2021-08-10T20:20:55-05:00 2020-12-31 351307701 KRUGGEL LAWTON & COMPANY LLC 526 UPTON DRIVE ST JOSEPH MI 49085 990 2020-01-01 464405437 CORNERSTONE PUBLIC ASSET FUND INC CORN 2699256100 80 W MAIN ST BENTON HARBOR MI 49022 D JEFFREY NOEL PRESIDENT 2699256100 2021-07-23 1 D JEFFREY NOEL 999009999 ROBERT ALEX SCHAEFFER P01439018 2699830131 2021-07-23 3 AAL1 IAL1 2020 2022-09-23 18:48:47Z D JEFFREY NOEL 80 W MAIN ST BENTON HARBOR MI 49022 2821474 0 X N/A X 2013 MI CORNERSTONE PUBLIC ASSET FUND, INC. IS ENGAGED IN THE DEVLOPMENT AND IMPLEMENTATION OF ECONOMIC GROWTH IN PARTNERSHIP WITH LOCAL COMMUNITIES AND MUNICIPALITIES. IT OPERATES AS A SUPPORTING ORGANIZATION TO CORNERSTONE ALLIANCE, A PUBLIC CHARITY. 5 4 90 15 0 0 70000 330160 1603224 2094521 0 0 170330 57994 1843554 2482675 0 0 0 0 1494549 1442510 0 0 0 2608620 6748862 4103169 8191372 -2259615 -5708697 29602882 23927537 370857 404209 29232025 23523328 CORNERSTONE PUBLIC ASSET FUND, INC IS ENGAGED IN THE DEVELOPMENT AND IMPLEMENTATION OF ECONOMIC GROWTH IN PARTNERSHIP WITH LOCAL COMMUNITITES AND MUNICIPALITIES. IT OPERATES AS A SUPPORTING ORGANIZATION TO CORNERSTONE ALLIANCE, A PUBLIC CHARITY. 0 0 7531759 2064681 OPERATION OF A PUBLIC GOLF COURSE: CORNERSTONE PUBLIC ASSET FUND, INC. ("CPAF") IS ORGANIZED AND OPERATED TO PROVIDE PUBLIC RECREATIONAL FACILITIES FOR THE BENEFIT OF THE COMMUNITY OF BENTON HARBOR, MICHIGAN. DURING 2020, AS PART OF ITS MISSION TO RESTORE A BLIGHTED AREA OF THE COMMUNITY AND ENHANCE COMMUNITY ACCESS TO THIS AREA., CPA OWNED AND OPERATED A PUBLIC GOLF COURSE AND PUBLIC PARK AREA THAT IS OPEN TO THE COMMUNITY. THE GOLF COURSE IS PARTIALLY LOCATED WITHIN THE CITY OF BENTON HARBOR'S JEAN KLOCK PARK. THE CITY, THROUGH THE OVERSIGHT COMMITTEE THAT IT CONTROLS, REVIEWS AND APPROVES THE OPERATIONS OF THE ENTIRE GOLF COURSE, INCLUDING THE FEES TO BE CHARGED TO THE PUBLIC. THIS ENSURES THAT THE FACILITIES ARE AVAILABLE TO THE COMMUNITY AT LARGE FOR THEIR RECREATIONAL ENJOYMENT. 7531759 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 26 0 1 90 1 0 0 0 0 0 0 0 0 0 0 0 0 X 5 4 0 0 0 0 1 1 1 1 1 0 0 0 1 0 0 0 0 0 0 0 MI X JEFFREY GILBERTSEN 2699256100 53 W WALL STREET BENTON HARBOR MI 49022 X RON GRIESINGER DIRECTOR, SECRETARY 0.25 1.00 X X 0 0 0 D JEFFERY NOEL DIRECTOR, PRESIDENT 0.25 X X 0 0 0 BRYAN VON DORPOWSKI DIRECTOR, TREASURER 0.25 1.00 X X 0 0 0 PHIL MAKI DIRECTOR 0.25 1.00 X 0 0 0 DEBORAH O'CONNOR DIRECTOR 0.25 X 0 0 0 JOSH DOXTON GENERAL MANAGER 40.00 X 173388 0 8604 ROSS SMITH GOLF PROFESSIONAL 40.00 X 133103 0 8513 306491 0 17117 2 0 1 0 0 30160 300000 330160 PUBLIC GOLF COURSE 713910 2094521 2094521 2094521 396793 338799 57994 57994 2482675 2152515 0 0 1222332 987868 234464 99326 71700 27626 120852 99398 21454 4215835 4200000 15835 11835 9734 2101 60982 60982 99355 92470 6885 110329 20580 89749 50327 33719 16608 13230 13230 165731 163502 2229 12744 6166 6578 3478 1378 2100 671973 671973 51589 51589 OTHER 608880 549962 58918 FIXTURES AND EQUIPMENT 322184 320674 1510 SUPPLIES 195846 187306 8540 REPAIRS AND MAINTENANCE 107059 88988 18071 47485 26341 21144 8191372 7531759 659613 0 717328 219441 4602410 0 92426 90972 103741 92869 36687 50558 27007132 3533435 24050290 23473697 29602882 