Cornerstone Academy

Analysis

Cornerstone Academy is a registered charity in United States, based in Oak Park, IL. It received its IRS tax-exemption ruling in April 1996, 30 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Cornerstone Academy reported income of $343k and spending of $343k, spending 100% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $324k to $343k (+5.9%), an average of +1.4% a year. The sharpest change came in the year to June 2023, when income dropped by 25%. Over the whole period it spent 98% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Cornerstone Academy sits at the 63rd percentile: it is larger than about 63% of them. Against every charity in United States with reported income it ranks in the 64th percentile, and in the 64th percentile within IL. Charities of a similar size with the same main cause include New Korean School of Dallas ($343k), SC Sports Dome Inc ($343k) and A Better Chance of Wilton Inc ($343k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 68% and program service revenue 20% of the total. Other salaries and wages came to $221k. At year end it held assets of $216k against liabilities of $44k, net assets of $172k. It reported 9 employees.