Overview
What is Cornerstone Folsom Gardens Corporation I?
Cornerstone Folsom Gardens Corporation I is a not-for-profit organization, established under the laws of California. Its primary objective is to acquire and operate a 48-unit apartment community, named Folsom Gardens Apartments, situated in Folsom, California. This organization aims to provide affordable housing and contribute positively to the local community by managing this apartment complex.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 87% (Three-Star out of Four Star rating)
Cornerstone Folsom Gardens Corporation I has earned a strong rating of 87%, which reflects solid performance in both accountability and financial management. The charity has achieved full points in several key areas, including its audit oversight and material diversion of assets, indicating a high level of oversight and ethical governance. Additionally, a majority of the board members are independent, demonstrating a commitment to transparency and effective governance practices.
The organization's financial health is further evidenced by a low liabilities to assets ratio of just 6.39%, suggesting it maintains a stable financial position. With an impressive program expense ratio of 94.83%, the charity allocates a significant portion of its resources directly to its programs, which is a positive indicator of its operational focus and effectiveness in fulfilling its mission.
While the overall scores are commendable, continuous monitoring and improvement of practices are essential for maintaining these standards and ensuring long-term sustainability. The existence of whistleblower and conflict of interest policies also adds to the organization's commitment to ethical operations, although ongoing communication of these policies to stakeholders will reinforce trust and accountability.
This AI summary has been generated from information found on Charity Navigator.
Is Cornerstone Folsom Gardens Corporation I legitimate?
Cornerstone Folsom Gardens Corporation I is a legitimate nonprofit organization registered as a 501(c)(3) entity. Cornerstone Folsom Gardens Corporation I 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Cornerstone Folsom Gardens Corporation I?
Cornerstone Folsom Gardens Corporation I is a not-for-profit organization established under California state laws with the primary objective of acquiring and managing a 48-unit apartment community, known as Folsom Gardens Apartments. The corporation's mission, in essence, revolves around the operation of this apartment community. While the information provided does not explicitly state a broader societal goal or mission beyond this, it can be inferred that the organization aims to provide affordable and comfortable housing solutions for its residents. However, due to the limited data, a more comprehensive mission statement cannot be deduced.
What is the revenue of Cornerstone Folsom Gardens Corporation I?
Cornerstone Folsom Gardens Corporation I's revenue in 2023 was $673,273.
Who are the executives of Cornerstone Folsom Gardens Corporation I and what are their salaries?
Here are 16 key members and their salaries:
- Compensation: $0
- Related: $219,710
- Other: $17,820
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $169,078
- Other: $11,670
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $192,189
- Other: $8,496
- Compensation: $0
- Related: $296,251
- Other: $25,195
- Compensation: $0
- Related: $255,109
- Other: $38,385
- Compensation: $0
- Related: $197,417
- Other: $22,734
- Compensation: $0
- Related: $177,291
- Other: $28,669
- Compensation: $0
- Related: $222,348
- Other: $10,201
- Compensation: $0
- Related: $265,721
- Other: $33,798
- Compensation: $0
- Related: $229,391
- Other: $20,964
- Compensation: $0
- Related: $168,803
- Other: $14,598
- Compensation: $0
- Related: $168,637
- Other: $33,259
- Compensation: $0
- Related: $84,979
- Other: $13,324
Where can I find the form 990 for Cornerstone Folsom Gardens Corporation I?
Cornerstone Folsom Gardens Corporation I's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Cornerstone Folsom Gardens Corporation I
Cornerstone Folsom Gardens Corporation I is a not-for-profit organization established under California's laws with a primary objective. This objective involves the acquisition and operation of a 48-unit apartment community, which they have named Folsom Gardens Apartments. The corporation's mission is to provide a home for its residents, ensuring the operation of this apartment community. This mission underscores Cornerstone Folsom Gardens Corporation I's commitment to offering a living space for individuals, contributing to the community in a non-profit capacity. The corporation's activities are centered around the management and maintenance of Folsom Gardens Apartments, providing a safe and suitable living environment for its residents.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
July, 2024
Cornerstone Folsom Gardens Corporation I's impact lies in providing affordable housing through the operation of a 48-unit apartment community known as Folsom Gardens Apartments in Folsom, California. It serves the community by offering housing options to individuals and families in need of a place to live. By ensuring the availability of affordable housing, Cornerstone Folsom Gardens Corporation I contributes to addressing housing insecurity and promoting stability within the Folsom area.
This information is meant to be a general summary of Cornerstone Folsom Gardens Corporation I. 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 2023.
- Investment Income: $143
- Program Service Revenue: $293,770
- Gross Receipts: $673,273
Assets and Liabilities:
- Total Assets: $1,432,771
- Total Liabilities: $91,556
- Net Assets: $1,341,215
Want to help this charity, for free? You can click here to learn more about Give Freely
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
NET RENTAL REVENUE
Revenue
$293,770
Organization Details
Founding Year
1994
Principal Officer
Doug Shoemaker
NTEE Category
Code: L210 - Housing
If you are a representative of Cornerstone Folsom Gardens Corporation I and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.