Cornerstone University

Analysis

Cornerstone University is a registered charity in United States, based in Grand Rapids, MI. It received its IRS tax-exemption ruling in May 1994, 32 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 May 2024, Cornerstone University reported income of $53.6m and spending of $55.3m, spending 103% of its income. Across the 5 years on record, from May 2020 to May 2024, income fell from $55.3m to $53.6m (-3.1%), an average of -0.8% a year. Over the whole period it spent 95% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Cornerstone University sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 99th percentile, and in the 99th percentile within MI. Charities of a similar size with the same main cause include Pinkerton Academy ($53.6m), Baker Hall ($53.6m) and Keuka College ($53.6m).

On its Form 990 for the period ending May 2024, revenue came from contributions and grants 11% and program service revenue 88% of the total. Compensation of current officers, directors and key employees was $958k (1.7% of expenses). Other salaries and wages came to $17.2m. It paid $63k in professional fundraising fees. At year end it held assets of $105.2m against liabilities of $7.5m, net assets of $97.8m. It reported 1,148 employees.