Cornerstone Community Radio Inc

Analysis

Cornerstone Community Radio Inc is a registered charity in United States, based in Edgewater, FL. It received its IRS tax-exemption ruling in July 1986, 40 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 2023, Cornerstone Community Radio Inc reported income of $74k and spending of $109k, spending 148% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $576k to $74k (-87%), an average of -40% a year. The sharpest change came in the year to December 2020, when income dropped by 67%. Over the whole period it spent 130% 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 Community Radio 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 29th percentile, and in the 32nd percentile within FL. Charities of a similar size with the same main cause include Missoula Community Chorus Inc ($74k), Modest Fly Art Studio ($74k) and Out West Art Foundation Inc ($74k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 0.8% of the total. Compensation of current officers, directors and key employees was $56k (52% of expenses). At year end it held assets of $1.5m against liabilities of $463k, net assets of $1.0m. It reported 1 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.