Cornerstone Initiative Inc

Analysis

Cornerstone Initiative Inc is a registered charity in United States, based in Huntsville, AL. It received its IRS tax-exemption ruling in May 2013, 13 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. 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 December 2023, Cornerstone Initiative Inc reported income of $319k and spending of $244k, leaving 24% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $196k to $319k (+63%), an average of +13% a year. The sharpest change came in the year to December 2023, when income rose by 47%. Over the whole period it spent 90% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Cornerstone Initiative Inc sits at the 60th percentile: it is larger than about 60% of them. Against every charity in United States with reported income it ranks in the 63rd percentile, and in the 64th percentile within AL. Charities of a similar size with the same main cause include Sullivan County Land Bank Corporation ($319k), LA Puente Community Foundation ($319k) and Rural Community Workers Alliance ($319k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 91% of the total. Other salaries and wages came to $171k. At year end it held assets of $257k against liabilities of $8,351, net assets of $248k. It reported 4 employees.