2022-10-13T07:47:54-00:00 2022-05-31 990 2021-06-01 381443369 Cornerstone University CORN 6162221446 1001 E Beltline NE Grand Rapids MI 49525 Scott Stewart VP for Finance OperationsCFO 6162221446 2022-10-03 false Scott Stewart XXX-XX-XXXX 2 AAL1 IAL1 2021 2022-09-23 18:48:47Z Scott Stewart 1001 E Beltline NE Grand Rapids MI 49525 61516439 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. 15 14 1201 170 2229 14553985 12728865 41830449 46483413 1732223 676944 -36983 -28212 58079674 59861010 13631987 17810613 0 22607529 22433027 10944 95235 1323999 13968069 15858027 50218529 56196902 7861145 3664108 108650867 108326203 12530981 10142732 96119886 98183471 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 28996448 17810613 38492194 Academic instruction and academic support make up the educational expenses. The university has over 270 full- and part-time staff and faculty. We have just under 2000 students on a 120-acre campus and online. 11344608 489535 Student services includes campus life and activities including athletics, health counseling services, enrollment services financial aid, etc. Organized activities include summer sports camps, golf outings, special academic and athletic trips, banquets, and other miscellaneous activities. Through the CARES Act, we provided eligible students with 2,356,990 in relief grants. 6200920 7495795 Auxiliaries include room board, apartment rentals, hospitality events, and radio ministries. Cornerstone Radio Ministries includes the operations of five non-commercial radio stations WCSG - Grand Rapids with signals also in Kalamazoo, Benton Harbor and Battle Creek. 3,676,763 is included in contribution revenue on Part VIII, Line 1f. 46541976 true true false false false false false true false true true false false false true false false true true true true false false true true false false false true true true false false false false false false true false false false true false false false true true true false false false true 2620 0 true 1201 true true true true TH SN RP HK false false false true true false false false false false false false X 15 14 false false false false false false false true true false false true true true true true true true true false X Scott Stewart VP CFO Cornerstone Un 6169495300 1001 E Beltline NE Grand Rapids MI 49525 Dr Gerson Moreno-Riano President 050.00 000.50 X X 221229 0 15267 Peter Osborn Exec VP/COO 050.00 001.00 X 153163 0 36981 John VerBerkmoes VP Dean of Seminary 050.00 000.50 X 126719 0 38423 Dr Joseph Stowell Former President 050.00 001.00 X 81443 0 77579 Robert Sack VP of Advancement 050.00 X 114864 0 33041 Scott Stewart VP CFO 050.00 000.50 X 111782 0 30596 Maria McCormick Nursing Faculty 050.00 X 114503 0 4165 Nicole McDonald Psychology Faculty 050.00 X 104452 0 1800 Emilie Azkoul VP for HR 050.00 X 92893 0 7632 Carole Bos Trustee, Chair 001.00 X X 0 0 0 Kristy Taylor Trustee 001.00 X 0 0 0 Steven Hawks Trustee, Treasurer 001.00 X X 0 0 0 Dr Albert Meredith Trustee 001.00 X 0 0 0 David Pray Trustee 001.00 X 0 0 0 Kelly Miller Trustee 001.00 X 0 0 0 Doug Busch Trustee 001.00 X 0 0 0 Dr Lee Zuidema Trustee, Secretary 001.00 X X 0 0 0 Rick Koole Trustee 001.00 X 0 0 0 Lori Cook Trustee - Vice Chair 001.00 X X 0 0 0 Drew Martin Trustee 001.00 X 0 0 0 Joe McDonald Trustee - part year 001.00 X 0 0 0 Lee June Trustee 001.00 X 0 0 0 Daniel Wielhouwer Trustee 001.00 X 0 0 0 Jennifer McCormick-Bridgewater Trustee - part year 001.00 X 0 0 0 Julian Guzman Trustee 001.00 X 0 0 0 1121048 245484 7 true true false The Bouma Corporation 4101 Roger B Chaffee Blvd SE Grand Rapids MI 49548 Construction contractor 310448 The Christman Company 208 N Capitol Ave Lansing MI 48933 Construction contractor 1529217 Google Inc 1600 Amphitheatre Pkwy Mountain View CA 94043 Advertising 237769 US Interactive Media 3415 S Sepulveda Blvd 8th Flr Los Angeles CA 90034 Advertising 193810 Gilson Graphics Inc 2000 Oak Industrial Dr NE Grand Rapids MI 49505 Printing Mailing Service 207031 18 57250 100517 5041483 7529615 33540 12728865 Tuition fee revenue 611710 38518886 38518886 Organized activity revenue 611710 474939 474939 Auxiliary revenue 611710 