Cornerstone Alliance

Analysis

Cornerstone Alliance is a registered charity in United States, based in Benton Harbor, MI. It received its IRS tax-exemption ruling in March 1988, 38 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. 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 Alliance reported income of $4.4m and spending of $4.8m, spending 110% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $2.7m to $4.4m (+63%), an average of +13% a year. The sharpest change came in the year to December 2022, when income rose by 67%. Over the whole period it spent 109% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Cornerstone Alliance 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 91st percentile, and in the 91st percentile within MI. Charities of a similar size with the same main cause include SW Resources Inc ($4.4m), Metro Detroit Electrical Industry Training Center Inc ($4.4m) and Neighborhood Housing Services of Orange County Inc ($4.4m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 94% and program service revenue 4.7% of the total. Compensation of current officers, directors and key employees was $276k (5.7% of expenses). Other salaries and wages came to $687k. At year end it held assets of $7.2m against liabilities of $1.4m, net assets of $5.8m. It reported 11 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.