Cornerstone Apartments Inc

Analysis

Cornerstone Apartments Inc is a registered charity in United States, based in Vicksburg, MS. It received its IRS tax-exemption ruling in February 1999, 27 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending September 2024, Cornerstone Apartments Inc reported income of $90k and spending of $111k, spending 124% of what it took in. Across the 5 years on record, from September 2020 to September 2024, income grew from $64k to $90k (+41%), an average of +9.0% a year. Over the whole period it spent 129% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Cornerstone Apartments Inc sits at the 20th percentile: it is larger than about 20% of them. Against every charity in United States with reported income it ranks in the 34th percentile, and in the 36th percentile within MS. Charities of a similar size with the same main cause include Common Fence Point Improvement Association ($90k), Ridge Housing Inc ($90k) and Dream Catcher ($90k).

On its Form 990 for the period ending September 2024, revenue came from program service revenue 100% of the total. At year end it held assets of $337k against liabilities of $45k, net assets of $291k.

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.