CORNERSTONE UNIVERSITY: Form 990, tax year 2011
View the entire original 990 at ProPublica ↗
- Organization
- CORNERSTONE UNIVERSITY (EIN 38-1443369)
- Tax period
- 2011-06-01 to 2012-05-31
- Filed
- 2012-10-10
- IRS object ID
- 201202849349300645
- Schema version
- 2011v1.2
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
- Return header
- Form 990
- Schedule A
- Schedule B
- Schedule D
- Schedule E
- Schedule G
- Schedule I
- Schedule J
- Schedule K
- Schedule L
- Schedule M
- Schedule O
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Timestamp | 2012-10-10T15:23:33-00:00 | Timestamp |
| Tax Period End Date | 2012-05-31 | TaxPeriodEndDate |
| Return Type | 990 | ReturnType |
| Tax Period Begin Date | 2011-06-01 | TaxPeriodBeginDate |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 381443369 | EIN |
Name Name
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Cornerstone University | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Control | CORN | NameControl |
| Phone | 6169495300 | Phone |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1001 E Beltline NE | AddressLine1 |
| City | Grand Rapids | City |
| State | MI | State |
| ZIP Code | 49525 | ZIPCode |
Officer Officer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | Nancy Schoonmaker | Name |
| Title | VP CFO | Title |
| Date Signed | 2012-10-10 | DateSigned |
| Authorize Third Party | true | AuthorizeThirdParty |
Preparer Preparer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | Scott Stewart | Name |
| Phone | 6168661190 | Phone |
| Date Prepared | 2012-10-10 | DatePrepared |
| Self Employed | X | SelfEmployed |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax Year | 2011 | TaxYear |
| Build TS | 2016-02-24 21:20:13Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Of Principal Officer Person | Dr Joseph Stowell | NameOfPrincipalOfficerPerson |
Address Principal Officer US AddressPrincipalOfficerUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1001 E Beltline NE | AddressLine1 |
| City | Grand Rapids | City |
| State | MI | State |
| ZIP Code | 49525 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | 62501942 | GrossReceipts |
| Group Return For Affiliates | false | GroupReturnForAffiliates |
| Organization501c3 | X | Organization501c3 |
| Web Site | www.cornerstone.edu | WebSite |
| Type Of Organization Corporation | X | TypeOfOrganizationCorporation |
| Year Formation | 1941 | YearFormation |
| State Legal Domicile | MI | StateLegalDomicile |
| Activity Or Mission Description | 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. | ActivityOrMissionDescription |
| Nbr Voting Members Governing Body | 20 | NbrVotingMembersGoverningBody |
| Nbr Independent Voting Members | 15 | NbrIndependentVotingMembers |
| Total Nbr Employees | 1409 | TotalNbrEmployees |
| Total Nbr Volunteers | 169 | TotalNbrVolunteers |
| Total Gross UBI | 0 | TotalGrossUBI |
| Contributions Grants Prior Year | 5683452 | ContributionsGrantsPriorYear |
| Contributions Grants Current Year | 11381624 | ContributionsGrantsCurrentYear |
| Program Service Revenue Prior Year | 40290668 | ProgramServiceRevenuePriorYear |
| Program Service Revenue CY | 47337244 | ProgramServiceRevenueCY |
| Investment Income Prior Year | -309075 | InvestmentIncomePriorYear |
| Investment Income Current Year | 159587 | InvestmentIncomeCurrentYear |
| Other Revenue Prior Year | 702078 | OtherRevenuePriorYear |
| Other Revenue Current Year | -178280 | OtherRevenueCurrentYear |
| Total Revenue Prior Year | 46367123 | TotalRevenuePriorYear |
| Total Revenue Current Year | 58700175 | TotalRevenueCurrentYear |
| Grants And Similar Amnts Prior Year | 10210831 | GrantsAndSimilarAmntsPriorYear |
| Grants And Similar Amnts CY | 12110740 | GrantsAndSimilarAmntsCY |
| Benefits Paid To Members CY | 0 | BenefitsPaidToMembersCY |
| Salaries Etc Prior Year | 18062380 | SalariesEtcPriorYear |
| Salaries Etc Current Year | 18880048 | SalariesEtcCurrentYear |
| Total Prof Fundrsng Exp CY | 0 | TotalProfFundrsngExpCY |
| Total Fundrsng Exp Current Year | 1391995 | TotalFundrsngExpCurrentYear |
| Other Expense Prior Year | 14844074 | OtherExpensePriorYear |
| Other Expenses Current Year | 20946430 | OtherExpensesCurrentYear |
| Total Expenses Prior Year | 43117285 | TotalExpensesPriorYear |
| Total Expenses Current Year | 51937218 | TotalExpensesCurrentYear |
| Revenues Less Expenses Prior Year | 3249838 | RevenuesLessExpensesPriorYear |
| Revenues Less Expenses CY | 6762957 | RevenuesLessExpensesCY |
| Total Assets BOY | 51420330 | TotalAssetsBOY |
| Total Assets EOY | 57466414 | TotalAssetsEOY |
| Total Liabilities BOY | 18680294 | TotalLiabilitiesBOY |
| Total Liabilities EOY | 18280491 | TotalLiabilitiesEOY |
| Net Assets Or Fund Balances BOY | 32740036 | NetAssetsOrFundBalancesBOY |
| Net Assets Or Fund Balances EOY | 39185923 | NetAssetsOrFundBalancesEOY |
| Info In Schedule O Part III | X | InfoInScheduleOPartIII |
| Mission Description | 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. | MissionDescription |
| Significant New Program Services | false | SignificantNewProgramServices |
| Significant Change | false | SignificantChange |
| Expense | 36073205 | Expense |
| Grants | 12110740 | Grants |
| Revenue | 45824398 | Revenue |
| Description | 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. | Description |
Activity2 Activity2
| Field | Value | IRS element (for citing) |
|---|---|---|
| Expense | 1224992 | Expense |
| Revenue | 1070231 | Revenue |
| Description | Organized activities include summer sports camps, theater events, goft outings, special academic and athletic trips, banquets, and other miscellaneous activities. | Description |
Activity3 Activity3
| Field | Value | IRS element (for citing) |
