Cornerstone Montgomery Inc

Analysis

Cornerstone Montgomery Inc is a registered charity in United States, based in Rockville, MD. It received its IRS tax-exemption ruling in November 1971, 55 years ago. 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 Montgomery Inc reported income of $34.4m and spending of $31.1m, spending 91% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $24.0m to $34.4m (+43%), an average of +9.4% a year. The sharpest change came in the year to June 2023, when income rose by 27%. Over the whole period it spent 93% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Cornerstone Montgomery Inc sits at the 99th percentile: it is larger than about 99% of them. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 98th percentile within MD. Charities of a similar size with the same main cause include Paideia School Incorporated ($34.3m), Iberia Comprehensive Community Health Center ($34.4m) and Huntsman Mental Health Foundation ($34.3m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 26% and program service revenue 73% of the total. Compensation of current officers, directors and key employees was $684k (2.2% of expenses). Other salaries and wages came to $19.3m. At year end it held assets of $34.7m against liabilities of $10.1m, net assets of $24.6m. It reported 586 employees.