Cornerstone Ministries Inc

Analysis

Cornerstone Ministries Inc is a registered charity in United States, based in Holland, MI. It received its IRS tax-exemption ruling in November 1982, 44 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 Ministries Inc reported income of $56k and spending of $57k, spending 103% of its income. Across the 2 years on record, from December 2022 to December 2023, income fell from $64k to $56k (-13%), an average of -13% a year. Over the whole period it spent 90% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Cornerstone Ministries Inc sits at the 21st percentile: it is larger than about 21% of them. Against every charity in United States with reported income it ranks in the 22nd percentile, and in the 21st percentile within MI. Charities of a similar size with the same main cause include Miami Obedience Club Inc ($56k), Courtlynns Compass ($56k) and Legatus ($56k).

On its Form 990-EZ for the period ending December 2023, revenue came from contributions and grants 99% of the total. At year end it held assets of $84k against liabilities of $250, net assets of $84k.