|---|---|---|
| Expense | 2691869 | Expense |
| Revenue | 442615 | Revenue |
| Description | Cornerstone Radio Ministries includes the operations of five radio stations WCSG - Grand Rapids WaYfm - Grand Rapids, Kalamazoo, Benton Harbor WCFG - Battle Creek and Mission Network News. | Description |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Other Program Service Exp | 866164 | TotalOfOtherProgramServiceExp |
| Total Program Service Expense | 40856230 | TotalProgramServiceExpense |
| Described In501 C3 | true | DescribedIn501C3 |
| Schedule B Required | true | ScheduleBRequired |
| Political Activities | false | PoliticalActivities |
| Lobbying Activities | false | LobbyingActivities |
| Donor Advised Funds | false | DonorAdvisedFunds |
| Conservation Easements | false | ConservationEasements |
| Collections Of Art | true | CollectionsOfArt |
| Credit Counseling | false | CreditCounseling |
| Term Or Permanent Endowments | true | TermOrPermanentEndowments |
| Report Land Bldg Equip | true | ReportLandBldgEquip |
| Report Invest Oth Securities | false | ReportInvestOthSecurities |
| Report Prog Rel Invest | false | ReportProgRelInvest |
| Report Other Assets | false | ReportOtherAssets |
| Report Other Liabilities | true | ReportOtherLiabilities |
| Report Fin48 Footnote | true | ReportFin48Footnote |
| Independent Audit Financial Stmt | true | IndependentAuditFinancialStmt |
| Consolidated Audit Financial Stmt | true | ConsolidatedAuditFinancialStmt |
| School | true | School |
| Foreign Office | false | ForeignOffice |
| Foreign Activities | false | ForeignActivities |
| More Than5000 K To Organizations | false | MoreThan5000KToOrganizations |
| More Than5000 K To Individuals | false | MoreThan5000KToIndividuals |
| Professional Fundraising | false | ProfessionalFundraising |
| Fundraising Activities | true | FundraisingActivities |
| Gaming | false | Gaming |
| Hospital | false | Hospital |
| Grants To Organizations | false | GrantsToOrganizations |
| Grants To Individuals | true | GrantsToIndividuals |
| Schedule J Required | true | ScheduleJRequired |
| Tax Exempt Bonds | true | TaxExemptBonds |
| Invest Tax Exempt Bonds | false | InvestTaxExemptBonds |
| Escrow Account | false | EscrowAccount |
| On Behalf Of Issuer | false | OnBehalfOfIssuer |
| Excess Benefit Transaction | false | ExcessBenefitTransaction |
| Prior Excess Benefit Transaction | false | PriorExcessBenefitTransaction |
| Loan To Officer Or DQP | false | LoanToOfficerOrDQP |
| Grant To Related Person | true | GrantToRelatedPerson |
| Bsnss Rltnshp With Organization | true | BsnssRltnshpWithOrganization |
| Bsnss Rltnshp Thru Family Member | true | BsnssRltnshpThruFamilyMember |
| Officer Entity With Bsnss Rltnshp | true | OfficerEntityWithBsnssRltnshp |
| Deductible Non Cash Contributions | true | DeductibleNonCashContributions |
| Deductible Contributions Of Art | false | DeductibleContributionsOfArt |
| Terminated | false | Terminated |
| Partial Liquidation | false | PartialLiquidation |
| Disregarded Entity | false | DisregardedEntity |
| Related Entity | false | RelatedEntity |
| Related Org Controlled Entity | false | RelatedOrgControlledEntity |
| Transaction Related Entity | false | TransactionRelatedEntity |
| Transfers To Exempt Non Chrtbl Org | false | TransfersToExemptNonChrtblOrg |
| Activities Conducted Partnership | false | ActivitiesConductedPartnership |
| Schedule O Required | true | ScheduleORequired |
| Number Forms Transmitted With1096 | 126 | NumberFormsTransmittedWith1096 |
| Number W2 G Included | 0 | NumberW2GIncluded |
| Compliance With Backup Witholding | true | ComplianceWithBackupWitholding |
| Number Of Employees | 1409 | NumberOfEmployees |
| Employment Tax Returns Filed | true | EmploymentTaxReturnsFiled |
| Unrelated Business Income | false | UnrelatedBusinessIncome |
| Form990-T Filed | false | Form990-TFiled |
| Foreign Financial Account | false | ForeignFinancialAccount |
| Prohibited Tax Shelter Trans | false | ProhibitedTaxShelterTrans |
| Taxable Party Notification | false | TaxablePartyNotification |
| Non Deductible Contributions | false | NonDeductibleContributions |
| Quid Pro Quo Contributions | true | QuidProQuoContributions |
| Quid Pro Quo Disclosure | true | QuidProQuoDisclosure |
| Form8282 Property Disposed Of | false | Form8282PropertyDisposedOf |
| Funds To Pay Premiums | false | FundsToPayPremiums |
| Premiums Paid | false | PremiumsPaid |
| Excess Business Holdings | false | ExcessBusinessHoldings |
| Taxable Distributions | false | TaxableDistributions |
| Distribution To Donor | false | DistributionToDonor |
| Indoor Tanning Services | false | IndoorTanningServices |
| Info In Schedule O Part VI | X | InfoInScheduleOPartVI |
| Nbr Voting Governing Body Members | 20 | NbrVotingGoverningBodyMembers |
| Number Independent Voting Members | 15 | NumberIndependentVotingMembers |
| Family Or Business Relationship | false | FamilyOrBusinessRelationship |
| Delegation Of Management Duties | false | DelegationOfManagementDuties |
| Changes To Organizing Docs | false | ChangesToOrganizingDocs |
| Material Diversion Or Misuse | false | MaterialDiversionOrMisuse |
| Members Or Stockholders | false | MembersOrStockholders |
| Election Of Board Members | false | ElectionOfBoardMembers |
| Decisions Subject To Approval | false | DecisionsSubjectToApproval |
| Minutes Of Governing Body | true | MinutesOfGoverningBody |
| Minutes Of Committees | true | MinutesOfCommittees |
| Officer Mailing Address | false | OfficerMailingAddress |
| Local Chapters | false | LocalChapters |
| Form990 Provided To Governing Body | true | Form990ProvidedToGoverningBody |
| Conflict Of Interest Policy | true | ConflictOfInterestPolicy |
