Cornerstone Academy of Performing Arts Inc

Analysis

Cornerstone Academy of Performing Arts Inc is a registered charity in United States, based in Peoria, IL. It received its IRS tax-exemption ruling in September 2019, 7 years ago. Its declared purposes cover arts, culture and humanities, which this site groups under arts, culture, heritage and science. 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 2022, Cornerstone Academy of Performing Arts Inc reported income of $235k and spending of $257k, spending 109% of what it took in. Across the 2 years on record, from December 2019 to December 2022, income grew from $225k to $235k (+4.4%), an average of +4.4% a year. Over the whole period it spent 105% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Cornerstone Academy of Performing Arts Inc 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 57th percentile, and in the 57th percentile within IL. Charities of a similar size with the same main cause include Charlotte Master Chorale Inc ($235k), Symphony of the Redwoods ($235k) and Grace Foundation ($235k).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 17% and program service revenue 81% of the total. Compensation of current officers, directors and key employees was $83k (32% of expenses). Other salaries and wages came to $23k. At year end it held assets of $58k against liabilities of $103k, net assets of -$45k. It reported 16 employees.