23927537 74372 115436 296485 288773 370857 404209 X 24629615 23523328 4602410 0 29232025 23523328 29602882 23927537 -5708697 0 X X 0 1 X 1 0 X X X 1 CORNERSTONE ALLIANCE 382772476 7 1 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 18514924 18514924 5037117 1545193 3491924 3001458 1625623 1375835 453633 362619 91014 23473697 X 2821474 0 2821474 -338799 -338799 2482675 8530171 338799 338799 8191372 0 8191372 PART X, LINE 2: CORNERSTONE PUBLIC ASSET FUND, INC. (THE ORGANIZATION") IS A NONPROFIT CORPORATION UNDER 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS NOT CONSIDERED A PRIVATE FOUNDATION. THE ORGANIZATION FILES TAX RETURNS IN THE U.S. FEDERAL JURISDICTION. AS OF THE CURRENT FISCAL YEAR, AND THE YEAR THEN ENDED, THERE ARE NO MATERIAL UNRECOGNIZED/DERECOGNIZED TAX BENEFITS OR TAX PENALTIES OR INTEREST. THE ORGANIZATION IS NO LONGER SUBJECT TO U.S. FEDERAL INCOME TAX EXAMINATIONS BY TAX AUTHORITIES FOR THE THREE YEARS BEFORE THE CURRENT YEAR ENDED. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD PART XII, LINE 2D - OTHER ADJUSTMENTS: COSTS OF GOODS SOLD X X 0 0 0 0 0 0 0 0 0 JOSH DOXTON GENERAL MANAGER 158100 0 15288 0 0 0 0 0 8604 0 181992 0 0 0 FORM 990, PART III, LINE 4A: OPERATION OF A PUBLIC GOLF COURSE: CORNERSTONE PUBLIC ASSET FUND, INC. ("CPAF") IS ORGANIZED AND OPERATED TO PROVIDE PUBLIC RECREATIONAL FACILITIES FOR THE BENEFIT OF THE COMMUNITY OF BENTON HARBOR, MICHIGAN. DURING THE FISCAL YEAR ENDED, AS PART OF ITS MISSION TO RESTORE A BLIGHTED AREA OF THE COMMUNITY AND ENHANCE COMMUNITY ACCESS TO THIS AREA, CPAF OWNED AND OPERATED A PUBLIC GOLF COURSE AND PUBLIC PARK AREA THAT IS OPEN TO THE COMMUNITY. THE GOLF COURSE IS PARTIALLY LOCATED WITHIN THE CITY OF BENTON HARBOR'S JEAN KLOCK PARK. THE CITY, THROUGH THE OVERSIGHT COMMITTEE THAT IT CONTROLS, REVIEWS AND APPROVES THE OPERATIONS OF THE ENTIRE GOLF COURSE, INCLUDING THE FEES TO BE CHARGED TO THE PUBLIC. THIS ENSURES THAT THE FACILITIES ARE AVAILABLE TO THE COMMUNITY AT LARGE FOR THEIR RECREATIONAL ENJOYMENT. IN ADDITION, CPAF PROVIDES THE FOLLOWING BENEFITS TO THE COMMUNITY: 1. PROVIDED DAYS OF USE TO THE LOCAL FIRST THE GOLF PROGRAM FOR UNDERPRIVILEGED YOUTH, AT NO CHARGER, WITH AN IN-KIND VALUE IN EXCESS OF $30,160; 2. PROVIDED DAYS OF USE TO LOCAL PUBLIC HIGH SCHOOLS FOR PRACTICE ROUNDS AND MATCHES, AT NO CHARGE; 3. PROVIDED UNLIMITED PASSES TO RESIDENTS OF THE CITY OF BENTON HARBOR AT SIGNIFICANTLLY REDUCED COST; 4. PROVIDED FREE USE OF THE PROPERT TO AREA RESIDENTS FOR WINTER ACTIVITIES WHEN CONDITIONS ALLOW FOR ACCESS TO THE COURSE WITHOUT THE RISK OF DAMAGE IN ADDITION, ALMOST HALF OF THE PERSONS EMPLOYED IN THE ONGOING OPERATION AND MAINTENANCE OF THE GOLF COURSE AND PARK ARE BENTON HARBOR RESIDENTS. MAINTAINING THIS LEVEL OF LOCAL RESIDENT EMPLOYMENT HAS AIDED IN LOWERING THE CITY'S SIGNIFICANTLLY HIGH UNEMPLOYMENT RATE. MAINTENANCE AND IMPROVEMENT OF JEAN KLOCK PARK: PRIOR TO INVOLVEMENT BY CPAF, JEAN KLOCK PARK FALLEN INTO CONSIDERABLE DISPAIR. AS PART OF THE GOLF COURSE CONSTRUCTION PROCESS, CPAF MITIGATED CONTAMINATION, REMOVED TONS OF DEBRIS, AND RETURNED THE PARK TO A USEABLE STATE. EACH YEAR, CPAF PROVIDES ONGOING MAINTENANCE AND IMPROVEMENTS TO THE PARK PROPERTY. DURING