Cornerstones Housing Corporation

Analysis

Cornerstones Housing Corporation is a registered charity in United States, based in Reston, VA. It received its IRS tax-exemption ruling in October 1994, 32 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, Cornerstones Housing Corporation reported income of $1.1m and spending of $1.4m, spending 134% of what it took in. Across the 4 years on record, from June 2020 to June 2023, income grew from $1.1m to $1.1m (+0.9%), an average of +0.3% a year. The sharpest change came in the year to June 2021, when income rose by 29%. Over the whole period it spent 109% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Cornerstones Housing Corporation sits at the 73rd percentile: it is larger than about 73% of them. Against every charity in United States with reported income it ranks in the 80th percentile, and in the 80th percentile within VA. Charities of a similar size with the same main cause include Moline Ministries 2 Inc ($1.1m), St Lukes Apartments Inc ($1.1m) and Lutheran Housing Services Number 1incorporated ($1.1m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 0.1% and program service revenue 97% of the total. At year end it held assets of $10.0m against liabilities of $9.2m, net assets of $778k.