| Annual Disclosure Covered Persons | true | AnnualDisclosureCoveredPersons |
| Regular Monitoring Enforcement | true | RegularMonitoringEnforcement |
| Whistleblower Policy | true | WhistleblowerPolicy |
| Document Retention Policy | true | DocumentRetentionPolicy |
| Compensation Process CEO | true | CompensationProcessCEO |
| Compensation Process Other | true | CompensationProcessOther |
| Investment In Joint Venture | false | InvestmentInJointVenture |
| Upon Request | X | UponRequest |
The Books Are In Care Of TheBooksAreInCareOf
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Person | Accounting Office of Cornerstone Un | NamePerson |
| Telephone Number | 6169495300 | TelephoneNumber |
Address US AddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1001 E Beltline NE | AddressLine1 |
| City | Grand Rapids | City |
| State | MI | State |
| ZIP Code | 49525 | ZIPCode |
Form990 Part VII Section A Form990PartVIISectionA (26 entries)
| TitleTitle | Average Hours Per WeekAverageHoursPerWeek | Individual Trustee Or DirectorIndividualTrusteeOrDirector | OfficerOfficer | Reportable Comp From OrganizationReportableCompFromOrganization | Reportable Comp From Related OrgsReportableCompFromRelatedOrgs | Other CompensationOtherCompensation | Highest Compensated EmployeeHighestCompensatedEmployee |
|---|---|---|---|---|---|---|---|
| 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 | 6000 | 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 | 001.00 | X | 0 | 0 | 0 | ||
| Dr Albert Meredith | |||||||
| Trustee | 001.00 | X | 0 | 0 | 0 | ||
| Michael Miller | |||||||
| Trustee | 001.00 | X | 0 | 0 | 0 | ||
| David Pray | |||||||
| Trustee | 001.00 | X | 9120 | 0 | 0 | ||
| Amy Shane | |||||||
| Trustee | 001.00 | X | 0 | 0 | 0 | ||
| Joe Slaughter | |||||||
| Trustee | 001.00 | X | 0 | 0 | 0 | ||
| Dr Joseph Stowell | |||||||
| President | 050.00 | X | X | 100134 | 0 | 98658 | |
| Dr Larry Thompson | |||||||
| Trustee | 001.00 | X | 0 | 0 | 0 | ||
| Wayne Visbeen | |||||||
| Trustee | 001.00 | X | 0 | 0 | 0 | ||
| Bonnie Walters | |||||||
| Trustee | 001.00 | X | 0 | 0 | 0 | ||
| Skot Welch | |||||||
| Trustee | 001.00 | X | 500 | 0 | 0 | ||
| Daniel Wielhouwer | |||||||
| Trustee | 001.00 | X | 0 | 0 | 0 | ||
| Dr Lee Zuidema | |||||||
| Trustee | 001.00 | X | 0 | 0 | 0 | ||
| Nancy Schoonmaker | |||||||
| VP CFO | 050.00 | X | 103060 | 0 | 0 | ||
| Marc Fowler | |||||||
| Executive VP | 050.00 | 118436 | 0 | 0 | X | ||
| William Knott | |||||||
| VP for Advancement | 050.00 | 114571 | 0 | 0 | X | ||
| Richard Ostrander | |||||||
| Provost | 050.00 | 110375 | 0 | 0 | X | ||
| Robert Simpson | |||||||
| Assoc. Provost - PGS | 050.00 | 105091 | 0 | 0 | X | ||
| John VerBerkmoes | |||||||
| VP Dean of Seminary | 050.00 | 104238 | 0 | 0 | X | ||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | 771525 | TotalReportableCompFromOrg |
| Total Other Compensation | 98658 | TotalOtherCompensation |
| Number Individuals GT100 K | 9 | NumberIndividualsGT100K |
| Formers Listed | false | FormersListed |
| Total Comp GT150 K | true | TotalCompGT150K |
| Compensation From Other Sources | false | CompensationFromOtherSources |
Contractor Compensation ContractorCompensation (5 entries)
| Address Line1AddressOfContractor/AddressUS/AddressLine1 | CityAddressOfContractor/AddressUS/City | StateAddressOfContractor/AddressUS/State | ZIP CodeAddressOfContractor/AddressUS/ZIPCode | Description Of ServicesDescriptionOfServices | CompensationCompensation |
|---|---|---|---|---|---|
| Priority Health | |||||
| 1231 E Beltline NE | Grand Rapids | MI | 49525 | health insurance provider | 1578416 |
| The Christman Company | |||||
| 208 N Capitol Ave | Lansing | MI | 489331357 | Construction contractor | 1493158 |
| Gordon Food Service | |||||
| Dept CH 10490 | Palatine | IL | 600550490 | food purchased for cafeteria | 834079 |
| University Lease | |||||
| 18201 Von Karman Ave-420 | Irvine | CA | 92612 | lease financing of technology equipment | 702332 |
| Kleyn Electric Inc | |||||
| O-11319 1st Ave NW - Ste A | Grand Rapids | MI | 49534 | electric service provider | 308745 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Number Of Contractors GT100 K | 28 | NumberOfContractorsGT100K |
| Fundraising Events | 48249 | FundraisingEvents |
| Government Grants | 246596 | GovernmentGrants |
| All Other Contributions | 11086779 | AllOtherContributions |
| Noncash Contributions | 542438 | NoncashContributions |
| Total Contributions | 11381624 | TotalContributions |
Program Service Revenue ProgramServiceRevenue (4 entries)
| DescriptionDescription | Business CodeBusinessCode | Total Revenue ColumnTotalRevenueColumn | Related Or Exempt Function IncomeRelatedOrExemptFunctionIncome |
|---|---|---|---|
| Tuition fee revenue | 611710 | 38886936 | 38886936 |
| Organized activity revenue | 611710 | 1070231 | 1070231 |
| Radio auxiliary revenue | 611710 | 442615 | 442615 |
| Other auxiliary revenue | 611710 | 6307322 | 6307322 |
Total Oth Program Service Revenue TotalOthProgramServiceRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 630140 | TotalRevenueColumn |
| Related Or Exempt Function Income | 630140 | RelatedOrExemptFunctionIncome |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | 47337244 | TotalProgramServiceRevenue |
Investment Income InvestmentIncome
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 127636 | TotalRevenueColumn |
| Exclusion | $127,636 | ExclusionAmount |
Gross Amount Sales Assets GrossAmountSalesAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | 3793534 | Securities |
Less Cost Oth Basis Sales Expenses LessCostOthBasisSalesExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | 3761583 | Securities |
Gain Or Loss GainOrLoss
