Cornerstone Service Inc

Analysis

Cornerstone Service Inc is a registered charity in United States, based in Joliet, IL. It received its IRS tax-exemption ruling in December 1969, 57 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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 June 2023, Cornerstone Service Inc reported income of $42.3m and spending of $40.7m, spending 96% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $34.5m to $42.3m (+22%), an average of +5.2% a year. The sharpest change came in the year to June 2022, when income rose by 25%. Over the whole period it spent 94% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Cornerstone Service Inc sits at the 99th percentile: it is larger than about 99% of them. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 98th percentile within IL. Charities of a similar size with the same main cause include Hammer Residences Inc ($42.2m), Hawaii Foodbank ($42.3m) and Waterman Communities Inc ($42.1m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 19% and program service revenue 80% of the total. Compensation of current officers, directors and key employees was $241k (0.6% of expenses). Other salaries and wages came to $24.8m. At year end it held assets of $40.2m against liabilities of $17.2m, net assets of $22.9m. It reported 839 employees.