2019-10-11T07:52:28-00:00 2019-05-31 990 2018-06-01 381443369 Cornerstone University CORN 6169495300 1001 E Beltline NE Grand Rapids MI 49525 Scott Stewart VP CFO 6162221446 2019-10-07 false 198.62.73.4 2019-10-11 11:47:15 ED P CC4E1D6A6A0F91CEFB35A6AC40564C281D5C8E10 28E17C826174A72FDF541CCC45C27EF2F9B723C5 2018 2020-01-14 16:20:31Z Dr Joseph Stowell 1001 E Beltline NE Grand Rapids MI 49525 61869218 false X www.cornerstone.edu X 1941 MI Cornerstone University exists to empower men and women to excel as influencers in our world for Christ by offering a student-focused learning community where Jesus Christ is central. 19 18 1350 170 24070 1139 12828213 7904131 48834020 45511450 2029071 664448 -88125 -11979 63603179 54068050 15227739 12340881 0 22111066 22040257 17207 16390 1155298 16926320 17134695 54282332 51532223 9320847 2535827 96113221 99878742 15166361 16747097 80946860 83131645 The University, including Grand Rapids Theological Seminary, Asia Biblical Theological Seminary, and radio ministries, exists to empower men and women to excel as influencers in our world for Christ by offering a student-focused learning community where Jesus Christ is central. false false 26269038 12340881 35617071 Academic instruction and academic support make up the educational expenses. The university has over 270 full- and part-time staff and faculty. We have over 2100 students on a 130-acre campus as well as off-site locations in Kalamazoo and Lansing. 9289102 1220127 Student services includes campus life and activities including athletics, health counseling services, enrollment services financial aid, etc. Organized activities include summer sports camps, theater events, golf outings, special academic and athletic trips, banquets, and other miscellaneous activities. 6698580 8650575 Auxiliaries include room board, apartment rentals, hospitality events, and radio ministries. Cornerstone Radio Ministries includes the operations of five non-commercial radio stations WCSG - Grand Rapids with signals also in Kalamazoo, Benton Harbor and Battle Creek. 3,210,947 is included in contribution revenue on Part VIII, Line 1f. 42256720 true true false false false false false true false true true false false false true false false true true true true false false true true false false false true true true false false false false false false true false false false true false false false true true false false false true 3001 0 true 1350 true true true true SN RP TH HK false false false true true false false false false false false X 19 18 false false false false false false false true true false false true true true true true true true true false X Scott Stewart VP CFO Cornerstone Un 6169495300 1001 E Beltline NE Grand Rapids MI 49525 X Carole Bos Trustee, Chair 001.00 X X 0 0 0 Kristy Taylor Trustee 001.00 X 0 0 0 Steven Cochlan Trustee, Treasurer 001.00 X X 0 0 0 Dr Don Denyes Trustee, Vice Chair 001.00 000.10 X X 6300 0 0 Steven Hawks Trustee 001.00 X 0 0 0 Dr Albert Meredith Trustee 001.00 X 0 0 0 David Pray Trustee 001.00 X 0 0 0 Kelly Miller Trustee 001.00 X 0 0 0 Dr Joseph Stowell President 050.00 X X 131937 0 105986 Doug Busch Trustee 001.00 X 0 0 0 Dr Lee Zuidema Trustee, Secretary 001.00 X X 0 0 0 Rick Koole Trustee 001.00 X 0 0 0 Lori Cook Trustee 001.00 X 0 0 0 Drew Martin Trustee 001.00 X 0 0 0 Joe McDonald Trustee 001.00 X 0 0 0 Lee June Trustee 001.00 X 0 0 0 Artie Lindsay Trustee 001.00 X 0 0 0 Daniel Wielhouwer Trustee 001.00 X 0 0 0 Brian Sikma Trustee 001.00 X 0 0 0 Scott Stewart VP CFO part year 050.00 X 69353 0 8301 John VerBerkmoes VP Dean of Seminary 050.00 X 135669 0 22638 Marc Fowler Exec VP/COO 035.00 X 81778 0 24026 Dee Mooney VP CFO part year 050.00 X 97750 0 21531 Robert Sack VP of Advancement 050.00 X 114095 0 18071 Peter Osborn Assoc VP of Adult Lrng 050.00 000.50 X 106168 0 40386 743050 240939 4 false true false Progressive Architecture Plan 1811 4 Mile Rd NE Grand Rapids MI 49525 Architect service 301462 The Christman Company 208 N Capitol Ave Lansing MI 48933 Construction contractor 7660661 Weather Shield Roofing 1197 Hoyt St Grand Rapids MI 49507 Roofing 373984 EAB Global Inc 2445 M St NW Washington DC 20037 Marketing advertising 729525 Paley Studios LTD 1677 Lyell Ave Ste A Rochester NY 14606 Artist/sculpture design production 368901 25 71990 159672 280629 7391840 235607 7904131 Tuition fee revenue 611710 35617071 35617071 Organized activity revenue 611710 808745 808745 Auxiliary revenue 611710 8650575 8650575 435059 411816 23223 45511450 386225 386225 43202 42355 847 847 847 7844349 88734 7589758 65102 254591 23632 278223 278223 8240 71990 20632 -12392 -12392 82887 83321 -434 -434 54068050 45487773 24070 652056 0 12340881 12340881 0 0 705269 164607 445493 95169 0 16212924 13412830 2324376 475718 1053524 823920 190460 39144 2923221 1568332 1280690 74199 1145319 935754 173352 36213 0 34675 775 33900 61475 61475 0 16390 16390 15000 15000 219 219 1518947 1389540 124729 4678 7752938 5755080 1705725 292133 1341507 257127 1049286 35094 0 1185416 661509 523907 943912 850891 38590 54431 0 171739 158949 12074 716 326320 310004 16316 0 2891132 2775486 115646 229644 220458 9186 Organized activities expenses 661771 630358 31413 0 51532223 42256720 8120205 1155298 86514 90272 17914378 14573742 4647583 3780039 714915 