2017-11-15T06:52:48-06:00 2016-12-31 381357951 PLANTE & MORAN PLLC 2601 Cambridge Ct Ste 500 Auburn Hills MI 48326 990 2016-01-01 464405437 CORNERSTONE PUBLIC ASSET FUND INC CORN 2699256100 80 W MAIN ST BENTON HARBOR MI 49022 RON GRIESINGER secretary 2699256100 2017-11-14 1 LYNNE M HUISMANN P00053811 2483757100 2017-11-14 67.59.56.33 2017-11-14 10:53:17 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 C3EE01AB0E15093E8109592E704D6522710D22E3 2016 2021-01-29 14:40:06Z X D Jeffrey Noel 80 W MAIN ST BENTON HARBOR MI 49022 3101693 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 0 4 0 0 36401748 488037 0 1780819 0 0 0 433184 36401748 2702040 0 0 0 0 0 1530379 0 0 0 85 3778065 85 5308444 36401663 -2606404 54628233 49862490 18226570 15508577 36401663 34353913 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. 1 0 3376431 2214003 THE ORGANIZATION ACQUIRED THE PUBLIC PURPOSE PROPERTY TO BE USED IN THE CONTINUING DEVELOPMENT AND ECONOMIC GROWTH ACTIVITIES OF THE AREA.OPERATIONS OF THE PUBLIC GOLF COURSE FOR THE BENEFIT OF THE COMMUNITY, AND THE MAINTENANCE OF THE PUBLIC PARK AREAS, BEGAN IN 2016. 3376431 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 X 5 4 0 1 1 0 1 1 0 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 D JEFFREY NOEL DIRECTOR, PRESIDENT 0.25 0.00 X X 0 0 0 RON GRIESINGER DIRECTOR, SECRETARY 0.25 50.00 X X 0 86660 24190 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 0 86660 24190 0 0 0 0 KEMPERSPORTS MANAGEMENT INC 500 SKOKIE BLVD 444 NORTHBROOK IL 60062 GOLF COURSE MANAGEMENT 176373 1 488037 488037 PUBLIC GOLF COURSE 713910 1780819 1780819 1780819 832837 399653 433184 433184 2702040 2214003 0 0 1252714 1013576 239138 69761 55855 13906 207904 184522 23382 176373 176373 1058342 1058342 86650 86650 416344 222571 193773 18964 18964 66739 49832 16907 326915 300927 25988 23526 6190 17336 3165 1953 1212 808083 808083 52629 52629 PROPERTY TAXES & LICENS 321204 321204 REPAIRS & MAINTENANCE 300329 292666 7663 LAUNDRY & UNIFORMS 37781 32855 4926 FIXTURES & EQUIPMENT 16360 14989 1371 64661 71208 -6547 5308444 3376431 1932013 0 274832 192333 28601748 23814458 0 49701 0 63753 0 43174 26507154 808083 25751653 25699071 54628233 49862490 0 339016 0 328644 18226570 14840917 18226570 15508577 X 7799915 10539455 28601748 23814458 36401663 34353913 54628233 49862490 X -2606404 558654 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 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 18500000 18500000 5036554 308557 4727997 2632484 319507 2312977 338116 180019 158097 25699071 Payable to Harbor Shores Golf Course, LLC 14840917 14840917 X 3977441 163038 712710 875748 3101693 -399653 -399653 2702040 6025191 163038 553709 716747 5308444 0 5308444 Part X, Line 2: THE ORGANIZATION IS EXEMPT FROM INCOME TAX UNDER 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 IRS OR OTHER APPLICABLE TAXING AUTHORITIES. NO SUCH TAX LIABILITY HAS BEEN RECOGNIZED. Part XI, Line 2d - Other Adjustments: CHANGE IN PRESENT VALUE OF CONTRIBUTION RECEIVABLE 712,710. Part XI, Line 4b - Other Adjustments: COST OF GOODS SOLD -399,653. Part XII, Line 2d - Other Adjustments: COST OF GOODS SOLD 399,653. LOSS ON TRANSFER OF MEMBERSHIP INTEREST 154,056. Form 990, Part III, line 2 OPERATIONS OF THE PUBLIC GOLF COURSE FOR THE BENEFIT OF THE COMMUNITY, AND THE MAINTENANCE OF THE PUBLIC PARK AREAS, BEGAN IN 2016. 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. Form 990, Part VI, Section A, line 4 THE ORGANIZATION'S GOVERNING DOCUMENTS WERE AMENDED TO UPDATE THE NUMBER AND COMPOSITION OF THE BOARD OF DIRECTORS. 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 REPRESENTATVIES TO THE BOARD AND CORNERSTONE ALLIANCE APPOINTS FOUR REPRESENTATIVES TO THE BOARD. 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: LOSS ON TRANSFER OF MEMBERSHIP INTEREST -154,056. CHANGE IN PRESENT VALUE OF CONTRIBUTION RECEIVABLE 712,710. FORM 990, PART XII, LINE 2C: THERE HAS BEEN NO CHANGE IN PROCESS FROM PRIOR YEAR. 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 0 0 0 0 0 0 1