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Nonprofiteer
← CORNERSTONES HOUSING CORPORATION

Form 990 for tax year 2024

Filed by CORNERSTONES HOUSING CORPORATION.

Totals

Total revenue
$989,833
Total expenses
$1,351,311
Contributions and grants received
$23,804
Grants paid
$0
Program service revenue
$938,185
Investment income
$27,844
Other revenue
$0
Total assets, end of year
$9,354,852
Total liabilities, end of year
$8,897,852
Net assets or fund balances, end of year
$457,000
Program services expenses (Part IX)
$1,000,638
Management and general expenses
$350,673
Fundraising expenses
$0
Program service expenses (Part III)
$1,000,638

Program services were 74.0% 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.

  • 1f · All other contributions, gifts and grants

    $23,804

  • 2a · Program service revenue: TENANT FEES

    total $938,185 · related or exempt $938,185

  • 3 · Investment income

    total $27,844 · excluded $27,844

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $346,800 · management and general $346,800

  • 11c · Fees: accounting

    total $7,976 · program services $7,976

  • 14 · Information technology

    total $150 · program services $150

  • 16 · Occupancy

    total $180,217 · program services $180,217

  • 20 · Interest

    total $18,297 · program services $18,297

  • 22 · Depreciation, depletion and amortization

    total $360,177 · program services $360,177

  • 23 · Insurance

    total $23,898 · program services $23,898

  • 24a · Other expenses: REPAIRS

    total $376,733 · program services $376,733

  • 24b · Other expenses: MISCELLANEOUS

    total $16,870 · program services $12,997 · management and general $3,873

  • 24c · Other expenses: MISSION DEVELOPMENT

    total $10,069 · program services $10,069

  • 24d · Other expenses: BAD DEBT

    total $8,998 · program services $8,998

  • 24e · All other expenses

    total $1,126 · program services $1,126

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $169,284 · end of year $199,167

  • 2 · Savings and temporary cash investments

    beginning of year $246,265 · end of year $253,936

  • 4 · Accounts receivable

    beginning of year $43,077 · end of year $33,367

  • 7 · Other notes and loans receivable

    beginning of year $184,399 · end of year $184,399

  • 9 · Prepaid expenses and deferred charges

    beginning of year $298,094 · end of year $9,552

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

    $12,903,096

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

    $5,074,858

  • 10c · Land, buildings and equipment, net

    beginning of year $8,102,076 · end of year $7,828,238

  • 13 · Investments: program-related

    beginning of year $41,000 · end of year $41,000

  • 15 · Other assets

    beginning of year $326,782 · end of year $805,193

  • 17 · Accounts payable and accrued expenses

    beginning of year $117,911 · end of year $91,368

  • 19 · Deferred revenue

    beginning of year $3,429 · end of year $365

  • 23 · Secured mortgages and notes payable

    beginning of year $8,420,867 · end of year $8,311,119

  • 25 · Other liabilities

    beginning of year $50,292 · end of year $495,000

  • 27 · Net assets without donor restrictions

    beginning of year $818,478 · end of year $457,000

Mission and programs · 2024

Mission

CORNERSTONES HOUSING CORPORATION (CHC) OPERATES AS THE AFFORDABLE HOUSING ARM OF CORNERSTONES, INC. TOGETHER, CORNERSTONES AND ITS SUBSIDIARY CHC HAVE SERVED FAIRFAX COUNTY LOW- TO MODERATE-INCOME RESIDENTS FOR OVER 50 YEARS. WORKING IN LONG-TERM PARTNERSHIP WITH LOCAL JURISDICTIONS, CHC PROVIDES AFFORDABLE RENTAL HOUSING AND WRAP-AROUND SUPPORTS TO FAMILIES AND INDIVIDUALS EXPERIENCING HOMELESSNESS OR WHO ARE UNABLE TO MAINTAIN STABLE HOUSING DUE TO ECONOMIC OR OTHER HARDSHIPS. AS PART OF OUR SIGNATURE APPROACH, WE PROVIDE ALL TENANTS WITH ACCESS TO SUPPORTIVE PROGRAMS AND SERVICES SUCH AS FOOD, QUALITY CHILDCARE, JOB SKILLS TRAINING, AND CASE MANAGEMENT TO BUILD FAMILY RESILIENCY AND OPPORTUNITY. THROUGH THESE PROGRAMS WE OFFER STABILITY, EMPOWERMENT, AND HOPE FOR NORTHERN VIRGINIA'S MOST VULNERABLE NEIGHBORS.