THE FISCAL YEAR ENDED, CPAF SPENT APPROXIMATELY $115,000 ON THESE ACTIVITIES, INCLUDING MOWING, LANDSCAPING, CREATION AND MAINTENANCE OF WALKING TRAILS, CLEANING AND MAINTENANCE OF WATERFRONT AREAS, ETC. FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION'S TWO MEMBERS ARE WHIRLPOOL FOUNDATION AND CORNERSTONEN ALLIANCE. FORM 990, PART VI, SECTION A, LINE 7A WHIRLPOOL FOUNDATION AND CORNERSTONE ALLIANCE HAVE THE RIGHT TO APPOINT DIRECTORS OF THE BOARD. WHIRLPOOL FOUNDATION APPOINTS TWO REPRESENTATIVES TO THE BOARD AND CORNERSTONE ALLIANCE APPOINTS FOUR REPRESENTATIVES TO THE BOARD. FORM 990, PART VI, SECTION A, LINE 7B THE CORNERSTONE PUBLIC ASSET FUND GOLF OPERATION ARE OVERSEEN BY AN OVERSIGHT COMMITTEE THAT IS CONTROLLED BY THE CITY OF BENTON HARBOR. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY THE SECRETARY OF THE BOARD PRIOR TO FILING. THE FULL BOARD WILL NOT RECEIVE A COPY OF THE FORM 990 PRIOR TO FILING THE RETURN. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE NOT AVAILABLE FOR PUBLIC INSPECTION. FINANCIAL STATEMENTS ARE SUMMARIZED IN AN ANNUAL REPORT WHICH IS AVAILABLE TO THE PUBLIC FORM 990, PART VI, SECTION A, LINE 6: THE ORGANIZATION'S TWO MEMBERS ARE WHIRLPOOL FOUNDATION AND CORNERSTONE ALLIANCE. FORM 990, PART VI, SECTION A, LINE 7A: WHIRLPOOL FOUNDATION AND CORNERSTONE ALLIANCE HAVE THE RIGHT TO APPOINT DIRECTORS OF THE BOARD. WHIRLPOOL FOUNDATION APPOINTS TWO REPRESENTATIVES TO THE BOARD AND CORNERSTONE ALLIANCE APPOINTS FOUR REPRESENTATIVES TO THE BOARD. FORM 990, PART VI, SECTION A, LINE 7B: THE CORNERSTONE PUBLIC ASSET FUND GOLF OPERATION ARE OVERSEEN BY AN OVERSIGHT COMMITTE THAT IS CONTROLLED BY THE CITY OF BENTON HARBOR. FORM 990, PART VI, SECTION B, LINE 11B: THE FORM 990 IS REVIEWED BY THE SECRETARY OF THE BOARD PRIOR TO FILING. THE FULL BOARD WILL NOT RECEIVE A COPY OF THE FORM 990 PRIOR TO FILING THE RETURN. FORM 990, PART VI SECTION B, LINE 13: THE ORGANIZATION DOES NOT HAVE A FROMAL WHISTLEBLOWER POLICY IN PLACE BUT IS SUBJECT TO THE WHISTLEBLOWER POLICY OF HABOR SHORES COMMUNITY REDEVELOPMENT, INC., A RELATED ENTITY. FORM 990, PART VI SECTION B, LINE 14: THE ORGANIZATION DOES NOT HAVE A FORMAL WRITTEN DOCUMENT RETENTION AND DESTRUCTION POLICY IN PLACE BUT IS SUBJECT TO THE WRITTEN DOCUMENT RETENTION AND DESTRUCTION POLICY OF HARBOR SHORES COMMUNITY REDEVELOPMENT, INC., A RELATED ENTITY. FORM 990, PART VI SECTION C, LINE 19: GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE NOT AVAILABLE FOR PUBLIC INSPECTION. FINANCIAL STATEMENTS ARE SUMMARIZED IN AN ANNUAL REPORT WHICH IS AVAILABLE TO THE PUBLIC. FORM 990, PART XII, LINE 2C THERE HAS BEEN NO CHANGE IN PROCESS FORM PRIOR YEAR. HARBOR SHORES GOLF COURSE LLC 201 GRAHAM AVENUE BENTON HARBOR MI 49022 205846412 CATALYST FOR ECONOMIC DEVELOPMENT MI CORNERSTONE PUBLIC ASSET FUND INC CORNERSTONE ALLIANCE 80 W MAIN ST BENTON HARBOR MI 49022 382774276 DEVELOPMENT OF ECONOMIC GROWTH IN THE CITY OF BENTON HARBOR MI 501(C)(3) LINE 7 N/A 0 RENAISSANCE DEVELOPMENT FUND 80 W MAIN ST BENTON HARBOR MI 49022 383367429 DEVELOPING ECONOMIC ACTIVITIES TO SUPPORT CORNERSTONE ALLIANCE MI 501(C)(3) LINE 12A, I CORNERSTONE ALLIANCE 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0