2016-05-16T08:14:20-05:00 2015-06-30 231909723 MCKONLY & ASBURY LLP 415 FALLOWFIELD ROAD CAMP HILL PA 17011 990 2014-07-01 232499985 CORNERSTONE CHRISTIAN ACADEMY CORN 6105394136 1939 S 58TH STREET PHILADELPHIA PA 19143 DENNY HORNER TREASURER 6105394136 2016-05-14 1 GARY J DUBAS P00252339 7177617910 X 2014 2016-08-17 19:52:53Z DENNY HORNER 186 S MIDLAND AVE AUDUBON PA 19403 2620074 0 X WWW.CORNERSTONEPHILADELPHIA.COM X 1987 PA TO EDUCATE CHILDREN INCLUDING THOSE FROM AT-RISK NEIGHBORHOODS, IN AN ENVIRONMENT THAT PROVIDES THE HIGHEST STANDARDS FOR ACADEMIC ACHIEVEMENT AND SPIRITUAL DEVELOPMENT. 20 19 56 168 0 0 2878132 1986230 560748 608639 2354 19604 6105 5601 3447339 2620074 0 0 0 0 1368991 1638714 0 0 22220 544805 567604 1913796 2206318 1533543 413756 2555358 2760552 374530 169178 2180828 2591374 TO EDUCATE CHILDREN INCLUDING THOSE FROM AT-RISK NEIGHBORHOODS, IN AN ENVIRONMENT THAT PROVIDES THE HIGHEST STANDARDS FOR ACADEMIC ACHIEVEMENT AND SPIRITUAL DEVELOPMENT. 0 0 1282860 614240 TO EDUCATE CHILDREN, INCLUDING THOSE FROM AT-RISK NEIGHBORHOODS, IN AN ENVIRONMENT THAT PROVIDES THE HIGHEST STANDARDS FOR ACADEMIC ACHIEVEMENT AND SPIRITUAL DEVELOPMENT. PROVIDED OVER $719,000 OF FINANCIAL AID TO EDUCATIONAL NEEDS OF INTER CITY CHILDREN FROM LOW INCOME FAMILIES. AT THE BEGINNING OF THE SCHOOL YEAR 2014/15, 232 STUDENTS HAVE BEEN ENROLLED. 1282860 1 1 0 0 0 0 0 0 0 1 1 0 0 1 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 1 0 0 1 56 1 0 0 0 0 0 0 0 0 0 0 X 20 19 1 0 0 0 0 0 1 1 1 0 0 1 1 1 1 1 1 1 0 0 X BUSINESS MANAGER 6105394136 186 S MIDLAND AVE AUDUBON PA 19403 PETER W GRIM BOARD CHAIR 0.30 X X 0 0 0 DENNIS HORNER TREASURER 5.00 X X 0 0 0 MARY CLAMPET SECRETARY 0.30 X X 0 0 0 REV DR ANITA M BELL BOARD MEMBER 0.30 X 0 0 0 RONALD BOND BOARD MEMBER 0.30 X 0 0 0 DONNELL SHEPPARD BOARD MEMBER 0.30 X 0 0 0 MAROSSA DAVIS BOARD MEMBER 0.30 X 0 0 0 KENNETH C FRAZIER ESQ BOARD MEMBER 0.30 X 0 0 0 WAYNE GEISSER VICE-CHAIR 0.30 X X 0 0 0 CYNTHIA HANSCOM BOARD MEMBER 0.30 X 0 0 0 DARYL MARTINO BOARD MEMBER 0.30 X 0 0 0 JAMES W SUMMERS BOARD MEMBER 0.30 X 0 0 0 KEVIN BLACKNEY BOARD MEMBER 0.30 X 0 0 0 REBECCA CLAYTON ESQ BOARD MEMBER 0.30 X 0 0 0 DR JANICE BOWDRE BOARD MEMBER 0.30 X 0 0 0 CASEY DUNN BOARD MEMBER 0.30 X 0 0 0 WILLIAM P SIMON JR BOARD MEMBER 0.30 X 0 0 0 JAMES J DOLENTE SR BOARD MEMBER 1.30 X 0 0 0 CHARLES A OLSON III BOARD MEMBER 2.30 X 0 0 0 RICHARD D SCOTT BOARD MEMBER 3.30 X 0 0 0 DEBORAH LEE PRINCIPAL 