Cornerstone Village Inc

Analysis

Cornerstone Village Inc is a registered charity in United States, based in Long Beach, CA. It received its IRS tax-exemption ruling in October 2003, 23 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 March 2024, Cornerstone Village Inc reported income of $567k and spending of $694k, spending 122% of what it took in. Across the 5 years on record, from March 2020 to March 2024, income grew from $434k to $567k (+31%), an average of +6.9% a year. The sharpest change came in the year to March 2022, when income rose by 23%. Over the whole period it spent 122% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Cornerstone Village Inc sits at the 60th percentile: it is larger than about 60% of them. Against every charity in United States with reported income it ranks in the 72nd percentile, and in the 74th percentile within CA. Charities of a similar size with the same main cause include Village East Senior Housing Association ($567k), Mae House ($567k) and Saugatucket Springs Inc ($567k).

On its Form 990 for the period ending March 2024, revenue came from contributions and grants 59% and program service revenue 38% of the total. At year end it held assets of $3.2m against liabilities of $5.0m, net assets of -$1.7m.

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.