2013-10-07T10:26:59-00:00 2013-05-31 990 2012-06-01 381443369 Cornerstone University CORN 6169495300 1001 E Beltline NE Grand Rapids MI 49525 Nancy Schoonmaker 2013-10-07 true Scott Stewart 6168661190 2013-10-07 X 2012 2015-11-30 17:44:51Z Dr Joseph Stowell 1001 E Beltline NE Grand Rapids MI 49525 62159855 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. 21 17 1409 170 0 11381624 7850273 47337244 51695271 159587 217536 -178280 290938 58700175 60054018 12110740 13821108 0 18880048 19580158 0 1265636 20946430 21276814 51937218 54678080 6762957 5375938 57466414 67206317 18280491 21902197 39185923 45304120 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 40939351 13821108 47319568 Academic instruction, support, and student services make up the educational expenses. We have 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. 1072553 845760 Organized activities include summer sports camps, theater events, golf outings, special academic and athletic trips, banquets, and other miscellaneous activities. 2692732 3529943 Cornerstone Radio Ministries includes the operations of five non-commercial radio stations WCSG - Grand Rapids WaYfm - Grand Rapids, Kalamazoo, Benton Harbor WCFG - Battle Creek and Mission Network News. 3,055,128 is included in contribution revenue on Part VIII, Line 1f. 44704636 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 false true 135 0 true 1409 true false false false false false true true false false false false X 21 17 false false false false false false false true true false false true true true true true true true true false X Scott Stewart Controller Cornerston 6169495300 1001 E Beltline NE Grand Rapids MI 49525 Carole Bos 001.00 X X 0 0 0 Dr Mark Campbell 001.00 X 0 0 0 Steven Cochlan 001.00 X 0 0 0 Dr Don Denyes 001.00 X X 6000 0 0 Jennie Dimkoff 001.00 X 0 0 0 Harvey Gainey 001.00 X 0 0 0 Steven Hawks 001.00 X X 0 0 0 J William Luurtsema 001.00 X 0 0 0 Dr Albert Meredith 001.00 X 0 0 0 David Pray 001.00 X 4840 0 0 Amy Shane 001.00 X 0 0 0 Joe Slaughter 001.00 X 0 0 0 Dr Joseph Stowell 050.00 X X 107908 0 98265 Dr Larry Thompson 001.00 X 0 0 0 Wayne Visbeen 001.00 X 0 0 0 Bonnie Walters 001.00 X 0 0 0 Skot Welch 001.00 X 0 0 0 Daniel Wielhouwer 001.00 X 0 0 0 Dr Lee Zuidema 001.00 X 0 0 0 Rick Koole 001.00 X 0 0 0 Brian Sikma 001.00 X 0 0 0 Nancy Schoonmaker 050.00 X 89841 0 11779 Marc Fowler 050.00 X 101924 0 21600 William Knott 050.00 X 115513 0 0 Richard Ostrander 050.00 X 119218 0 0 Peter Osborn 050.00 X 81947 0 26459 John VerBerkmoes 050.00 X 86456 0 24144 713647 182247 9 false true false GMB Architecture & Engineering 85 East Eighth St Ste 200 Holland MI 49423 architecture engineering 547413 The Christman Company 208 N Capitol Ave Lansing MI 489331357 Construction contractor 6354061 Global Business Leadership Center PO Box 1191 Holland MI 49422 international trip coordination for students 336025 University Lease 18201 Von Karman Ave-420 Irvine CA 92612 lease financing of technology equipment 786864 Royall & Company 1920 E Parham Rd Richmond VA 23228 provider of student names mailings 347421 19 53603 238267 7558403 223643 7850273 Tuition fee revenue 611710 42916577 42916577 Organized activity revenue 611710 845760 845760 Radio auxiliary revenue 611710 474815 474815 Other auxiliary revenue 611710 6737627 6737627 720492 720492 51695271 184789 184789 2087506 2054759 32747 32747 32747 6770 53603 51078 -44308 -44308 changes in split interest agreements 335246 335246 335246 60054018 51695271 508474 0 13821108 13821108 0 0 890273 341613 431317 117343 0 14970560 11823375 2449607 697578 546752 417358 97677 31717 2088889 1390692 599885 98312 1083684 829754 195637 58293 0 58218 2182 56036 44250 44250 0 0 4140085 4140085 675568 498061 132286 45221 9458285 5787696 3508915 161674 1349102 746188 602914 0 247640 247242 398 873291 779886 44231 49174 0 133200 107051 19825 6324 368458 309505 58953 0 2819049 2368001 451048 87680 72851 14829 Organized activities expenses 1021988 1021988 0 54678080 44704636 8707808 1265636 8225106 9562208 330700 342426 3988800 3710762 1214584 1991724 1096249 1083304 261304 275631 662629 976968 73717636 35763535 31880665 37954101 9806377 11309193 57466414 67206317 2579867 3427275 3108135 2884219 9813597 9232210 1468977 4853920 1309915 1504573 18280491 21902197 X 25965380 32184936 10349869 10129894 2870674 2989290 39185923 45304120 57466414 67206317 5375938 742259 X X false true X true true true X 0.00000 0.00000 0.00000 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 177932 X false false 6386838 216919 958712 273540 81762 7207167 6557026 262946 -163940 196498 72696 6386838 5138668 619703 1045658 178001 69002 6557026 4577238 201062 666787 222174 84245 5138668 6200778 138302 -1400980 268119 92743 4577238 0.16000 0.41000 0.43000 false false 2019826 2019826 46622733 17307945 29314788 4607674 3009615 1598059 15172752 12082253 3090499 5294651 3363722 1930929 37954101 Financial derivatives and other financial products