Cornerstone West Community Development Corporation

Analysis

Cornerstone West Community Development Corporation is a registered charity in United States, based in Wilmington, DE. It received its IRS tax-exemption ruling in April 2000, 26 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 (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Cornerstone West Community Development Corporation reported income of $1.2m and spending of $1.7m, spending 144% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $359k to $1.2m (+229%), an average of +35% a year. The sharpest change came in the year to June 2020, when income rose by 114%. Over the whole period it spent 116% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Cornerstone West Community Development Corporation sits at the 74th percentile: it is larger than about 74% of them. Against every charity in United States with reported income it ranks in the 81st percentile, and in the 77th percentile within DE. Charities of a similar size with the same main cause include Rural Housing for the Elderly ($1.2m), Bishop John R McGann Senior Housing Development Fund Company Inc ($1.2m) and Phenix City Housing Development Holdings Inc ($1.2m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 86% and program service revenue 8.6% of the total. Compensation of current officers, directors and key employees was $127k (7.5% of expenses). Other salaries and wages came to $349k. At year end it held assets of $4.6m against liabilities of $3.6m, net assets of $1.0m.