  • SERVICE-ENRICHED AFFORDABLE RENTAL HOUSING: CORNERSTONES HOUSING CORPORATION (CHC) CURRENTLY MANAGES 104 AFFORDABLE SCATTERED-SITE RENTAL HOMES AND APARTMENTS, SERVING EXTREMELY LOW AND LOW-INCOME HOUSEHOLDS, INCLUDING LOW-INCOME SENIORS AND THOSE TRANSITIONING OUT OF HOMELESSNESS. THE SCATTERED-SITE RENTAL PROGRAM COMPRISES 56 TOWNHOMES AND CONDOMINIUMS IN RESTON, HERNDON, AND CENTREVILLE, RENTED TO INDIVIDUALS AND FAMILIES QUALIFYING FOR HOUSING SUBSIDIES OR RECEIVING DISCOUNTED RENT FROM CORNERSTONES/CHC. THE APARTMENTS AT NORTH POINT, A 48-UNIT TAX CREDIT DEVELOPMENT IN RESTON, VIRGINIA, OFFERS AFFORDABLE RENTS TO HOUSEHOLDS EARNING BETWEEN 30-60% OF THE AREA MEDIAN INCOME THROUGH RIHC PARTNERS, LP. MANY RESIDENTS WERE PREVIOUSLY HOMELESS OR AT RISK, FACING LIMITED OPTIONS FOR HOUSING IN THIS HIGH-COST REGION. RESIDENTS ARE SUPPORTED BY CORNERSTONES' SUPPORTIVE HOUSING CASE MANAGERS, WHO PLAY A VITAL ROLE IN SUPPORTING VULNERABLE POPULATIONS BY OFFERING COUNSELING, GUIDANCE, AND ADVOCACY. THEY FOCUS ON THE EMOTIONAL HEALTH AND PHYSICAL WELLBEING OF CHILDREN, FAMILIES, AND OTHER VULNERABLE GROUPS, PROVIDING THEM WITH COUNSELING, COPING SKILLS, AND ADVOCACY SERVICES. THESE PROFESSIONALS POSSESS STRONG PROBLEM-SOLVING ABILITIES, ENABLING THEM TO IDENTIFY AND ADDRESS BARRIERS TO STABLE HOUSING WHILE CONNECTING PEOPLE TO SERVICES THAT SUPPORT HOUSING STABILITY. THEY OFTEN MANAGE LARGE CASELOADS, DEVELOPING AND IMPLEMENTING CARE PLANS TAILORED TO THE NEEDS OF PARTICIPANTS AND THEIR FAMILIES. CORNERSTONES SUCCESS STEMS FROM OUR COMPREHENSIVE RANGE OF PROGRAMS AND WRAP-AROUND SERVICES, WHICH ADDRESS URGENT OR ONGOING NEEDS SUCH AS HOUSING, FOOD, CHILDCARE, OR FINANCIAL ASSISTANCE, ALL AIMED AT FOSTERING HEALTHY CHILDREN, YOUTH, AND FAMILIES, SECURING AFFORDABLE HOUSING, AND PROMOTING FINANCIAL INDEPENDENCE.

    Expenses $1,000,638 · Revenue $938,185

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

Listed in Part VII

  • Cheryl Simpkins

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Christy Zeitz

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Fran Steinbauer

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Kerrie B Wilson

    SECRETARY

    Total calculated
    $208,458
    From this org
    $0
    From related orgs
    $199,584
    Other
    $8,874
    Hours/week
    20 + 30 related

    Schedule J breakdown matched by us

    Base
    $0 + $199,584 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $8,120 related
    Nontaxable benefits
    $0 + $754 related
    Filer's total
    $0 + $208,458 related

  • John D Thomas

    IMMEDIATE PAST CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Esther B Johnson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Robert Goudie

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Kevin Schaar

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Casey Veatch

    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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

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.

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.

Related partnerships

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

  • RIHC PARTNERS LP

    RELATED · PROVIDES AFFORDABLE HOUSING · VA · share of income $521 · share of assets $1,610,437 · general or managing partner

    Directly controlled by CORNERSTONES HOUSING CORPORATION

Provenance

Return type
form_990
Tax year
2024
Filed
15 May 2026
IRS schema version
2024v5.5
Source object
202611359349302831

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