2011-10-10T17:19:28-00:00 2011-05-31 990 2010-06-01 381443369 Cornerstone University CORN 6169495300 1001 E Beltline NE Grand Rapids MI 49525 Nancy Schoonmaker 6169495300 2011-10-10 true Scott Stewart 6168661190 2011-10-10 X 2010 2016-03-07 17:11:31Z Dr Joseph Stowell 1001 E Beltline NE Grand Rapids MI 49525 48661974 false X www.cornerstone.edu X 1941 MI Cornerstone University, including Grand Rapids Theological Seminary, Asia Baptist 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. Cornerstone University, including Grand Rapids Theological Seminary, Asia Baptist 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 1353 170 0 6095031 5683452 36312846 40290668 815 -309075 161297 702078 42569989 46367123 8649323 10210831 0 20381526 18062380 0 1111584 12028635 14844074 41059484 43117285 1510505 3249838 46518357 51420330 18408698 18680294 28109659 32740036 X 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. false false 28662952 10210831 38766223 Academic instruction, support, and student services make up the educational expenses. We have over 250 full- and part-time staff and faculty. We have over 2000 students on a 130-acre campus as well as off-site locations in Kalamazoo, Lansing, and the Lakeshore area. Student services pertains to campus living and activities including athletics, health and counseling services, enrollment services, financial aid, etc. 1180791 1078684 Organized activities include summer sports camps, theater events, golf outings, special academic and athletic trips, banquets, and other miscellaneous activities. 2621283 445761 Cornerstone Radio Ministries includes the operations of five radio stations WCSG - Grand Rapids, WaYfm - Grand Rapids, Kalamazoo, Benton Harbor, WCFG - Battle Creek, His Kids Radio, and Mission Network News. 1800044 34265070 true true false false false false false 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 false false false false true false false false false false false false false false true 104 0 true 1353 true false false false false false true true true 1 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 MI X X Accounting Office of Cornerstone Un 6162221445 1001 E Beltline NE Grand Rapids MI 49525 Carole Bos 001.00 X X 0 0 0 Mark Campbell 001.00 X 0 0 0 Steve Cochlan 001.00 X 0 0 0 Don Denyes 001.00 X X 6500 0 0 Jennie Dimkoff 001.00 X 0 0 0 Harvey Gainey 001.00 X 0 0 0 Steve Hawks 001.00 X X 0 0 0 J William Luurtsema 001.00 X 0 0 0 David Pray 001.00 X 2680 0 0 Amy Shane 001.00 X 0 0 0 Joe Slaughter 001.00 X 0 0 0 Joseph Stowell 050.00 X X 105267 0 90360 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 1200 0 0 Al Meredith 001.00 X 0 0 0 Mike Miller 001.00 X 0 0 0 Daniel Wielhouwer 001.00 X 0 0 0 Lee Zuidema 001.00 X 0 0 0 Nancy Schoonmaker 050.00 X 87485 0 0 Marc Fowler 050.00 X 117238 0 0 William Knott 050.00 X 109270 0 0 Robert Simpson 050.00 X 108117 0 0 Richard Ostrander 050.00 X 103876 0 0 Robert Sack 050.00 X 100314 0 0 741947 90360 6 false true false Priority Health 1231 E Beltline NE Grand Rapids MI 49525 health insurance provider 1573279 Gordon Food Service Dept CH 10490 Palatine IL 600550490 food purchased for cafeteria 658679 University Lease 18201 Von Karman Ave Irvine CA 92612 lease financing of technology equipment 526036 Gilson Graphics 2000 Oak Industrial Dr NE Grand Rapids MI 49505 printing services 253154 First Agency Inc 5071 West H Ave Kalamazoo MI 490098501 student health insurance provider 245943 22 46753 265765 5370934 120424 5683452 Tuition fee revenue 611710 32954137 32954137 Organized activity revenue 611710 1078684 1078684 Radio auxiliary revenue 611710 445761 445761 Other auxiliary revenue 611710 5189496 5189496 622590 622590 40290668 139266 139266 810138 989324 787803 1460000 22335 -470676 -448341 -448341 8670 46753 47048 -38378 Changes in split interest agreements 740456 740456 740456 46367123 40290668 431381 0 10210831 10210831 0 0 293492 10380 283112 0 14712680 11188231 2789344 735105 142888 108506 26709 7673 1898455 1180039 630803 87613 1014865 775916 187062 51887 0 51306 12825 38481 53563 53563 0 0 0 198236 135672 62564 8033607 5776484 2087447 169676 776589 122819 653770 0 282944 282944 818434 682054 79289 57091 0 143403 118677 22187 2539 528091 396068 132023 0 2634501 1975876 658625 142609 106957 35652 Organized Activities expenses 1180791 1180791 0 43117285 34265070 7740631 1111584 6715 91149 2002863 6058499 1144845 781465 890063 992796 1298480 1530410 268267 236116 704049 742432 61449225 30705710 31104853 30743515 8102409 10233958 995813 9990 46518357 51420330 2120770 2207786 2099078 2363218 11475000 10985000 1031082 1584606 1682768 1539684 18408698 18680294 X 22407092 25252226 3386764 4657081 2315803 2830729 28109659 32740036 46518357 51420330 X 3249838 1380539 X X false true true X true true X 0.00000 0.00000 0.00000 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false 5138668 619703 1045658 178001 69002 6557026 4577238 201062 666787 222174 84245 5138668 6200778 138302 -1400980 268119 92743 4577238 0.17000 0.41000 0.42000 false false 2019827 2019827 36816029 14900648 21915381 4425556 2401158 2024398 13377819 10472862 2904957 4809994 2931042 1878952 30743515 Liabilities under split interest agreements 1539684 1539684 46367123 43117285 3249838 1380539 1380539 4630377 37536831 1380539 1380539 36156292 10210831 10210831 46367123 32906454 32906454 10210831 10210831 43117285 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. V 4 Cornerstone Universitys endowments consist of individual funds established to provide financial support to the University in perpetuity. As required by accounting principles generally accepted in the United States, net assets associated with endowment funds are classified and reported based on the existence or absence of donor-imposed restrictions. V 4 The State of Michigan enacted UPMIFA effective September 15, 2009, and Cornerstone Universitys 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. V 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 XII 4b Scholarships and grants for students XIII 4b Scholarships and grants for students 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 organizations for student financial aid and work study programs. Cornerstone Golf Outing 55423 46753 8670 47048 55423 46753 8670 47048 47048 -38378 true Athletic Scholarships 161 937398 Music Scholarships 55 133338 Academic Scholarships 1092 5190065 Seminary Scholarships 274 581756 Other need based scholarships grants 1050 3368274 X true true X X false false false false false false false false false false Joseph Stowell 88702 16565 90360 195627 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. I Grand Rapids Economic Development Corporation 521701965 386246HD7 2004-05-26 9325000 refund and 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 false true false true false false false false Board member father of student merit based scholarships X 10 120424 closing market price on day received 10 false true true I 32 We use an on-line brokerage account. Our donors gift securities to that brokerage account electronically from their personal brokerage account. Form 990 Part VI 19 Cornerstone University makes its governing documents, conflist of interest policy, and financial statements available upon written request. It is also available on www.guidestar.org. 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 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 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 I 5 We had 8 volunteers registered with Human Resources, 16 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 XI 5 Other changes in net assets not listed in detail on the Form 990 is the 1,380,539 unrealized gain 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 Part III 4d The other program service expenses refer to allocated depreciation and insurance expenses. Form 990 6a Funds are received from state and federal governmental organizations for student grants and work study programs.