2012-10-10T15:23:33-00:00 2012-05-31 990 2011-06-01 381443369 Cornerstone University CORN 6169495300 1001 E Beltline NE Grand Rapids MI 49525 Nancy Schoonmaker 2012-10-10 true Scott Stewart 6168661190 2012-10-10 X 2011 2016-02-24 21:20:13Z Dr Joseph Stowell 1001 E Beltline NE Grand Rapids MI 49525 62501942 false X www.cornerstone.edu X 1941 MI 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. 20 15 1409 169 0 5683452 11381624 40290668 47337244 -309075 159587 702078 -178280 46367123 58700175 10210831 12110740 0 18062380 18880048 0 1391995 14844074 20946430 43117285 51937218 3249838 6762957 51420330 57466414 18680294 18280491 32740036 39185923 X 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 36073205 12110740 45824398 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. 1224992 1070231 Organized activities include summer sports camps, theater events, goft outings, special academic and athletic trips, banquets, and other miscellaneous activities. 2691869 442615 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. 866164 40856230 true true false false false false true false true true false false false true true true true true false false false false false true false false false true true true false false false false false false true true true true true false false false false false false false false false true 126 0 true 1409 true false false false false false false true true false false false false false false false X 20 15 false false false false false false false true true false false true true true true true true true true false X Accounting Office of Cornerstone Un 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 Michael Miller 001.00 X 0 0 0 David Pray 001.00 X 9120 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 100134 0 98658 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 500 0 0 Daniel Wielhouwer 001.00 X 0 0 0 Dr Lee Zuidema 001.00 X 0 0 0 Nancy Schoonmaker 050.00 X 103060 0 0 Marc Fowler 050.00 X 118436 0 0 William Knott 050.00 X 114571 0 0 Richard Ostrander 050.00 X 110375 0 0 Robert Simpson 050.00 X 105091 0 0 John VerBerkmoes 050.00 X 104238 0 0 771525 98658 9 false true false 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 28 48249 246596 11086779 542438 11381624 Tuition fee revenue 611710 38886936 38886936 Organized activity revenue 611710 1070231 1070231 Radio auxiliary revenue 611710 442615 442615 Other auxiliary revenue 611710 6307322 6307322 630140 630140 47337244 127636 127636 3793534 3761583 31951 31951 31951 5150 48249 40184 -35034 -35034 -143246 58700175 47337244 -18693 0 12110740 12110740 0 0 316838 15120 301718 0 15122968 11804485 2512916 805567 323204 245614 58146 19444 2054785 1280939 668505 105341 1062253 813694 190264 58295 0 52937 19255 33682 59171 59171 0 0 0 240010 114118 62905 62987 13587700 8862622 4434239 290839 1237656 585411 652245 0 234071 233871 200 837322 715024 74118 48180 0 140793 120866 18585 1342 451628 366809 84819 0 2756721 2238990 517731 123429 103680 19749 Organized activities expenses 1224992 1224992 0 51937218 40856230 9688993 1391995 91149 8225106 6058499 330700 781465 3988800 992795 1214584 1530410 1096249 236116 261304 742432 662629 65199511 33318846 30743516 31880665 10233958 9806377 9990 51420330 57466414 2207786 2579867 2363218 3108135 10985000 9813597 1584606 1468977 1539684 1309915 18680294 18280491 X 25252226 25965380 4657081 10349869 2830729 2870674 32740036 39185923 51420330 57466414 X 6762957 -317070 X X false true true X true true X 0.00000 0.00000 0.00000 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X false false 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 0.43000 0.41000 false false 2019826 2019826 38850533 16083211 22767322 4577774 2702392 1875382 14644125 11390429 3253696 5107253 3142814 1964439 31880665 Liabilities under split interest agreements 1309915 1309915 58700175 51937218 6762957 -317071 -317071 6445886 46312548 -317072 40185 -276887 46589435 12110740 12110740 58700175 39866662 40184 40184 39826478 12110740 12110740 51937218 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. 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 governmental agencies for student financial aid and work study programs. CU Golf Outing 53399 48249 5150 9460 6323 24401 53399 48249 5150 9460 6323 24401 40184 -35034 true Athletic Scholarships 192 1139381 Music Scholarships 64 146200 Academic Scholarships 1120 6214272 Seminary Scholarships 237 515596 Other need-based scholarships grants 1150 4095291 X true true X X false false false false false false false false false false Dr Joseph Stowell 88598 5000 10194 95000 198792 I 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. These employees include Dr. Joseph Stowell, President of Cornerstone University Grand Rapids Theological Seminary. 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 9325000 306278 3460058 5558664 2004 true false true true false false false false true false true false false false false students of trustees merit need based scholarships 21818 Katie Denyes family member of Trustee 13785 wages for employment false Jaclyn Visbeen family member of Trustee 33212 wages for employment false X 8 542438 closing market value on day of receipt of stock 8 false true false 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.