Cornerstone Homes River Garden Inc

Analysis

Cornerstone Homes River Garden Inc is a registered charity in United States, based in New Orleans, LA. It received its IRS tax-exemption ruling in May 2021, 5 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. 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 December 2022, Cornerstone Homes River Garden Inc reported income of $335k and spending of $583k, spending 174% of what it took in. Across the 4 years on record, from December 2019 to December 2022, income fell from $359k to $335k (-6.7%), an average of -2.3% a year. Over the whole period it spent 163% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Cornerstone Homes River Garden Inc sits at the 48th percentile: it is larger than about 48% of them. Against every charity in United States with reported income it ranks in the 64th percentile, and in the 62nd percentile within LA. Charities of a similar size with the same main cause include Ohio Region Senior Citizens Housing Corporation III ($335k), Mid-East Development Corporation ($335k) and Diamond Sunrise Corp ($335k).

On its Form 990 for the period ending December 2022, revenue came from program service revenue 100% of the total. Other salaries and wages came to $75k. At year end it held assets of $5.2m against liabilities of $7.8m, net assets of -$2.6m. It reported 6 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.