2011-02-04T07:25:07-06:00 2010-06-30 MCKONLY & ASBURY LLP 415 FALLOWFIELD ROAD CAMP HILL PA 17011 990 2009-07-01 232499985 CORNERSTONE CHRISTIAN ACADEMY CORN 6105394136 1939 S 58TH STREET PHILADELPHIA PA 19143 denny horner 6105394136 2011-02-02 1 Mark R Heath 7177617910 2011-02-02 X 2009 2016-02-24 21:20:13Z DENNY HORNER 186 S MIDLAND AVE AUDUBON PA 19403 1517819 0 X www.cornerstonephiladelphia.com X 1987 PA SERVE THE EDUCATIONAL NEEDS OF INNER CITY CHILDREN FROM LOW INCOME HOUSING PROJECTS. 16 16 47 40 0 0 940174 1010394 517339 490847 487 162 28895 16416 1486895 1517819 0 0 1161073 1238169 0 19274 407270 381010 1568343 1619179 -81448 -101360 1122403 1152999 371502 496003 750901 656996 SERVE THE EDUCATIONAL NEEDS OF INNER CITY CHILDREN FROM LOW INCOME HOUSING PROJECTS. 0 0 1097266 507263 SERVE THE EDUCATIONAL NEEDS OF INNER CITY CHILDREN FROM LOW INCOME HOUSING PROJECTS. Provided over $600,000 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 2009/10, 225 students have been enrolled. 1097266 1 1 0 0 0 0 0 0 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 1 3 0 47 1 0 0 0 0 0 0 0 0 0 0 0 16 16 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 ROBERT J BLYSKAL 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 JEFF HARTH 0.30 X 0 0 0 DARYL MARTINO 0.30 X 0 0 0 JAMES REEDER 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 0.30 X 0 0 0 james rush 0.30 X 0 0 0 norma horner 40.00 X 38439 0 0 rhonda roberts 40.00 X 40704 0 0 DEBORAH LEE 40.00 X 49513 0 0 RICHARD R OLLINGER 40.00 X 85000 0 0 CHRISTOPHER M PETERSen 40.00 X 60663 0 0 274319 0 0 0 0 0 0 0 1010394 1010394 TUTION AND FEES 900099 462612 462612 food plan 900099 28235 28235 490847 162 162 MISCELLANEOUS INCOME 900099 16416 16416 16416 1517819 507263 0 162 274839 197068 77771 963330 690737 272593 13481 6741 6740 49801 24901 24900 113429 59314 54115 9308 9308 34068 17034 17034 30846 15423 15423 FOOD PLAN 28123 28123 Student Fund Raisers an 22893 22893 bad debt 19910 19910 fundraising 19274 19274 supplies 16249 16249 23628 18783 4845 1619179 1097266 502639 19274 53119 72901 909 319 4668 15767 9795 19147 1425034 450856 990325 974178 63587 70687 1122403 1152999 139202 164888 9050 33928 223250 222187 0 75000 371502 496003 X 501717 422410 160269 184586 88915 50000 750901 656996 1122403 1152999 X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 58897 7518 418 65997 70759 -11514 348 58897 1.00000 1 0 16875 16875 574121 198253 375868 530649 128422 402227 133852 92065 41787 169537 32116 137421 974178 BENEFIT INTEREST IN ENDOWMENT FUND 65997 SECURITY DEPOSIT 4690 70687 line of credit 75000 75000 1517819 1619179 -101360 7455 7455 -93905 1525274 7455 7455 1517819 0 1517819 1619179 0 1619179 0 1619179 Part V, Line 4: Description of Intended Use of Endowment Funds: 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 as 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. The Philadelphia Foundation has informed the Academy that they will receive their first grant from the fund in June 2011. 1 1 1 THE PURPOSE OF THE SCHOOL IS TO EDUCATE CHILDREN FROM THE LOW INCOME HOUSING AREAS OF SOUTHWEST PHILADELPHIA. MOST OF THESE CHILDREN COME FROM FAMILIES ON PUBLIC ASSISTANCE LIVING AT OR BELOW THE POVERTY LEVEL. 0 0 1 1 all students are given the same considerations and all the students are of the same race, with few exceptions over the years. 0 0 0 0 0 0 0 0 0 0 1 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". Form 990, Part VI, Section C, line 19 UPON WRITTEN REQUEST. THEY MAY ALSO VIEW THE POLICY IN THE OFFICE OF MANAGEMENT. form 990, part xi, line 2c The executive committee assumes responsibility for oversight of the audit of its financial statements and selection of an independent accountant.