The Cornerstone School Inc

Nonprofit profile at a glance

EIN
592217451
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
Ocala, FL, USA
Phone
3523518840
Rating
72
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$5,487,796
Expenses
$4,677,108
Assets
$8,872,428
Liabilities
$2,971,805

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

Leadership & pay

15 people listed

Executive titles in this filing

  • ARA MANOOGIAN (PRESIDENT)
  • ROBERT ALTMAN (VICE PRESIDENT)

Highest reported compensation

  • INGRID WASSERFALL (DIRECTOR OF SCHOOL): $231,520 total reported compensation

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

Overview

Mission

We prepare students for success in an ever-changing world through an innovative curriculum and inspriational teaching that develops a passion for learning.

What it reported doing in 2024

To provide a private educational environment for preschool through middle school aged children. The school serves approximately 309 students.

Operating model

Revenue model
Other-operating. 90% of the money available for current operations came from other operating revenue.
Distribution model
Direct operator. The filing allocates 97% 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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 55
  • Transparency & Controls: 79
  • Accountability: 90
  • Sustainability: 61
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 58.2%; rating input score 58
  • Program expense ratio: 67.5%; rating input score 68
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 14.8%; rating input score 70; 70th percentile among comparable filings
  • Total-asset coverage ratio: 1.9; rating input score 60; 60th percentile among comparable filings
  • Liabilities to assets ratio: 0.33; rating input score 31; 31st percentile among comparable filings
  • Officer compensation ratio: 5%; rating input score 54; 54th percentile among comparable filings

Growth

  • Program expense growth: 10% per year; rating input score 100; 64th percentile among comparable filings
  • Revenue growth: 8.7% per year; rating input score 100; 63rd percentile among comparable filings
  • Asset growth: 10.9% per year; rating input score 100; 62nd percentile among comparable filings

Details

  • Where the money goes: 58.2% of revenue deployed · 67.5% of spending went to programs
  • Governance: 13 of 13 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $3.2M in reported program spending
  • Leadership: top reported pay $232K · 15 people listed · 2 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $115K reported
  • Consistency: 34 of 34 current checks pass
  • Schedules: 9 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 14 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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: Mission deployment rate scored 58/100.
  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • Moderate — Sustainability: Liabilities to assets ratio scored 31/100.
  • Review — Sustainability: Officer compensation ratio scored 54/100.