40.00 X 62906 0 597 RICHARD R OLLINGER PRESIDENT/CEO 40.00 X 89102 0 850 152008 0 1447 0 0 0 0 0 1986230 77482 1986230 TUITION AND FEES 900099 558839 558839 STUDENT TRIPS AND CAMP 900099 49800 49800 608639 19604 19604 MISCELLANEOUS INCOME 900099 5601 5601 5601 2620074 614240 0 19604 152008 89316 62692 1486706 873552 613154 16800 8400 8400 6720 3360 3360 96318 48159 48159 184181 100424 83757 2354 2354 58660 29330 29330 43310 21655 21655 BAD DEBTS 28377 28377 STUDENT TRIPS 23648 23648 STAFF DEVELOPMENT 22630 22630 SUMMER SCHOOL AND PAREN 22385 22385 62221 40001 22220 2206318 1282860 901238 22220 75281 44049 342284 632442 1151500 742172 8250 54516 1564388 571625 876423 992763 101620 294610 2555358 2760552 183610 156142 12795 13036 178125 0 374530 169178 X 280427 271151 1850401 2270223 50000 50000 2180828 2591374 2555358 2760552 413756 -3210 0 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 101620 196200 -3210 294610 91666 9954 101620 82715 8951 91666 84035 -1320 82715 65997 4198 14393 553 84035 0.17000 0.83000 1 0 16875 16875 574121 270018 304103 719493 217155 502338 116478 84452 32026 137421 137421 992763 BENEFICIAL INTEREST IN ENDOWMENT FUND 294610 294610 X 2616864 -3210 -3210 2620074 0 2620074 2206318 0 2206318 0 2206318 PART V, LINE 4: BENEFICIAL INTEREST IN ENDOWMENT FUND IN MAY 2000, THE ACADEMY ENTERED INTO A BENEFICIAL INTEREST IN ENDOWMENT FUND (THE FUND) VIA AN IRREVOCABLE AGREEMENT WITH THE PHILADELPHIA FOUNDATION (THE FOUNDATION), A NON-RELATED ENTITY. THE ORIGINAL AGREEMENT STATED THAT THE FOUNDATION IS TO RETAIN AND REINVEST 100% OF THE INCOME ANNUALLY UNTIL THE FUND REACHED $300,000. THE FOUNDATION LOWERED THE REQUIREMENT ON THE SCHOOL'S BENEFICIAL INTEREST IN ENDOWMENT FUND RESTRICTION FROM $300,000 TO $50,000 IN FEBRUARY 2010, THEREBY PERMITTING THE SCHOOL TO RECEIVE DISTRIBUTIONS FROM THE FUND. THE SPENDING RATE IN EFFECT WHEN THE FUND DOES REACH $50,000 PROVIDES THE FOUNDATION TO ANNUALLY DISBURSE 5% OF THE AVERAGE QUARTERLY VALUE OF THE FUND. DISTRIBUTIONS FROM THE FUND SHALL BE USED FOR GENERAL OPERATIONAL EXPENSES, WHICH INCLUDES, BUT IS NOT LIMITED TO, STUDENT FINANCIAL AID, CAPITAL IMPROVEMENTS, AND CURRICULUM DEVELOPMENT. PART X, LINE 2: THE ACADEMY ADHERES TO THE PROVISIONS OF FASB ASC 740, INCOME TAXES (ASC 740). ASC 740 ESTABLISHES RULES FOR RECOGNIZING AND MEASURING TAX POSITIONS TAKEN IN AN INCOME TAX RETURN, INCLUDING DISCLOSURES OF UNCERTAIN TAX POSITIONS (UTPS). ASC 740 