Closely-held equity interests Federal income taxes Liabilities under split interest agreements 1504573 1504573 X 47019477 742259 44308 786567 46232910 13821108 13821108 60054018 40901280 44308 44308 40856972 13821108 13821108 54678080 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 In August 2008, FASB issued the Reporting Endowment Funds Topic of The FASB Accounting Standards Codification. This topic provides guidance on the net asset classification of donor-restricted endowment funds for a not-for-profit organization and enhanced disclosure information to enable users of financial statements to understand the net asset classification, net asset composition, changes in net asset composition, spending policy, and related investment policy of its endowment funds. X 2 cont. The State of MI enacted UPMIFA effective September 15, 2009, and Cornerstones Board of Trustees has interpreted the full provisions of UPMIFA, requiring the preservation of the fair value of the original gift as of the gift date of the donor-restricted endowment funds absent explicit donor stipulations to the contrary for the fiscal year ending May 31, 2012. This is in accordance with the existing UMIFA status. X 2 cont. As a result of this interpretation, the University classifies as permanently restricted net assets a the original value of gifts donated to the permanent endowment, b the original value of subsequent gifts to the permanent endowment, and c accumulations to the permanent endowment made in accordance with the direction of the applicable donor gift instrument at the time the accumulation is added to the fund. X 2 cont. The remaining portion of the donor-restricted endowment fund that is not classified in permanently restricted net assets is classified as either temporarily restricted or unrestricted net assets until those amounts are appropriated for expenditure by the University in a manner consistent with the standard of prudence prescribed by UMIFA and UPMIFA. X 2 cont. In accordance with UMIFA and UPMIFA, the University considers the following factors in making a determination to appropriate or accumulate donor-restricted endowment funds 1 The duration and preservation of the fund 2 The purposes of Cornerstone University and the donor-restricted endowment fund 3 General economic conditions 4 The possible effect of inflation and deflation 5 The expected total return from income and the appreciation of investments 6 Other resources of Cornerstone University 7 The investment policy of Cornerstone University 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 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 Part I 6a Funds are received from the State and Federal government agencies for student financial aid and work study programs. CU Golf Outing 60373 53603 6770 14471 11042 25565 60373 53603 6770 14471 11042 25565 51078 -44308 true Athletic Scholarships 238 1416987 Music Scholarships 54 135595 Academic Scholarships 1223 7234417 Seminary Scholarships 294 581833 Other need-based scholarships grants 1517 4452276 X true true X X false false false false false false false false false Dr Joseph Stowell 90352 17556 3265 95000 206173 1 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 386246HD7 2004-05-26 9325000 refund an existing bond issue and payoff other internal/external debt false false false A 9325000 306278 3460058 5558664 2004 true false true true A false false false false false true A false true false false false true student scholarships 19,640 in financial aid Jaclyn Visbeen family member of Trustee 31692 wages for employment false Katie Denyes family member of Trustee 16737 wages for employment false Kendra Denyes family member of Trustee 7809 wages for employment false Aimee Luurtsema family member of Trustee 9560 wages for employment false X 11 214040 closing market value on day of gift X products supplies for golf outing 5 9603 estimated cost of goods 11 false true false Form 990 Part I Section 1 Line 6 We had approximately 10 volunteers registered with Human Resources 17 independent Board members and 143 volunteers for our radio sharathon events. We also had many students, alumni, and other volunteer unofficially for various activities on campus through the year. Form 990 Part VI Section B Line 11a The Board gets a copy of the Form 990 in their information packet for the October board meeting. Management also reviews Form 990 with our independent CPA audit firm prior to filing. Form 990 Part VI Section B Line 12c At each May Board of Trustee meetings, the Board members are presented with the policy and conflict of interest agreement form to sign Form 990 Part VI Section B Line 15a and 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 process was 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. It is also 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, we are required to have an A-133 Audit conducted on the schedule of federal financial aid expenditures.