1357352 1092239 829960 233415 183511 234238 420002 116689753 50592736 58506438 66097017 12683501 12546847 96113221 99878742 4019660 3420392 2642392 2716557 7105957 6754873 893345 3358617 505007 496658 15166361 16747097 X 41480205 43265455 35149376 35439406 4317279 4426784 80946860 83131645 96113221 99878742 X 2535827 -355742 4700 X X false true X true true true X 7681608 12998941 10908884 12828213 7904131 52321777 7681608 12998941 10908884 12828213 7904131 52321777 9280398 43041379 211651 214608 235839 452310 386225 1500633 832 25723 353 26908 53849318 249711363 0.79930 0.88600 X 0.00000 0.00000 Part II Section C Line 16a The organization is a public charity under section 509a2 and completes Schedule A Form 990, Part III. The organization has analyzed Schedule A Form 990, Part II and established that it meets the 33 1/3 public support requirements under sections 509a1 and 170b1Avi, thus it qualifies to use the first listed special rule for Schedule B Form 990 reporting. 2669300 X false false 10556691 288699 188720 550674 49074 10434362 9495546 937954 658768 430153 105424 10556691 8431622 601632 888213 352869 73052 9495546 7431738 1524579 -151656 300874 72165 8431622 7293710 95790 412420 299254 70928 7431738 0.12000 0.41000 0.47000 false false 1998583 1998583 82445013 25880849 56564164 20779614 15712717 5066897 11466543 8999170 2467373 66097017 Financial derivatives and other financial products Closely-held equity interests Federal income taxes Liabilities under split interest agreements 496658 496658 X 41522435 -355742 151008 -204734 41727169 12340881 12340881 54068050 39337650 146308 146308 39191342 12340881 12340881 51532223 III 4 Cornerstone has some art sculptures displayed around campus that portray the Christian Worldview that we aspire to Creation, Fall, and Redemption. Since our school mascot is a Golden Eagle, we have a Golden Eagle sculpture in our athletic center. In Christ Chapel, we have four very large stained glass windows, a cross sculpture, and a large sculpture representing the life of Christ. We have had some more paintings and a German Torah Scroll donated to the University. V 4 The endowment funds have been established to provide financial support to the University, to award scholarships to students, and generate operating funds for certain divisions across campus. X 2 The consolidated financial statement effects of a tax position taken or expected to be taken are recognized in the consolidated financial statements when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. Interest and penalties, if any, are included in expenses in the statements of activities. As of May 31, 2019, the University had no uncertain tax positions that qualify for recognition or disclosure in the consolidated financial statements. XI 2d Direct expenses from fund raising events 20,632 as listed on form 990, Part VIII, Line 8b rental expenses 42,355 on form 990, Part VIII, Line 6b and Cost of Goods Sold 83,321 on form 990, Part VII, Line 10b. There was also 4700 of changes in split interest agreements listed on the audited financial statements not included in Form 990, Part VIII. XI 4b Scholarships and grants 12,340,881 to students is a contra revenue on the financial statements. XII 2d Direct expenses from fund raising events 20,632 as listed on form 990, Part VIII, Line 8b rental expenses 42,355 on form 990, Part VIII, Line 6b and Cost of Goods Sold 83,321 on form 990, Part VII, Line 10b. XII 4b Scholarships and grants 12,340,881 to students is a contra revenue on the financial statements. true true true true true true true false false false false false false false false true false true 6a Funds are received from the State of Michigan and Federal government agencies for student financial aid and work study programs. South Asia 1 1 program services theological education 21828 1 1 1 1 21828 21828 false false false false false false Part I Line 3 The University uses general ledger expense accounts to track the expenses to support the ABTS theological education program in Southeast Asia. The University uses the accrual basis for accounting for these types of expenditures. X X X X X X true Kennari Consulting 401 Hall St SW Ste 309 Grand Rapids MI 49503 consulting false 16390 16390 FL MI MN CU Advancement Golf Outing 43000 43000 7542 4968 CU Athletics Golf Outing 37230 28990 8240 6912 1210 80230 71990 8240 14454 6178 20632 -12392 true Scholarships 1300 12340881 Part I Line 2 The financial aid office of the University tracks the scholarships and grants issued to students through the financial aid module of our ERP system. It tracks the information from the awarding process through the posting and disbursement processes. Award amounts are posted directly to the student accounts. No cash is distributed directly to the students. X X X true true X X false false false false false false false false false Dr Joseph Stowell President 102437 29500 10986 95000 237923 John VerBerkmoes VP Dean of Seminary 135669 22638 158307 Part I Line 1a Employees who perform teaching or administrative duties at a theological seminary and are officially ordained, licensed, or commissioned may be able to use the Housing Allowance Benefit, whether the benefit, or any part of it, was treated as taxable compensation to the listed person. Dr. Joseph