Cornerstone Elderly Housing Development Fund Company Inc

Analysis

Cornerstone Elderly Housing Development Fund Company Inc is a registered charity in United States, based in Brooklyn, NY. It received its IRS tax-exemption ruling in March 1980, 46 years ago. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending September 2023, Cornerstone Elderly Housing Development Fund Company Inc reported income of $689k and spending of $0, leaving 100% of income unspent that year. Across the 5 years on record, from September 2019 to September 2023, income grew from $503k to $689k (+37%), an average of +8.2% a year. The sharpest change came in the year to September 2021, when income rose by 44%. Over the whole period it spent 0.0% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Cornerstone Elderly Housing Development Fund Company Inc sits at the 73rd percentile: it is larger than about 73% of them. Against every charity in United States with reported income it ranks in the 75th percentile, and in the 71st percentile within NY. Charities of a similar size with the same main cause include Spokane Guilds School Foundation Dba Joya Foundation ($689k), Aspen Pitkin Employee Housing Inc ($689k) and Moorpark College Foundation ($689k).

On its Form 990 for the period ending September 2023, revenue came from program service revenue 100% of the total. At year end it held assets of $12.8m against liabilities of $0, net assets of $12.8m.