Cornerstone Academy and Ministries Inc

Analysis

Cornerstone Academy and Ministries Inc is a registered charity in United States, based in Gainesville, FL. It received its IRS tax-exemption ruling in August 2001, 25 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Cornerstone Academy and Ministries Inc reported income of $1.4m and spending of $1.2m, spending 88% of its income. Across the 4 years on record, from June 2020 to June 2023, income grew from $1.2m to $1.4m (+22%), an average of +6.7% a year. The sharpest change came in the year to June 2022, when income rose by 34%. Over the whole period it spent 91% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Cornerstone Academy and Ministries Inc sits at the 79th percentile: it is larger than about 79% of them. Against every charity in United States with reported income it ranks in the 83rd percentile, and in the 85th percentile within FL. Charities of a similar size with the same main cause include Tarkio College ($1.4m), New Life Christian Academy ($1.4m) and Wasatch County School District Foundation ($1.4m).

On its Form 990 for the period ending June 2023, revenue came from program service revenue 96% of the total. Other salaries and wages came to $838k. At year end it held assets of $395k against liabilities of $18k, net assets of $377k. It reported 48 employees.