Stowell, President of Cornerstone University Grand Rapids Theological Seminary, John VerBerkmoes, VP Dean of Seminary. Consistent with Sec. 107 of the IRS Code, this benefit is listed as non-taxable compensation on the employees W-2 Form. Part I Line 1a Occasional travel by the President requires his wife to travel with him for donor meetings that are essential to the business of the University. This benefit is not treated as taxable compensation. Part I Line 1a The Board of Trustees considers the Presidents membership at a local country club to be critical to furthering the business of the University. This benefit is listed as taxable compensation on the employees W-2 form. A Grand Rapids Economic Development Corporation 521701965 2013-10-24 11580000 refund 2004 bonds and finance a new residence hall false false false A 11580000 5400000 6180000 2013 true false true true A false false false false 0.01400 0.01400 false true A false true true false false false true A true Students Dependents of employee 6980 Merit scholarships Students Dependents of employee 36388 Dependent remission X 6 28552 closing price on day of donation X Optio string arrays tachnology 1 200000 invoice from vendor X Wind screens 1 5125 invoice from vendor X office supplies 2 1930 invoice from vendors false true false Form 990, Part VI, Section B, Line 11b The Board receives an electronic copy of the Form 990 prior to filing. Management also reviews Form 990 with our independent CPA audit firm prior to filing. Form 990, Part VI, Section B, Line 12c In the summer of each year, the Board members are sent a copy of the policy and are asked to complete the conflict of interest survey on-line. They are asked to complete the conflict of interest survey questions by the end of August. It is the policy of the Board of Trustees of Cornerstone University that, in the event that the Board, officers, and/or managers of Cornerstone University are considering a transaction on behalf of Cornerstone University which will also involve 1 a member of the Board, an officer, a manager of Cornerstone University, or a member of their families spouse, parents, brothers, sisters, or lineal descendants, or 2 an organization with which any such person is affiliated as described below, then such trustee, officer, or manager at first knowledge of any such transaction, shall disclose fully the precise nature of his or her interest or involvement. Form 990, Part VI, Section B, Line 15a 15b The Executive Committee of the Board determines the wage for the President after reviewing salary comparisons of other like schools. The Vice Presidents wages are recommended by the President and approved by the Executive Committee of the Board. The Executive Committee minutes are ratified byt the full Board in the Board minutes. Form 990, Part VI, Section C, Line 19 Cornerstone University makes its governing documents, conflict of interest policy, and financial statements available upon written request. The Form 990 is available on www.guidestar.org. Form 990, Part XII, Line 2c The Finance/Audit Committee of the Board of Trustees assumes the responsibility for oversight of the audit and selection of independent auditors. Form 990, Part XII, Line 3b Because Cornerstone University participates in the Federal Title IV Financial Aid programs, the university is required to have an Uniform Guidance UG Audit conducted on the schedule of federal financial aid expenditures. Form 990, Part IV, Line 4 Cornerstone University pays membership dues to several state, regional, and national professional organizations MICU, NAIA, NACUBO, NASFA, CIC, CCCU, etc. consisting of numerous colleges and universities. Some of the professional organizations include varying degrees of lobbying activities in their overall focus. Form 990, Part VII, Section A, Line 1a Dr. Don Denyes, Trustee, receives compensation from Cornerstone University when hired as an adjunct professor to teach one or two courses in a given academic year. The compensation is not related to their role as a Trustee. Form 990, Part XI, Line 9 This line is the total revenue reported on the financial statements as Changes in Split Interest Agreements Form 990, Part VI, Section A, Line 1a The purpose of the Executive Committee is to assist the chairperson and the President with their joint responsibility to aid the Board in functioning effectively and efficiently, to assist the President at his or her request to address the business of the University between meetings of the Board, and to oversee the work of the Board committees between meetings of the Board. Between meetings of the Board of Trustees, the Executive Committee shall have general supervision of the administration and property of the University except that it may not take any action inconsistent with a prior act of the Board of Trustees, unless specifically empowered by the Board to do so. All actions taken by the Executive Committee shall be subject to revision, revocation, or alteration by the Board of Trustees, provided that no rights of third persons shall be adversely affected thereby. During this fiscal year, there were no unusual circumstances requiring Executive Committee action apart fro the full Board. All Executive Committee decision were brought to the full Board for approval.