Cornerstone Rescue Mission

Analysis

Cornerstone Rescue Mission is a registered charity in United States, based in Rapid City, SD. It received its IRS tax-exemption ruling in March 1989, 37 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 Rescue Mission reported income of $5.3m and spending of $5.5m, spending 104% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $4.4m to $5.3m (+21%), an average of +4.9% a year. The sharpest change came in the year to December 2020, when income rose by 21%. Over the whole period it spent 94% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Cornerstone Rescue Mission sits at the 92nd percentile: it is larger than about 92% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 92nd percentile within SD. Charities of a similar size with the same main cause include Memorial Foundation Inc ($5.3m), Northern Lights Junior Volleyball Inc ($5.3m) and Time for Change Foundation ($5.3m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 95% and program service revenue 2.1% of the total. Compensation of current officers, directors and key employees was $102k (1.8% of expenses). Other salaries and wages came to $2.4m. At year end it held assets of $9.5m against liabilities of $691k, net assets of $8.8m. It reported 116 employees.