Cornerstone Center for the Arts Inc

Analysis

Cornerstone Center for the Arts Inc is a registered charity in United States, based in Muncie, IN. It received its IRS tax-exemption ruling in September 1990, 36 years ago. 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 Center for the Arts Inc reported income of $734k and spending of $815k, spending 111% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $894k to $734k (-18%), an average of -4.8% a year. The sharpest change came in the year to December 2020, when income dropped by 36%. Over the whole period it spent 101% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Cornerstone Center for the Arts Inc sits at the 74th percentile: it is larger than about 74% of them. Against every charity in United States with reported income it ranks in the 76th percentile, and in the 76th percentile within IN. Charities of a similar size with the same main cause include Aldersgate Youth Service Bureau ($734k), Chamberlain House Inc ($734k) and NHC Foundation Inc ($734k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 78% and program service revenue 21% of the total. Other salaries and wages came to $355k. At year end it held assets of $1.7m against liabilities of $250k, net assets of $1.5m. It reported 51 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.