Cornerstone Academy

Analysis

Cornerstone Academy is a registered charity in United States, based in Arlington, TX. It received its IRS tax-exemption ruling in February 2013, 13 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending August 2023, Cornerstone Academy reported income of $1.4m and spending of $1.2m, spending 85% of its income. Across the 5 years on record, from August 2019 to August 2023, income grew from $748k to $1.4m (+90%), an average of +17% a year. The sharpest change came in the year to August 2021, when income rose by 206%. Over the whole period it spent 91% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Cornerstone Academy sits at the 79th percentile: it is larger than about 79% of them. Against every charity in United States with reported income it ranks in the 83rd percentile, and in the 87th percentile within TX. Charities of a similar size with the same main cause include The Harris School Inc ($1.4m), Womens Fund of Central Ohio Inc ($1.4m) and New York City Urban Debate League Inc ($1.4m).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 48% and program service revenue 52% of the total. Compensation of current officers, directors and key employees was $201k (17% of expenses). Other salaries and wages came to $418k. At year end it held assets of $775k against liabilities of $33k, net assets of $742k. It reported 16 employees.