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | 31951 | Securities |
Net Gain Or Loss Investments NetGainOrLossInvestments
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 31951 | TotalRevenueColumn |
| Exclusion | $31,951 | ExclusionAmount |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Income Fundraising Events | 5150 | GrossIncomeFundraisingEvents |
| Cntrbtns Rprtd Fundraising Events | 48249 | CntrbtnsRprtdFundraisingEvents |
| Fundraising Direct Expenses | 40184 | FundraisingDirectExpenses |
Net Income From Fundraising Events NetIncomeFromFundraisingEvents
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | -35034 | TotalRevenueColumn |
| Exclusion | -$35,034 | ExclusionAmount |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Other Revenue | -143246 | TotalOtherRevenue |
Total Revenue TotalRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 58700175 | TotalRevenueColumn |
| Related Or Exempt Function Income | 47337244 | RelatedOrExemptFunctionIncome |
| Exclusion | -$18,693 | ExclusionAmount |
Grants To Domestic Orgs GrantsToDomesticOrgs
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Grants To Domestic Individuals GrantsToDomesticIndividuals
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 12110740 | Total |
| Program Services | 12110740 | ProgramServices |
Foreign Grants ForeignGrants
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Benefits To Members BenefitsToMembers
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Comp Current Officers Directors CompCurrentOfficersDirectors
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 316838 | Total |
| Program Services | 15120 | ProgramServices |
| Management And General | 301718 | ManagementAndGeneral |
Comp Disqual Persons CompDisqualPersons
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Other Salaries And Wages OtherSalariesAndWages
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 15122968 | Total |
| Program Services | 11804485 | ProgramServices |
| Management And General | 2512916 | ManagementAndGeneral |
| Fundraising | 805567 | Fundraising |
Pension Plan Contributions PensionPlanContributions
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 323204 | Total |
| Program Services | 245614 | ProgramServices |
| Management And General | 58146 | ManagementAndGeneral |
| Fundraising | 19444 | Fundraising |
Other Employee Benefits OtherEmployeeBenefits
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 2054785 | Total |
| Program Services | 1280939 | ProgramServices |
| Management And General | 668505 | ManagementAndGeneral |
| Fundraising | 105341 | Fundraising |
Payroll Taxes PayrollTaxes
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1062253 | Total |
| Program Services | 813694 | ProgramServices |
| Management And General | 190264 | ManagementAndGeneral |
| Fundraising | 58295 | Fundraising |
Fees For Services Management FeesForServicesManagement
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Fees For Services Legal FeesForServicesLegal
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 52937 | Total |
| Program Services | 19255 | ProgramServices |
| Management And General | 33682 | ManagementAndGeneral |
Fees For Services Accounting FeesForServicesAccounting
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 59171 | Total |
| Management And General | 59171 | ManagementAndGeneral |
Fees For Services Lobbying FeesForServicesLobbying
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Fees For Services Prof Fundraising | FeesForServicesProfFundraising |
Fees For Services Invst Mgmnt Fees FeesForServicesInvstMgmntFees
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Fees For Services Other FeesForServicesOther
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Advertising Advertising
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 240010 | Total |
| Program Services | 114118 | ProgramServices |
| Management And General | 62905 | ManagementAndGeneral |
| Fundraising | 62987 | Fundraising |
Office Expenses OfficeExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 13587700 | Total |
| Program Services | 8862622 | ProgramServices |
| Management And General | 4434239 | ManagementAndGeneral |
| Fundraising | 290839 | Fundraising |
Information Technology InformationTechnology
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1237656 | Total |
| Program Services | 585411 | ProgramServices |
| Management And General | 652245 | ManagementAndGeneral |
Royalties Royalties
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Occupancy Occupancy
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 234071 | Total |
| Program Services | 233871 | ProgramServices |
| Management And General | 200 | ManagementAndGeneral |
Travel Travel
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 837322 | Total |
| Program Services | 715024 | ProgramServices |
| Management And General | 74118 | ManagementAndGeneral |
| Fundraising | 48180 | Fundraising |
Travel Entrtnmnt Public Officials TravelEntrtnmntPublicOfficials
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Conferences Meetings ConferencesMeetings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 140793 | Total |
| Program Services | 120866 | ProgramServices |
| Management And General | 18585 | ManagementAndGeneral |
| Fundraising | 1342 | Fundraising |
Interest Interest
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 451628 | Total |
| Program Services | 366809 | ProgramServices |
| Management And General | 84819 | ManagementAndGeneral |
Payments To Affiliates PaymentsToAffiliates
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Depreciation Depletion DepreciationDepletion
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 2756721 | Total |
| Program Services | 2238990 | ProgramServices |