7468987 7468987 20601 14712 5889 46483413 602250 602250 167457 171117 -3660 -3660 -3660 1513475 18839 1457620 55855 18839 74694 74694 2140 57250 26692 -24552 -24552 59861010 46477524 2229 652392 0 17810613 17810613 0 0 962025 345674 444028 172323 159022 95413 63609 16320313 13336509 2509200 474604 683390 566022 100160 17208 3141652 1636614 1414010 91028 1166625 930733 193355 42537 0 122925 1839 121086 57500 57500 0 95235 95235 57725 57725 0 1042742 1014855 22746 5141 7208907 5524792 1401181 282934 1273956 131213 1140483 2260 0 1161905 596205 565700 642088 560842 38370 42876 0 66859 46899 18494 1466 164351 158321 6030 0 3373964 3239005 134959 262180 251693 10487 Organized activities expenses 422925 390147 32778 0 56196902 46541976 8330927 1323999 104342 124023 14946028 15185326 3168573 1895558 1166143 1108592 497803 380807 117598 87481 352100 434302 128807922 57308618 70988142 71499304 17310138 17610810 108650867 108326203 2723550 3108998 2173777 1983178 4283387 3165000 3027967 1661026 322300 224530 12530981 10142732 X 48498430 51767889 47621456 46415582 96119886 98183471 108650867 108326203 3664108 -1658248 57725 X X false true X true true true X 12828213 7904131 11980525 14553985 12728865 59995719 12828213 7904131 11980525 14553985 12728865 59995719 6887362 53108357 452310 386225 254364 274685 602250 1969834 25723 353 26076 2500 8240 1100 2140 13980 62005609 225584306 0.85200 X Part II Section C Line 16a The organization is a school as described under 170b1Aii and is not required to complete a public support schedule. Schedule A, Part II is completed to verify the School can qualify under public charity status section 170b1Avi and, therefore, qualifies to use the first listed special rule for Schedule B reporting. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2669300 X false false 15675882 2470526 -1000143 645121 98524 16402620 10574278 3249095 2612885 657994 102382 15675882 10434362 415708 501198 704869 72121 10574278 10556691 288699 188720 550674 49074 10434362 9495546 937954 658768 430153 105424 10556691 0.20000 0.80000 false false 2175683 2175683 93766056 30990187 62775869 21006056 16135334 4870722 11860127 10183097 1677030 71499304 Financial derivatives and other financial products Closely-held equity interests Federal income taxes Liabilities under split interest agreements 224530 224530 42946948 -1658248 197809 -1460439 44407387 15453623 15453623 59861010 40883363 197809 197809 40685554 57725 15453623 15511348 56196902 III 4 Cornerstone has some art sculptures displayed around campus that portray the Christian Worldview that we aspire to Creation, Fall, and Redemption. Since our school mascot is a Golden Eagle, we have a Golden Eagle sculpture in our athletic center. In Christ Chapel, we have four very large stained glass windows, a cross sculpture, and a large sculpture representing the life of Christ. We have had some more paintings and a German Torah Scroll donated to the University. V 4 The endowment funds have been established to provide financial support to the University, to award scholarships to students, and generate operating funds for certain divisions across campus. XI 2d Direct expenses from fund raising events 26,692 as listed on form 990, Part VIII, Line 8b and rental expenses 171,117 on form 990, Part VIII, Line 6b. XI 4b Scholarships and grants 15,453,623 to students is a contra revenue on the financial statements. XII 2d Direct expenses from fund raising events 26,692 as listed on form 990, Part VIII, Line 8b and rental expenses 171,117 on form 990, Part VIII, Line 6b. XII 4b Scholarships and grants 15,453,623 to students is a contra revenue on the financial statements. true true true true true true true false false false false false false false false true false true 6a Funds are received from the State of Michigan and Federal government agencies for student financial aid and work study programs. In tax year 2021, funds were received from the Higher Education Emergency Relief Funds. South Asia 1 1 program services theological education 79158 1 1 1 1 79158 79158 false false false false false false Part I Line 3 The University uses general ledger expense accounts to