Cornerstone Theater Company Inc

Analysis

Cornerstone Theater Company Inc is a registered charity in United States, based in Pasadena, CA. It received its IRS tax-exemption ruling in May 1995, 31 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 June 2023, Cornerstone Theater Company Inc reported income of $988k and spending of $1.1m, spending 114% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $1.0m to $988k (-2.3%), an average of -0.6% a year. The sharpest change came in the year to June 2022, when income dropped by 26%. Over the whole period it spent 87% 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 Theater Company Inc sits at the 86th percentile: it is larger than about 86% of them. Against every charity in United States with reported income it ranks in the 79th percentile, and in the 80th percentile within CA. Charities of a similar size with the same main cause include Army Aviation Heritage Foundation and Flying Museum Inc ($987k), Fernando Pullum Community Arts Center ($988k) and Nami of Seneca Sandusky and Wyandot ($987k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 89% and program service revenue 5.8% of the total. Compensation of current officers, directors and key employees was $239k (21% of expenses). Other salaries and wages came to $360k. It paid $22k in professional fundraising fees. At year end it held assets of $1.9m against liabilities of $81k, net assets of $1.8m. It reported 30 employees.