2014-10-08T01:50:58-00:00 2014-05-31 990 2013-06-01 381443369 Cornerstone University CORN 6169495300 1001 E Beltline NE Grand Rapids MI 49525 Dee Mooney VP CFO 6162541661 2014-10-13 false 2013 2015-11-30 17:44:51Z Dr Joseph Stowell 1001 E Beltline NE Grand Rapids MI 49525 66169405 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. 18 16 1435 170 0 7850273 11637771 51695271 51447925 217536 397197 290938 209897 60054018 63692790 13821108 13960403 0 19580158 20136053 0 1245947 21276814 21728308 54678080 55824764 5375938 7868026 67206317 77354122 21902197 23834618 45304120 53519504 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 40442647 13960403 47100293 Academic instruction, support, and student services make up the educational expenses. The university has over 270 full- and part-time staff and faculty. We have over 2500 students on a 130-acre campus as well as off-site locations in Kalamazoo, Lansing, and the Lakeshore area. Student services includes campus living and activities including athletics, health counseling services, enrollment services financial aid, etc. 1145151 884003 Organized activities include summer sports camps, theater events, golf outings, special academic and athletic trips, banquets, and other miscellaneous activities. 2804019 3463629 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 and Mission Network News. 2,981,668 is included in contribution revenue on Part VIII, Line 1f. 44391817 true true false false false false false true false true true false false false true true true false true false false false false false true false false false true true true false false false false false false false true true true true false false false false false false false false true 136 0 true 1435 true false false false false true true true true false false false false X 18 16 false false false false false false false true true false false true true true true true true true true false X X Scott Stewart Controller Cornerston 6169495300 1001 E Beltline NE Grand Rapids MI 49525 Carole Bos Trustee, Vice Chair 001.00 X X 0 0 0 Dr Mark Campbell Trustee 001.00 X 0 0 0 Steven Cochlan Trustee 001.00 X 0 0 0 Dr Don Denyes Trustee, Secretary 001.00 X X 6300 0 0 Jennie Dimkoff Trustee 001.00 X 0 0 0 Harvey Gainey Trustee 001.00 X 0 0 0 Steven Hawks Trustee, Chairman 001.00 X X 0 0 0 J William Luurtsema Trustee - Part Year 001.00 X 0 0 0 Dr Albert Meredith Trustee 001.00 X 0 0 0 David Pray Trustee 001.00 X 9690 0 0 Amy Shane Trustee 001.00 X 0 0 0 Joe Slaughter Trustee, Treasurer 001.00 X X 0 0 0 Dr Joseph Stowell President 050.00 X X 120399 0 97070 Dr Larry Thompson Trustee 001.00 X 0 0 0 Wayne Visbeen Trustee - Part Year 001.00 X 0 0 0 Bonnie Walters Trustee - Part Year 001.00 X 0 0 0 Skot Welch Trustee 001.00 X 0 0 0 Daniel Wielhouwer Trustee 001.00 X 0 0 0 Dr Lee Zuidema Trustee 001.00 X 0 0 0 Rick Koole Trustee 001.00 X 0 0 0 Brian Sikma Trustee 001.00 X 0 0 0 Lori Cook Trustee 001.00 X 0 0 0 Nancy Schoonmaker VP CFO 050.00 X 90354 0 17078 Marc Fowler Executive VP 050.00 X 107906 0 19009 William Knott VP for Advancement 050.00 X 112963 0 5189 Richard Ostrander Provost 050.00 X 121971 0 0 Peter Osborn Assoc. Dean of Seminary 050.00 X 81354 0 28528 John VerBerkmoes VP Dean of Seminary 050.00 X 86072 0 25538 737009 192412 4 false true false GMB Architecture & Engineering 85 East Eighth St Ste 200 Holland MI 49423 architecture engineering 832645 The Christman Company 208 N Capitol Ave Lansing MI 489331357 Construction contractor 10642232 Synergis Education Inc 1820 E Ray Rd Chandler AZ 85225 third party servicer of PGS program 3131766 Moss Telecommunications 561 Century Ave SW Grand Rapids MI 49503 provider of wireless network 442506 Royall & Company 1920 E Parham Rd Richmond VA 23228 provider of student names mailings 373151 15 36957 228644 11372170 1048094 11637771 Tuition fee revenue 611710 42099260 42099260 Organized activity revenue 611710 884003 884003 Radio auxiliary revenue 611710 481961 481961 Other auxiliary revenue 611710 6885122 6885122 1097579 1097579 51447925 166536 166536 2673050 2442389 230661 230661 230661 8170 36957 34226 -26056 -26056 changes in split interest agreements 235953 235953 235953 63692790 51447925 607094 0 13960403 13960403 0 0 913431 343463 451816 118152 0 15019150 11838612 2441917 738621 781188 597656 135098 48434 2314731 1499581 718550 96600 1107553 848228 198387 60938 0 73269 8103 65166 53610 53610 0 0 3059343 3059343 360002 254744 85687 19571 11263147 6621936 4513490 127721 667639 230941 436698 0 298456 298456 894840 790574 74533 29733 0 144173 113446 24550 6177 641065 474388 166677 0 3012073 2228934 783139 144930 107248 37682 Organized activities expenses 1115761 1115761 0 55824764 44391817 10187000 1245947 9562208 8475293 342425 296242 3710762 4602885 1991724 1480548 1083304 1402013 275631 223488 976968 960325 86317984 38094855 37954102 48223129 11309193 11690199 67206317 77354122 3427275 2967646 2884219 3624161 9232210 14010270 4853920 1793706 1504573 1438835 21902197 23834618 X 32184936 38537194 10129894 12136672 2989290 2845638 45304120 53519504 67206317 77354122 7868026 347358 X X false true X true true true X 0.00000 0.00000 0.00000 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 181392 X false false 7207167 175925 747245 244483 592144 7293710 6386838 216919 958712 273540 81762 7207167 6557026 262946 -163940 196498 72696 6386838 5138668 619703 1045658 178001 69002 6557026 4577238 201062 666787 222174 84245 5138668 0.17200 0.38000 0.45000 false false 2019826 2019826 57409990 18635662 38774328 4684965 3309137 1375828 16753652 12561917 4191735 5449551 3588139 1861412 48223129 Financial derivatives and other financial products Closely-held equity interests Federal income taxes Liabilities under split interest agreements 1438835 1438835 X 50105801 347358 26056 373414 49732387 13960403 13960403 63692790 41890417 26056 26056 41864361 13960403 13960403 55824764 III 4 Cornerstone has some art sculptures displayed around campus that portray the Christian Worldview that we aspire to Creation, Fall, and Redemption. We also have on display in the Seminary building the Crucifixion art piece that was the winner of the 2011 Artprize competition in downtown Grand Rapids, MI. X 2 The financial statement effects of a tax position taken or expected to be taken are recognized in the 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, 2014, the University had no uncertain tax positions that qualify for recognition or disclosure in the financial statements. XI 2d Direct expenses from fund raising events as listed on form 990, Part VIII, Line 8b XI 4b scholarships and grants to students is a contra revenue on the financial statements XII 2d Direct expenses from fund raising events as listed on form 990, Part VIII, Line 8b XII 4b scholarships and grants to students is a contra revenue on the financial statements V 4 The earnings from endowment funds are used to provide student scholarships and to support the operations of the university. 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 and Federal government agencies for student financial aid and work study programs. CU Golf Outing 45127 36957 8170 10376 4622 19228 45127 36957 8170 10376 4622 19228 34226 -26056 true Scholarships 1522 13960403 X X true true X X false false false false false false false false false Dr Joseph Stowell President 93414 26985 2070 95000 217469 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. Dr. Joseph Stowell, President of Cornerstone University Grand Rapids Theological Seminary, received a housing allowance. 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 false true A false true true false false false true A true Part IV Line 2c The university did not experience any arbitrage due to the fact that it was a refunding tax exempt bond and all expenses were paid prior to the bond issue. Jaclyn Visbeen family member of Trustee 34332 wages for employment false Aimee Luurtsema family member of Trustee 21906 wages for employment false X 11 1006174 closing mkt value on day of gift X other products supplies 15 41920 estimated cost of goods false true false Form 990, Part I, Section 1, Line 6 The university had approximately 15 volunteers registered with Human Resources 16 independent Board members and 140 volunteers for our radio sharathon events. We also had many students, alumni, and other volunteers unofficially for various activities on campus throughout the year. Form 990, Part VI, Section B, Line 11a 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 June, the Board members are sent a copy of the policy and conflict of interest agreement form to sign. They are asked to complete the conflict of interest survey questions by the end of July. Form 990, Part VI, Section B, Line 15a and 15b The independent 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 processes are documented 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 audit committee of the Board of Trustees assumes the responsibility for oversight of the audit, compilation of the financial statements, 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 A-133 Audit conducted on the schedule of federal financial aid expenditures.