| Management And General | 517731 | ManagementAndGeneral |
Insurance Insurance
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 123429 | Total |
| Program Services | 103680 | ProgramServices |
| Management And General | 19749 | ManagementAndGeneral |
Other Expenses OtherExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description | Organized activities expenses | Description |
| Total | 1224992 | Total |
| Program Services | 1224992 | ProgramServices |
All Other Expenses AllOtherExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Total Functional Expenses TotalFunctionalExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 51937218 | Total |
| Program Services | 40856230 | ProgramServices |
| Management And General | 9688993 | ManagementAndGeneral |
| Fundraising | 1391995 | Fundraising |
Cash Non Interest Bearing CashNonInterestBearing
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 91149 | BOY |
| EOY | 8225106 | EOY |
Savings And Temp Cash Investments SavingsAndTempCashInvestments
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 6058499 | BOY |
| EOY | 330700 | EOY |
Pledges And Grants Receivable PledgesAndGrantsReceivable
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 781465 | BOY |
| EOY | 3988800 | EOY |
Accounts Receivable AccountsReceivable
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 992795 | BOY |
| EOY | 1214584 | EOY |
Other Notes Loans Receivable Net OtherNotesLoansReceivableNet
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1530410 | BOY |
| EOY | 1096249 | EOY |
Inventories For Sale Or Use InventoriesForSaleOrUse
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 236116 | BOY |
| EOY | 261304 | EOY |
Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 742432 | BOY |
| EOY | 662629 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Buildings Equipment Basis | 65199511 | LandBuildingsEquipmentBasis |
| Land Bldg Equipment Accum Deprec | 33318846 | LandBldgEquipmentAccumDeprec |
Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 30743516 | BOY |
| EOY | 31880665 | EOY |
Investments Pub Traded Securities InvestmentsPubTradedSecurities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 10233958 | BOY |
| EOY | 9806377 | EOY |
Other Assets Total OtherAssetsTotal
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 9990 | BOY |
Total Assets TotalAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 51420330 | BOY |
| EOY | 57466414 | EOY |
Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 2207786 | BOY |
| EOY | 2579867 | EOY |
Deferred Revenue DeferredRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 2363218 | BOY |
| EOY | 3108135 | EOY |
Tax Exempt Bond Liabilities TaxExemptBondLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 10985000 | BOY |
| EOY | 9813597 | EOY |
Mort Notes Pybl Secured Invest Prop MortNotesPyblSecuredInvestProp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1584606 | BOY |
| EOY | 1468977 | EOY |
Other Liabilities OtherLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1539684 | BOY |
| EOY | 1309915 | EOY |
Total Liabilities TotalLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 18680294 | BOY |
| EOY | 18280491 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Follow SFAS117 | X | FollowSFAS117 |
Unrestricted Net Assets UnrestrictedNetAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 25252226 | BOY |
| EOY | 25965380 | EOY |
Temporarily Restricted Net Assets TemporarilyRestrictedNetAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 4657081 | BOY |
| EOY | 10349869 | EOY |
Permanently Restricted Net Assets PermanentlyRestrictedNetAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 2830729 | BOY |
| EOY | 2870674 | EOY |
Total Net Assets Fund Balances TotalNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 32740036 | BOY |
| EOY | 39185923 | EOY |
Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 51420330 | BOY |
| EOY | 57466414 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | X | InfoInScheduleOPartXI |
| Reconcilation Revenue Expenses | 6762957 | ReconcilationRevenueExpenses |
| Reconcilation Other Changes | -317070 | ReconcilationOtherChanges |
| Info In Schedule O Part XII | X | InfoInScheduleOPartXII |
| Method Of Accounting Accrual | X | MethodOfAccountingAccrual |
| Accountant Compile Or Review | false | AccountantCompileOrReview |
| FS Audited | true | FSAudited |
| Audit Committee | true | AuditCommittee |
| Financial Statement Consolidated | X | FinancialStatementConsolidated |
| Federal Grant Audit Required | true | FederalGrantAuditRequired |
| Federal Grant Audit Performed | true | FederalGrantAuditPerformed |
Schedule A IRS990ScheduleA
| Field | Value | IRS element (for citing) |
|---|---|---|
| School170b1 Aii | X | School170b1Aii |
| Public Support Pertcentage170 | 0.00000 | PublicSupportPertcentage170 |
| Public Support Percentage509 | 0.00000 | PublicSupportPercentage509 |
| Investment Income Percentage | 0.00000 | InvestmentIncomePercentage |
Schedule B IRS990ScheduleB
Contributor Info ContributorInfo
| Field | Value | IRS element (for citing) |
|---|---|---|
| Contributor Number | RESTRICTED | ContributorNumber |
Contributor Name Business ContributorNameBusiness
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | RESTRICTED | BusinessNameLine1 |
Contributor Address US ContributorAddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | RESTRICTED | AddressLine1 |
| Address Line2 | RESTRICTED | AddressLine2 |
| City | RESTRICTED | City |
| State | RESTRICTED | State |
| ZIP Code | RESTRICTED | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Aggregate Contributions | RESTRICTED | AggregateContributions |
Schedule D IRS990ScheduleD
| Field | Value | IRS element (for citing) |
