Cornerstone of Hope Inc

Analysis

Cornerstone of Hope Inc is a registered charity in United States, based in Janesville, WI. It received its IRS tax-exemption ruling in July 2014, 12 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2022, Cornerstone of Hope Inc reported income of $152k and spending of $167k, spending 110% of what it took in. Across the 4 years on record, from December 2019 to December 2022, income fell from $161k to $152k (-5.4%), an average of -1.8% a year. Over the whole period it spent 117% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Cornerstone of Hope Inc sits at the 32nd percentile: it is larger than about 32% of them. Against every charity in United States with reported income it ranks in the 48th percentile, and in the 47th percentile within WI. Charities of a similar size with the same main cause include Birmingham Green Adult Disability Services Inc ($152k), Drews Home of Clarkston Inc ($152k) and FMF Housing ($152k).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 23% and program service revenue 79% of the total. Compensation of current officers, directors and key employees was $64k (39% of expenses). Other salaries and wages came to $60k. At year end it held assets of $634k against liabilities of $13k, net assets of $621k. It reported 3 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.