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← HARBOR SHORES PUBLIC ASSET FUND INC

Form 990 for tax year 2022

Filed by HARBOR SHORES PUBLIC ASSET FUND INC.

Totals

Total revenue
$6,344,021
Total expenses
$5,590,561
Contributions and grants received
$4,517,394
Grants paid
$2,108,000
Program service revenue
$2,602,924
Investment income
$5,474
Other revenue
-$781,771
Total assets, end of year
$25,339,428
Total liabilities, end of year
$1,681,744
Net assets or fund balances, end of year
$23,657,684
Program services expenses (Part IX)
$4,973,327
Management and general expenses
$617,234
Fundraising expenses
$0
Program service expenses (Part III)
$4,973,327

Program services were 89.0% 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.

  • 1c · Fundraising events

    $4,142,934

  • 1f · All other contributions, gifts and grants

    $374,460

  • 2a · Program service revenue: PUBLIC GOLF COURSE

    total $2,602,924 · related or exempt $2,602,924

  • 3 · Investment income

    total $5,474 · excluded $5,474

  • 6a · Gross rents

    real property $23,049

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $23,049

  • 6d · Net rental income or loss

    total $23,049 · excluded $23,049

  • 8a · Fundraising events: gross income

    $122,448

  • 8a · Fundraising events: contributions included on line 1c

    $4,142,934

  • 8b · Fundraising events: direct expenses

    $1,383,168

  • 8c · Net income from fundraising events

    total -$1,260,720 · excluded -$1,260,720

  • 10a · Gross sales of inventory

    $985,526

  • 10b · Cost of goods sold

    $534,483

  • 10c · Net income from sales of inventory

    total $451,043 · related or exempt $451,043

  • 11a · Other revenue: MISC REVENUE

    total $4,857 · related or exempt $4,857

  • 11e · Other revenue, total

    $4,857

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $2,108,000 · program services $2,108,000

  • 7 · Other salaries and wages

    total $1,174,272 · program services $774,587 · management and general $399,685

  • 8 · Pension plan contributions

    total $1,017 · program services $712 · management and general $305

  • 9 · Other employee benefits

    total $17,314 · management and general $17,314

  • 10 · Payroll taxes

    total $123,358 · program services $80,193 · management and general $43,165

  • 11a · Fees: management

    total $28,250 · management and general $28,250

  • 11b · Fees: legal

    total $7,848 · program services $7,848

  • 11c · Fees: accounting

    total $33,468 · program services $33,468

  • 11g · Fees: other

    total $268,070 · program services $266,593 · management and general $1,477

  • 12 · Advertising and promotion

    total $126,758 · program services $114,082 · management and general $12,676

  • 13 · Office expenses

    total $7,940 · program services $1,897 · management and general $6,043

  • 14 · Information technology

    total $204 · program services $204

  • 16 · Occupancy

    total $173,760 · program services $156,384 · management and general $17,376

  • 17 · Travel

    total $3,969 · program services $3,969

  • 19 · Conferences, conventions and meetings

    total $2,988 · program services $2,988

  • 20 · Interest

    total $3,930 · program services $3,930

  • 22 · Depreciation, depletion and amortization

    total $583,205 · program services $583,205

  • 23 · Insurance

    total $171,856 · program services $154,670 · management and general $17,186

  • 24a · Other expenses: SUPPLIES

    total $293,526 · program services $264,173 · management and general $29,353

  • 24b · Other expenses: FIXTURES AND EQUIPMENT

    total $236,075 · program services $212,467 · management and general $23,608

  • 24c · Other expenses: REPAIRS AND MAINTENANCE

    total $116,250 · program services $104,625 · management and general $11,625

  • 24d · Other expenses: MISCELLANEOUS

    total $71,258 · program services $66,961 · management and general $4,297

  • 24e · All other expenses

    total $37,245 · program services $32,371 · management and general $4,874

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,009,568 · end of year $2,103,267

  • 4 · Accounts receivable

    beginning of year $356,981 · end of year $255,546

  • 8 · Inventories for sale or use

    beginning of year $147,841 · end of year $215,794

  • 9 · Prepaid expenses and deferred charges

    beginning of year $29,237 · end of year $85,825

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

    $27,517,327

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

    $5,686,636

  • 10c · Land, buildings and equipment, net

    beginning of year $23,070,643 · end of year $21,830,691

  • 15 · Other assets

    beginning of year $0 · end of year $848,305

  • 17 · Accounts payable and accrued expenses

    beginning of year $334,151 · end of year $307,365

  • 19 · Deferred revenue

    beginning of year $427,166 · end of year $194,081

  • 23 · Secured mortgages and notes payable

    end of year $162,195

  • 25 · Other liabilities

    beginning of year $0 · end of year $1,018,103

  • 27 · Net assets without donor restrictions

    beginning of year $23,852,953 · end of year $23,657,684

Mission and programs · 2022

Mission

CORNERSTONE PUBLIC ASSET FUND, INC IS ENGAGED IN THE DEVELOPMENT AND IMPLEMENTATION OF ECONOMIC GROWTH IN PARTNERSHIP WITH LOCAL COMMUNITITES AND MUNICIPALITIES. IT OPERATES AS A SUPPORTING ORGANIZATION TO CORNERSTONE ALLIANCE, A PUBLIC CHARITY.

