Overview
What is Cornerstones Housing Corporation?
Cornerstones Housing Corporation, an integral part of Cornerstones, Inc., is a dedicated nonprofit organization in Virginia. Its primary mission is to offer affordable housing options for low- to moderate-income residents. They achieve this by constructing and acquiring housing units, managing their portfolio, and advocating for policies that support affordable housing. The corporation serves the Fairfax-Falls Church community, providing a home for families and individuals facing homelessness or economic hardships. Through supportive programs and services, such as food, childcare, job skills training, and case management, Cornerstones Housing Corporation aims to build resilience and offer opportunities, ensuring stability, empowerment, and hope for Northern Virginia's most vulnerable neighbors. In the past year, they served 335 households, offering care management services to 69 families, and successfully transitioned seven families into their own homes, despite pandemic challenges.
Official website here: www.cornerstonesva.org/housing
What are the reviews and ratings of this charity?
Charity Navigator Rating: 85% (Three-Star out of Four Star rating)
Cornerstones Housing Corporation has received a positive evaluation with a score of 85%, reflecting a solid performance in accountability and finance. The organization demonstrates strong governance, with 88% of its board members being independent, which helps ensure that the nonprofit operates effectively and transparently. Additionally, the charity has a robust financial oversight framework, evidenced by perfect scores in areas such as audit and oversight committee, conflict of interest policy, and whistleblower policy.
The program expense ratio stands at 72.44%, indicating that a significant portion of the organization's expenses is directed towards its programs rather than administrative costs. This commitment to programmatic spending enhances the charity's overall rating and indicates a focus on impactful service delivery. The presence of essential documents like board meeting minutes and financial statements on its website further contributes to its transparency and accountability.
Despite its strengths, the organization has room for potential growth in certain areas of its operations. Continuous monitoring and improvement in governance practices and financial management will be important for Cornerstones Housing Corporation to maintain its positive trajectory and ensure ongoing effectiveness in fulfilling its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Cornerstones Housing Corporation legitimate?
Cornerstones Housing Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Cornerstones Housing Corporation 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:
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Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.cornerstonesva.org/housing
What is the mission statement of Cornerstones Housing Corporation?
Cornerstones Housing Corporation, as an affordable housing provider, strives to construct and acquire housing units for low- to moderate-income residents. Their mission extends beyond just housing, as they also manage their portfolio and advocate for policies that support the preservation, development, and integration of affordable housing. By partnering with local jurisdictions, they provide affordable rental housing for families and individuals facing homelessness or housing instability due to economic or other challenges. Their unique approach includes offering supportive programs and services, such as food assistance, quality childcare, job skills training, and case management, to foster family resilience and opportunity. This approach aims to provide stability, empowerment, and hope for the most vulnerable neighbors in the community.
Official website here: www.cornerstonesva.org/housing
Who is the CEO of Cornerstones Housing Corporation?
Kerrie B Wilson is the Chair of Cornerstones Housing Corporation.
Official website here: www.cornerstonesva.org/housing
What is the revenue of Cornerstones Housing Corporation?
Cornerstones Housing Corporation's revenue in 2022 was $1,074,592.
Official website here: www.cornerstonesva.org/housing
Who are the executives of Cornerstones Housing Corporation and what are their salaries?
There 5 volunteers at Cornerstones Housing Corporation.
Here are 9 key members and their salaries:
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- Other: $9,301
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Official website here: www.cornerstonesva.org/housing
Where can I find the form 990 for Cornerstones Housing Corporation?
Cornerstones Housing Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.cornerstonesva.org/housing
Learn more at the official website: www.cornerstonesva.org/housing
Mission Statement of Cornerstones Housing Corporation
Cornerstones Housing Corporation, an integral part of Cornerstones, Inc., is dedicated to providing affordable housing for those with low to moderate incomes. The corporation achieves this mission through constructing and acquiring housing units, managing its housing portfolio, and advocating for policies that support the preservation, development, and integration of affordable housing in the Fairfax-Falls Church community.
By operating as the affordable housing arm of Cornerstones, Inc., Cornerstones Housing Corporation has been serving the low-income residents of Fairfax County for over five decades. In partnership with local jurisdictions, the corporation offers affordable rental housing and support services to families and individuals who are either homeless or struggling to maintain stable housing due to economic or other hardships.
The signature approach of Cornerstones and Cornerstones Housing Corporation includes providing all tenants with access to supportive programs and services. These resources include food assistance, quality childcare, job skills training, and case management, all designed to build family resilience and offer opportunities for stability, empowerment, and hope to Northern Virginia's most vulnerable neighbors.
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Impact
July, 2024
Cornerstones Housing Corporation's impact is evident in its dedication to providing affordable housing for low- to moderate-income residents in the Fairfax-Falls Church community. Through the construction and acquisition of housing units, management of a housing portfolio, and advocacy for programs and policies supporting affordable housing, Cornerstones Housing Corporation serves a crucial role in promoting inclusivity and equity in the region.
Specifically, the organization operates service-enriched affordable rental housing, with a portfolio that includes scattered-site rental homes and apartments tailored to extremely low and low-income households, including seniors and individuals transitioning out of homelessness. In FY22 alone, Cornerstones Housing Corporation served 335 program participants across 109 households, with 69 households receiving care management support and services. The organization's efforts have enabled families to graduate successfully from the program and achieve housing stability.
Moreover, Cornerstones Housing Corporation is actively involved in new housing development initiatives to address the pressing need for affordable housing in the Fairfax area. By securing funding, tax credits, permits, and partnerships for projects like West Ox and Tuscarora Crossing, the organization is taking concrete steps to expand housing options for those in need. In addition, Cornerstones Housing Corporation advocates for policies that tackle the root causes of poverty and the lack of affordable housing in the region, with key executives leading strategic committees and working groups dedicated to this cause.
Overall, Cornerstones Housing Corporation's impact extends beyond providing physical housing units; it embodies a holistic approach that empowers individuals and families with the resources and support needed to thrive and build a sense of community in Northern Virginia.
This information is meant to be a general summary of Cornerstones Housing Corporation. 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: $11,557
- Program Service Revenue: $1,049,262
- Gross Receipts: $1,074,592
Assets and Liabilities:
- Total Assets: $10,378,427
- Total Liabilities: $9,233,269
- Net Assets: $1,145,158
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
TENANT FEES
Revenue
$1,049,262
Organization Details
Founding Year
1970
Phone
(571) 323-9555Principal Officer
Kerrie B Wilson
Main Address
11150 SUNSET HILLS RD STE 210, RESTON, VA, 20190
NTEE Category
Code: L20Z - Housing
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