track the expenses to support the ABTS theological education program in Southeast Asia. The University uses the accrual basis for accounting for these types of expenditures. X X X X X X X true Graham-Pelton Associates 39 Beechwood Rd Summit NJ 07901 assessment prospect pool development false 88500 JMilito & Associates 720 3 Mile Rd NW Grand Rapids MI 49544 telephone fundraising services false 11620 6735 4885 11620 95235 4885 FL MI MN Athletics Golf Outing 26340 24200 2140 6573 1656 CU Golf Outing 33050 33050 12714 199 5550 59390 57250 2140 19287 199 7206 26692 -24552 Part I Line 2b1 col 4 The professional fundraising services from Graham-Pelton were consulting in nature, no gross receipts were directly generated from the services provided. true Scholarships 1259 15453623 HEERF Grants to Students 1904 2356990 Part I Line 2 The financial aid office of the University tracks the scholarships issued to students through the financial aid module of our ERP system. It tracks the information from the awarding process through the posting and disbursement processes. Award amounts are posted directly to the student accounts. No cash is distributed directly to the students. Part III Line 2 1 This report is to confirm that the institution signed and returned to the Department the Certification and Agreement and the institution has used the applicable amount of funds designated under the CRRSAA and ARP a1 and a4 programs to provide Emergency Financial Aid Grants to Students. 2 The institution has received 2,356,989 from the Department pursuant to the institutions Certification and Agreement for Emergency Financial Aid Grants to Students under the CRRSAA and ARP a1 and a4 programs. 3 The total amount of Emergency Financial Aid Grants has distributed the full 2,356,989 to students under the CRRSAA and ARP a1 and a4 programs as of June 30, 2021. 4 There were 1,904 students at the institution that eligible to receive Emergency Financial Aid Grants to Students under the CRRSAA and ARP a1 and a4 programs. 5 There were 1,904 students who have received an Emergency Financial Aid Grant to students under the CRRSAA and ARP a1 and a4 programs 6 The following method was used by the institution to determine which students receive Emergency Financial Aid Grants and how much they would receive under the CRRSAA and ARP a1 and a4 programs A group of university representatives including Accounting and Finance, Student Financial Services, Student Development, and Operations met to decide criteria for awarding the funds. The goal was to provide some funding for all eligible students, with priority given to those students with the highest need. Students were divided into 4 tiers, and a per student base amount was calculated to provide funding to all eligible students. X X X true true X X false false false false false false false false false Dr Joseph Stowell Former President 65281 16162 11329 66250 159022 John VerBerkmoes VP Dean of Seminary 126719 15371 23052 165142 Peter Osborn Exec VP/COO 133926 19237 36981 190144 Dr Gerson Moreno-Riano President 221229 15267 236496 Part II Line 1 2 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, whether the benefit, or any part of it, was treated as taxable compensation to the listed person. Dr. Joseph Stowell, President of Cornerstone University Grand Rapids Theological Seminary, John VerBerkmoes, VP Dean of Seminary. Consistent with Sec. 107 of the IRS Code, this benefit is listed as non-taxable compensation on the employees W-2 Form. Part I Line 1a Occasional travel by the President requires his wife to travel with him for donor meetings that are essential to the business of the University. This benefit is not treated as taxable compensation. Part I Line 1a The Board of Trustees considers the Presidents membership at a local country club to be critical to furthering the business of the University. This benefit is listed as taxable compensation on the employees W-2 form. A Grand Rapids Economic Development Corporation 521701965 2013-10-24 11580000 refund 2004 bonds and finance a new residence hall false false false A 11580000 5400000 6180000 2013 true false true true A false false