of year $2,762,677

  • 28 · Net assets with donor restrictions

    beginning of year $262,492 · end of year $220,833

Mission and programs · 2023

Mission

CORNERSTONE RENTER EQUITY (CSRE) IS A COMMUNITY-ORIENTED PARTNER PROVIDING A CUSTOMIZED, FAMILY CENTERED APPROACH TO ASSET BUILDING AND PERSONAL GROWTH THROUGH AN INNOVATIVE PROGRAM CALLED RENTER EQUITY. THE RENTER EQUITY PROGRAM PROVIDES A UNIQUE OPPORTUNITY FOR LOW- INCOME RENTERS TO ACCUMULATE AN ASSET THEY HAVE TRADITIONALLY BEEN UNABLE TO ACCESS- EQUITY.

Activities or mission (Part I)

CORNERSTONE MANAGES RENTER EQUITY (SM) HOUSING FOR LOW-INCOME HOUSEHOLDS.

  • AFFORDABLE HOUSING: CSRE OWNS AND MANAGES 25 UNITS OF AFFORDABLE HOUSING. ADDITIONALLY, CSRE PARTNERS WITH PRESERVATION OF AFFORDABLE HOUSING (POAH) OWN ANOTHER 50 UNITS LOCATED IN THE OVER THE RHINE COMMUNITY OF CINCINNATI, OHIO.

    Expenses $732,867 · Grants $30,295 · Revenue $245,240

  • RENTER EQUITY PROGRAM: AVAILABLE TO LOW-INCOME RENTERS IN OVER-THE-RHINE. THE PROGRAM SERVES APPROXIMATELY 163 INDIVIDUALS ANNUALLY. THE PROGRAM PROVIDES AFFORDABLE HOUSING RESIDENTS TO JOIN AN EQUITY EARNING CLUB THAT PROVIDES MEMBERS THE OPPORTUNITY TO BUILD EQUITY BY INVESTING IN THEMSELVES AND THE COMMUNITY.

    Expenses $129,330

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Alisa Berry

    EXECUTIVE DIRECTOR

    Total calculated
    $116,735
    From this org
    $101,395
    From related orgs
    $0
    Other
    $15,340
    Hours/week
    40

  • Bernice Cooper

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

  • John Hancock

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

  • Kurt Hibbett

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

  • Kurt Billups

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

  • Bob Maly Through 723

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

  • Brian Smyth

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

  • Joe Sunderman

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

  • Gloria Samuel

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

  • Max Kilb

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

  • Lauren Matus Starting 323

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

  • Abby Crews Starting 623

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

  • Andrew Poltorak Starting 623

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

  • Jason Jones Starting 923

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

  • Larry Williams

    PRESIDENT

    Total calculated
    $0
    Hours/week
    5

  • Jonathan Bennie

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • Brendon Dunigan

    TREASURER

    Total calculated
    $0
    Hours/week
    0.5

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

No itemized grants to organizations on this return.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

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

  • RACE REPUBLIC & GREEN LLC

    OH · income $307,646 · assets $2,536,191

    Directly controlled by CORNERSTONE RENTER EQUITY INC

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • ABINGTON RACE AND PLEASANT LLC

    REAL ESTATE · OH · general or managing partner

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • ARP CSE ASSOCIATES LLC

    C · REAL ESTATE · OH · 100% owned · share of income -$305 · share of assets $2,377,319 · controlled entity

    Directly controlled by CORNERSTONE RENTER EQUITY INC

Provenance

Return type
form_990
Tax year
2023
Filed
12 November 2024
IRS schema version
2023v5.1
Source object
202403199349309820

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