2020-10-28T13:44:16-05:00 2019-12-31 381357951 PLANTE & MORAN PLLC 2601 CAMBRIDGE CT STE 500 AUBURN HILLS MI 48326 990 2019-01-01 464405437 CORNERSTONE PUBLIC ASSET FUND INC CORN 2699256100 80 W MAIN ST BENTON HARBOR MI 49022 D JEFFREY NOEL PRESIDENT 2699256100 2020-10-24 1 LYNNE M HUISMANN P00053811 2483757100 2020-10-24 71.227.15.34 2020-10-24 15:23:33 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 E0F6F03BC3AE684EB3B59DF82EF6777B722E432E 2019 2021-01-29 14:40:06Z D JEFFREY NOEL 80 W MAIN ST BENTON HARBOR MI 49022 2182736 0 X N/A X 2013 MI CORNERSTONE PUBLIC ASSET FUND, INC. IS ENGAGED IN THE DEVELOPMENT 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 4 128 15 0 0 400000 70000 1752190 1603224 7000 0 275630 170330 2434820 1843554 0 0 0 0 1328031 1494549 0 0 0 2509788 2608620 3837819 4103169 -1402999 -2259615 35033846 29602882 3601845 370857 31432001 29232025 X CORNERSTONE PUBLIC ASSET FUND, INC. IS ENGAGED IN THE DEVELOPMENT AND IMPLEMENTATION OF ECONOMIC GROWTH IN PARTNERSHIP WITH LOCAL COMMUNITIES AND MUNICIPALITIES. IT OPERATES AS A SUPPORTING ORGANIZATION TO CORNERSTONE ALLIANCE, A PUBLIC CHARITY. 0 0 2827074 1773554 SEE SCHEDULE O 2827074 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 27 0 1 128 1 0 0 0 0 0 0 0 0 0 0 0 0 X 5 4 0 1 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 JOSH DOXTATOR GENERAL MANAGER 40.00 0.00 X 158000 0 10904 ROSS SMITH GOLF PROFESSIONAL 40.00 0.00 X 110200 0 21295 RON GRIESINGER DIRECTOR, SECRETARY 0.25 50.00 X X 0 87734 12625 D JEFFREY NOEL DIRECTOR, PRESIDENT 0.25 0.00 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 0.00 X 0 0 0 268200 87734 44824 2 0 1 0 RENAISSANCE DEVELOPMENT FUND 80 W MAIN ST BENTON HARBOR MI 49022 MANAGEMENT SERVICES 249955 1 70000 70000 PUBLIC GOLF COURSE 713910 1603224 1603224 1603224 509512 339182 170330 170330 1843554 1773554 0 0 1264605 894508 370097 79771 31846 47925 150173 115479 34694 331500 331500 41238 41238 142650 142650 110997 60864 50133 63140 63140 69192 49126 20066 593 593 482146 475387 6759 23987 6426 17561 8077 3509 4568 667481 641615 25866 50293 50293 REPAIRS & MAINTENANCE 346069 345410 659 PROPERTY TAXES & LICENS 126296 126296 FIXTURES & EQUIPMENT 41034 4550 36484 LAUNDRY & UNIFORMS 25746 24564 1182 78181 47494 30687 4103169 2827074 1276095 0 1487397 717328 8942771 4602410 132428 92426 55440 103741 85036 36687 26911753 2861463 24330774 24050290 35033846 29602882 185240 74372 166560 296485 3250045 0 3601845 370857 X 22489230 24629615 8942771 4602410 31432001 29232025 35033846 29602882 X -2259615 59639 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 18500000 18500000 5036554 1235613 3800941 2956979 1285993 1670986 418220 339857 78363 24050290 X 2242375 59639 59639 2182736 -339182 -339182 1843554 4442351 339182 339182 4103169 0 4103169 PART X, LINE 2: THE ORGANIZATION IS A NOT-FOR-PROFIT CORPORATION AND IS EXEMPT FROM TAX UNDER THE PROVISIONS OF INTERNAL REVENUE CODE SECTION 501(C)(3). ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE ORGANIZATION AND RECOGNIZE A TAX LIABILITY IF THE ORGANIZATION HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE INTERNAL REVENUE SERVICE OR OTHER APPLICABLE TAXING AUTHORITIES. NO SUCH TAX LIABILITY HAS BEEN RECOGNIZED. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN PRESENT VALUE OF CONTRIBUTIONS RECEIVABLE 59,639. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD -339,182. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 339,182. X X 0 0 0 0 0 0 0 0 0 JOSH DOXTATOR GENERAL MANAGER 143000 0 15000 0 0 0 0 0 10904 0 168904 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 2019, 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 38 DAYS OF USE TO THE LOCAL FIRST TEE GOLF PROGRAM FOR UNDERPRIVILEGED YOUTH, AT NO CHARGE, WITH AN IN-KIND VALUE IN EXCESS OF $70,000; 2. PROVIDED 50 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 SIGNIFICANTLY REDUCED COST; 4. PROVIDED FREE USE OF THE PROPERTY TO AREA RESIDENTS FOR WINTER ACTIVITIES WHEN CONDITIONS ALLOW FOR ACCESS TO THE COURSE WITHOUT THE RISK OF DAMAGE IN ADDITION, 43% 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 SIGNIFICANTLY HIGH UNEMPLOYMENT RATE. MAINTENANCE AND IMPROVEMENT OF JEAN KLOCK PARK: PRIOR TO INVOLVEMENT BY CPAF, JEAN KLOCK PARK HAD FALLEN INTO CONSIDERABLE DISREPAIR. 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 2019, 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 3 CORNERSTONE PUBLIC ASSET FUND, INC. CONTRACTED WITH A MANAGEMENT COMPANY, KEMPERSPORTS MANAGEMENT INC., TO OPERATE THE GOLF COURSE. THIS CONTRACT WAS TERMINATED ON FEBRUARY 1, 2019. 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 OPERATIONS 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 B, LINE 13: THE ORGANIZATION DOES NOT HAVE A FORMAL WHISTLEBLOWER POLICY IN PLACE BUT IS SUBJECT TO THE WHISTLEBLOWER POLICY OF HARBOR 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 XI, LINE 9: CHANGE IN PRESENT VALUE OF CONTRIBUTION RECEIVABLE 59,639. FORM 990, PART XII, LINE 2C: THERE HAS BEEN NO CHANGE IN PROCESS FROM PRIOR YEAR. HARBOR SHORES GOLF COURSE LLC 201 GRAHAM AVENUE BENTON HARBOR MI 49022 205846412 CATALYST FOR ECONOMIC DEVELOPMENT MI 0 0 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