MANDATES THAT COMPANIES EVALUATE ALL MATERIAL INCOME TAX POSITIONS FOR PERIODS THAT REMAIN OPEN UNDER APPLICABLE STATUTES OF LIMITATION, AS WELL AS POSITIONS EXPECTED TO BE TAKEN IN FUTURE RETURNS. THE UTP RULES THEN IMPOSE A RECOGNITION THRESHOLD ON EACH TAX POSITION. A COMPANY CAN RECOGNIZE AN INCOME TAX BENEFIT ONLY IF THE POSITION HAS A "MORE LIKELY THAN NOT" (I.E., MORE THAN 50 PERCENT) CHANCE OF BEING SUSTAINED ON ITS TECHNICAL MERITS. FOR THE YEARS ENDED JUNE 30, 2015 AND 2014, THE ACADEMY HAS TAKEN NO MATERIAL TAX POSITIONS ON ITS APPLICABLE TAX FILINGS THAT DO NOT MEET THE MORE LIKELY THAN NOT THRESHOLD. AS A RESULT, NO AMOUNT FOR UTPS HAS BEEN INCLUDED IN THE FINANCIAL STATEMENTS. THE ACADEMY BELIEVES IT IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS PRIOR TO 2012. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 THE PURPOSE OF THE SCHOOL IS TO EDUCATE CHILDREN INCLUDING THOSE FROM AT-RISK NEIGHBORHOODS, IN AN ENVIRONMENT THAT PROVIDES THE HIGHEST STANDARDS FOR ACADEMIC ACHIEVEMENT AND SPIRITUAL DEVELOPMENT. BUILDING RENEWAL INC OWNED BY A BOARD MEMBER 10005 THE ACADEMY PAID $10,005 FOR SERVICES FOR MAINTENANCE AND CONSULTING WORK RELATED TO ACCREDITATION. 0 X 6 77482 FAIR VALUE 0 0 0 FORM 990, PART VI, SECTION A, LINE 2 THE BUSINESS MANAGER, NORMA HORNER IS THE WIFE OF THE TREASURER, DENNIS HORNER. FORM 990, PART VI, SECTION A, LINE 7B ANY MAJOR DECISIONS BY MANAGEMENT MUST GET APPROVED BY THE BOARD. FORM 990, PART VI, SECTION B, LINE 11 A COPY OF THE COMPLETED FORM 990 AND RELATED SCHEDULES IS REVIEWED BY THE TREASURER. THE FINANCE COMMITTEE REVIEWS AND APPROVES THE FINAL COPY OF THE IRS FORM 990 AND RELATED SCHEDULES AND THE FINAL COPY IS PROVIDED TO EACH MEMBER OF THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS REVIEWED ANNUALLY WITH EMPLOYEES AND BOARD MEMBERS. NEW BOARD MEMBERS ARE INFORMED OF THE POLICY WHEN THEY JOIN THE BOARD. FORM 990, PART VI, SECTION B, LINE 15A COMPENSATION IS REVIEWED ANNUALLY BY THE FULL BOARD OF TRUSTEES. THE BOARD USES COMPARABILITY DATA FROM THE "EVANGELICAL COUNCIL OF FINANCIAL ACCOUNTABILITY", THE ASSOCIATION OF CHRISTIAN SCHOOLS INTERNATIONAL (ACSI), AND THE PHILADELPHIA ASSOCIATION OF INDEPENDENT SCHOOL BUSINESS OFFICERS (PAISBOA). FORM 990, PART VI, SECTION C, LINE 19 UPON WRITTEN REQUEST. THEY MAY ALSO VIEW THE POLICY IN THE OFFICE OF MANAGEMENT. PART XII, 2C THE EXECUTIVE COMMITTEE ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT.