2013-01-08T10:29:59-06:00 2012-06-30 231909723 MCKONLY & ASBURY LLP 415 FALLOWFIELD ROAD CAMP HILL PA 17011 990 2011-07-01 232499985 CORNERSTONE CHRISTIAN ACADEMY CORN 6105394136 1939 S 58TH STREET PHILADELPHIA PA 19143 DENNY HORNER 6105394136 2012-12-20 1 GARY J DUBAS P00252339 7177617910 X 2011 2016-03-07 17:11:31Z DENNY HORNER 186 S MIDLAND AVE AUDUBON PA 19403 1618677 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. 15 14 46 35 0 0 992686 1077794 483708 484775 43 689 37593 55419 1514030 1618677 0 0 0 0 1176725 1204905 0 0 8501 363076 399762 1539801 1604667 -25771 14010 1116210 1128885 470592 470577 645618 658308 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 1025260 540194 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 $700,000 OF FINANCIAL AID TO EDUCATIONAL NEEDS OF INTER CITY CHILDREN FROM LOW INCOME FAMILIES. THE BOARD OF TRUSTEES HAD APPROVED A CAPITAL IMPROVEMENT PLAN TO THE SCHOOL'S FACILITIES. HOWEVER, DUE TO THE CURRENT ECONOMIC ENVIRONMENT, THE BOARD OF TRUSTEES HAS PUT THE PROJECT ON HOLD. AT THE BEGINNING OF THE SCHOOL YEAR 2011/12, 202 STUDENTS HAVE BEEN ENROLLED. 1025260 1 1 0 0 0 0 0 0 0 1 1 0 0 1 1 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 0 0 0 0 1 3 0 1 46 1 0 0 0 0 0 0 0 0 X 15 14 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 WILLIAM P SIMON JR 0.30 X 0 0 0 DENNIS HORNER 5.00 X 0 0 0 MARY CLAMPET 0.30 X 0 0 0 REV DR ANITA M BELL 0.30 X 0 0 0 RONALD BOND 0.30 X 0 0 0 VERN BURLING 0.30 X 0 0 0 MAROSSA DAVIS 0.30 X 0 0 0 KENNETH C FRAZIER ESQ 0.30 X 0 0 0 WAYNE GEISSER 0.30 X 0 0 0 CYNTHIA HANSCOM 0.30 X 0 0 0 DARYL MARTINO 0.30 X 0 0 0 JAMES W SUMMERS 0.30 X 0 0 0 PETER GRIM 0.30 X 0 0 0 REBECCA CLAYTON ESQ 0.30 X 0 0 0 JAMES RUSH 0.30 X 0 0 0 WILLIAM HARRISON 0.30 X 0 0 0 NORMA HORNER 40.00 X 34088 0 4799 RHONDA ROBERTS 40.00 X 41180 0 0 DEBORAH LEE 40.00 X 47565 0 2532 RICHARD R OLLINGER 40.00 X 74800 0 10200 CHRISTOPHER M PETERSEN 40.00 X 63356 0 1289 260989 0 18820 0 0 0 0 0 1077794 1077794 TUITION AND FEES 900099 483831 483831 FOOD PLAN 900099 944 944 484775 689 689 MISCELLANEOUS INCOME 900099 55419 55419 55419 1618677 540194 0 689 280608 188637 91971 924297 621353 302944 14738 7369 7369 49114 24557 24557 124645 65323 59322 11954 11954 34679 17340 17339 31398 15699 15699 BAD DEBT 39751 39751 STUDENT TRIPS 24705 24705 SUPPLIES 18328 18328 MISCELLANEOUS 14680 14680 35770 27269 8501 1604667 1025260 570906 8501 58604 88565 91 3003 10254 6655 18192 10320 1452306 519369 940344 932937 88725 87405 1116210 1128885 152375 166353 31342 28599 211875 200625 75000 75000 470592 470577 X 420239 400106 175379 208202 50000 50000 645618 658308 1116210 1128885 X 14010 -1320 X X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 84035 -1320 82715 65997 4198 14393 553 84035 58897 7518 418 65997 70759 -11514 348 58897 0.60000 0.40000 1 0 16875 16875 574121 226959 347162 544493 156806 387687 144055 103488 40567 172762 32116 140646 932937 BENEFICIAL INTEREST IN ENDOWMENT FUND 82715 SECURITY DEPOSIT 4690 87405 LINE OF CREDIT 75000 75000 1618677 1604667 14010 -1320 -1320 12690 1617357 -1320 -1320 1618677 0 1618677 1604667 0 1604667 0 1604667 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: 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. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: 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, 2012 AND 2011, 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 2009. 1 1 1 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION 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. EXPLANATION OF DOCUMENT RETENTION SCHEDULE E, PART I, LINE 4 ALL STUDENTS ARE GIVEN THE SAME CONSIDERATIONS AND ALL THE STUDENTS ARE OF THE SAME RACE, WITH FEW EXCEPTIONS OVER THE YEARS. 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. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -1,320. PART XII, 2C THE EXECUTIVE COMMITTEE ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT.