Cornerstone Preparatory School Inc

Nonprofit profile at a glance

EIN
841843718
IRS 990-EZ coverage
2018–2024
Forms available
Form 990 2023, Form 990-EZ 2024
Location
Madisonville, KY, USA
Phone
2708417540
Rating confidence
Limited
Sector
Elementary, Secondary Education, K - 12

Reported finances

Revenue
$-7,629
Expenses
$19,558
Assets
$18,375

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

Leadership & pay

4 people listed

Executive titles in this filing

  • Tim Morgan (Vice President)

People named in this filing

  • Amber Baker (Director)
  • Anthony Knight (Treasurer)
  • Tim Morgan (Vice President)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

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

Overview

Mission

Cornerstone Preparatory School offered a distinctly different education for kindergarten through 12th grade. Fully-accredited education was offered through the lens of a Biblical world view which prepares our students for college, career, and life. It is our hope that students who are graduated from Cornerstone Prep will develop exemplary strengths, be ready to succeed in whatever path they choose in life, and fully contribute to our community.

What it reported doing in 2024

Initially organized in May 2019, Cornerstone Prep has completed four years of offering fully-accredited education to kindergarten through 12th grade. This education is offered through the lens of a Biblical world view which prepares our students for college, career, and life. Subsequent to the fourth year, the school has closed. The organization will be dissolved upon the distribution of assets for one or more exempt purposes according to the Dissolution Clause of our Articles of Incorporation.

Operating model

Revenue model
Cannot be determined from the filing. The filing does not provide enough consistent revenue detail to tell how this nonprofit funds its work.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: 22
  • Transparency & Controls: 82
  • Sustainability: 21
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: 58%; rating input score 58

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 52nd percentile among comparable filings
  • Major donor itemization: Limited

Sustainability

  • Operating margin: -356.4%; rating input score 3; 3rd percentile among comparable filings
  • Total-asset coverage ratio: 0.94; rating input score 45; 45th percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 0%; rating input score 56; 56th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 6.2% per year; rating input score 100; 74th percentile among comparable filings
  • Asset growth: -5.2% per year; rating input score 0; 24th percentile among comparable filings

Details

  • Where the money goes: 58% of spending went to programs
  • Governance: Filed governance answers
  • Accomplishments: 1 filed program accomplishment · $11K in reported program spending
  • Leadership: top reported pay $0 · 4 people listed
  • Consistency: 6 of 6 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 2 filing years from 2018 to 2024
  • Contacts: How to reach this organization
  • 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.

  • Review — Financial Efficiency: Program expense ratio scored 58/100.
  • High — Sustainability: Operating margin scored 3/100.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 45/100.
  • Review — Sustainability: Officer compensation ratio scored 56/100.