Cornerstone Academy Inc

Analysis

Cornerstone Academy Inc is a registered charity in United States, based in Morristown, TN. It received its IRS tax-exemption ruling in January 2008, 18 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 Inc reported income of $22.3m and spending of $20.7m, spending 93% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $20.6m to $22.3m (+8.4%), an average of +2.0% a year. The sharpest change came in the year to June 2023, when income dropped by 22%. Over the whole period it spent 57% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Cornerstone Academy Inc sits at the 96th percentile: it is larger than about 96% of them. Against every charity in United States with reported income it ranks in the 97th percentile, and in the 98th percentile within TN. Charities of a similar size with the same main cause include American Maritime Officers Safety & Education Plan ($22.3m), Arizona Community Development Corporation ($22.3m) and Union Academy ($22.3m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 40% and program service revenue 54% of the total. Other salaries and wages came to $8.0m. At year end it held assets of $94.6m against liabilities of $1.0m, net assets of $93.6m. It reported 306 employees.