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Nonprofiteer
← CORNERSTONE CHARTER ACADEMY INC

Form 990 for tax year 2022

Filed by CORNERSTONE CHARTER ACADEMY INC.

Totals

Total revenue
$17,886,563
Total expenses
$17,126,441
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$16,783,832
Investment income
$997,137
Other revenue
$105,594
Total assets, end of year
$56,303,636
Total liabilities, end of year
$45,761,256
Net assets or fund balances, end of year
$10,542,380
Program services expenses (Part IX)
$14,844,264
Management and general expenses
$2,282,177
Fundraising expenses
$0
Program service expenses (Part III)
$14,844,264

Program services were 86.7% 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.

  • 2a · Program service revenue: GOVERNMENT GRANTS

    total $16,290,010 · related or exempt $16,290,010

  • 2b · Program service revenue: FEES COMMUNITY SERVICES

    total $493,822 · related or exempt $493,822

  • 3 · Investment income

    total $997,137 · excluded $997,137

  • 11a · Other revenue: MISCELLANEOUS INCOME

    total $105,594 · related or exempt $105,594

  • 11e · Other revenue, total

    $105,594

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $9,508,634 · program services $8,519,688 · management and general $988,946

  • 11g · Fees: other

    total $346,289 · program services $311,226 · management and general $35,063

  • 13 · Office expenses

    total $1,703,572 · program services $1,703,572

  • 14 · Information technology

    total $160,662 · program services $144,596 · management and general $16,066

  • 16 · Occupancy

    total $1,264,311 · program services $1,137,880 · management and general $126,431

  • 20 · Interest

    total $1,947,904 · program services $1,753,114 · management and general $194,790

  • 22 · Depreciation, depletion and amortization

    total $785,935 · program services $707,341 · management and general $78,594

  • 23 · Insurance

    total $237,813 · program services $214,032 · management and general $23,781

  • 24a · Other expenses: FUNDRAISING

    total $556,168 · management and general $556,168

  • 24b · Other expenses: OTHER EXPENSES

    total $273,615 · program services $23,903 · management and general $249,712

  • 24c · Other expenses: FOOD COSTS

    total $215,281 · program services $215,281

  • 24d · Other expenses: SECURITY SERVICES

    total $126,257 · program services $113,631 · management and general $12,626

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $575,123 · end of year $6,721,149

  • 2 · Savings and temporary cash investments

    beginning of year $8,917,379 · end of year $37,883,945

  • 4 · Accounts receivable

    beginning of year $14,466 · end of year $820,387

  • 9 · Prepaid expenses and deferred charges

    beginning of year $63,055 · end of year $601,904

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

    $14,438,734

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

    $4,162,483

  • 10c · Land, buildings and equipment, net

    beginning of year $2,275,599 · end of year $10,276,251

  • 15 · Other assets

    beginning of year $13,553,547

  • 17 · Accounts payable and accrued expenses

    beginning of year $822,754 · end of year $1,028,439

  • 24 · Unsecured notes and loans payable

    beginning of year $958,912 · end of year $698,088

  • 25 · Other liabilities

    beginning of year $13,835,245 · end of year $44,034,729

  • 27 · Net assets without donor restrictions

    beginning of year $9,574,334 · end of year $10,542,380

  • 28 · Net assets with donor restrictions

    beginning of year $207,924

Mission and programs · 2022

Mission

TO PROVIDE A COLLEGE PREPARATORY EDUCATIONAL ENVIRONMENT WITH A CURRICULAR EMPHASIS ON BIOTECHNOLOGY AND LIFE SCIENCES THAT FURTHERS THE PHILOSOPHY OF RESPECT AND HIGH EXPECTATIONS FOR ALL, ENABLING STUDENTS TO BECOME CONFIDENT, SELF-DIRECTED, AND RESPONSIBLE LIFE-LONG LEARNERS.

Activities or mission (Part I)

TO PROVIDE A COLLEGE PREPARATORY EDUCATIONAL ENVIRONMENT WITH A CURRICULAR EMPHASIS ON BIOTECHNOLOGY AND LIFE SCIENCES THAT FURTHERS THE PHILOSOPHY OF RESPECT AND HIGH EXPECTATIONS FOR ALL, ENABLING STUDENTS TO BECOME CONFIDENT, SELF-DIRECTED, AND RESPONSIBLE LIFE-LONG AND LIFE SCIENCES THAT FURTHERS THE PHILOSOPHY OF RESPECT AND HIGH EXPECTATIONS FOR ALL, ENABLING STUDENTS TO BECOME CONFIDENT,SELF-DIRECTED, AND RESPONSIBLE LIFE-LONG LEARNERS.

  • CITY OF BELLE ISLE CHARTER SCHOOL INC PROVIDES EDUCATION FOR CHILDREN FROM KINDERGARTEN THROUGH TWELFTH GRADE FOR THE FISCAL YEAR ENDED JUNE 30, 2023.

    Expenses $14,844,264

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • William G Brooks

    DIRECTOR, BO

    Total calculated
    $0
    Hours/week
    2

  • Dr Keith Van Dyke

    DIRECTOR, VI

    Total calculated
    $0
    Hours/week
    2

  • Charlyne Cross

    DIRECTOR, SE

    Total calculated
    $0
    Hours/week
    2

  • Daniel Springen

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Dr Sharon Vyas

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Marc Ady

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Ralph Armstead

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Alexa Dowlen

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Nicholas Fouraker

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Renne Pancoast

    PRINCIPAL

    Total calculated
    $154,463
    From this org
    $154,463
    From related orgs
    $0
    Other
    $0

    Schedule J breakdown matched by us

    Base
    $154,463
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $154,463

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.

Provenance

Return type
form_990
Tax year
2022
Filed
10 May 2024
IRS schema version
2022v5.0
Source object
202411349349303041

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