|---|---|---|
| Collect Used For Public Exhibition | X | CollectUsedForPublicExhibition |
| Solicited Assets For Sale | false | SolicitedAssetsForSale |
| Included On FS | false | IncludedOnFS |
Current Year CurrentYear
| Field | Value | IRS element (for citing) |
|---|---|---|
| Beginning Of Year Balance | 6557026 | BeginningOfYearBalance |
| Contributions | 262946 | Contributions |
| Investment Earnings Or Losses | -163940 | InvestmentEarningsOrLosses |
| Grants Or Scholarships | 196498 | GrantsOrScholarships |
| Other Expenditures | 72696 | OtherExpenditures |
| End Of Year Balance | 6386838 | EndOfYearBalance |
Current Year Minus1 Year CurrentYearMinus1Year
| Field | Value | IRS element (for citing) |
|---|---|---|
| Beginning Of Year Balance | 5138668 | BeginningOfYearBalance |
| Contributions | 619703 | Contributions |
| Investment Earnings Or Losses | 1045658 | InvestmentEarningsOrLosses |
| Grants Or Scholarships | 178001 | GrantsOrScholarships |
| Other Expenditures | 69002 | OtherExpenditures |
| End Of Year Balance | 6557026 | EndOfYearBalance |
Current Year Minus2 Years CurrentYearMinus2Years
| Field | Value | IRS element (for citing) |
|---|---|---|
| Beginning Of Year Balance | 4577238 | BeginningOfYearBalance |
| Contributions | 201062 | Contributions |
| Investment Earnings Or Losses | 666787 | InvestmentEarningsOrLosses |
| Grants Or Scholarships | 222174 | GrantsOrScholarships |
| Other Expenditures | 84245 | OtherExpenditures |
| End Of Year Balance | 5138668 | EndOfYearBalance |
Current Year Minus3 Years CurrentYearMinus3Years
| Field | Value | IRS element (for citing) |
|---|---|---|
| Beginning Of Year Balance | 6200778 | BeginningOfYearBalance |
| Contributions | 138302 | Contributions |
| Investment Earnings Or Losses | -1400980 | InvestmentEarningsOrLosses |
| Grants Or Scholarships | 268119 | GrantsOrScholarships |
| Other Expenditures | 92743 | OtherExpenditures |
| End Of Year Balance | 4577238 | EndOfYearBalance |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Board Designated EOY Balance | 0.16000 | BoardDesignatedEOYBalance |
| Permanent Endowment EOY Balance | 0.43000 | PermanentEndowmentEOYBalance |
| Term Endowment EOY Balance | 0.41000 | TermEndowmentEOYBalance |
| Endowments Held By Unrelated Orgs | false | EndowmentsHeldByUnrelatedOrgs |
| Endowments Held By Related Orgs | false | EndowmentsHeldByRelatedOrgs |
Land Land
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 2019826 | OtherCostOrOtherBasis |
| Book Value | 2019826 | BookValue |
Buildings Buildings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 38850533 | OtherCostOrOtherBasis |
| Depreciation | 16083211 | Depreciation |
| Book Value | 22767322 | BookValue |
Leasehold Improvements LeaseholdImprovements
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 4577774 | OtherCostOrOtherBasis |
| Depreciation | 2702392 | Depreciation |
| Book Value | 1875382 | BookValue |
Equipment Equipment
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 14644125 | OtherCostOrOtherBasis |
| Depreciation | 11390429 | Depreciation |
| Book Value | 3253696 | BookValue |
Other Land Buildings OtherLandBuildings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 5107253 | OtherCostOrOtherBasis |
| Depreciation | 3142814 | Depreciation |
| Book Value | 1964439 | BookValue |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Book Value Land Buildings | 31880665 | TotalOfBookValueLandBuildings |
Other Liabilities OtherLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description | Liabilities under split interest agreements | Description |
| Amount | $1,309,915 | Amount |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Amounts | 1309915 | TotalOfAmounts |
| Total Revenue | 58700175 | TotalRevenue |
| Total Expenses | 51937218 | TotalExpenses |
| Excess Or Deficit For Year | 6762957 | ExcessOrDeficitForYear |
| Net Unrealized GL On Investments | -317071 | NetUnrealizedGLOnInvestments |
| Total Adjustments | -317071 | TotalAdjustments |
| Excess Or Deficit Per FS | 6445886 | ExcessOrDeficitPerFS |
| Tot Revenue Etc Audited Fincl Stmt | 46312548 | TotRevenueEtcAuditedFinclStmt |
| Net Unrealized Gains Investments | -317072 | NetUnrealizedGainsInvestments |
| Other Revenues | 40185 | OtherRevenues |
| Revenue Not Rptd F990 | -276887 | RevenueNotRptdF990 |
| Revenue Subtotal | 46589435 | RevenueSubtotal |
| Other Revenues Not Included | 12110740 | OtherRevenuesNotIncluded |
| Revenue Not Rptd On Fin Stmt | 12110740 | RevenueNotRptdOnFinStmt |
| Total Revenue Per Form990 | 58700175 | TotalRevenuePerForm990 |
| Tot Expenses Etc Audited Fincl Stmt | 39866662 | TotExpensesEtcAuditedFinclStmt |
| Other Expenses Included | 40184 | OtherExpensesIncluded |
| Expenses Not Rptd F990 | 40184 | ExpensesNotRptdF990 |
| Expenses Subtotal | 39826478 | ExpensesSubtotal |
| Other Expenses Not Included | 12110740 | OtherExpensesNotIncluded |
| Expenses Not Rptd On Fin Stmt | 12110740 | ExpensesNotRptdOnFinStmt |
| Total Expenses Per Form990 | 51937218 | TotalExpensesPerForm990 |
Form990 Schedule D Part XIV Form990ScheduleDPartXIV (10 entries)
| IdentifierIdentifier | Return ReferenceReturnReference | ExplanationExplanation |
|---|---|---|
| XII | 2d | Direct expenses from fund raising events as listed on form 990, Part VIII, Line 8b |
| V | 4 | 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. |
| IV | 4 | 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, 2011. This is in accordance with the existing UMIFA status. |
| II | 4 | 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. |
| V | 4 | 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. |
| V | 4 | In accordance with UMIFA and UPMIFA, the University considers the following factors in making a determination to appropriate or accumulate donor-restricted endowment funds |
