Cornerstone Charter Academy

Analysis

Cornerstone Charter Academy is a registered charity in United States, based in Rutherfordton, NC. It received its IRS tax-exemption ruling in May 2013, 13 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 Charter Academy reported income of $15.0m and spending of $12.9m, spending 86% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $11.1m to $15.0m (+36%), an average of +7.9% a year. Over the whole period it spent 90% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Cornerstone Charter Academy sits at the 95th percentile: it is larger than about 95% of them. Against every charity in United States with reported income it ranks in the 96th percentile, and in the 97th percentile within NC. Charities of a similar size with the same main cause include Latin American Montessori Bilingual Public Charter School ($15.0m), Diagnostic Services of Kansas State Inc ($15.0m) and Academia Antonia Alonso ($15.0m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 90% and program service revenue 0.4% of the total. Compensation of current officers, directors and key employees was $308k (2.4% of expenses). Other salaries and wages came to $6.2m. At year end it held assets of $38.8m against liabilities of $41.1m, net assets of -$2.2m. It reported 170 employees.