Cornerstone Foundation

Nonprofit profile at a glance

EIN
640819423
IRS 990 coverage
2014–2024
Forms available
Form 990 2024
Location
Biloxi, MS, USA
Phone
2282071811
Rating
72
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
International Development
Affiliation
Christianity

Official website

Reported finances

Revenue
$857,423
Expenses
$863,943
Assets
$2,300,343
Liabilities
$36,459

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

16 people listed

Executive titles in this filing

  • DR JEFF MCKENNEY (PRESIDENT)

Highest reported compensation

  • ROSANNE MCKENNEY (GRANT MANAGER): $57,289 total reported compensation
  • DR JEFF MCKENNEY (PRESIDENT): $57,289 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The cornerstone foundation is dedicated to the glory of god and the fulfillment of the great commission through ministry to the body, soul, and spirit of those in need. We will answer this calling through services such as medical care, child care, community development and education.

What it reported doing in 2024

Hospital loma de luz cared for approximately 27,396 patients of minimal resources offering full-time medical care of the highest quality in areas of family practice, pediatrics, cardiology, internal medicine, surgery, and maternal child health and dentistry. Medical clinics were open 5 days per week. Emergency room and in-patient services were offered 24/7/365. Performed numerous operations of all kinds.

Operating model

Revenue model
Donor-supported. 100% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 70% of its reported program spending out as grants.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. The filing reports few safeguards for money sent abroad and a relatively small share of voting board members are independent.

Rating breakdown

  • Financial Efficiency: 77
  • Transparency & Controls: 75
  • Accountability: 58
  • Sustainability: 48
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 87%; rating input score 87
  • Program expense ratio: 86.3%; rating input score 86
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: 0 of 8 controls in place; rating input score 0
    • Claims monitoring procedures: Fail
    • Requires narrative reports: Fail
    • Conducts field audits: Fail
    • May suspend future funding: Fail
    • Requires financial reports: Fail
    • Conducts site visits: Fail
    • Requires grant agreements: Fail
    • May require repayment: Fail
  • Grant itemization coverage: 100%; rating input score 100; 76th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 56.2%; rating input score 56; 12th percentile among comparable filings
  • Governance controls: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -0.8%; rating input score 33; 33rd percentile among comparable filings
  • Total-asset coverage ratio: 2.66; rating input score 72; 72nd percentile among comparable filings
  • Liabilities to assets ratio: 0.02; rating input score 65; 65th percentile among comparable filings
  • Officer compensation ratio: 13.3%; rating input score 27; 27th percentile among comparable filings

Growth

  • Program expense growth: 2.9% per year; rating input score 100; 31st percentile among comparable filings
  • Revenue growth: 1.2% per year; rating input score 100; 20th percentile among comparable filings
  • Asset growth: 14.1% per year; rating input score 100; 70th percentile among comparable filings

Details

  • Where the money goes: 87% of revenue deployed · 86.3% of spending went to programs
  • Governance: 9 of 16 board members independent · 5 of 8 filing controls reported
  • Programs: 3 filed program accomplishments · $746K in reported program spending
  • Leadership: top reported pay $57K · 16 people listed
  • Consistency: 31 of 31 current checks pass
  • Schedules: 6 filed schedules · includes major donors and foreign activity
  • Filing history: 11 filing years from 2014 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Transparency & Controls: Foreign activity oversight: 8 of 8 not reported.
  • Review — Accountability: Independent voting board scored 56/100.
  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • Moderate — Sustainability: Operating margin scored 33/100.
  • High — Sustainability: Officer compensation ratio scored 27/100.