Cornerstone School of Summit Inc

Analysis

Cornerstone School of Summit Inc is a registered charity in United States, based in Summit, NJ. It received its IRS tax-exemption ruling in December 2014, 12 years ago. Its declared purposes cover education, which this site groups under education and training. 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 August 2023, Cornerstone School of Summit Inc reported income of $1.1m and spending of $1.0m, spending 95% of its income. Across the 5 years on record, from August 2019 to August 2023, income grew from $953k to $1.1m (+12%), an average of +2.8% a year. The sharpest change came in the year to August 2021, when income rose by 29%. Over the whole period it spent 94% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Cornerstone School of Summit Inc sits at the 76th percentile: it is larger than about 76% of them. Against every charity in United States with reported income it ranks in the 80th percentile, and in the 83rd percentile within NJ. Charities of a similar size with the same main cause include Arcadia Educational Foundation ($1.1m), Cape Christian Academy ($1.1m) and Latinx Education Center ($1.1m).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 8.4% and program service revenue 91% of the total. Compensation of current officers, directors and key employees was $87k (8.6% of expenses). Other salaries and wages came to $604k. At year end it held assets of $663k against liabilities of $204k, net assets of $459k. It reported 24 employees.