Cornerstone Adult Services

Analysis

Cornerstone Adult Services is a registered charity in United States, based in Warwick, RI. It received its IRS tax-exemption ruling in November 1975, 51 years ago. Its declared purposes cover human services, which this site groups under poverty relief. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Cornerstone Adult Services reported income of $2.3m and spending of $2.6m, spending 113% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $2.3m to $2.3m (+2.6%), an average of +0.6% a year. The sharpest change came in the year to June 2022, when income rose by 68%. Over the whole period it spent 105% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Cornerstone Adult Services sits at the 85th percentile: it is larger than about 84% of them. Against every charity in United States with reported income it ranks in the 87th percentile, and in the 83rd percentile within RI. Charities of a similar size with the same main cause include Destined to Win-Second Chance Ranch Inc ($2.3m), Faith Mission & Help Center Inc ($2.3m) and New Horizons Disability Empowerment Center ($2.3m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 19% and program service revenue 80% of the total. Other salaries and wages came to $1.2m. At year end it held assets of $1.5m against liabilities of $850k, net assets of $681k. It reported 39 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.