Activities or mission (Part I)

CORNERSTONE PUBLIC ASSET FUND, INC. IS ENGAGED IN THE DEVELOPMENT AND IMPLEMENTATION OF ECONOMIC GROWTH IN PARTNERSHIP WITH LOCAL COMMUNITIES AND MUNICIPALITIES. IT OPERATES AS A SUPPORTING ORGANIZATION TO CORNERSTONE ALLIANCE, A PUBLIC CHARITY.

  • SEE SCHEDULE O

    Expenses $2,330,043 · Revenue $3,053,967

  • WHIRLPOOL CORPORATION COMMUNITY CHARITY GOLF EVENT: THE WHIRLPOOL COMMUNITY CHARITY GOLF EVENT (WCCGE) IS CONDUCTED EACH SUMMER. OVER THE PAST 19 YEARS, THE WCCGE HAS RAISED OVER $28 MILLION TO SUPPORT AREA YOUTH IN THE COMMUNITY. THE FUNDRAISING FROM THE WCCGE HAS ENABLED THE EXPANSION AND GROWTH OF LOCAL ORGANIZATIONS, AND THE MONEY RAISED HELPS AROUND 10,000 YOUTH A YEAR. THESE ORGANIZATIONS INCLUDE THE BOYS & GIRLS CLUBS OF GREATER SOUTHWEST MICHIGAN, FIRST TEE OF BENTON HARBOR AND THE LOCAL PUBLIC SCHOOL FOUNDATIONS OF BENTON HARBOR, LAKESHORE AND ST. JOSEPH AS WELL AS OTHER YOUTH PROGRAMS AND ORGANIZATIONS.

    Expenses $2,447,034 · Grants $2,108,000

  • MICHIGAN'S GREAT SOUTHWEST STRATEGIC LEADERSHIP COUNCIL: THE ROLE OF THE COUNCIL IS TO BRING LEADERS FROM BUSINESS, GOVERNMENT, NONPROFIT, AND EDUCATION TOGETHER TO WORK COLLABORATIVELY TO ACHIEVE THE MISSION OF THE COUNCIL. LEADERS ARE BASED LOCALLY IN BERRIEN COUNTY, MI AND ARE ALL VOLUNTEER PARTICIPANTS.

    Expenses $196,250 · Revenue $4,857

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

Listed in Part VII

  • Rob Cleveland

    VICE PRESIDENT

    Total calculated
    $262,776
    From this org
    $0
    From related orgs
    $262,776
    Other
    $0
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $262,776 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $262,776 related

  • Pamela Klyn

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Sam Abdelnour

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Michael Todman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jeff Fettig

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Christopher Cook

    PRESIDENT/TREASURER

    Total calculated
    $88,462
    From this org
    $0
    From related orgs
    $88,462
    Other
    $0
    Hours/week
    10 + 40 related

  • John Cameron

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Deb O'Connor

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Josh Doxtator

    GENERAL MANAGER

    Total calculated
    $187,042
    From this org
    $167,042
    From related orgs
    $0
    Other
    $20,000
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $167,042
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $20,000
    Filer's total
    $187,042

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

  • 3 · Compensation committee
  • 3 · Approval by the board or compensation committee

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

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.

  • CORNERSTONE ALLIANCE

    501(C)(3) · DEVELOPMENT OF ECONOMIC GROWTH IN THE CITY OF BENTON HARBOR · MI

  • RENAISSANCE DEVELOPMENT FUND

    501(C)(3) · DEVELOPING ECONOMIC ACTIVITIES TO SUPPORT CORNERSTONE ALLIANCE · MI

    Directly controlled by CORNERSTONE ALLIANCE

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.

  • HARBOR SHORES GOLF COURSE LLC

    CATALYST FOR ECONOMIC DEVELOPMENT · MI

    Directly controlled by CORNERSTONE PUBLIC ASSET FUND INC

Provenance

Return type
form_990
Tax year
2022
Filed
23 August 2023
IRS schema version
2022v5.0
Source object
202312369349301621

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