false false 0.02240 0.02240 false false true A false true true false false false true A true Students dependents of employees 11000 Merit scholarships X 4 19675 Closing price day of donation X campus equipment 1 13865 invoice from vendors 4 false true false Form 990, Part IV, Line 4 Cornerstone University pays membership dues to several state, regional, and national professional organizations MICU, NAIA, NACUBO, NASFA, CIC, CCCU, etc. consisting of numerous colleges and universities. Some of the professional organizations include varying degrees of lobbying activities in their overall focus. For the tax year ended 5/31/22, the dues notices did not include any lobbying expenses. Form 990, Part VI, Section B, Line 11b The Board receives an electronic copy of the Form 990 prior to filing. Management also reviews Form 990 with our independent CPA audit firm prior to filing. Form 990, Part VI, Section B, Line 12c In the summer of each year, the Board members, Officers, and Key Employees are sent a copy of the policy and are asked to complete the conflict of interest survey on-line. They are asked to complete the conflict of interest survey questions by the end of August. It is the policy of the Board of Trustees of Cornerstone University that, in the event that the Board, officers, and/or managers of Cornerstone University are considering a transaction on behalf of Cornerstone University which will also involve 1 a member of the Board, an officer, a manager of Cornerstone University, or a member of their families spouse, parents, brothers, sisters, or lineal descendants, or 2 an organization with which any such person is affiliated as described below, then such trustee, officer, or manager at first knowledge of any such transaction, shall disclose fully the precise nature of his or her interest or involvement. Form 990, Part VI, Section B, Line 15a 15b The Executive Committee of the Board determines the wage for the President after reviewing salary comparisons of other like schools. The President also uses comparisons of other like schools in determining wages for Vice Presidents. The Vice Presidents wages are recommended by the President and approved by the Executive Committee of the Board. The Executive Committee minutes are ratified by the full Board 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. The Form 990 is available on www.guidestar.org. Form 990, Part VI, Section A, Line 1a The purpose of the Executive Committee, made up of a Chair, Vice-Chair, Secretary, and Treasurer, is to assist the Board chairperson and the President with their joint responsibility to aid the Board in functioning effectively and efficiently, to assist the President at his or her request to address the business of the University between meetings of the Board, and to oversee the work of the Board committees between meetings of the Board. Between meetings of the Board of Trustees, the Executive Committee shall have general supervision of the administration and property of the University except that it may not take any action inconsistent with a prior act of the Board of Trustees, unless specifically empowered by the Board to do so. All actions taken by the Executive Committee shall be subject to revision, revocation, or alteration by the Board of Trustees, provided that no rights of third persons shall be adversely affected thereby. During this fiscal year, there were no unusual circumstances requiring Executive Committee action apart from the full Board. All Executive Committee decisions were brought to the full Board for approval. All members of the Executive Committee are Board members. Form 990, Part XII, Line 2c The Finance/Audit Committee of the Board of Trustees assumes the responsibility for oversight of the audit and selection of independent auditors. Form 990, Part XII, Line 3b Because Cornerstone University participates in the Federal Title IV Financial Aid programs, the university is required to have an Uniform Guidance UG Audit conducted on the schedule of federal financial aid expenditures. false false false false false false false false false false false false false false false false false false false