| V | 4 | 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 |
| VII | 4b | scholarships and grants for students |
| VIII | 4b | scholarships and grants for students |
| III | 4 | Cornerstone University has some art sculptures displayed around campus that portray the Christian Worldview that we aspire to Creation, the 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 downtonw Grand Rapids. |
Schedule E IRS990ScheduleE
| Field | Value | IRS element (for citing) |
|---|---|---|
| Nondiscriminatory Policy Stmt | true | NondiscriminatoryPolicyStmt |
| Policy Statement In Brochures Etc | true | PolicyStatementInBrochuresEtc |
| Policy Publ Via Broadcast Media | true | PolicyPublViaBroadcastMedia |
| Maint Racial Composition Records | true | MaintRacialCompositionRecords |
| Maint Scholarships Records | true | MaintScholarshipsRecords |
| Maint Copies Of Brochures Etc | true | MaintCopiesOfBrochuresEtc |
| Maint Copies Of All Solicitations | true | MaintCopiesOfAllSolicitations |
| Discriminate Race Students Rights | false | DiscriminateRaceStudentsRights |
| Discriminate Race Admiss Policies | false | DiscriminateRaceAdmissPolicies |
| Discriminate Race Emplmn Faculty | false | DiscriminateRaceEmplmnFaculty |
| Discriminate Race Scholarships | false | DiscriminateRaceScholarships |
| Discriminate Race Educ Policies | false | DiscriminateRaceEducPolicies |
| Discriminate Race Use Of Fclts | false | DiscriminateRaceUseOfFclts |
| Discriminate Race Athletic Prog | false | DiscriminateRaceAthleticProg |
| Discriminate Race Other Acty | false | DiscriminateRaceOtherActy |
| Government Financial Aid Received | true | GovernmentFinancialAidReceived |
| Government Financial Aid Revoked | false | GovernmentFinancialAidRevoked |
| Compliance With Rev Proc7550 | true | ComplianceWithRevProc7550 |
Form990 Schedule E Part II Form990ScheduleEPartII
| Field | Value | IRS element (for citing) |
|---|---|---|
| Identifier | Part I | Identifier |
| Return Reference | 6a | ReturnReference |
| Explanation | Funds are received from the state and federal governmental agencies for student financial aid and work study programs. | Explanation |
Schedule G IRS990ScheduleG
Events Information EventsInformation
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Of Event1 | CU Golf Outing | NameOfEvent1 |
| Gross Receipts Event1 | 53399 | GrossReceiptsEvent1 |
| Charitable Contributions Event1 | 48249 | CharitableContributionsEvent1 |
| Gross Revenue Event1 | 5150 | GrossRevenueEvent1 |
| Rent Facility Costs Event1 | 9460 | RentFacilityCostsEvent1 |
| Food And Beverage Event1 | 6323 | FoodAndBeverageEvent1 |
| Other Direct Expenses Event1 | 24401 | OtherDirectExpensesEvent1 |
| Gross Receipts Total | 53399 | GrossReceiptsTotal |
| Charitable Contributions Total | 48249 | CharitableContributionsTotal |
| Gross Revenue Total Events | 5150 | GrossRevenueTotalEvents |
| Rent Facility Costs Total Events | 9460 | RentFacilityCostsTotalEvents |
| Food And Beverage Total Events | 6323 | FoodAndBeverageTotalEvents |
| Other Direct Expenses Total Events | 24401 | OtherDirectExpensesTotalEvents |
| Direct Expense Summary Events | 40184 | DirectExpenseSummaryEvents |
| Net Income Summary | -35034 | NetIncomeSummary |
Schedule I IRS990ScheduleI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Records Maintained | true | RecordsMaintained |
Form990 Schedule I Part III Form990ScheduleIPartIII (5 entries)
| Type Of GrantTypeOfGrant | Number Of RecipientsNumberOfRecipients | Amount Of Cash GrantAmountOfCashGrant |
|---|---|---|
| Athletic Scholarships | 192 | 1139381 |
| Music Scholarships | 64 | 146200 |
| Academic Scholarships | 1120 | 6214272 |
| Seminary Scholarships | 237 | 515596 |
| Other need-based scholarships grants | 1150 | 4095291 |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Housing Allowance Or Residence | X | HousingAllowanceOrResidence |
| Written Policy Re T And E Expenses | true | WrittenPolicyReTAndEExpenses |
| Substantiation Required | true | SubstantiationRequired |
| Compensation Survey | X | CompensationSurvey |
| Board Or Committee Approval | X | BoardOrCommitteeApproval |
| Severance Payment | false | SeverancePayment |
| Supplemental Nonqual Retire Plan | false | SupplementalNonqualRetirePlan |
| Equity Based Comp Arrangement | false | EquityBasedCompArrangement |
| Comp Based On Revenue Of Filing Org | false | CompBasedOnRevenueOfFilingOrg |
| Comp Based On Revenue Related Orgs | false | CompBasedOnRevenueRelatedOrgs |
| Comp Based Net Earnings Filing Org | false | CompBasedNetEarningsFilingOrg |
| Comp Based Net Earnings Relate Orgs | false | CompBasedNetEarningsRelateOrgs |
| Any Non Fixed Payments | false | AnyNonFixedPayments |
| Initial Contract Exception | false | InitialContractException |
| Rebuttable Presumption Procedure | false | RebuttablePresumptionProcedure |
Form990 Schedule J Part II Form990ScheduleJPartII
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Person | Dr Joseph Stowell | NamePerson |
| Base Compensation Filing Org | 88598 | BaseCompensationFilingOrg |
| Bonus Filing Org | 5000 | BonusFilingOrg |
| Other Compensation Filing Org | 10194 | OtherCompensationFilingOrg |
| Nontaxable Benefits Filing Org | 95000 | NontaxableBenefitsFilingOrg |
| Total Compensation Filing Org | 198792 | TotalCompensationFilingOrg |
Form990 Schedule J Part III Form990ScheduleJPartIII
| Field | Value | IRS element (for citing) |
|---|---|---|
| Identifier | I | Identifier |
| Return Reference | 1a | ReturnReference |
| Explanation | 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. These employees include Dr. Joseph Stowell, President of Cornerstone University Grand Rapids Theological Seminary. | Explanation |
