Overview
What is Cornerstone Renter Equity Inc?
Cornerstone Renter Equity Inc, a community-focused nonprofit based in Cincinnati, Ohio, primarily manages 25 units of affordable housing within its own organization. In addition, it collaborates with Preservation of Affordable Housing (POAH) for another 50 units situated in the Over-the-Rhine neighborhood of Cincinnati. The nonprofit's mission is to provide a tailored, family-centric approach to asset accumulation and personal growth through its innovative Renter Equity program. This program offers low-income renters an exclusive opportunity to build equity, an asset they typically struggle to access. With a dedicated workforce of six individuals, Cornerstone Renter Equity Inc aims to improve living conditions and promote financial stability within its community.
Official website here: www.csequity.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 88%, Three-Star out of Four Star rating.
Cornerstone Renter Equity Inc has achieved a solid score of 88%, reflecting a strong emphasis on accountability and financial management. The organization boasts a fully independent board, with all members meeting independence criteria, which enhances its governance credibility. Furthermore, the absence of material diversion of assets underscores the charity's reliability in managing its resources.
While the organization performs well in several areas, it does have some shortcomings in governance policies. Notably, it lacks a whistleblower policy, document retention and destruction policy, and has not posted its tax form on its website. These gaps could impact transparency and trust, suggesting areas where the nonprofit could improve to enhance stakeholder confidence. Nevertheless, it maintains a high program expense ratio, indicating that a significant portion of its funds is directed towards its charitable mission.
This AI summary has been generated from information found on Charity Navigator.
Is Cornerstone Renter Equity Inc legitimate?
Cornerstone Renter Equity Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Cornerstone Renter Equity Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $121,566
Professional Fundraising Fees: $0
Other Salaries and Wages: $246,989
For more financial information, click here
Official website here: www.csequity.org
What is the mission statement of Cornerstone Renter Equity Inc?
Cornerstone Renter Equity Inc., as a community-oriented partner, provides a customized and family-centered approach to asset building and personal growth for low-income households. They accomplish this through an innovative program called Renter Equity. This program offers a unique opportunity for low-income renters to accumulate an asset they have historically been unable to access: equity. By participating in the Renter Equity program, individuals can work towards building a personal asset, contributing to their overall financial stability and personal growth.
Official website here: www.csequity.org
Who is the CEO of Cornerstone Renter Equity Inc?
Larry Williams is the President of Cornerstone Renter Equity Inc.
Official website here: www.csequity.org
What is the revenue of Cornerstone Renter Equity Inc?
Cornerstone Renter Equity Inc's revenue in 2022 was $1,129,703.
Official website here: www.csequity.org
Who are the executives of Cornerstone Renter Equity Inc and what are their salaries?
The average compensation at Cornerstone Renter Equity Inc during 2022 was $61,426. There are 6 employees and 13 volunteers at Cornerstone Renter Equity Inc.
Here are 14 key members and their salaries:
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- Compensation: $105,638
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- Other: $15,928
Official website here: www.csequity.org
Where can I find the form 990 for Cornerstone Renter Equity Inc?
Cornerstone Renter Equity Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.csequity.org
Learn more at the official website: www.csequity.org
Mission Statement of Cornerstone Renter Equity Inc
Cornerstone Renter Equity Inc, a community-focused organization, offers a unique approach to empowering low-income households through its Renter Equity program. This mission is centered around providing a customized, family-oriented strategy for asset building and personal growth. The Renter Equity program permits low-income renters to accumulate an asset they previously found challenging to access: equity. By participating in this innovative program, individuals can build a valuable asset, enhancing their financial stability and future prospects.
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Impact
October, 2024
Cornerstone Renter Equity Inc significantly impacts low-income households by providing innovative housing solutions that enable families to build equity. Through its Renter Equity program, the organization allows renters to accumulate financial assets, a benefit that has often been out of reach for individuals in lower-income brackets. By owning and managing 25 units of affordable housing and partnering with Preservation of Affordable Housing to oversee an additional 50 units in the Over-the-Rhine community of Cincinnati, the organization ensures that access to stable and affordable housing is a reality for many.
This approach not only addresses the immediate need for affordable housing but also contributes to long-term personal and financial growth for residents. By focusing on a customized, family-centered model, Cornerstone Renter Equity Inc fosters a supportive community environment where families can thrive. The impact extends beyond just providing shelter; it empowers residents to take steps toward financial stability and wealth accumulation, ultimately enhancing the overall community's economic health.
This information is meant to be a general summary of Cornerstone Renter Equity Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: -$13,729
- Program Service Revenue: $221,799
- Gross Receipts: $1,165,696
Assets and Liabilities:
- Total Assets: $5,498,631
- Total Liabilities: $2,342,455
- Net Assets: $3,156,176
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOW INCOME HOUSING
Revenue
$196,225
MANAGEMENT FEES
Revenue
$25,574
Organization Details
Founding Year
1986
Phone
(513) 369-0114Principal Officer
Larry Williams
Main Address
1641 VINE ST, CINCINNATI, OH, 45202
Website
www.csequity.orgNTEE Category
Code: L80 - Housing
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