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Nonprofiteer
← CORNERSTONE ACADEMY

Form 990 for tax year 2022

Filed by CORNERSTONE ACADEMY.

Totals

Total revenue
$1,421,329
Total expenses
$1,206,586
Contributions and grants received
$680,251
Grants paid
$0
Program service revenue
$733,299
Investment income
$7,779
Other revenue
$0
Total assets, end of year
$774,747
Total liabilities, end of year
$33,009
Net assets or fund balances, end of year
$741,738
Program services expenses (Part IX)
$0
Management and general expenses
$756,435
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 0.0% 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.

  • 1d · Related organizations

    $13,058

  • 1e · Government grants (contributions)

    $667,193

  • 2a · Program service revenue: IN KIND DONATIONS

    total $400,152

  • 2b · Program service revenue: MISCELLANEOUS INCOME

    total $250

  • 2c · Program service revenue: TUITION

    total $332,862

  • 2d · Program service revenue: RETURN ITEM

    total $35

  • 3 · Investment income

    total $7,779

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $201,025 · management and general $201,025

  • 7 · Other salaries and wages

    total $418,292

  • 10 · Payroll taxes

    total $47,378 · management and general $47,378

  • 11a · Fees: management

    total $250

  • 11c · Fees: accounting

    total $18,000 · management and general $18,000

  • 11g · Fees: other

    total $2,825

  • 12 · Advertising and promotion

    total $8,059 · management and general $8,059

  • 13 · Office expenses

    total $7,376 · management and general $7,376

  • 14 · Information technology

    total $2,755 · management and general $2,755

  • 17 · Travel

    total $400

  • 20 · Interest

    total $81

  • 22 · Depreciation, depletion and amortization

    total $14,992

  • 23 · Insurance

    total $10,896 · management and general $10,896

  • 24a · Other expenses: EQUIPMENT

    total $5,721

  • 24b · Other expenses: IN KIND EXPENSES

    total $400,152 · management and general $400,152

  • 24c · Other expenses: REPAIRS & MAINTENANCE

    total $7,590

  • 24d · Other expenses: SUPPLIES

    total $13,032 · management and general $13,032

  • 24e · All other expenses

    total $47,762 · management and general $47,762

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $162,864 · end of year $67,177

  • 2 · Savings and temporary cash investments

    beginning of year $262,243 · end of year $519,586

  • 3 · Pledges and grants receivable

    end of year $75,000

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

    $127,976

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

    $14,992

  • 10c · Land, buildings and equipment, net

    end of year $112,984

  • 25 · Other liabilities

    beginning of year $21,909 · end of year $33,009

  • 27 · Net assets without donor restrictions

    beginning of year $0 · end of year $586,763

  • 28 · Net assets with donor restrictions

    beginning of year $403,198 · end of year $154,975

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $0 · end of year $0

Mission and programs · 2022

Mission

THE NBSP;CORNERSTONE NBSP;ACADEMY NBSP;INC NBSP;IS NBSP;A NBSP;CHRISTIAN NBSP;SCHOOL NBSP;PROVING NBSP;RIGOROUS NBSP;ACADEMIC NBSP;TEACHING NBSP;AS NBSP;A NBSP;MEANS NBSP;TO NBSP;DEVELOP NBSP;SKILLS NBSP;FOR NBSP;A NBSP;LIFEETIME NBSP;OF NBSP;CONTINUED NBSP;LEARNING

Activities or mission (Part I)

THE CORNERSTONE ACADEMY INC IS A CHRISTIAN SCHOOL PROVIDING RIGOROUS ACADEMMY TEACHING AS A MEANS TO DEVELOP SKILLS FOR A LIFETOME OF CONTINUED LEARNING. CORNERSTONE IS A PROGROM THAT IS PART OF THE CORNERSTONE ACADEMY INC.

  • PROGRAM SERVICES ACCOMPLISHMENT WERE INCREASE OF STAFF WAGES, BUILDING RENOVATION, SIGNAGE FOR MARKETING, PURCHASE OF NEW PLAYGROUND EQUIPMENT, AND PROVIDING FINANCIAL ASSISTANCE TO PARENTS FOR TUITION.

As filed on the 2022 return.

Listed in Part VII

  • Hester Hetley

    BOARD PRESIDENT

    Total calculated
    $0
    Hours/week
    3

  • William Dwight McKissic Sr

    SCHOOL BOARD MEMBER

    Total calculated
    $0
    Hours/week
    3

  • Vera McKissic

    SCHOOL BOARD MEMBER

    Total calculated
    $0
    Hours/week
    3 + 40 related

  • Gerald Alley

    TREASURER

    Total calculated
    $0
    Hours/week
    3

  • Jennifri Howell

    SECRETARY

    Total calculated
    $0
    Hours/week
    3

  • Carla Smith

    40

    Total calculated
    $150,512
    From this org
    $150,512
    From related orgs
    $0
    Other
    $0

  • Samantha Sells

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    3

  • Ed Heatley

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    3

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.

Schedule J

Answered yes

  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · 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

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.

Related corporations and trusts

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

Provenance

Return type
form_990
Tax year
2022
Filed
28 November 2023
IRS schema version
2022v5.0
Source object
202343329349301309

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