Schedule K IRS990ScheduleK
Form990 Schedule K Part I Form990ScheduleKPartI
Issuer Name IssuerName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Grand Rapids Economic Development Corporation | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Issuer EIN | 521701965 | IssuerEIN |
| CUSIP Number | 386246HD7 | CUSIPNumber |
| Date Issued | 2004-05-26 | DateIssued |
| Issue Price | 9325000 | IssuePrice |
| Description Of Purpose | refund an existing bond issue and payoff other internal/external debt | DescriptionOfPurpose |
| Defeased | false | Defeased |
| On Behalf Of Issuer | false | OnBehalfOfIssuer |
| Pool Financing | false | PoolFinancing |
Form990 Schedule K Part II Form990ScheduleKPartII
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Proceeds | 9325000 | TotalProceeds |
| Issuance Costs From Proceeds | 306278 | IssuanceCostsFromProceeds |
| Working Capital Expenditures | 3460058 | WorkingCapitalExpenditures |
| Capital Expenditures | 5558664 | CapitalExpenditures |
| Year Of Subst Completion | 2004 | YearOfSubstCompletion |
| Current Refunding | true | CurrentRefunding |
| Advance Refunding | false | AdvanceRefunding |
| Final Allocation Made | true | FinalAllocationMade |
| Adequate Books And Recds Maintaind | true | AdequateBooksAndRecdsMaintaind |
Form990 Schedule K Part III Form990ScheduleKPartIII
| Field | Value | IRS element (for citing) |
|---|---|---|
| Owning Bond Financed Property | false | OwningBondFinancedProperty |
| Any Lease Arrangements | false | AnyLeaseArrangements |
| Mngment Cntrct Bond Financd Prprty | false | MngmentCntrctBondFinancdPrprty |
| Any Research Agreements | false | AnyResearchAgreements |
| Post Issuance Compliance Procdrs | true | PostIssuanceComplianceProcdrs |
Form990 Schedule K Part IV Form990ScheduleKPartIV
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form8038 T Filed | false | Form8038TFiled |
| Variable Rate Issue | true | VariableRateIssue |
| Hedge Identified In Books And Recds | false | HedgeIdentifiedInBooksAndRecds |
| Gross Proceeds Invested In GIC | false | GrossProceedsInvestedInGIC |
| Gross Proceeds Invested | false | GrossProceedsInvested |
| Exception To Rebate | false | ExceptionToRebate |
Schedule L IRS990ScheduleL
Form990 Schedule L Part III Form990ScheduleLPartIII
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Of Interested Person | students of trustees | NameOfInterestedPerson |
| Relationship With Organization | merit need based scholarships | RelationshipWithOrganization |
| Amount Of Grant | 21818 | AmountOfGrant |
Form990 Schedule L Part IV Form990ScheduleLPartIV (2 entries)
| RelationshipRelationship | Amount Of TransactionAmountOfTransaction | Description Of TransactionDescriptionOfTransaction | Sharing Of RevenuesSharingOfRevenues |
|---|---|---|---|
| Katie Denyes | |||
| family member of Trustee | 13785 | wages for employment | false |
| Jaclyn Visbeen | |||
| family member of Trustee | 33212 | wages for employment | false |
Schedule M IRS990ScheduleM
Securities Publicly Traded SecuritiesPubliclyTraded
| Field | Value | IRS element (for citing) |
|---|---|---|
| Non Cash Checkbox | X | NonCashCheckbox |
| Number Of Contributions | 8 | NumberOfContributions |
| Noncash Contribs Rptd F990 | 542438 | NoncashContribsRptdF990 |
| Method Of Determining Revenues | closing market value on day of receipt of stock | MethodOfDeterminingRevenues |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Number Of8283 Received | 8 | NumberOf8283Received |
| Any Property That Must Be Held | false | AnyPropertyThatMustBeHeld |
| Review Process Unusual NC Gifts | true | ReviewProcessUnusualNCGifts |
| Third Parties Used | false | ThirdPartiesUsed |
Schedule O IRS990ScheduleO
General Explanation GeneralExplanation (10 entries)
| IdentifierIdentifier | Return ReferenceReturnReference | ExplanationExplanation |
|---|---|---|
| Form 990 Part I | 5 | We had 9 volunteers registered with Human Resources 15 independent Board members and 145 volunteers for our radio sharathon events. We also had many students, alumni, and others volunteer for various activities throughout the year. |
| Form 990 Part III | 4d | The other program service expenses refer to allocated depreciation and insurance expenses. |
| Form 990 Part VI | 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 | 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 | 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 | 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 XI | 5 | Other changes in net assets not listed in detail on the Form 990 is the 317,072 unrealized loss on investments. |
| Form 990 Part XII | 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 | 6a | Funds are received from state and federal governmental organizations for student grants and work study programs. |
| Form 990 Part I Section 1 Line 5 We had 9 volunteers registered with Human Resources 15 independent Board members and 145 volunteers for our radio sharathon events. We also had many students, alumni, and others volunteer for various activities throughout the year. Form 990 Part III Line 4d The other program service expenses refer to allocated depreciation and insurance expenses. 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 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 B 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 XI Line 5 Other changes in net assets not listed in detail on the Form 990 is the 317,072 unrealized loss on investments. 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 Section Sch. E Line 6a Funds are received from state and federal governmental organizations for student grants and work study programs. |
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