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← CORNERSTONE SCHOOLS ASSOCIATION

Form 990 for tax year 2024

Filed by CORNERSTONE SCHOOLS ASSOCIATION.

Totals

Total revenue
$928,085
Total expenses
$2,305,492
Contributions and grants received
$44,366
Grants paid
$1,062,362
Program service revenue
$883,707
Investment income
$12
Other revenue
$0
Total assets, end of year
$6,990,518
Total liabilities, end of year
$1,547,817
Net assets or fund balances, end of year
$5,442,701
Program services expenses (Part IX)
$2,131,467
Management and general expenses
$174,025
Fundraising expenses
$0
Program service expenses (Part III)
$2,131,467

Program services were 92.5% 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.

  • 1f · All other contributions, gifts and grants

    $44,366

  • 2a · Program service revenue: RENTAL REVENUE - CEG

    total $777,363 · related or exempt $777,363

  • 2b · Program service revenue: SUPPORT SERVICE REVENU

    total $106,344 · related or exempt $106,344

  • 3 · Investment income

    total $12 · excluded $12

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,062,362 · program services $1,062,362

  • 11b · Fees: legal

    total $114,625 · program services $93,284 · management and general $21,341

  • 11c · Fees: accounting

    total $54,915 · program services $44,691 · management and general $10,224

  • 11g · Fees: other

    total $219,943 · program services $178,994 · management and general $40,949

  • 13 · Office expenses

    total $13,260 · management and general $13,260

  • 17 · Travel

    total $7,489 · management and general $7,489

  • 20 · Interest

    total $64,908 · program services $64,908

  • 22 · Depreciation, depletion and amortization

    total $633,058 · program services $611,537 · management and general $21,521

  • 23 · Insurance

    total $19,095 · management and general $19,095

  • 24a · Other expenses: OUTREACH SUPPLIES

    total $66,932 · program services $66,932

  • 24b · Other expenses: REPAIRS & MAINTENANCCE

    total $21,004 · management and general $21,004

  • 24c · Other expenses: UTILITIES

    total $18,581 · management and general $18,581

  • 24d · Other expenses: HARDWARE & SUPPLIES

    total $6,339 · program services $6,339

  • 24e · All other expenses

    total $2,981 · program services $2,420 · management and general $561

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $91,186 · end of year $86,641

  • 2 · Savings and temporary cash investments

    beginning of year $2,970 · end of year $5

  • 3 · Pledges and grants receivable

    beginning of year $216,801 · end of year $97,375

  • 9 · Prepaid expenses and deferred charges

    end of year $532

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

    $20,568,210

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

    $13,762,245

  • 10c · Land, buildings and equipment, net

    beginning of year $7,091,634 · end of year $6,805,965

  • 17 · Accounts payable and accrued expenses

    beginning of year $93,947 · end of year $22,627

  • 18 · Grants payable

    end of year $189,600

  • 23 · Secured mortgages and notes payable

    end of year $1,335,590

  • 27 · Net assets without donor restrictions

    beginning of year $7,246,461 · end of year $5,380,506

  • 28 · Net assets with donor restrictions

    beginning of year $62,183 · end of year $62,195

Mission and programs · 2024

Mission

CORNERSTONE WILL, THROUGH PARTNERSHIP WITH FAMILIES, SCHOOLS, THE BUSINESS COMMUNITY, AND A BROAD AND BELOVED COMMUNITY, SUPPORT THE EFFORT TO BUILD A MODEL OF EXCELLENCE IN URBAN EDUCATION BY ENCOURAGING THE CREATION OF CENTERS OF HOPE FOR THE CHILDREN OF DETROIT WHICH WILL PREPARE STUDENTS TO LIVE THE COMPLETE LIFE THROUGH ACADEMICS, ATHLETICS, AND AFTER SCHOOL ACTIVITIES.

  • THE ASSOCIATION FOCUSES ON WAYS TO ASSIST CORNERSTONE EDUCATION GROUP (CEG) IN ITS EDUCATIONAL MISSION AS WELL AS OFFERING CHRIST CENTERED ACTIVITIES TO STUDENTS ARE PARENTS ON A VOLUNTARY BASIS OUTSIDE OF REGULAR SCHOOL HOURS. THE ASSOCIATION ALSO LEASES FACILITIES TO CEG AT ITS NEVADA CAMPUS AND COLLECTS LICENSING FEES TO FUND ITS MISSION.

    Expenses $2,131,467 · Grants $1,062,362 · Revenue $883,707

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • MICHAEL CARR

    PRESIDENT

    Total calculated
    $0
    Hours/week
    2

  • KATHLEEN THORREZ

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • CAROL MANSFIELD

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • JOE THORREZ

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • TATIANA GRANT

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

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

Provenance

Return type
form_990
Tax year
2024
Filed
10 June 2026
IRS schema version
2024v5.5
Source object
202601619349300420

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